Best crypto strategy???

[sh00ter]

What strategy are you all using when it comes to crypto? At a high level, there are really two, but it is complex enough that if you break it out further there are many, so I'm going to concentrate on the two highest level ones for the purpose of this question/discussion:

1.) long term investing
2.) short term gains for supplemental income

It is hard to watch a 1000+ dollar gain over a period of weeks and then to continue to hold that instead of cashing in to supplement income. However, for the ones I have bought, I have enough confidence that they will go up in the long run and selling for a smaller gain becomes a pain because then you have to hope it goes back down before you re-buy and if it doesn't then you miss the train by not holding the coins.

Obviously, holding for at least a year has tax advantages over taking a short term gain, but I'm just curious if there is some formula you guys use to make your decisions when to buy/sell/hold?

And holding the more well-established coins especially if combined with Dollar Cost Averaging (DCA) purchasing, is MUCH less stressful than always having to watch the markets.

Most of my buddies tell me they are in it for the long game, but since I see how "swing trading" and other short-term strategies could help supplement my income and you can write off some of the losses if you make a bad trade, it is hard not to want to use it to fund my hobbies and such instead of hoping to have a a bunch of money when I'm older. I'm not exactly young either but I have a decade or two to spare if trying to build wealth before I'd worry about the volatility enough to pull it all out.

One buddy swing trades and then uses the profits to buy more stable coins for the long term so he uses a mixed strategy which is even more complex to stay on top of. I don't really feel like I can afford to do both in time & money.

Let's hear your strategies.

 

[918evo]

What strategy are you all using when it comes to crypto? At a high level, there are really two, but it is complex enough that if you break it out further there are many, so I'm going to concentrate on the two highest level ones for the purpose of this question/discussion:

1.) long term investing
2.) short term gains for supplemental income

It is hard to watch a 1000+ dollar gain over a period of weeks and then to continue to hold that instead of cashing in to supplement income. However, for the ones I have bought, I have enough confidence that they will go up in the long run and selling for a smaller gain becomes a pain because then you have to hope it goes back down before you re-buy and if it doesn't then you miss the train by not holding the coins.

Obviously, holding for at least a year has tax advantages over taking a short term gain, but I'm just curious if there is some formula you guys use to make your decisions when to buy/sell/hold?

And holding the more well-established coins especially if combined with Dollar Cost Averaging (DCA) purchasing, is MUCH less stressful than always having to watch the markets.

Most of my buddies tell me they are in it for the long game, but since I see how "swing trading" and other short-term strategies could help supplement my income and you can write off some of the losses if you make a bad trade, it is hard not to want to use it to fund my hobbies and such instead of hoping to have a a bunch of money when I'm older. I'm not exactly young either but I have a decade or two to spare if trying to build wealth before I'd worry about the volatility enough to pull it all out.

One buddy swing trades and then uses the profits to buy more stable coins for the long term so he uses a mixed strategy which is even more complex to stay on top of. I don't really feel like I can afford to do both in time & money.

Let's hear your strategies.

If you don't want to watch it, you should be able to set a trailing stop order on it and lock in profits/limit losses. Just set it low enough that a temporary quick drop doesn't exit you out of the position before it rises again. A lot of people go with 15%

 

[Chief Sapulpa]

Buy low…sell high!

 

[sh00ter]

If you don't want to watch it, you should be able to set a trailing stop order on it and lock in profits/limit losses. Just set it low enough that a temporary quick drop doesn't exit you out of the position before it rises again. A lot of people go with 15%

So you mean auto sell if lose 15% and auto sell if gain 15%? Not sure if all platforms support?

Buy low…sell high!

Absolutely, but do you buy low now and sell when to the moon 15yrs from now, or do you buy low and sell higher in a week or two?

That's what I struggle with. For example, you could buy 1 ether coin and make a grand on it in a month or less...but if you held it, ether will likely be 20k or more eventually...can you elaborate some on how you do it?

