Saturday, December 23, 2017

This Is Why You Buy The Crypto Dip

*removed shitcoins to prevent noobs from buying crap, you are welcome.


Did you buy the dip?

Crypto money. Easiest money in the world.

As a side note, the last time I seriously pulled out my wallet before last night, was 3 weeks ago when ETH was at $436.

$436. 3 weeks ago.

Let that sink in for a moment.

Easy money, but dangerous AF when you realize just how many people bought in before you at way cheaper prices, and they are so balls deep in profits that they couldn't care less about cashing out into a 50% crash because they would still be laughing to the bank.

If you understand the technology and believe how these things will change the world, this is all just short term noise. You already know that it's going to be worth more in the future. The trajectory though, is uncertain. That's why you need big shiny balls of steel to play this game.

Stay safe, keep cool.

Btw, I actually think we can tank further. Even -60% from all time high. If you caught the bottom, you're in fat profit buffers, but I didn't deploy all my capital because I think it might go worse. No worries, I'm still like 95% long crypto, lol.

15 comments:

  1. I'm glad I did.. Unfortunately not enough. My funds took too long to be deposited into the exchange.

    Any exchange for immediate fund transfer beside xfer? Its been down for a month.

    ReplyDelete
    Replies
    1. Hey VW!

      That's nice! The most brutal part of the crash was at 10pm, but my funds only reached at 1am, oh well!

      You know whats the noob thing about me? I've been so lazy that my Xfers account hasn't even been verified, so I can't even make instant panic purchases on coinbase, except through credit card (useful for racking up spending btw :X)

      I guess its a lesson for me that you should always keep some ammo around if you can afford it!

      Merry Cryptmas!

      Delete
  2. Perhaps it will be good to deploy some ammo on the exchange so can buy during dips like this? The dip triggered 3 of my limit orders but unfortunately i was at work so i couldn't adjust my limit order pricing and enter more orders.

    ReplyDelete
    Replies
    1. Of course it's good to buy the dip, definitely better than buying something pumped and looking toppy, right?

      It would take a while for money to reach the exchanges given the weekend and Xmas holiday though.

      Delete
  3. Yeah we should keep a warchest just in case. Was surprised at how fast the dip, talk about getting balls deep in, do you think its a good idea to get a cfd account to short bitcoin in this type of situation? In addition to buying the dip

    ReplyDelete
    Replies
    1. No.

      Please do not EVER short any crypto.

      Also it is best not to use any leverage long either.

      I believe that just surviving this early adoption phase until more mainstream adoption is more than enough to give you supernormal profits.

      Going short is both greedy and dangerous, and is really not recommended for anyone who isn't a professional trader and has good risk management skills.

      Delete
    2. Thanks for the tip. I understand your point. As I dont have alot of capital to deploy and probably can only purchase half a btc, i did not get in as early as you guys. Especially seeing the rally just recently in btc, ltc and alts, just makes me kick myself

      Delete
  4. Hey gmgh
    Like to seek your opinion. I dun understand why after hard forks btc continues to be going higher or touted to trending up. And i see u mentioned that bch bcg are fake btc

    ReplyDelete
    Replies
    1. Hi Darryl,

      There are a lot of extremely stupid people in crypto right now.
      The minimum requirements so far is only (1) internet access and (2) money.

      A lot of people do not have the basic understanding and intelligence to do crypto properly and they are only in it merely because of greed and profit. I'm actually extremely surprised that they are not more stories of people getting scammed / hack / funds lost.

      Delete
  5. Hey GMGH,

    I read that you've liquidated most of your stock portfolio and invested them into crypto. If you don't mind sharing, since your initial portfolio was around 30k, and you've managed to achieve triple digit gains, has your portfolio grown to 6 figures already? Thanks!!

    ReplyDelete
    Replies
    1. Hi Anon,

      Yes, 6 figure portfolio.

      Next year, 7 figure ;)

      Delete
    2. Wow that is impressive. Just saw this article. Do you think we should cash out abit 15-20% just in case? What do you think about this article?
      http://www.businessinsider.sg/morgan-stanley-on-bitcoin-value-2017-12/?r=US&IR=T

      Delete
    3. You should only be invested whatever you feel comfortable being in losses for a very long time.

      Taking profit of 15-20% is a personal strategy decision and doesn't affect the fundamentals of the thing in question.

      I think it's a trashy article but good to give you an alternative point of view.

      Delete
    4. Hey GMGH,

      I'm the Anon who posted the first question about your portfolio size, but I have a similar question to what he has asked!

      Do you have a strategy to decide when to take some profit? I really admire your conviction, because I have only doubled my money, but I have been selling off some to lock in my profits. You seem to be vested for the long haul and let your profits run. What is your take on this? Thanks!

      Delete
    5. Hi Anon,

      I have been taking profit actually. However, I have not converted those profits back to fiat. Instead I sell overvalued / fully valued crypto with low upsides and roll them into crypto which I think are undervalued and have good risk/rewards returns moving forward.

      I am vested for the long haul. I heard of a lot of people taking really risky bets with 10x - 40x returns but I prefer to take "low risk trades" (if there is even such a thing in the crypto world) and stick to things with extremely good fundamentals that are selling for cheap prices.

      It's not too different from how I use to shop for my stocks previously.

      It's always good to take profits when things are up (sell high), and add to positions when they are depressed (buy low). Cashing out profits to slowly recover capital is a very psychological thing that can possibly make your hands stronger, but you also must realize that it means you have less capital invested in the market that can make for you supernormal returns.

      If cashing out helps you stay in longer and stronger, I'd recommend that. However, I don't think I'd be doing that anytime soon, perhaps only to hedge out positions if there is nothing good and cheap to roll it into.

      Stay safe!

      Delete

Observe the house rules.