New to bitcoin Need some advice!

[sailman]

Hi I'm a newbie to this whole thing although I've followed it since My Gox.  I registered with an exchange and bought $1000 a few weeks ago at around $2200.  It went up to 28 and I took some profit and then it started to drop and I got scared and transferred it to my USD wallet and then bought eth.  And also I bought $50 here and there etc.  Bitcoin started to go up again and I bought back at a bigger price then I sold it for.  Then when it hit $3000 I didn't sell because I thought it was going to keep going up.  It crashed and I sold again.  I was trying to protect my original investment and at the end of the day I have $950 in my fiat wallet.  I added up all the fees etc and I've spent $240 on fees etc!  "Buy low, sell high" was lost in the craziness. Now I"m just waiting before I do anything else. Made a lot of mistakes and I"m wondering what is the way to go and is this an investment or a casino??!!  Any input would be appreciated.  My original goal was to buy 1 coin and keep it and another to trade the market.  Thank you.      

[1714806467]

1714806467

[1714806467]

1714806467

[EXtremeAEX]

Yes, buying and selling is very risky and a difficult choice to make. Only trade what you are willing to lose, if that is all your Bitcoins, I suggest holding your BTC and buying a bit every now and then when the price drops or so. If you want to minimize fees, you would have to sell more/all which of cause comes with risks.

Storing Bitcoin would already be a good investment, so why not you only trade with 20% of what you have, if you like trading.

[criptix]

Oh friend i hope you arent playing with your life savings.
If yes you will be a poor person soon.

Speculate only with money that you are ready to lose.

That is advice nr. 1


Ps: reading your post just invest your 1000 bucks in prostitutes or something that makes you happy.
Trading is not your thing.

[pooya87]

~ I've spent $240 on fees etc!  ~

in other words your total trading volume was about $120,000!
keep things small, if you are new. going all in and losing a lot of money will just make you disappointed. learn from the mistakes that you already make and try not to repeat them.
and also the easiest method is always going to be buying bitcoin after a big dip in that dip and holding it long term.

[FiendCoin]

Hi I'm a newbie to this whole thing although I've followed it since My Gox.  I registered with an exchange and bought $1000 a few weeks ago at around $2200.  It went up to 28 and I took some profit and then it started to drop and I got scared and transferred it to my USD wallet and then bought eth.  And also I bought $50 here and there etc.  Bitcoin started to go up again and I bought back at a bigger price then I sold it for.  Then when it hit $3000 I didn't sell because I thought it was going to keep going up.  It crashed and I sold again.  I was trying to protect my original investment and at the end of the day I have $950 in my fiat wallet.  I added up all the fees etc and I've spent $240 on fees etc!  "Buy low, sell high" was lost in the craziness. Now I"m just waiting before I do anything else. Made a lot of mistakes and I"m wondering what is the way to go and is this an investment or a casino??!!  Any input would be appreciated.  My original goal was to buy 1 coin and keep it and another to trade the market.  Thank you.      

If you intend to keep trading, read some books and research some experts before you continue. If you want to invest in BTC long term, just buy and hold. Don't worry about the day to day prices, it will drive you mad. BTC has shown tremendous growth over the years that will likely continue barring some catastrophic event. If you intend to hold long term just remember to control your own keys.

I am up 1000% percent but there was a time when I was down 40% and I almost lost hope and sold.

Bitcoin is a great store of value, think long term and you will profit.

[davis196]

Hi I'm a newbie to this whole thing although I've followed it since My Gox.  I registered with an exchange and bought $1000 a few weeks ago at around $2200.  It went up to 28 and I took some profit and then it started to drop and I got scared and transferred it to my USD wallet and then bought eth.  And also I bought $50 here and there etc.  Bitcoin started to go up again and I bought back at a bigger price then I sold it for.  Then when it hit $3000 I didn't sell because I thought it was going to keep going up.  It crashed and I sold again.  I was trying to protect my original investment and at the end of the day I have $950 in my fiat wallet.  I added up all the fees etc and I've spent $240 on fees etc!  "Buy low, sell high" was lost in the craziness. Now I"m just waiting before I do anything else. Made a lot of mistakes and I"m wondering what is the way to go and is this an investment or a casino??!!  Any input would be appreciated.  My original goal was to buy 1 coin and keep it and another to trade the market.  Thank you.      

