Have you tried trading only to realize you should stick with mining?

[n00bsaibot]

Interesting topic. Like most of post on here, I am on the mining side and a bit scared to try trading .... Very few people manage to get rich quick

[1713521857]

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[hanskan]

If you don't have the patience or the courage to take the occasional loss then the trading it's not for you. Getting to know how to trade profitably is way harder than putting together a miner, but profits are bigger as well.

[lunobird]

Mining and holding I believe actually makes more.money than actively trading if done correctly. Here are my reasons why.

Mining and holding pays off big time on tail end. 2-3 years. Traders will have most likely sold by then and miss a few Rally's.

Mining forces you to mine new coins on the cheap. Pro traders only buy in after price moves up and their market movement.

Mining when done on a large scale farm is very profitable. Most people don't see mining as profitable bc they only have a couple of video cards earning 2 bucks a day and see traders making that quick cash.

Mining diversify is important. Get GPU and asics. I've made 1 extra bitcoin on hashnest after selling three of my s9 hashpower.

Not saying mining is more profitable than trading but just letting others know that mining with lots of patience does pay off well and has given me  coin price of 4x to 10x gain's of my electric cost to mine them.

I've seen pro traders do this full time as well as large mining farms go full time for financial independence.

Be good at both for the win.  That what I want to do

[h311m4n]

Same happened here. Took my 12 ETH coins i've been holding and put into Bitcoin cash during that insane price rise, saw my profit rise about 2 grand over what i put in then went to sleep woke up next morning to see it had crashed and I lost $1000 of what i put in originally. Awful. But lesson learned you gotta skim what profits you can. The thought of "it may go higher" it always a nasty one that will lead you to lose money like I did.

Word of advice, never buy on the rise (unless it's very early), buy on the dips. Some basic trading tools will help you here. FOMO plays a big role in this too.

Also place stop orders to take the profit when you're not in front of your computer.

[lunobird]

Same happened here. Took my 12 ETH coins i've been holding and put into Bitcoin cash during that insane price rise, saw my profit rise about 2 grand over what i put in then went to sleep woke up next morning to see it had crashed and I lost $1000 of what i put in originally. Awful. But lesson learned you gotta skim what profits you can. The thought of "it may go higher" it always a nasty one that will lead you to lose money like I did.

Word of advice, never buy on the rise (unless it's very early), buy on the dips. Some basic trading tools will help you here. FOMO plays a big role in this too.

Also place stop orders to take the profit when you're not in front of your computer.

Yep exactly for short term profits those are great strategies.

  I would also like to further add Fomo buying is okay also if you fully believe in the project and willing to wait long term.  For example I fomo bought litecoin at $12 all time highs for that time frame when it went from $ 4 to $8 then to $12,  This was right before segwit activation.  Yes it did dip to $9 and could have got a better deal but at the end of the day it's currently at $64 and I still have those coins.  Something just triggered in my head that it's a legit coin and it's okay to fomo buy when comming to that conclusion.

You never lost money if you never sale at a loss,  Trading eth for bcc is like trading a porshe for a ferrari,  Both are good investments but will win races at different time frames.  And ya always best to put in fresh usd money instead of trading one coin for the other coin so you never lose position.

[h311m4n]

Same happened here. Took my 12 ETH coins i've been holding and put into Bitcoin cash during that insane price rise, saw my profit rise about 2 grand over what i put in then went to sleep woke up next morning to see it had crashed and I lost $1000 of what i put in originally. Awful. But lesson learned you gotta skim what profits you can. The thought of "it may go higher" it always a nasty one that will lead you to lose money like I did.

Word of advice, never buy on the rise (unless it's very early), buy on the dips. Some basic trading tools will help you here. FOMO plays a big role in this too.

Also place stop orders to take the profit when you're not in front of your computer.

Yep exactly for short term profits those are great strategies.

  I would also like to further add Fomo buying is okay also if you fully believe in the project and willing to wait long term.  For example I fomo bought litecoin at $12 all time highs for that time frame when it went from $ 4 to $8 then to $12,  This was right before segwit activation.  Yes it did dip to $9 and could have got a better deal but at the end of the day it's currently at $64 and I still have those coins.  Something just triggered in my head that it's a legit coin and it's okay to fomo buy when comming to that conclusion.

You never lost money if you never sale at a loss,  Trading eth for bcc is like trading a porshe for a ferrari,  Both are good investments but will win races at different time frames.  And ya always best to put in fresh usd money instead of trading one coin for the other coin so you never lose position.

