Whas this a smart move or stupid move?

BabyBandit

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Quote from: ndutndut on December 11, 2023, 05:40:13 AM

Quote from: BabyBandit on December 10, 2023, 02:48:29 AM

Question to more experienced trades here. I been holding some Bonk for a while and last 24hours it's on a real down fall, so some hours ago I swapped all my Bonkto USDC (Solana network) to save me from more loss and if I am lucky I can buy back Bonk later and even coming out with more Bonk from this situation. Was this a smart or stupid move? I am not sure but I just followed my intuition (The swap fee was under 1%).

So many meme coins fail, it's very risky but can be very rewarding, it's just a matter of moments. And the strategy you use is actually good, lucky you can exchange Bonk to USDC on time so you can avoid real losses. Even if after that you buy back at a cheap price and the only way to make a profit from Bonk is that you have to continue to monitor the market so that when that moment happens you don't miss out on selling again.

But in my opinion, meme coin is not suitable for long-term investment, it is only short-term and you should not hope that Bonk will become expensive, because this probably will not happen. The supply of Bonks is over a quadrillion. That's 10× the amount Shiba has. So if Shiba can't do it. Then bonk will never do it.

What can Bonk never do that Shiba never did you saying? Cool

Everything in life have successful times and bad times and nothing lasts forever, but you know what they say? No risk no Reward. You need to be realistic when you doing short term trading and not getting blind.
meme coin is terrible for long term investment yes and I think everyone knows that already it's not what they are created for, instead if we see them for what they are and use them for short-term trading they are brutally good. Of course I hope it became as expensive as possible but do I think it will for example reach $0.01 for example? Absolutely not, i am a good trader that have balls to risk it and I know it will be my key to success.

Quote from: adaseb on December 11, 2023, 12:13:53 AM

With these meme coins you really need to becareful. They go up exponentially but they can also go down 90% very quickly in no time at all.

I remember SHIB, people assumed it topped but it kept going and going and going and basically people made a killing. However there were many other projects which people bought the dip and it basically went 99% you never know.

So keep that in mind with these meme coins, they aren’t blue chip stock investments like Tesla or Apple. They are
Extremely risky.

Thanks for the advice man I appreciate it. Yeah I know meme coins come with big risk but with high risk it comes a great reward for the lucky ones. Cool

Locking the thread because this is getting old and don't want to contribute to more spam on the forum. Thank you for everyone that took your time to reply.

ndutndut

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Quote from: BabyBandit on December 10, 2023, 02:48:29 AM

Question to more experienced trades here. I been holding some Bonk for a while and last 24hours it's on a real down fall, so some hours ago I swapped all my Bonkto USDC (Solana network) to save me from more loss and if I am lucky I can buy back Bonk later and even coming out with more Bonk from this situation. Was this a smart or stupid move? I am not sure but I just followed my intuition (The swap fee was under 1%).

So many meme coins fail, it's very risky but can be very rewarding, it's just a matter of moments. And the strategy you use is actually good, lucky you can exchange Bonk to USDC on time so you can avoid real losses. Even if after that you buy back at a cheap price and the only way to make a profit from Bonk is that you have to continue to monitor the market so that when that moment happens you don't miss out on selling again.

But in my opinion, meme coin is not suitable for long-term investment, it is only short-term and you should not hope that Bonk will become expensive, because this probably will not happen. The supply of Bonks is over a quadrillion. That's 10× the amount Shiba has. So if Shiba can't do it. Then bonk will never do it.

justdimin

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Quote from: Heulahee on December 10, 2023, 02:32:47 PM

Bonk is behaving impressive nowadays and investing in the coin will give a trader more benefits. But suggesting a trader to only buy the bonk if he has the money extra means if he is not going to buy any other coin with that money, then he should go for the bonk. Because it can also fall and we have seen in the previous bear market that how a coin falls and how much he will be in the coming days, we should also look for it.

That was last time but now not anymore. Can't you see that the OP is already losing? The price is down now but it doesn't mean it's a good chance to try it. Like every other meme coins, a dip in the price is only the start of something worse. It's not benefit is the one that traders are going to get here but it was headache.

The second thing that you said looks confusing but it only implies one thing. No experience crypto users are going to do that or to suggest such meme coin like Bonk to their fellow people, even though they will only use extra money. That is how unworthy the meme coins are. Cryptos are known to be unpredictable but there are exceptions like if the coin is really bad or really good.

adaseb

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With these meme coins you really need to becareful. They go up exponentially but they can also go down 90% very quickly in no time at all.