I see that you don`t have any trading strategy at all.
Rule number one is "Never sell when the price does down.Just wait."This is called panic selling and all the traders lose their money when they panic.
If you are complaining about the high fees just stop trading every day.Nowadays all the exchange platforms have transaction fees.
Good luck with trading OP.

[Fortify]

Investing in something new can always be tricky and may take a few painful lessons to get it right, as you've seen. You should consider these digital currencies as high risk, as there have been big crashes in the past and it has moved over hundreds of dollars per bitcoin in the last few days. You are better off sticking with bitcoin and avoid all other crypto currencies because they are much more prone to bubbles.

Anyone buying into bitcoin right now, is buying at the top of it's current rally - short term it could drop back down a bit before recovering in the long term. Maybe you could try buying a physical coin with a funded wallet on it, if you want to keep it as a longer investment.

[sailman]

First of all, its not 'my life's savings'.  But yeah, I made some mistakes.  Right now I'm just watching.  Its at 2546 and I'm just watching its movement.  If it goes down to 2300 or so I'll buy back in but it looks like its climbing.  I think everyone knew that 3000 was a benchmark and they sold which is what I should have done because it went down to 2100 briefly.  But this is the deal, Coinbase, my exchange, went down right after when the 3000 hit, so you couldn't do anything and then it was down for hours when it dropped to 2000 plus so you couldn't buy. How can you run a business like that when traders can't execute??

[xhienigat]

I am not an expert when it comes to trading since I was new to the crytoworld end of last year but before I went for trading, I thought a thousand times how much would I invest in this and that if I invested in this certain amount I would be willing to risk it (meaning its a 50/50). Then I read about trading and registered here at bitcointalk to know more and I was just curious if I could really learn something (which I did). The "buy low sell high" strategy was a good strategy before bitcoin went crazy on the prices and that was the time I tried short term trading, that's my opinion though so I went for long term after it pump crazy up until now. So if that was just the amount of bitcoin you are investing for trading, just hold on to them and don't sell them even if the prices went low.

[cpfreeplz]

You bought eth? Ouch. That's going to suck when all of these ICOs start selling off all of their capless shitcoin. Bitcoin is on the rise again so stick with bitcand you'll be fine. Also have a look at some better coins. Just because something is #2,3,4 doesn't mean it's any good. Ripple = banking coin. Eth = capless bubble ready to hardfork in a split second. Pow to post? Good luck with that being smooth. NEM? Omfg pre-mined shitcoin. 100% shitcoin with 0 real world use. Litecoins are ok, and just had a huge rise so will be very volatile right now.

There are some coins that are rising faster than bitcoins meaning you would end up with more bitcoins in the end but you have to buy at the right time. Digibyte had a huge pump on a few speculations and crashed because it didn't work out. (Not an actual in game currency, probably didn't win Citibanks thing...) so those are a few to keep an eye on. Also you could check out ICOs but most are with ETH which is hyper inflated right now so I'm not going to touch any.

[sailman]

Bitcoin is now at 2550.  Would anyone here buy at that price?  Or wait for it to drop? 

[Jon Connor]

Stop trading and just HODL then recheck the price in 5 years.

[jtipt]

Oh friend i hope you arent playing with your life savings.
If yes you will be a poor person soon.

Yes I will second that. Never go on buying bitcoin will all your life savings, even if you are just going to hold, Bitcoin in itself is a gamble. Well honestly you got into trading blindly without researching enough, Bitcoin trading is just like trading stocks you need to be expert in it to make a profit or you will always suffer a loss.

[bamboylee]

I do not understand how you can incur 240$ of fees when you only have 1000$ of investment. That is already 24% and you just made a couple of trades. Normally, the tx fees on exchanges are below 1% per tx.

You do not need to keep on watching the price. If you have a target price like 3000$ as you said, put a sell order on that price. If the price hits it, your exchange or trading platform will automatically execute it. Even if the price just stayed there in a few seconds, the platform will execute the order. The same can e done with buy orders.

Lastly, do not panic sell. You should have known that before you engaged in trading. Arm yourself with knowledge and you will be fine in trading. But if you keep on trading without even knowing the basics, good luck with your money.

