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BitCoin Baby - Day 5 "Check the coins before you wreck your coins"
For one, I invested in XRP because they were dropping fast (just FYI this was 1st of Jan), but I did not check any facts about this coin.
Fact 1 I did not know XRP = Ripple. Ripple at that time was the only other coin I ever heard about next to BTC. So I was kind of happy I bought them by accident.
Fact 2 I did not know Ripple was having some trouble with the US Securities and Exchange Commission (SEC).
Great, so I went and bought stuff I didn´t even know I wanted.....and my stuff was in trouble.
But after thinking about this for a bit I saw this was an opportunity. As I still think the best time to buy is when everybody is selling and as this law suite will take some time. I expected that after the initial drop the market would stabilize.... but as I am a BCB (Bitcoin Beginner) I might be soooo wrong.
Still I bought some low and sold some a lot higher. I kept some (which I bought a bit to expensive) and I decided to buy some more, as I was sure this type of noise will attract attention. Attention = Movement
and hopefully the movement would be my way.
(It took a long time till the movement went my way. Like 30+ days, but when it did......... I screwed up even worse as I had my XRP set at 0.00001198 BTC which was more then double what I paid and I sold them while sleeping. But XRP reached 0.00002213 BTC a day later.)
Yes, so far it has been selling and buying and following the advise given by my friend to look at the last 24hrs only. And buy just above the 24H low and sell just below the 24H high. I tried that and it works.
But of course I can´t believe it´s that easy.
Maybe I am making more out of it than I should, but my Ripple adventure made me curious if looking beyond those 24hrs makes sense as well?
So now I am kinda playing 3D chess, at least that is what it looks like in my underdeveloped crypto mindset.
Why is that?
Because I am buying and selling based on the last 24hrs, but also with looking a bit beyond.
Meaning I buy above the low and once bought I sell part below the high and a 2nd part above the high. While also putting in a buy far below the latest low, just in case they drop even further. Or at least that is what I try to do if not all my funds are locked up in buys.
It looks more ore less what my Waves look like.
As per my 3D Chess theory I bought them just above that 0.0002052 24H Low at 0.0002067 well and followed my own advice by selling just below the 24H High while also putting in buy a bid far below the 24H Low.
Now the only thing I need to do once my Waves start going up, is to cancel my initial sell and split it in 2 sells. One below and one above that 0.000222BTC.
I will let you know soon if this will be working for me, or if I am making this crypto universe even more difficult than it already is.