Steemit Daily Vlog #004 - Invest Long term
Invest Long term
Why invest long term? Because that's where all the profit is. If you day trade you not only loose money because of the fact you can't predict when a good time to buy/sell is, but you also loose money in fees every single time you trade.
The best strategy in my opinion is to buy low, hold long term, then sell when your coin is EXTREMELY high. I'm talking buying at a couple cents, and selling at hundreds of dollars. That's the kind of ROI I want.
Also, quick side note: A lot of alt coins are down in price today, so it's a good time to pick some up. ;)
(Please excuse my MASSIVE bedhead lol)
-full disclaimer I'm not a finical adviser, this is just my opinion, so invest at your own risk-
I've put this advice into practice, most recently with Doge, Ripple and Ark, I've made a considerable amount of profit but buying low and selling high.
I agree! My strategy is to diversify in crypto's and hold long term. I think coins that have a community growing up around them is also a good indicator, which is one of the reasons I like Steemit so much.
Also, you might find this interesting for Steemit: https://steemit.com/steemit/@trevorlyman/the-truth-about-making-money-on-steemit-for-newbies
can i ask how much money you made of altcoins?
that's a pretty invasive question
I'm currently holding two different strategies. On Poloniex I have my long term investments in several altcoins and then I use Bittrex to day trade (settling for 10% ROI so I'm still making good money besides fees).
10% is a great return on a daily basis
If only it were that easy :P