HOOOOOOOLY CRAP LOOK AT THE MARKET! IT RISES!
(Dear reader, you should know that I made this about a week ago. I'm only now able to post it due to work reasons, so be aware that there might be some anachronisms in here...)
I knew playing the long game would turn out well in the end! The potential of Bitcoin can’t be stopped! Just look at this! At the moment of writing, Bitcoin stands at $5747! Not only is it at an all time high, it’s held itself there for a while and shows no sign of stopping!
And it’s not alone! Ethereum at $342! Litecoin at $62! Everything is following Bitcoin’s lead and breaking records left and right!
(...Yeah. I'm sorry.)
Anyway, now is the time to be calm and assess the situation carefully. If I can just take the pulse of the market, I might be able to leverage my way into even more money…
Let’s get started, shall we?
1 – Long term investments take patience and persistence – short term ones require discipline
Being hot-headed here might doom my entire prospects. It is time to be level-headed, and to do that, I must be methodical. I will start by breaking down my investments into 2 groups – long term, and short term.
I will not mess with my long term investments until a very serious need comes about. For all intents and purposes, these are the investments I believe will tremendously jump in value long term, and will avoind picking on them whatsoever. Unless something happens to make me need the money seriously, I won’t lay a finger on it.
Short term investments however, will be all about trying to make a quick buck. As such, I will employ a looser hand on them – and that includes setting limits to the losses and profits that I expect from them.
I will set the limit at 20%. When I have reached a 20% loss or a 20% profit from a short term holding, I will simply sell it, regardless of future prospects.
2 – Let’s put things in their rightful place…
Bitcoin holdings will fall into the long term category. The small Ethereum holdings I have will go into that as well.
Everything else will go into the short term category. At 10-15% difference from buying price, they will be tossed aside, whether they gave me money or not.
It will be hard if I see that one of the holdings I got rid of skyrockets as soon as I do it, but it would be even harder if I kept believing that it would eventually recover. Bitcoin cash is such an example. The losses on that are so great, that I cannot even sell what I have left, as it does not reach the limit for it.
Discipline will set the pace for the future… But what will that future be?
Find out… next time!
That wraps this up!
This was more of a post to determine my general stance towards the market in the future! I will be more concrete and speak of coins I find interesting, as well as letting you know which plays I make in the future!
Again, my thesis work prevents me from posting often, but rest assured – I haven’t forgotten you guys, and never will! I will keep posting for as long as I am able!
Tomorrow, I should post a piece on my other “series” – explaining the fundamentals of Bitcoin, one bit at a time! Feel free to check that out if you want more content from me :)
Till the next one guys! Steem on!