I’m in the same boat, maybe keep what you have to date if you believe in OMG and allocate a new set of funds ( if you can) to ‘swing trading’ kinda my thought process at this stage.
Yes. Yes. I do.
Remember guys. Very important. I think I’ll do a video on it.
Before you buy. You must have a GOAL. An exit number. If you never define your goal before you jump out of the plane. You may have realized that you left your parachute in the plane.
This creates FOMO.
I wrote a piece in this before: FOMO on ALTs? Here's Some Suggestions
You must include your exit price in your decision to purchase.
1-You need to do research on coin. Do diligence. Real diligence. Do math. Consider risks. Set aside investment capital. Do more math.
2-Then you set a goal based on those factors.
If you do not do this then you have a much higher chance of buying based on emotions and feelings rather than rational judgement. Subsequently you will also sell based on those same emotions.
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Noob- when to buy?
I didn’t mean to sound terse. I have friends who have just followed me blindly, made some bad decisions and lost some money, I too am guilty of it. It was just a gentle reminder for the people that jump in w/o doing their own due diligence. I’m grateful to be surrounded by intelligent and enthusiastic people. Success for all of us!
Aww man. Never being mean. Hope you didn’t take it that way. I get preachy sometimes. Forgive me. I love my bitcoin. I want people to make great decisions.
Notice I’ve never told people to “buy,” that’s not the purpose of my YouTube.
The purpose of my YouTube is to show you how I live so all can partake in what I have found to be a solid, disciplined, healthy, wealthy, and purpose filled life.
Maybe I just care too damn much?
Hi Peter. I was wondering what guides your decision in setting an exit price? Why double, or triple, why not wait until it goes up 10x? Thanks for your insights
I do it on personal goals. I don’t tell them publically. But I’ll tell you one short term goal I have:
Get more bitcoin. At these prices.
You see. Alt coins will always come out. There will always be an opportunity to ride a nice wave up and get gains.
But. You also have to weigh that against the price of bitcoin.
One could, get nice longer gains (or not!) with an alt coin, but bitcoin goes up to a massive price that your alt coin gains wouldn’t buy as much.
So. You have to weigh:
- risks of btc going up
- risks of holding an alt too long
It takes no magic. It’s more intuition.
I’m always asking myself: “is this the right price, to sell this alt, at a gain I need, for the current projection of bitcoins price, to get a good deal at a time that is reasonable.”
I’ve done all the math to make this work theoretically. But since the market is so wobbly, it’s more intuition than anything at this point as the math doesn’t stack up well with the volatility (think past 7 days with neo tanking). Intuition based on years of experience is all I have. But. I don’t think it can be discounted.
@peter you will have kept yur 10k on LTC you would have done X2 as well. Very good coins choice. I m almost x2 with LTC as I bought it when you sold it. Lol
How about LTC, will you eventually smash that into BTC?
You win and you lose. Everyone is here to help each other all see each other in the stars. You think hes sweating something as small as that lol? Have some class man.
All good mate.
I do my due diligence regarding any coin or ICO and if I lose it, it is my money.
I have the responsibility of my own money.
Call me Bullish here but i think OMG is going to the
Exactly what I’m thinking!
I hope so, but first OMG has to retest the ATH area, now the volume is interesting.
Also, the MACD is showing pretty good mvt at 30 min, 1h, 2h and 4h time interval.
Make sure to watch the 70 rsi
Im very much hoping it breaks 0.00300000 soon. Once that psycholical barrier is past im confident the coin will fly much easier to 40 than it did from 20 to 30.
I’m strong believer in OMG and big part of my small budget is in OMG.
So really thankful for this post / SHARE !
Nice to read a deep article on the big picture.
Just bought 1000$ of omg
contemplating doing the same right now…
I finally have more than 100 of them
same about 14hrs ago.