Earlier in the week, I wrote about my purchase of ETH at $294 and my quick sell at 10% profit. It has climbed a few more percent since then, but I do not feel bad about selling.
Part of the reason why I bought and sold (traded) in the first place was because I wanted some USD in my Coinbase account, and from watching ETH, BTC, and LTC over the last month, I knew that 294 was under the actual value of ETH. With the USD in my Coinbase account, I can make transactions without having to wait 7 days for the order to process, which is the length of time it takes for an ATM/Debit card transaction at Coinbase. I plan on purchasing some BTC in the future, but I am not going to purchase unless/until it drops below $4000. I would feel comfortable at $3950 but at $4300, it seems like I could get stuck on a downward trend and have to hold the BTC longer than I am currently able to.
That being said, I do want to hold some BTC long term, I just don't have the capital currently to do it. I think a $10,000 BTC is reasonable in a 12 month period, and I would like to get in on that gain if possible. Still, even at $10,000 in a year, we are looking at only a 150% gain over 12 months. Compare that to LTC which shot up 36% in the last week, and you can see how, in the short term, regular trading of Altlcoins can lead to faster gains than BTC barring another spike like what happened post Hard-Fork.
Last week, I purchased 5 LTC @ 46.31 each with short-term gain in mind. Anything under $50.00 seemed low to me for LTC based on recent prices, so it seemed like a good short-term buy.
I will be selling tomorrow when the LTC are accessible in my account, and, if prices hold, I will make a fast 36%, about $70.00. This isn't a lot of money, I am sorely aware, but nonetheless, I am happy with my decision to buy when I did with short-term gains in mind.
What about you? What are you doing with your LTC? Buying more? Selling? Holding (or Hodling)? I'd be interested in hearing your short term strategies for LTC and other such cryptocurrencies.
A month or so ago, I used most of my Litecoin to buy Steem and then powered up. I'm happy with that decision as it gave me a little more clout here on Steemit, but it's easy to second guess myself with "If only I would have bought insert-coin-that-just-went-up-in-value".
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I kick myself every day for not buying bitcoin @$500.00. Can't live in reverse, so what can you do? I purchased steem power as well, though most of mine is delegated out.
Thanks for the comment.
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I also like the interactivity of Steem. It is an investment, sure, but it is also something that you get to participate in and be a part of which has its own value.
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Please like my post 😄😄 @lilrut
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This post received a 3% upvote from @randowhale thanks to @lilrut! For more information, click here!
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Very good article. Same thoughts here. Buy low, sell high, it seems so simple but most investors still don't seem to get it :-) This is quite an interesting website I found: https://www.coincheckup.com Every single coin can be analysed here based on: the team, the product, advisors, community, the business and the business model and much more. For example: https://www.coincheckup.com/coins/Litecoin#analysis To check Litecoin Investment research report.
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