I remember SHIB, people assumed it topped but it kept going and going and going and basically people made a killing. However there were many other projects which people bought the dip and it basically went 99% you never know.

So keep that in mind with these meme coins, they aren’t blue chip stock investments like Tesla or Apple. They are
Extremely risky.

BabyBandit

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Quote from: Pandu Geddon on December 10, 2023, 11:50:59 PM

Quote from: BabyBandit on December 10, 2023, 02:48:29 AM

Question to more experienced trades here. I been holding some Bonk for a while and last 24hours it's on a real down fall, so some hours ago I swapped all my Bonk to USDC to save me from more loss and if I am lucky I can buy back Bonk later and even coming out with more Bonk from this situation. Was this a smart or stupid move? I am not sure but I just followed my intuition (The swap fee was under 1%).

BONK movements are quite volatile, when you make the decision to exit with at least a profit it doesn't matter. but if you want to return to trading again, maybe you should analyze the right time to buy again at a better price.
If you are now trading USDC, you should be more concerned about deciding when to trade again. or maybe you will prefer another asset. Sometimes if you are lucky in one asset, you cannot dig your other luck in the same place.

I swapped fast to USDC (Solana network) yesterday to avoid more losses then I had because it's a meme coin I didn't trust what was about to happen so I didn't want to lose all the profit I made lately and the cost was under 1% both times. I swapped back also yesterday to Bonk and got around 3.6M bonk extra for the same $ for the effort, but i am far from pleased I should have done much better but I was to much of a pussy so I learning and take this with me to next time, never same mistake twice. Grin

Pandu Geddon

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Quote from: BabyBandit on December 10, 2023, 02:48:29 AM

Question to more experienced trades here. I been holding some Bonk for a while and last 24hours it's on a real down fall, so some hours ago I swapped all my Bonk to USDC to save me from more loss and if I am lucky I can buy back Bonk later and even coming out with more Bonk from this situation. Was this a smart or stupid move? I am not sure but I just followed my intuition (The swap fee was under 1%).

BONK movements are quite volatile, when you make the decision to exit with at least a profit it doesn't matter. but if you want to return to trading again, maybe you should analyze the right time to buy again at a better price.
If you are now trading USDC, you should be more concerned about deciding when to trade again. or maybe you will prefer another asset. Sometimes if you are lucky in one asset, you cannot dig your other luck in the same place.

BabyBandit

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Quote from: rat03gopoh on December 10, 2023, 11:14:17 PM

If you have a strategy, it's a smart move. I mean, trading meme coins requires a special strategy because trend changes can be instantaneous and risk losing value. You have realized your loss and I hope that is part of the strategy, the challenge is that you have to succeed in bringing in more tokens with the current loss value until the price bounces. Unless you inject more caps into this token, it is a stupid move.

Thank you and finally someone who make the difference from meme coins and others and trading and holding. 🫡
I succeed to get more tokens from the same $ invested the first day, but could and should do much better then I did IMO. But I get your point it's hard to be able to buy back in the right time before it bonces back I was close to miss it yesterday I could get more than I actually bought back in the end but still I am happy, but I take it with me for the next time to be more cautious. 🪖

rat03gopoh

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If you have a strategy, it's a smart move. I mean, trading meme coins requires a special strategy because trend changes can be instantaneous and risk losing value. You have realized your loss and I hope that is part of the strategy, the challenge is that you have to succeed in bringing in more tokens with the current loss value until the price bounces. Unless you inject more caps into this token, it is a stupid move.

ancafe

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Quote from: BabyBandit on December 10, 2023, 02:48:29 AM

Question to more experienced trades here. I been holding some Bonk for a while and last 24hours it's on a real down fall, so some hours ago I swapped all my Bonk to USDC to save me from more loss and if I am lucky I can buy back Bonk later and even coming out with more Bonk from this situation. Was this a smart or stupid move? I am not sure but I just followed my intuition (The swap fee was under 1%).

Before you are interested in Bonk you should have a perspective regarding the journey and it becomes the basis for the time to sell so as not to get a loss. I am not so familiar with him that there aren't many things that can be given but the decision you have taken is quite appropriate than maintaining because we will never know how the results and may experience a big loss.