 

[HoLeChit]

I have supplemented my income, or lack thereof with this stuff. It doesn’t pay the bills, but it allows me to pay for guns, ammo, and other luxuries. I just buy low, or when I think things are going up, and sell high. I aim for at least a 10% profit, but often take 100-200%. I do tend to buy into crypto with small amounts, and then put that into more reliable stocks. For example, I put in $500 into Bitcoin at 11k, sold at 35k, bought back in at 28k, sold at 48k. Bought about $100 worth of shib and turned it into $200. It’s all a gamble really, and that’s how I view it. I view it as more volitile but safer than pumped up penny stocks. Although I do kick myself for selling 100k shares of OZSC at a big profit at $.04 as opposed to $.25 or .37 like I could have. But I was holding for over a year and figured it was a pump and dump. Got out way too early.

 

[918evo]

So you mean auto sell if lose 15% and auto sell if gain 15%? Not sure if all platforms support?

There are different types of automated orders, trailing stop based on a dollar amount, one based on percentage, a limit that sells when it hits at a certain dollar amount(these don't always work), and a stop market that sells at the next available price once your $ limit is hit. The one I was referring to is a trailing stop-loss order that sells when the position is however much you choose% lower than its peak. I'm not sure about crypto, but most platforms allow these types of GTC(good til canceled) orders to lock in profits or limit loss.

 

[AKguy1985]

Dogecoin and HODL!

 

[Jack Shootza 50]

What strategy are you all using when it comes to crypto? At a high level, there are really two, but it is complex enough that if you break it out further there are many, so I'm going to concentrate on the two highest level ones for the purpose of this question/discussion:

1.) long term investing
2.) short term gains for supplemental income

It is hard to watch a 1000+ dollar gain over a period of weeks and then to continue to hold that instead of cashing in to supplement income. However, for the ones I have bought, I have enough confidence that they will go up in the long run and selling for a smaller gain becomes a pain because then you have to hope it goes back down before you re-buy and if it doesn't then you miss the train by not holding the coins.

Obviously, holding for at least a year has tax advantages over taking a short term gain, but I'm just curious if there is some formula you guys use to make your decisions when to buy/sell/hold?

And holding the more well-established coins especially if combined with Dollar Cost Averaging (DCA) purchasing, is MUCH less stressful than always having to watch the markets.

Most of my buddies tell me they are in it for the long game, but since I see how "swing trading" and other short-term strategies could help supplement my income and you can write off some of the losses if you make a bad trade, it is hard not to want to use it to fund my hobbies and such instead of hoping to have a a bunch of money when I'm older. I'm not exactly young either but I have a decade or two to spare if trying to build wealth before I'd worry about the volatility enough to pull it all out.

One buddy swing trades and then uses the profits to buy more stable coins for the long term so he uses a mixed strategy which is even more complex to stay on top of. I don't really feel like I can afford to do both in time & money.

Let's hear your strategies.

Reminds me too much of the great internet and tech boom of the late 90's and early 2000's, I made a lot of money back them but ended losing most of it by 03, I think I'm going to sit this one out till it stabilizes more. There's a new ETF going to list this week, (COIN) that you might want to watch.

 

[sh00ter]

Dogecoin and HODL!

I do have a feeling that its popularity could transcend the "on paper" value of doge. If Amazon agrees to take it, OR when the mission tot he moon in 2022 blasts off from Space-X, I expect it to spike. Problem I have, is do I sell at a dollar or wait for 10 dollars which should never happen for doge, but it has such a loyal following, I could see it jump beyond where it "should" at some point.

 

[Jack Shootza 50]

I do have a feeling that its popularity could transcend the "on paper" value of doge. If Amazon agrees to take it, OR when the mission tot he moon in 2022 blasts off from Space-X, I expect it to spike. Problem I have, is do I sell at a dollar or wait for 10 dollars which should never happen for doge, but it has such a loyal following, I could see it jump beyond where it "should" at some point.

Any listing that was initiated as a "joke" is just that, we'll just have to see if it goes any were. Back in the 90's it was said you could throw a dart at the Investors Business Daily stapled to the wall and what ever it hit was the investment of the day, I believe this bitcoin frenzy is about the same thing but it could evolve, anything is posable on Wall St these days.