[Sniper44]

First of all, its not 'my life's savings'.  But yeah, I made some mistakes.  Right now I'm just watching.  Its at 2546 and I'm just watching its movement.  If it goes down to 2300 or so I'll buy back in but it looks like its climbing.  I think everyone knew that 3000 was a benchmark and they sold which is what I should have done because it went down to 2100 briefly.  But this is the deal, Coinbase, my exchange, went down right after when the 3000 hit, so you couldn't do anything and then it was down for hours when it dropped to 2000 plus so you couldn't buy. How can you run a business like that when traders can't execute??

when trading bitcoin there are only two times that you can be completely sure (like 90+% sure) about what is going to happen.
1. when price has gone up a lot and it is struggling to break a certain price level.
2. when there has been a major drop in a very short time.
this meant you should have sold or at least prepared yourself to sell fast when price was around $2900. even when missed you could have sold at $2700 or lower for example
 and then buy it as fast as possible at  the bottom when it got closer to $2000 ($2150-$2200).

and yeah, sadly these exchanges are very unreliable. they all go down when you want to do something fast like this, and that is one of the risks of trading bitcoin! but good news is bitcoin will be always profitable in long term.

Bitcoin is now at 2550.  Would anyone here buy at that price?  Or wait for it to drop? 

this is what i was talking about. it is neither of those two situations so no one can tell you what is going to happen in short term.

[hawthelegend]

Hi I'm a newbie to this whole thing although I've followed it since My Gox.  I registered with an exchange and bought $1000 a few weeks ago at around $2200.  It went up to 28 and I took some profit and then it started to drop and I got scared and transferred it to my USD wallet and then bought eth.  And also I bought $50 here and there etc.  Bitcoin started to go up again and I bought back at a bigger price then I sold it for.  Then when it hit $3000 I didn't sell because I thought it was going to keep going up.  It crashed and I sold again.  I was trying to protect my original investment and at the end of the day I have $950 in my fiat wallet.  I added up all the fees etc and I've spent $240 on fees etc!  "Buy low, sell high" was lost in the craziness. Now I"m just waiting before I do anything else. Made a lot of mistakes and I"m wondering what is the way to go and is this an investment or a casino??!!  Any input would be appreciated.  My original goal was to buy 1 coin and keep it and another to trade the market.  Thank you.      

You know what bruh? You suck at trading. Clearly you haven't studied it well yet. If you're just gonna continue asking for opinions rather than search for solid answers yourself, you might as well go and stop trading and just hold. You cant get valuable things in this world without effortss. Let alone profits. If you really wanna trade, then i suggest you just take it slow pal, learn the mechanics first, don't rush things. Get to know bitcoin itself, then dedicate time into learning trading than going out and buying and selling without having complete knowledge of what you are doing. These words kinda hurt but you need it. Absorb it and learn, dont hate it and ignore. Good luck with your choices in life. Wish you all the best.

[U2]

It sound's like you put thousands of dollars of your local currency into crypto without doing any research at all. No matter what you invest in this is a very poor decision.

[Fortify]

First of all, its not 'my life's savings'.  But yeah, I made some mistakes.  Right now I'm just watching.  Its at 2546 and I'm just watching its movement.  If it goes down to 2300 or so I'll buy back in but it looks like its climbing.  I think everyone knew that 3000 was a benchmark and they sold which is what I should have done because it went down to 2100 briefly.  But this is the deal, Coinbase, my exchange, went down right after when the 3000 hit, so you couldn't do anything and then it was down for hours when it dropped to 2000 plus so you couldn't buy. How can you run a business like that when traders can't execute??

Make sure you're splitting your investment money properly. If you've got $2,000 - put a quarter on precious metals or commodities, 25% in a low earning but steady savings account, 25% on a stock market account and then trade bitcoin with the last amount. That is just a rough idea, you might find other ways to make money or change the percentages. Don't forget that bitcoin has exploded massively since the start of the year - it can easily drop below $2,000 again.

"Don't put all your eggs in one basket"

[AngelSky]

It sound's like you put thousands of dollars of your local currency into crypto without doing any research at all. No matter what you invest in this is a very poor decision.