I bought BCH @ 0.20 on its first rise 2 months ago so I know about FOMO. Was on a winning streak as I bought early on the rise, sold right before the dip, did that again and then the 3rd time well it crashed like poop :-p. The problem is not so much to buy a coin you believe in when you trade, the problem is buying something when it's high up and getting stuck not being able to sell because you're not willing to take a loss. It's all a game of patience...

[blackhwk77]

I would have tripled my money by now if I had just bought BTC instead of buying mining gear.

[leemaster]

trading is not for me too. It is best to mine a coin you trust and hold them.

[lunobird]

I would have tripled my money by now if I had just bought BTC instead of buying mining gear.

I bought mining gear after my  btc has trippled in value:),  I don't see btc trippling any time soon so best to shift those profits to mining gear now.  Rinse/Repeat.

Ideally I wish i can use my day job money to buy gear and keep my bitcoins,. But I'm low on usd cash,  so I think it's good to take some btc profit after 3x gains to buy mining gear.

[blevotron]

I thought that i am a good trader, but after that i added my bittrex account to http://3commas.io and realised that i lot much of my mined funds. Compared to hold strategy... That's sad

[Yars]

I was mining and holding ETH waiting for the price to rise, meanwhile BTC price is climbing, I realized that I loosed a lot of opportunities to make some good profits.
So I decided to sell my ETH for BTC when it crashed during BCH fever. Now BTC is up again, if I buy ETH again for BTC i will get more ETH so will make some good profits.
I placed a buy order  a little higher because I think BTC will continue upwards.

[n00bsaibot]

So very true. FOMO is a biggest driver of that occurrence. Trading responsibly, not being greedy and golden rule "buy cheap - sell high" are 3 best advice's I received.

[baga105]

Same happened here. Took my 12 ETH coins i've been holding and put into Bitcoin cash during that insane price rise, saw my profit rise about 2 grand over what i put in then went to sleep woke up next morning to see it had crashed and I lost $1000 of what i put in originally. Awful. But lesson learned you gotta skim what profits you can. The thought of "it may go higher" it always a nasty one that will lead you to lose money like I did.

Thats why we now have SMART phones, where you can download some apps and set the alarm which goes off, when the price has rissen or fallen )

Btw. I know how u feel i had my lesson too

[grosminer]

I tried trading and i have absolutely no talent.. so i stick with mining..
But still need "practice" researching good coins to mine, you know those who have low difficulty, and are profitable a lot after a few weeks..

Started mining BTX lately.. but i'm not sure it'll be profitable..

[MATHReX]

Same happened here. Took my 12 ETH coins i've been holding and put into Bitcoin cash during that insane price rise, saw my profit rise about 2 grand over what i put in then went to sleep woke up next morning to see it had crashed and I lost $1000 of what i put in originally. Awful. But lesson learned you gotta skim what profits you can. The thought of "it may go higher" it always a nasty one that will lead you to lose money like I did.

Well, something similar happened to me too.
I'm a miner and I don't know for what reason I bought the rumours that BitcoinCash will be termed as Bitcoin and original Bitcoin will become Bitcoin Classic and in that fuss, I bought around 1.8 BCH for 13 ETH at all-time high and the next day it was not even 7 ETH worth. What a bump! Never did I ever think about trading now.

[umine]

Hi All,

I'm a pretty new miner and have been making some decent income from it.  I tried trading recently because I thought that that was the natural thing to get into after mining.  I was wrong.  I don't have the patience or the grit to trade.  

I was wondering: Have you tried trading only to realize you should stick with mining?  How much did it cost you before you realized you're not meant to be a trader?

I think trading and mining are part and parcel. Of course one can look at Whattomine then select the most profitable coin and mining it. But it's not the best way to make money in cryptoworld. Trading requires a huge patience and at least "steel balls" but it can give you much more profit than mining alone. Mining "right" coins hold them and sell them at "right" moment can give at least 2-3 times more profit than regular mining. But it's like a 6th feeling and hard work with price plots, news and so on.

[tpd09]

if you want to trade, there is a good bot that does it for you - you can check it out

https://bitcointalk.org/index.php?topic=1715214.0

[tpd09]

also I found a free platform that helps with day trading - it has a referral program as well

https://3commas.io/?c=bitcointalk

[MantaMine]

I only mine coins that are on polo margin markets, then use them as leverage to trade on margin.  I NEVER have more out on loan than my actual margin value, don't leverage at 2.5x.  Gives a nice buffer to ride it out when the market goes the opposite direction that you thought it would.

[juanichiloco]

I do a bit of both but like mining as I can mine good quantities of newer coins and then hold them for the long term.

I'm also looking into more POS coins now and like the idea of a return on your investment with Masternodes too.