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RE: Weathering the Storm: How to Capitalize on a Crypto Market Crash
I made $4 from my first trade with Ripple a couple of weeks ago. Since then my holdings are continuing to grow a dollar or 2 a day. Its modest growth but Im happy. Im learning.
Thanks for the advice. Followed.
Thank you, many more posts to come! Congrats on the $4 - that's still $4 you may not have had otherwise. When you look at your portfolio, you need to have a couple of coins you believe will still be around in 20 years - just accumulate these on the dips and don't look back. At the same time, I would recommend (if you are comfortable) allocating a segment of your portfolio to trading coins for a quick 5-10% here and there. Low risk, obvious trades. Watch for coins that are consolidating, check the recent news, check the sentiment on twitter and the like, buy in and cash out and move on. $4 well earned! Followed you back as well, love the feed.
This is really great advice. Thank you. I'm totaling $15 profit that started from a $50 stake over 2 weeks so far. Steem and Steem power is where most of my investment will sit in the long term I think. I truly believe is Steemit.
Meanwhile I am just getting started here. What are you in to? XRP, what else?
I wouldn't know. They are all the same to me at the moment. I bought and sold about 10 different cryptos over the last couple of weeks just to test the market and to work out Poloniex. Now my buy orders for Decred DCR came in cheap so I'm just waiting on my quite modestly high sell order to come through. I haven't checked for a couple of days. Wasn't looking good last time I checked.
I wouldn't sweat it, I believe DCR has worthwhile long-term potential. A lot of people who want to flip and make quick $$ will look for coins that are about to pop off and invest. On the other end, you have people who just slowly accumulate coins they believe in long-term. Me personally, I don't mind waiting a week or two to flip a profit. If you watch the market carefully, you will be able to identify these slower-moving coins as they consolidate (where they are not really moving up or down in price). Typically the longer they consolidate for, the higher the chance they will shoot up another 10-15%. Sometimes you will luck out and get a 400% return as seen with NXT and BitShares recently.
As well, I think we are due for a market correction within the next 3 days so it might be worthwhile to hold on to some liquid to spend in a bit if things take a big dip.
Thank you again.
When you say 'market correction' what do you mean exactly?
At times there will be a huge sell off where pretty much everything is in the red. It seems to occur when the total market cap peaks. You want to have $$ ready to go to buy cheap coins when this happens.