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May 04, 2019, 09:50:47 AM Last edit: May 04, 2019, 03:00:09 PM by Jet Cash |
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I've stepped back to review my attitudes and abilities. I missed out on all the profits available in the recent price increases, and I doubt if I made more than £100 profits from my trading account. The HODL account still has not had any withdrawals, so that is reaping the benefits of course. I think my problem is that I tried to maximise my trading profits, and as a result I seem to have kept missing the chance to reap small profits. I seemed to keep misreading the market, and trying to buy too low, and sell too high.
It looks as if we will be starting a nice bull run this year, so I'm going to try a different approach. Instead of trying to predict the bottom in a correction, I'm going to say "this is a good time to buy", and then try to buy at the current level. I'll take a similar approach to selling. If it looks as if I have misread the market, and have made a short term loss, then I will just move the Bitcoin into my HODL account, and replenish the trading account with fiat. I've missed too many bull runs because I had an open order at too low a price. I've just cancelled a buy order at £3,200 because the current price is around £4,400. I don't use any gearing, so I don't have any prospects of losses. This assumes that the long term prospects for Bitcoin are bullish of course.
[Alternative coins]
I've also been looking at a few other coins for HODLing. There are three that I've been able to collect for no investment, and these are BAT ( Basic Attention Token ), Steem and Bit Blocks. BAT looks to be the best of these, and it is linked to the Brave Browser. If you are thinking of using the Brave browser, then click on the affiliate link for your favourite Bitcoin Talk member, and you will collect a few starter coins.
[My new buying position]
I think we may have a correction soon, so I've opened a buy position at £4,301. I suspect it will go lower than that in the short term, but I'm a bit fed up with missing out all the time, and I believe that we will have a strong bull run later this year, or even this month. Another update - that buying order closed at about £2 above the low of the day. It will be interesting to see how the price moves now. I still think it could drop a bit more tomorrow or Monday, so maybe I should top up my account with a bit more fiat.
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