I just bought $427 worth of Litecoin...Bad Decision?
Seeing LTC finally go on Coinbase had me thinking I should buy a decent amount ASAP, as I had a bit of FOMO. $427 netted me a total of 18.8 Litecoin, which is more than a 400% increase over just a few months ago. I missed a lot of the moonshot, but did I overpay by buying at this time? I intend to sit on it at least for a few months.
Maybe I should sell after a small jump and wait for it to come back down?
The traders constant dilemma. Assuming you didn't invest money that you will need anytime soon, I think you'll be happy. If you did need the money, you shouldn't invest in markets as volatile as crypto. Even Bitcoin can't be fully trusted not to crash out at the next major scandal. That being said, I think Litecoin, Ethereum and Ripple are going to follow Bitcoins overall trajectory of success simply because of the institutions and people supporting them. No one can say for sure if and when a correction will come, but if you only invest in things that are going places and if you're prepared to go long term, then you will most likely come out ahead. A good strategy for those that suffer from FOMO is to never look back. Instead of buying all at once, buy some to get the FOMO out and then wait. If the price dips you can buy more and not feel as bad. But if you keep buying in and selling out chasing the price then you could spiral down. Never go "all in" on a single investment in the crypto world and always keep some reserves to buy the dips. Cheers!
I use excaclty the same strategy when I FOMO. Buy only small amounts when prices are ridiculously high and buy some more when prices drop.
I learned to read the price charts and try to spot the right buying and selling prices. Of course no guarantees, but seems to work out just fine at this moment.
I like this strategy a lot, good call. I do not need the money, though I did sell a few Ether in order to acquire some of my LTC. Kinda wish I'd kept the ETH and invested a few less LTC. Oh, well...
I'm thinking you'll get burned short term possibly, but just HODL, it'll go up eventually. In my eyes you bought in at a bad point but if you're not expecting any returns short term, it's fine. As a long term investment (+1year) I almost guarantee it's only going to go up. As most other cryptos. Be patient and don't have weak hands ;)
never a bad time.
Its going to be fine. Selling is the worst idea as maybe you will have to then buy even higher!
I agree. Keep them if you can miss the money. Sell later.
Good call, I'll hold for a while.
I think a better question to ask yourself may be, in the grand scheme of things do you think Litecoin is undervalued right now?
I think it is definitely not a bad decision to buy some LTC. Personally I would have waited for a pullback.
Wow!
Well I will do my best to come up with my "thirds rule strategy" soon for LTC
Frank III
Great, I look forward to hearing it.
Good question! It can go down a little first....but up again-and higher!...I hope so. ;) I have Dogecoin....
Good post. I was about to start a similair discussion. Sell the coins that you know nothing about. Do proper research on any coin you buy. If the market falls at least you can hold your coins knowing they have a long term future. I found this amazing platform: https://www.coincheckup.com I'm really enthusiastic about this site, they let you analyze every single coin out there. For example: https://www.coincheckup.com/coins/Litecoin#analysis To see the: Litecoin Research report
Bitshares is much better