I have a pretty large reserve that came from more or less nothing.
And that's where they usually end up too.
I also didn't know the 2014 run was gonna happen but was in a place to capitalize on it also. Along with a lot of the other major runs.
I notice you even talk like a diehard gambler. You don't talk about your bad days, you only bring up the good. If you were truly good you wouldn't be dipping your toes in on the side in small amounts and driving a truck for a living now would you?
I've been in the market since 2000, though I don't go within a million miles of day trading or options or any of that, and I've followed it closely all these years on CNBC and online daily. I've also run several small businesses over the years, and do to this day, so I know business pretty well and I understand the markets very well.
I do the exact opposite of what you're doing. I take the Warren Buffett approach. I haven't made a single trade in almost ten years. I picked two companies I understood well, both of which were leaders in their field with long proven track records of earnings growth, waited for a great price, jumped in, and let it ride all these years. I rode out the 9/11 attacks, the Great Recession, the Flash Crashes, multiple wars, multiple terrorist attacks, the real estate crash, and everything else. Hardly made a move.
In fact I think I've made a total of maybe 10 trades in 17 years.
The decade from 2000 - 2010 was the worst decade in the history of the market and I was all in the whole way. And now my mom is comfortably retired. That's not luck. That's smart investing.
What you're doing is pure gambling. Anyone who says otherwise is simply kidding themselves. Yes, there are times you'll win big. But as long as you keep going back with your winnings it's eventually going to fizzle out. No one stays lucky because no one who loves that kind of thing ever finds the discipline to walk away when they should.
I sincerely hope you make many millions on it, even if it is pure luck. Heck, people win millions on the lottery all the time. But make no mistake about it......they knew what the next set of numbers would be about as well as you know what bitcoin is going to do tomorrow. So I hope you make millions day trading, but I'm pretty sure 20 years from now you're still going to be driving a truck, and you're not going to have a sailboat.
I only say this because I always worry that someone will read about your successes, even if there were 3 years in there you mysteriously left out, and decide daytrading sounds like an easy path to riches, the same way people who recently leased or bought a truck try to make it sound like they're on the path to riches.
I really do wish you the best, mostly because I know you're going to need it.
In total agreement with Brett here. Everything you've told us was how you didn't know this or that was going to happen, or how you got lucky here and there. That kind of approach is so foreign to any serious investors actions in the markets. Solid investments are made based on solid research and proven market results. I don't know of any serious investors who "dabble" (which is all your doing) in bitcoin.
In total agreement with Brett here. Everything you've told us was how you didn't know this or that was going to happen, or how you got lucky here and there. That kind of approach is so foreign to any serious investors actions in the markets. Solid investments are made based on solid research and proven market results. I don't know of any serious investors who "dabble" (which is all your doing) in bitcoin.
When I started mining Bitcoin it was because it was kinda cool. Not really out to make a bunch of money.. With that said research wasn't really available. Nobody knew it was going to jump. A little prior to the 2014 jump you could find several IRC chatrooms with groups of people talking about pump and dumps and since so few people were messing with Bitcoin that was how it moved in price.
I'm not a serious investor. I like Bitcoin and some really cool things could come of it like interest free lending and no transaction fees.
Also I can see by me saying "it's the greatest thing" while at the top of it's price history I sound aragant however I mentioned this is a bad time to get in. It will drop. I know this but looking back on it's history generally it goes down and sooner or later it goes back up.
Brett mentioned me having bad days with it.. True I had some when I was learning to and choosing automated trading bots. A few times I would check the price during my breaks at work and would see it rose a bit and would be excited only to go home to find I had no BTC because just before the climb it had dropped to my sell limit. Cost of tuition and learning experiences... but I've never lost what he was eluding to.
Could that happen? Sure.
But I'll keep my comments to myself from now on.
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I'm not riding it out. That's why I sold at 1777 and bought again. Never more than 9 BTC at one time and never more than 3BTC per transaction.
With bot buying and selling you can set up any parameters you want for either transaction.
I don't trust this climb but I'm willing to gamble small amounts on it. And so far it's paid off. And remember I've been in bitcoin awhile so I have a pretty large reserve that came from more or less nothing.
I also didn't know the 2014 run was gonna happen but was in a place to capitalize on it also. Along with a lot of the other major runs.