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As an aspiring investor / trader I rate my progress all the time. And I'm not talking daily progress, because in this crazy bear market we're all struggling day to day. But longer term... I believe we should all do an honest assessment, so here is mine. At some point in early to mid-May I exited the market, which to me it meant basically entering the bear market territory. Believe it or not I put almost all of my crypto tokens money into PAXG ( Gold ) not Tether or USDC. One Altcoin I didn't sell I left there to this day.
So lets say my portfolio value was $9,000 when BTC was 30K in Mid May
And lets say my portfolio value now as we enter September is also $9,000 when BTC is exactly $20K
How well did I do? Can I aspire to be a professional trader / investor one day ?
I have 2 years 3 months experience investing / trading and have tripled my original investment during this time.
P.S. My strategy since mid May has been to dollar cost average on various promising Alts ( high risk to low risk ) and sell my Gold into Tether and USDC when I sensed trading opportunities were near. I also bought a lot of Ethereum when BTC hit 18K. So my portfolio is highly diversified now, which wasn't before in Mid-May. Gold is still my biggest holding, Ethereum my second biggest, BTC my third.
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Now take a look at what we're building in Crypto:
Wilder World, Illuvium, NetVRk, Star Atlas to name a few. I'm invested in all of these of course, but I see Illuvium taking the lead in 2023..
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It's useless !
10 days after my initial post ( on discord ) I have ZERO replies / messages.
Tried to follow up just now, got a "your message could not be delivered" again. And this after nearly denying me access to my account altogether ( "your IP could not be recognized... check your email, blah, blah, blah... )
Total garbage. As I said earlier, text-only message boards from 1996 were more useful than this. Posted a question there, BAM! next day got a reply.
And this is a crypto DeFi company we're talking about.
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Update: no replies to my post so far. But tried posting again without success...  |
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Update: So I was finally able to post in the Discord Channel. The Official website has a "Help" section. Posted my issue there around 3 months ago and never got a reply... also posted in their YouTube page... no reply also. Lets see how it goes on their Discord Channel...
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So after going through the verification process, I log into the Discord Channel for my token only to be prompted by a Verify Bot to do further verification which requires me to create a new account outside of Discord . WTF !! I tried to skip that, and somehow got into the boards, where I posted ONE message, and then got blocked for some reason. Tried to post again and encountered the following garbage:
You have no friends on this channel.
You have no servers in common
You have to wait for 24 hours for ....
You have to be online for at least 10 minutes to post ( did that twice, didn't work )
Needless to say, this is total $@&%#^
text only boards from 1995 were more direct and useful than this garbage.
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Have you tried to sell your coins in order to talk about profit? You may be surprised, but it happens that the smart contracts stipulates that you will not be able to sell them, or transfer them, since they are blocked for a certain period or forever. In such cases, the price of the coin is constantly increasing, since no one can sell.
Yes, I mistakenly sold a small amount the first day I got into it. Converted about $200 into USDT so it can be sold at any time. |
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Not to brag but my meme coin has made me nearly $500 already. I'm beginning to get worried.  |
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Just because a project has some real utility it doesn't mean it can't fail... and by the same token, a project with little utility can take off like a rocket under the right market conditions. It's crypto guys, anything can happen ! ( As I write this, my meme coin has made me a nice $130 profit in only 2 days ! )
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I don't really see the point in putting your money in Doge or Shiba. They are ranked 11 and 13 respectively, so what are you expecting ? Do you think they will move up to 5th or 7th spot ?
If I want something safe, I'll put my money into Ethereum or Bitcoin, or even Tether or USDC.
A meme coin is never gonna be a "safe" investment... but with risk comes potential gains so this is the way I see it.
By the way I have also invested in other more reputable but low market cap coins like Star Atlas, which to be honest, have not made me any real gains or even made me some losses... so anything can be a loss in a bear market.
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Well I'm hardly a newbie since I've been in the space for just over two years, so most of my money is well allocated. The meme coin I was referring to has less than 1% of my total capital, in fact, close to 0.5 %.
I did not put any Tether or USDC money on it, I simply traded it for an underperforming token that was supposed to be good. I know we're in a bear market, but this token kept going down lower an lower, even during the recent BTC mini rally, where everything was in green. So after comparing various other coins, I picked one that had pretty good token performance ( going several weeks back ) and did well during the bull run last year. It happened to be a meme coin but apparently highly volatile so I thought I'd give it a try. It's ranked close to #600 so it should do a 5X at least, maybe by next year. If I see enough hype around it I may try for a 10X and cash out.
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Well my unremarkable meme coin just made me $100 on the first 2 days.  Not saying it's a solid investment but... it's made me more money than some of the "better" coins out there. |
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I wish Katy Perry released her own coin.  She's already done NFTs and KFC ads |
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Not just shiba, but there's a dozen different others I think. I tried a couple of them, just to see how they behave in this bear market. To my surprise one of them was 20% in profit last time I checked ( after about a month ) the other one $50 in profit after one day. Not bad ! But to be honest I don't think I would put any money on Doge or Shiba... they're already far too high in the rankings.. way... way higher than they deserve. The best gains are made when your meme coin is ranked #800 or somewhere around there |
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I know JEWEL is only on the Harmony ONE chain, so can someone tell me how to buy it ? I guess I need to get the Harmony One wallet ?
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No my friend, I think you misunderstood me. It's true I mentioned two platforms, but I'm just comparing the cost of trading on two platforms, the whole trade could have been done in either platform beginning to end, no need to go from one to the other.
What I meant was: Buy ILV while it's in the red. Wait till it goes up 15% in price. Sell it into USDC.
That whole process would barely break even for the reasons I explained before.
And one other thing, both EXODUS and my CEX ( just as an example ) allow swapping one token for another, so I normally don't need to look at pairs. Just buy using USDC or Tether, make a profit, sell into USDC or Tether. Not that I have done it like that though, I trade in longer timeframes.
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I forgot to add... if ILV does make me 15% gains in one day... and I want to "lock in" those gains, it means I have to sell into USDC, which means selling at a slightly lower price than the quoted price and possibly losing 4% in the process.
And by the way, I don't know how this would work in stock trading, as I don't think stocks go up by 15% to 20% in one day... most likely they would go up by 4% on a good day
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I know there's a lot of day traders in stocks, and I've heard some do it in crypto ( although most do it at a loss ) so I'm wondering if realistically you can do a profitable trade in crypto.
Let's take a real example.
In this mini rally we're having, I've noticed Illuvium is one of the few tokens that is in the red( less than 1% on the daily when this was posted )
1 ILV is $119 on my CEX... but the sell price is $116 and the buy price is $123
Doing a simple trade using USDC to buy one ILV token would cost me $10.40 in ETH Fees on EXODUS. If I was doing it from my CEX, it would probably be cheaper, but I'd end up paying just as much ( sometimes way more ) if I want to take my new ILV token and deposit it in a hardware wallet. So either way, even if I buy ILV and it makes me a 15% gain in less than 24 hours, I barely break even !
So how do I make a profit ? Do I need to buy 30 ILV to maximize my gains ? Or is there any other way ?
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