Four days ago I pulled out $100 worth of BTC and put it onto Poloniex to test out some Altcoin trading.
The first day we went up to $112 with RIC and SC. The next day we were back down to $107 when we pulled out of those coins and went into XRP.
After quickly hitting $110 with XRP we immediately went back down to $105 and appeared to be falling further.
I then put the money into DGB which everyone seems to be loving lately......and it tanked.
DOGE was then having a run but dived as soon as I got in..... I pulled out too early though because it later went into a steep climb.
By the end of day 3 I was back again with SC and I had $100.
That was not a good night for SC and it headed down to $80 or so...... steep decline.
However, I decided to hold and now we are back at $100.
I think there are some good lessons to be learned here.
- Don't jump into a climbing coin because the moment you get in it will dive.
- Don't buy a crappy coin just because it's pumping, only get into coins you believe in. You may end up having to hold.
- Don't get upset and pull out just because something is diving. If I had held DOGE a bit longer, I would have already made that $150.
I am sure I will learn more as I go along but for now we are holding SC. I really think this coin has a future and that it's undervalued.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Personally I don't understand trading cryptos at all. The FOREX market is much more liquid. I'm buying and holding for the next 3 years. This is like buying AOL before most people understand what the internet is.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit