What Should I Consider To Maximize My BCH Earnings?

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Avatar for JLoberiza
2 years ago

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.

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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.

Screenshot of BCH Chart via CoinDesk

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

Image Source Unsplash

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


Thanks for Reading

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All content is mine unless otherwise indicated

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2 years ago

Comments

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.

$ 0.00
2 years ago

good points sir.. i also don't sell in one big transaction.. like today, when hive went 2.4, I set my 50% of my hive to 2.5 then when I saw that it was still increasing, I set the other half to 3$ and guess what? it got filled! Then the price went down again. i wasn't expecting it to reach 3$ tho but it did.. now when the dip comes, I will be buying more hive!

$ 0.02
2 years ago

That's some wise advice. I made a few mistakes as you stated here and learned from them. Now try to follow them. Good to see you have a strict plan for growth.

$ 0.00
2 years ago

I actually bought some uptrending tokens and earned a lot on it. All depends on the background info x

$ 0.02
2 years ago

If it had just started to go up. It could still be profitable.

$ 0.00
2 years ago

I tried swing trading in coins.ph but buy rate is ridiculous... monitored the dip in Binance, when it dip at 24 RSI, I directly buy BCH in coins.ph, the price was supposed to be 28,000+, however when I check the transaction receipt, it says buy rate 1BCH= 29,000! Crazy! Halos 1kphp for the platform.

$ 0.00
2 years ago

Yeah that's why I don't use Coins PH for trading too. Binance ang problema yung P2P walang BCH kakaloka. Co-convert mo pa. Whew. Wala rin, dali ka pa rin sa fees.

$ 0.00
2 years ago

yeah! I noticed that. kaya hindi na ako magtetrade sa coins.ph. Ewan ko kung sa bitcoin.com kung ganun pa rin. pag-aralan ko pa.

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2 years ago

This isn't really a financial advice but trust me, it really helped. I'm always scared when prices go down and now, I think I've gotten my confidence again

$ 0.00
2 years ago

Just don't let emotion get in the way in making decisions. A little personal research will help you.

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2 years ago