I’d like to let all my steemians know that right now we are in a bull market although it might feel extremely volatile,the overall picture is still superbly bullish, we have been so since Japan officially considered bitcoin as legal source of payment earlier this year. Now there have been some corrections like the one on may 26 and today but every time that happened cryptos rebounded to newer highs and did not just get into bearish run.
The only way cryptos could enter bear market again is if something catastrophic happens such as leading exchange going bankrupt or getting hacked but that seems very unlikely.
So how to go about investing in this bullish yet volatile crypto market, well, here are some of the options.
- Buy and hold, without caring about day to day or week to week fluctuations.
- Buy and hold core positions and then add on major dips
- Buy a certain amount on recurrent basis such as every month or every week without timing the market
- Trade short term charts with stop-losses and strict targets (this is no longer investment)
I use strategy number 2 for bitcoin, ethereum, monero and ripple as I believe they have long term value ,buying every time it dips.
For all the other coins, specially for those with small market cap, I use strategy number 4.
Lemme know what strategies you use in comments below
Great short summary. Infact new people like me always feel happiness after some rise in prices and right away worries after some fall. I earned couple hundred dollars within first week of investment and than I started investing several times a day and lost all profits. Profits are there but need concentration and targets for long term earnings.
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Very great strategy. I personally always go for the long term investment myself first, that seems to always pay off later so much higher than short terms can do, specially with the nickle and dime fees these exchanges and Bitcoin transaction fees seem to have. Great post, resteeming for you now
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It's always a good idea to be cautious with smaller cap coins, but you may want to check out Iconomi for a few month hold: https://steemit.com/cryptocurrency/@wolfofcrypto/iconomi-the-sleeping-giant
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Hope.
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