If you think the token has a in the short term potential then wait two to five days after the sale, so you can buy it back. For swap problems you can choose blockchain at a lower cost so you can avoid excessive payments. Following your own intuition will be much better than you listen to other people's advice but do not make previous analysis to decide.

BabyBandit

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Quote from: Assface16678 on December 10, 2023, 06:52:36 PM

Well, you didn't provide enough statements on your topic. Anyway, the thing is, I'm curious about what you are saying, "down fall." Is the down trade too much or not? Because if the down trade is not too much, then I think it is not a smart move to convert your bonk into USDC. I mean, it's part of trading that there are down trades because that's how the market works. What if you encounter a down trade every time, then you will swap your bonk for another time after time?. But if the down trade is too much and you realise that you will be at a disadvantage, then it is a smart move anyway; it is your own trade. But remember, patience is a must, so better wait for a while. But yeah, it's your own decision and the risks are up to you. I'm sure many here will give more advice.

Well, you didn't provide enough statements on your topic
I swapped yesterday when Bonk was down around 15% (24h market) it did go down all the way to 30% (24h market) and then turned around, I feel you answer from a long term hold perspective and not trading. I was lucky from this one, but should have earned more Bonk from this my move was very smart. But I was way to cautious and slow, I should have took action faster in both directions.

What if you encounter a down trade every time, then you will swap your bonk for another time after time?
It depends on how it will look, if it will fall as it did now yes I will swap. if it swap slowly of course not. But it's soon time for me to sell anyway I think. I am always looking for topping my profit's and this is a way to be able to top it more but can also be risky, but I don't see this as so risky since it was very easy to spot and sell and buy back. Cool

Final
Have a great weekend it's finally a new one and time for new opportunities to find success, go up early take a shower look yourself in the mirror and say loud "I am in control over my actions" say it five times and then go out and start take control, you will be a winner from start. 💪

Assface16678

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Well, you didn't provide enough statements on your topic. Anyway, the thing is, I'm curious about what you are saying, "down fall." Is the down trade too much or not? Because if the down trade is not too much, then I think it is not a smart move to convert your bonk into USDC. I mean, it's part of trading that there are down trades because that's how the market works. What if you encounter a down trade every time, then you will swap your bonk for another time after time?. But if the down trade is too much and you realise that you will be at a disadvantage, then it is a smart move anyway; it is your own trade. But remember, patience is a must, so better wait for a while. But yeah, it's your own decision and the risks are up to you. I'm sure many here will give more advice.

Hamza2424

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Quote from: BabyBandit on December 10, 2023, 02:48:29 AM

Question to more experienced trades here. I been holding some Bonk for a while and last 24hours it's on a real down fall, so some hours ago I swapped all my Bonk to USDC to save me from more loss and if I am lucky I can buy back Bonk later and even coming out with more Bonk from this situation. Was this a smart or stupid move? I am not sure but I just followed my intuition (The swap fee was under 1%).

Hmm, TBH OP I have no idea about the recent price trend of the bonk token you've mentioned. Still, according to the FA and a small overview of the last few week's rally, I can say in the short term your position on the trade was right, you should wait for a significant drop to take a re-entry I haven't analyzed the support and resistance levels yet.

In a quick overview, I can say the move was decent and would be the same if I were in your place. Shitcoins/memecoins are not the way to trade I use to play in the controlled risk environment with some top projects and hot projects.

Bananington

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Well, intuition is very good when trading or making investment plans. I like your boldness is swapping those bonks for usdc. I hope you keep abreast with the exchange pairs that may be available on the exchange you use, because it is very important to know, so as to know the best way to swap to the currency of value for the future.

It's a smart move no doubt since you think it so, and have already done so without any advice or push. Please do more research on the best practices to keep and multiply your coins, because as daring as you are, I think you just might succeed excellently at trading profitably.

electronicash

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Quote from: ?? on ??

Fee's was fine, sold around 60M Bonk bought back 63.6M for the same price later. Could have got even more but was a bit slow, damn I start to enjoy this more and more guys. Thanks for helping me. Wink

Bonk is the most popular memecoin in SOL, i don't even know if there are other memecoin in SOL but it could go higher after the dip. Just like any other shitcoin during the bull run, they will rise.

looking at the most popular memecoin like SHIB and Doge. The SNEK memecoin in Cardano will likely rise too since this is the most popular in their ecosystem.
smart move to sell while the price is high. if it dips to $0.0000088 i would probably buy back, this is if i were you or even at $0.000009 looks like the support line.

