What Is Best Course Of Action? - page 2.

audaciousbeing

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Quote from: worldtraveller321 on August 05, 2020, 03:37:58 PM

Just a question to ask for advice. Right now with all the markets they way they are. Bitcoin is always in the upward in the market. Of course it has periods of going down. But crypto market is doing quite well in these times.

I am asking what is the best course of action?

Should I just keep buying and HODL and keeping my Bitcoin for a rainy day?

Or is trading is back and forth to stable coins and trying to make more gains a good action plan too?

Need suggestions and advice. thanks

A lot of people I am sure would have expressed their opinion on the subject matter but if I am in your case and to make that decision, I would take my eyes away from BTC yes it's the highest but the percentage increment is a concern for me and as an investor, the ROI is a very potent factor. So, other coins ROI would surely bring more return than bitcoin both in the short run or long run in my opinion.

Assface16678

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I think it depends on your objective but with the use of the basic style to earn bitcoin is buy when the market price is low and sell when it comes into the ATH.

Still, it depends on your technique also you can choose right now because the market price of the coin is leading towards into the 11.7k you can buy this market time and then wait for the price of the coin reaches over 15k dollars if you think you already have a profit you can pull it out just easy concept.

Or

You can make a trade daily or weekly with your bitcoin ( not only the bitcoin pair) and then set a quota to your income by that you can still be earning profit while the market movement is increasing.

IMO, I'm tired of making trade, and its just fine to me to wait for a long time I choose the first option.

erikoy

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Quote from: Shasha80 on August 06, 2020, 06:55:20 AM

A good market condition like now is indeed difficult to make the best decision. And I think everyone should be brave
make decisions without being influenced by the opinions of others. Now our analytical skills as traders are tested, myself
have confidence that Bitcoin will continue to rise and return to all time high prices. So I will continue to buy bitcoin and
hodl until Bitcoin reaches a price of $ 20,000. Please don't be influenced by the actions I take, because the risks are quite large.

Yeah, I think one should be contented on what he can gain. There is no fast and easy money here but pretty sure one can earn. This is why we need to be patient when it comes to market volatility. Just like what happen to 2018 where market crashes and many had thought that it is the end for bitcoin. But see what bitcoin now, it made a good comeback after a year so in this case a yearly base investment will be okay as long when one sell bitcoin should have profit at least no matter how small it is or just when the target reach that might be good already. But if one wanted to risk more then one can wait and definitely bitcoin is not going down for it is always going up as what we have been observing since it began on 2013 I guess(not pretty sure).

Zackgeno96

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Quote from: worldtraveller321 on August 05, 2020, 03:37:58 PM

Just a question to ask for advice. Right now with all the markets they way they are. Bitcoin is always in the upward in the market. Of course it has periods of going down. But crypto market is doing quite well in these times.

I am asking what is the best course of action?

Should I just keep buying and HODL and keeping my Bitcoin for a rainy day?

Or is trading is back and forth to stable coins and trying to make more gains a good action plan too?

Need suggestions and advice. thanks

You can get burned in this market if you are new in trading crypto and start trading in BTC/USDT market pair because everyone is predicting the price to go up but no one knows what is the upper limit of the price, your best bet would be to become attentive and when the traders are saying that this is the max bitcoin can go then sell your small portion of coins and then wait for the price to dump, if it really dumps then sell all your coins and if the signal was false then you would still be having bitcoins with you. But the more important thing in the big picture is to always buy bitcoins whenever you can no matter what is the price of bitcoin in the current market in future when bitcoin is at $100k then this $11k price will seem to be a bargain that you are getting now.

