November 29 (Late Post)
On November 25, the BCH price rose above the $600 mark once again. I rarely watch or look at price predictions and I have no experience in data analysis, let alone price prediction. But out of need, I need to sell some of my BCH to pay for my dues. On November 26, I sold some of the BCH that I earned from read.cash. It was worth about PHP3,000. The price was about $621 per BCH. A few hours before the price started to drop and later plummeted to $545.75.
I know I gained a bit. But in my mind, I was thinking I should have sold more before the price dropped.
Hello, dearest readers and BCH lovers! A number of times since I started my BCH journey early this year, I have regretted selling my BCH while the price was high. And buy some when it is slow. Don't get me wrong. I don't like the idea of day-to-day trading. The BCH I am holding right now is all earned from readcash and noisecash.
Anyway, in this post, I will share with you some of the things to consider to maximize my BCH earnings. The other day, I posted the short version in noise.cash.
My Source of BCH earnings and Financial Status
My BCH earnings come primarily from readcash and noisecash. Since my part-time teaching job started again last August, I have enough earnings for our day-to-day expenses. I used my BCH earnings to slowly pay my debts and bills. But I realized, I can't use all of my earnings for this purpose each month. I have to start saving.
Initial Plan
Since the start of November, I committed to set aside part of my earnings as my savings. Though I have set my goals on how much I wanted to earn from the two platforms, there is no guarantee I can reach them. So to simplify things. I decided to use my earnings from read.cash for my expenses and save my earnings from Noisecash.
On November 15, I reached my target amount for the first half of the month. I was also close to reaching my goal in noise.cash, but it slowed down a bit on the third week. But I stuck to my plan. I am HODLing my earnings in Noise.cash
But I need to do something with the BCH that I am HOLDing to make it grow. So, here are the things that I need to consider to make my BCH grow.
Disclaimer
The content of this post is merely my opinion based on what I learned from various sources in the past. I also have some experience in stock market investing. I believe some of the lessons I learned from the stock market can be applied here. This is not financial advice. Note that I am addressing this to myself.
I Need To Trade Sometimes But Don't time the market.
I need to trade from time to time. But I must not wait for the "perfect timing" because there is no such thing. Meaning...
❌ Never buy on the UPtrend or high price. Sometimes, we give in to the fear of missing out (FOMO) on the opportunity. That's what happened to me in 2017 when I first invested BTC around this time. Good thing it was a small amount
❌ Never sell on the dip or low price. Fear of losing so much more will simply cause you to lose some more.
❌ Don't wait for the price to reach its peak before selling. No one can tell how long the Bull can run. Meaning, we will never know when the price will drop. A lot of traders fall into the trap of waiting for the highest value to be attained before it starts to drop. This is because of GREED.
❌ Don't wait for the price to reach its lowest before buying. In contrast, don't wait for the lowest price before buying.
❌Don't buy in one big transaction. If ever I have some extra cash and plan to invest more in BCH, I should never buy in one big transaction. Let's say 30%-50% of what I have. This way, if the prices continue to go down. I could buy some more at a cheaper price. If the price goes up, at least I already have some. If the price increase is small, I could buy some more. I think this is what they call "Cost Averaging".
❌ Don't sell in one big transaction. Sometimes, I need to sell to protect my profit. But, just like buying, selling should be gradual. Why? If it continues to rise, I still have some BCH to sell.
INSTEAD
✅ Make a plan, when to buy and when to sell. It's not actually "WHEN" or the time, but what I mean is, I must set a certain price or percentage when to sell and when to buy. Should I sell when I already earned 10%? 15%. Same thing as buying
✅ Buy and Sell gradually. Set a certain percentage of how much you will buy based on how much money you have set for investment.
✅Follow your plan. Stick to the plan when it works, if not;
✅ Be ready to modify/improve your plan. Not all plans work perfectly right away. So, I should be ready for any changes, shortcomings and modify my plan.
✅Keep learning - I need to keep learning about personal finance or financial management and apply what I learn.
✅ Keep earning - not just cryptocurrency, but also fiat money. This way I can save more cryptocurrency, particularly, BCH.
✅ Invest in passive income vehicles. This is what I need to learn ASAP.
Final Thoughts
I don't know for how long I can keep up writing. And who knows how long I can keep earning from these platforms. Thus. It is best that I could learn to grow my BCH independently and passively. For this week, I am going to spare at least a day to focus on this task.
If you have any suggestions, I am open to them.
Thanks for reading
Check out my other content at:
All content is mine unless otherwise indicated
Ah I am just not much of a trader who always time the market. Lol. I don't have the time to keep watching the trends. If only the crypto earnings can be automatically converted to fiat and go straight to the bank once it reaches a certain amount. There's no such app that can do that yet unfortunately.