Heulahee

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Bonk is behaving impressive nowadays and investing in the coin will give a trader more benefits. But suggesting a trader to only buy the bonk if he has the money extra means if he is not going to buy any other coin with that money, then he should go for the bonk. Because it can also fall and we have seen in the previous bear market that how a coin falls and how much he will be in the coming days, we should also look for it.

Timmzzy

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Quote from: BabyBandit on December 10, 2023, 02:48:29 AM

Question to more experienced trades here. I been holding some Bonk for a while and last 24hours it's on a real down fall, so some hours ago I swapped all my Bonk to USDC to save me from more loss and if I am lucky I can buy back Bonk later and even coming out with more Bonk from this situation. Was this a smart or stupid move? I am not sure but I just followed my intuition (The swap fee was under 1%).

At least you have book some Bank there O.P so to me it's same move I will make I can't hold trade for ages and waiting for more miracle to happen. The Market is always there and open.

Huppercase

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Quote from: BabyBandit on December 10, 2023, 02:48:29 AM

Question to more experienced trades here. I been holding some Bonk for a while and last 24hours it's on a real down fall, so some hours ago I swapped all my Bonk to USDC to save me from more loss and if I am lucky I can buy back Bonk later and even coming out with more Bonk from this situation. Was this a smart or stupid move? I am not sure but I just followed my intuition (The swap fee was under 1%).

You did what you had in mind already, I think this question is damage control but I think Bonk was airdrop to Solana holders last year if I remember correctly, where you holding since that time or you bought when the price was low and have you been in profit since you bought it?

I don't know much about Bonk but I know a little details about the coin, it was first distributed by some group of some solana developers that were trying to create PEPE meme version on Solana and because solana was also in a lot of controversial news due to FTX, the team the community were fighting back the dump of Solana and that is how Bonk meme was born and people fomo and I think lots of Solana bag holders were compensiated, that is little I know about the coin.

If you ask me about the future and certainty of price discovery of Bonks, I will say "I can't say because meme coins don't have direction and it is upto what the community brings to the table, they may bring another hype that will bring the price up or something that may bring the price further down. However, why don't you like to invest in coins that are atleast with a working products and not some shitcoins that will always give heartache.

Husires

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When these tokens start to decline, it is rare for them to stop, so it is a smart move, and after the price stabilizes and everything stops, wait two or three days and buy and buy again, but try to do that on a blockchain with cheaper fees to avoid paying more fees.

Captain Corporate

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Well turns out its a top 100 token. I was about to say "I have never heard of it, you shouldn't even be having it so selling is a great idea" but turns out me not knowing or never hearing about it before is my own mistake, top 100 is usually not a terrible place. It is 90th place at the moment when I check it though, so it means that it doesn't really look like a shocking result neither, its quite alright and I think it will be fine, I get that it may not be all that easy to handle, but I believe that we are going to see it have some trouble. I think selling is good, but keeping it at dollar is not, go buy something more sturdy, like bitcoin for example, which could give you better return and less fear.

GreatArkansas

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Are you worrying about the fees? Then try to transfer it to some centralized exchange, I know there are already some exchanges that have good reputations already listed Bonk.
It seems you want to trade here like you want to buy back later. For me, it's up to you. Bonk is extremely volatile just like other memecoins. Taking profits is already good.

I will only share my BONK story here, I sold my BONK 19 days ago, and, it should've been x3 since I sold. But it's fine, I only got that BONK for free before.

boyptc

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Well, if you seem to be okay with that burning fees as you save your balance there.

If I am on that position, I will get out of the kitchen as bonk probably have been into its peak and you will not know if it is still safe to go there.

Most folks have already cashed out their profits there.

BabyBandit

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Question to more experienced trades here. I been holding some Bonk for a while and last 24hours it's on a real down fall, so some hours ago I swapped all my Bonkto USDC (Solana network) to save me from more loss and if I am lucky I can buy back Bonk later and even coming out with more Bonk from this situation. Was this a smart or stupid move? I am not sure but I just followed my intuition (The swap fee was under 1%).

EDIT: Fee's was fine, sold around 60M Bonk bought back 63.6M for the same price later. Could have got even more but was a bit slow, damn I start to enjoy this more and more guys. Thanks for helping me.

Topic: Whas this a smart move or stupid move? (Read 178 times)