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!