To be in higher rank, please direct newbies about bitcoin investment method and right way of move in that. He can search many threads available in the beginners and help section. I suggest to on trading or in ethreum based smart contracts. These are fame and trusted way of invest in the bitcoin platform nowadays.

[fluidjax]

Stop trading, start investing.

Lucky people make money from trading (given 100 people at least 1 or 2 will make a fortune, but a big part of it is luck, though they will tell you it is skill)
Rich people can make money from trading (they can play games by moving the market)
There is one more category who make money, and those are the experienced traders. But you aren't one of those, and its going to take a lot of time and money lost before you get there.

So, my advice,  buy some BTC and Hold them.

[Febo]

Hi I'm a newbie to this whole thing although I've followed it since My Gox.  I registered with an exchange and bought $1000 a few weeks ago at around $2200.  It went up to 28 and I took some profit and then it started to drop and I got scared and transferred it to my USD wallet and then bought eth.  And also I bought $50 here and there etc.  Bitcoin started to go up again and I bought back at a bigger price then I sold it for.  Then when it hit $3000 I didn't sell because I thought it was going to keep going up.  It crashed and I sold again.  I was trying to protect my original investment and at the end of the day I have $950 in my fiat wallet.  I added up all the fees etc and I've spent $240 on fees etc!  "Buy low, sell high" was lost in the craziness. Now I"m just waiting before I do anything else. Made a lot of mistakes and I"m wondering what is the way to go and is this an investment or a casino??!!  Any input would be appreciated.  My original goal was to buy 1 coin and keep it and another to trade the market.  Thank you.      

LOL

Buy what you can afford to lose. When you have some amount buy a  hardware wallet and store there. Keep on buying every month no matter what price is. 10 years from now BTC at $1000 , $3000 or $10000 will look same. Just instead of using money for cigarettes and coffee put it in BTC and crypto.
Dont play with it and sell and buy and sell and buy since you will sooner or latter lose it. Go to casino to gamble not on crypto exchanges. You most likely have higher chances to win Jackpot there.

Important is that you own some crypto. Good is that you also read and learn and try to understand it. It is never ending project. Biggest risk nowadays you take to totally ignoring Crypto.

[aTriz]

Hi I'm a newbie to this whole thing although I've followed it since My Gox.  I registered with an exchange and bought $1000 a few weeks ago at around $2200.  It went up to 28 and I took some profit and then it started to drop and I got scared and transferred it to my USD wallet and then bought eth.  And also I bought $50 here and there etc.  Bitcoin started to go up again and I bought back at a bigger price then I sold it for.  Then when it hit $3000 I didn't sell because I thought it was going to keep going up.  It crashed and I sold again.  I was trying to protect my original investment and at the end of the day I have $950 in my fiat wallet.  I added up all the fees etc and I've spent $240 on fees etc!  "Buy low, sell high" was lost in the craziness. Now I"m just waiting before I do anything else. Made a lot of mistakes and I"m wondering what is the way to go and is this an investment or a casino??!!  Any input would be appreciated.  My original goal was to buy 1 coin and keep it and another to trade the market.  Thank you.      

Right now, in this phase of bitcoin, the strategy of “buy low, sell high” is riskier than usual. Since we are just recovering from a drop in price, no one knows what will happen next.
 
What I suggest is storing most of your bitcoin, maybe around 80% to 90% and use the rest to trade. When bitcoin drops, which it will eventually, It won’t be a bad idea to buy a bit there and there and keep storing it. Don’t invest or trade what you can not lose.
 
One tip I will give you, never sell when the price just dropped, I would definitely wait for it to go back up since as history shows it, bitcoin always recovers from a big drop.
 
And one more thing, never invest your life saving into bitcoin, way too risky and you could lose too much, only invest/trade what you are willing to lose.
 
Good luck!

[socks435]

I think better to learn how to analyze the movement of the price of bitcoin you can try to use this tool for free bitcoinwisdom.com
it can give you different movement of the price in different exchage site.
The good thing of that tool they have a free tools like draw a line for updated chart and movement of the price.
just pick what you want a good margin.. just always do a timing when the price is dropping or crash just buy bitcoin and sell if the price hit your own margin.
That's it make a 4 tier different margin from 10% increase to 50% increase and sell them if hits that value and if not if the price of bitcoin keeps down just buy bitcoin and do a new tier for that lowest amount to make a profit.