Shasha80

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A good market condition like now is indeed difficult to make the best decision. And I think everyone should be brave
make decisions without being influenced by the opinions of others. Now our analytical skills as traders are tested, myself
have confidence that Bitcoin will continue to rise and return to all time high prices. So I will continue to buy bitcoin and
hodl until Bitcoin reaches a price of $ 20,000. Please don't be influenced by the actions I take, because the risks are quite large.

thesmallgod

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You will need to define what you mean by a rainy day. The reason why many people lose in trading is that they do not set a target, have unrealistic targets, or are swayed to changing target due to their future expectations. If you are planning to hold for a long time, the past and present price you bought your bitcoin and how long you have been holding will determine your action. To cut the story short, you are the right person to determine what to do at this moment because no one knows your budget, monthly expenses, and expenditure but do not let the current drag you to making wrong decision because nothing last forever

koang

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HODL and trading Bitcoin are two good ways to get profit, but especially for trading if you are an expert, trading will be more profitable.
But the greater the potential profit that can be generated, the greater the risk

It's all up to you, but choose according to your own abilities

hatshepsut93

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I would advice against trading, because this isn't something a beginner can do well. It requires a ton of experience and some knowledge, and I even may say talent to trade successfully and make profit. An amateur trader would likely lose money, and with how volatile Bitcoin is, it can be really easy to lose a huge portion of your stash. There's a subreddit called wallstreetbets, where mostly self-taught traders discuss their experience, and there's so many stories of people losing their savings or just huge amounts of money from trading stocks. Don't be like them, just hodl, it's already enough to get big returns if things will go well.

ololajulo

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Quote from: Velkro on August 05, 2020, 06:49:51 PM

Quote from: worldtraveller321 on August 05, 2020, 03:37:58 PM

Just a question to ask for advice. Right now with all the markets they way they are. Bitcoin is always in the upward in the market. Of course it has periods of going down. But crypto market is doing quite well in these times.

I am asking what is the best course of action?
Should I just keep buying and HODL and keeping my Bitcoin for a rainy day?
Or is trading is back and forth to stable coins and trying to make more gains a good action plan too?
Need suggestions and advice. thanks

Noone knows how Bitcoin price will be but i can assure you "trading is back and forth to stable coins" is one way to disaster.
So many people lost most of their BTC because they tried that, switching their BTC to altcoin and back, loosing 70% of their BTC in the end.
Bitcoin is a thing, not single coin after it is worth much.
Bitcoin price is good now same as gold. Its store of value for difficult times like now.

Your experience is enough to help the question. The sentiment is bullish and thats all we have been waiting for since December 201 when we got the low, there is also a cycle into the bull that we are getting close to, if he had waited this long he should wait further. In the bull market trading back and forth is the worst strategy

Janation

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What is your plan though?

I think before you ask us you should have a plan first since you can't just put your money blindly without any strat, right? Like if it reaches a certain price you will sell, something like that. Right now it is best if you can sell of them to get some profit you can use to reinvest if ever the price fell. You can also invest them into altcoins with a good possibility of giving you a profit.

Ridwan Fauzi

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First of all, you need to choose to become a trader or investor. If you just focus on investor especially long term investor you may just need to depend fundamental analyst. Reading news everyday so as you will have a choice to keep hold your coin and sell them because the price will go down.

But if you choose to be a trader maybe you need to combine between fundamental analyst and technical analyst, based on that your money will slightly save. But I myself will suggest you to become a trader, so as you will know the price action everyday.

fiulpro

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Quote from: worldtraveller321 on August 05, 2020, 03:37:58 PM

Just a question to ask for advice. Right now with all the markets they way they are. Bitcoin is always in the upward in the market. Of course it has periods of going down. But crypto market is doing quite well in these times.

I am asking what is the best course of action?

Should I just keep buying and HODL and keeping my Bitcoin for a rainy day?

Or is trading is back and forth to stable coins and trying to make more gains a good action plan too?

Need suggestions and advice. thanks

Hello ,

I do think you should sell a part of Bitcoins , this way you can save some of it for the future and even earn a little profit right now .

See it would be really hard to follow anything right now , therefore you should calm down , look at your expenses , see if you can afford any upcoming loss.

Because when the market goes up , there are fair chances that it will fall down really fast too . Therefore I do think you might have to follow through the news every now and then .

If you do need money right now , you should definitely incash. But at the end of the day no one can tell you what to do. Best of luck for the future.

Poker Player

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Seriously?

When it comes to money, you should make your own mistakes.

Asking that question tells me you don't have the right mindset.

Nobody knows what the best course of action is. You'd better educated yourself and make a decision.

