Turning $100 into $150 on Poloniex. Day 4. Holding on. Total so far: $98.53 USD

in beyondbitcoin •  8 years ago  (edited)

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.

  1. Don't jump into a climbing coin because the moment you get in it will dive.
  2. 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.
  3. 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.

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  1. making a loss in crypto often means you're impatient. 2) try not to sell crypto. rule 3) buy into the red. cheers good luck!

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.