[Taskford]

Oh friend i hope you arent playing with your life savings.
If yes you will be a poor person soon.

Yes I will second that. Never go on buying bitcoin will all your life savings, even if you are just going to hold, Bitcoin in itself is a gamble. Well honestly you got into trading blindly without researching enough, Bitcoin trading is just like trading stocks you need to be expert in it to make a profit or you will always suffer a loss.

Well, he already said that its not his life savings, he gotta have a lot of money. 
It sounds like to him that he's always have panic in selling when coins fall.
That's already a problem. Next, trading without proper knowledge in what you're doing is
also a big mistake. I mean like in everything we do just have readings in what are the pros
and cons. Better to feed yourself of information before going to war.
What you lose is a big amount which can help poor and starving people.
Just my opinion.

[sailman]

I bought back in when it was 2588, but by the time it executed, it was 2614.  I waited a week before I bought in again just to watch.  And then it sunk to 2423.  But I didn't panic.  Now its back up again and my plan is to sell at 2670 or so if it gets that high and then wait again and buy in when (if) it gets around 2400 again.  Then hold. I'm not going to sell for a loss again.   

[Casdinyard]

It sound's like you put thousands of dollars of your local currency into crypto without doing any research at all. No matter what you invest in this is a very poor decision.

To be in higher rank, please direct newbies about bitcoin investment method and right way of move in that. He can search many threads available in the beginners and help section. I suggest to on trading or in ethreum based smart contracts. These are fame and trusted way of invest in the bitcoin platform nowadays.

You're very kind sir. That's the right way. Well im still a newbie technically so someone told me go to beginners and help section and I knew what should I need to know.

Well I can say when you start trading do a lot of research before anything else. Reading is always the answer. For you not to regret it in the end.

[itsallpc]

Hi I'm a newbie to this whole thing although I've followed it since My Gox.  I registered with an exchange and bought $1000 a few weeks ago at around $2200.  It went up to 28 and I took some profit and then it started to drop and I got scared and transferred it to my USD wallet and then bought eth.  And also I bought $50 here and there etc.  Bitcoin started to go up again and I bought back at a bigger price then I sold it for.  Then when it hit $3000 I didn't sell because I thought it was going to keep going up.  It crashed and I sold again.  I was trying to protect my original investment and at the end of the day I have $950 in my fiat wallet.  I added up all the fees etc and I've spent $240 on fees etc!  "Buy low, sell high" was lost in the craziness. Now I"m just waiting before I do anything else. Made a lot of mistakes and I"m wondering what is the way to go and is this an investment or a casino??!!  Any input would be appreciated.  My original goal was to buy 1 coin and keep it and another to trade the market.  Thank you.      

Ha ha.You had the same experiences which a newbie would have.Don't get scared.First you should have tried to understand about bitcoin's volatile nature due to its decentralization and should have studied its price movements.But you have not done that and have just invested in btc to get some extra profits.First,you should know that bitcoin is not a short term asset and bitcoin investment should be made in long term basis to get huge profits.If you had made your investment in such long term  basis,then you would have not got distiurbed by the price fluctuations.So better invest in bitcoin with an idea of holding for atleast six months.Better luck next time.

[pitiflin]

Bitcoin involves a lot of risk and you must have the knowledge about it before you invest. My advice to you is that don't get scared and freaked out when the price becomes low than your investment, rather invest furthermore when the price is low, then when the price gets higher than your investment, sell your Bitcoin at the price at which you think you would get a good profit from your investment.

[duke944]

I bought back in when it was 2588, but by the time it executed, it was 2614.  I waited a week before I bought in again just to watch.  And then it sunk to 2423.  But I didn't panic.  Now its back up again and my plan is to sell at 2670 or so if it gets that high and then wait again and buy in when (if) it gets around 2400 again.  Then hold. I'm not going to sell for a loss again.  