Lorence.xD

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Quote from: veznata on August 06, 2020, 03:07:29 AM

forget about trading. just keep your bitcoins and cash out the next year or when price increases significantly and then buy back when prices dumps. always remember Buffett words "you should be fearful when others are greedy and be greedy when others are fearful". set your target and cash out when prices goes up and up but it is alreadyvery high. don't be greedy waiting for the peak. that's it.

Why not do both? Why always do choices when both is doable? In my opinion, daytrading is also a good thing because they are missing out with some of the profits that they can make, you can use the earned profit to fund what you are planning to hold. It is not always a bad thing to join the crowd, try to blend in and do more things than the normal, sometimes a little widening of perspective goes a long way.

veznata

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forget about trading. just keep your bitcoins and cash out the next year or when price increases significantly and then buy back when prices dumps. always remember Buffett words "you should be fearful when others are greedy and be greedy when others are fearful". set your target and cash out when prices goes up and up but it is alreadyvery high. don't be greedy waiting for the peak. that's it.

Cnut237

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Quote from: worldtraveller321 on August 05, 2020, 03:37:58 PM

Should I just keep buying and HODL and keeping my Bitcoin for a rainy day?

Or is trading is back and forth to stable coins and trying to make more gains a good action plan too?

It depends on how good you are at trading. If you haven't done any before, then try trading with small amounts and see if you can make more profit than loss.
One compromise strategy is to generally hold, but then whenever there is a huge and obvious market downturn, sell everything and buy back in at a lower point... so you are trading infrequently, but over the long term still make a considerable profit.

sunsilk

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Quote from: TimeTeller on August 05, 2020, 06:33:38 PM

Quote from: sunsilk on August 05, 2020, 04:09:37 PM

How long do you want to keep it for yourself? Are you aiming for a long term hold or you just want to ride the wave and will eventually sell. Determine yourself if you have plans for a lifetime and you can hold for about more than 1-2 years or more.

I've said lifetime but it doesn't mean that you shall hold forever. It includes you selling at the best prices ever if we reach all-time highs again. Do you trade and you are ok riding the daily volatility? it's all gonna depend on you.

That decision is to be determined by him, is he here for long term or short term?
Either way, he should know the basic rule of trading -buy low, sell high.
Just keeping this simple rule at all times when he's in trading will give him profit, whether small or big.
So in my opinion, whether he will practice this trading rule in short term or long term, he should not be in the losing side.

Very simple rule yet hard to maintain because if he will depend on his emotion, that very plain and simple rule won't be followed. I have struggled to follow that buy low, sell high golden rule when I'm kind of new on it.

How can he determine the losing side? through experience. He needs to furnish it and have to learn the basics and also accept the possible losses that he will incur with his strategic planning.

Darker45

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This is just my couple of Sats so take it with a grain of salt.

I think Bitcoin at almost $12,000 is not a buying price unless you intend to HODL it indefinitely until the price will go way far higher than that. If you are aiming for the shorter term, it is my hunch that the price will still go even lower than 5 digits in the weeks or months to come and so you better wait for the solid red days.

I admit I am using USDT to trade with BTC during large swings. That is to minimize possible losses when trading with altcoins. This is what I do but don't take this as my suggestion or advice. A lot of people discourage others to even consider trading stablecoins especially USDT.

pooya87

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Quote from: worldtraveller321 on August 05, 2020, 03:37:58 PM

Should I just keep buying and HODL and keeping my Bitcoin for a rainy day?
Or is trading is back and forth to stable coins and trying to make more gains a good action plan too?

both of these are viable options and which one to choose depends on you, your strategy, your risk taking and most importantly your experience in the market.

for example i personally don't like day trading bitcoin, but i usually trade it during times when the market is most predictable and there is a big move going on. i also do that with a small portion of what i have.
but i focus a lot on day trading altcoins because they are created only for pump and dump it makes them good for short term trading specially when bitcoin price is moderately stable otherwise when bitcoin is rising they get dumped so i stay away.

piebeyb

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if you hold bitcoin, you have a chance to multiply your bitcoin by trading with several altcoins that follow the bitcoin price, there are some of the top altcoins that are really good to invest in, I can't pick them for you but you can find out more about the altcoin project. what you want to invest, as usual that every time a bitcoin halving occurs there will be an increase in the next year, so don't miss it

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