"I'm not going to sell for a loss again." Lmfao.
If it dipped below $2000 it would feel like somebody cranking your arm behind your back. The lower it goes the more you would be likely to panic sell, which you would do if it really crashed.
The problem is you are holding coin bought at current prices, instead of holding coin bought below $500 or even better yet profit coins. Playing in todays prices would be extremely hard, I know I couldn't do it.
Best thing I could suggest is either sell and wait for a big crash and buy in then, hold and don't watch the price - just assume your money is gone and look at it in a year or so, or hold and try to find a shitcoin you can make btc with. Just trading btc is way too hard for anybody buying for the first time with today's prices.

[linkme]

Hi I'm a newbie to this whole thing although I've followed it since My Gox.  I registered with an exchange and bought $1000 a few weeks ago at around $2200.  It went up to 28 and I took some profit and then it started to drop and I got scared and transferred it to my USD wallet and then bought eth.  And also I bought $50 here and there etc.  Bitcoin started to go up again and I bought back at a bigger price then I sold it for.  Then when it hit $3000 I didn't sell because I thought it was going to keep going up.  It crashed and I sold again.  I was trying to protect my original investment and at the end of the day I have $950 in my fiat wallet.  I added up all the fees etc and I've spent $240 on fees etc!  "Buy low, sell high" was lost in the craziness. Now I"m just waiting before I do anything else. Made a lot of mistakes and I"m wondering what is the way to go and is this an investment or a casino??!!  Any input would be appreciated.  My original goal was to buy 1 coin and keep it and another to trade the market.  Thank you.      

Yeah trading with the thought "buy low, sell high" is risky, people who are trading have their own method to know when they should buy or sell and they do have strategies to cover their original investments.

[Paulyr]

Hi I'm a newbie to this whole thing although I've followed it since My Gox.  I registered with an exchange and bought $1000 a few weeks ago at around $2200.  It went up to 28 and I took some profit and then it started to drop and I got scared and transferred it to my USD wallet and then bought eth.  And also I bought $50 here and there etc.  Bitcoin started to go up again and I bought back at a bigger price then I sold it for.  Then when it hit $3000 I didn't sell because I thought it was going to keep going up.  It crashed and I sold again.  I was trying to protect my original investment and at the end of the day I have $950 in my fiat wallet.  I added up all the fees etc and I've spent $240 on fees etc!  "Buy low, sell high" was lost in the craziness. Now I"m just waiting before I do anything else. Made a lot of mistakes and I"m wondering what is the way to go and is this an investment or a casino??!!  Any input would be appreciated.  My original goal was to buy 1 coin and keep it and another to trade the market.  Thank you.      

Nice to hear that, trading is basically buy low sell high but the hard things is to find out the right time to buy and sell, if you choose wrong, you will lose your money.

[sailman]

So with bitcoin going down my value is sinking too. Maybe this is because of the August event.  My bitc is still on the exchange (coinbase) because I was trading. So should I get say a trezor and put it in cold storage, or should I wait till it raises ( if it does) and then do it?  Or not bother?  If the value of my coin dropped from $2600 to $2400, will I lose by taking it offline when low or does the % relative to the market stay the same?  Example, is a half a btc a half a btc no matter what the price is?  Thanks.

[HasHe]

Hi I'm a newbie to this whole thing although I've followed it since My Gox.  I registered with an exchange and bought $1000 a few weeks ago at around $2200.  It went up to 28 and I took some profit and then it started to drop and I got scared and transferred it to my USD wallet and then bought eth.  And also I bought $50 here and there etc.  Bitcoin started to go up again and I bought back at a bigger price then I sold it for.  Then when it hit $3000 I didn't sell because I thought it was going to keep going up.  It crashed and I sold again.  I was trying to protect my original investment and at the end of the day I have $950 in my fiat wallet.  I added up all the fees etc and I've spent $240 on fees etc!  "Buy low, sell high" was lost in the craziness. Now I"m just waiting before I do anything else. Made a lot of mistakes and I"m wondering what is the way to go and is this an investment or a casino??!!  Any input would be appreciated.  My original goal was to buy 1 coin and keep it and another to trade the market.  Thank you.      

You have tried to do short term trading which is suitable for altcoin market.Only long term trading is best for bitcoin trading.If you had invested in bitcoin on a long term basis,then you would have not suffered such a loss.So take it as a lesson and invest in bitcoin on a long term basis here after.