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The Water Cooler
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Best crypto strategy???
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<blockquote data-quote="sh00ter" data-source="post: 3656092" data-attributes="member: 24531"><p>What strategy are you all using when it comes to crypto? At a high level, there are really two, but it is complex enough that if you break it out further there are many, so I'm going to concentrate on the two highest level ones for the purpose of this question/discussion:</p><p></p><p>1.) long term investing</p><p>2.) short term gains for supplemental income</p><p></p><p>It is hard to watch a 1000+ dollar gain over a period of weeks and then to continue to hold that instead of cashing in to supplement income. However, for the ones I have bought, I have enough confidence that they will go up in the long run and selling for a smaller gain becomes a pain because then you have to hope it goes back down before you re-buy and if it doesn't then you miss the train by not holding the coins.</p><p></p><p>Obviously, holding for at least a year has tax advantages over taking a short term gain, but I'm just curious if there is some formula you guys use to make your decisions when to buy/sell/hold?</p><p></p><p>And holding the more well-established coins especially if combined with Dollar Cost Averaging (DCA) purchasing, is MUCH less stressful than always having to watch the markets. </p><p></p><p>Most of my buddies tell me they are in it for the long game, but since I see how "swing trading" and other short-term strategies could help supplement my income and you can write off some of the losses if you make a bad trade, it is hard not to want to use it to fund my hobbies and such instead of hoping to have a a bunch of money when I'm older. I'm not exactly young either but I have a decade or two to spare if trying to build wealth before I'd worry about the volatility enough to pull it all out.</p><p></p><p>One buddy swing trades and then uses the profits to buy more stable coins for the long term so he uses a mixed strategy which is even more complex to stay on top of. I don't really feel like I can afford to do both in time & money.</p><p></p><p>Let's hear your strategies.</p></blockquote><p></p>
[QUOTE="sh00ter, post: 3656092, member: 24531"] What strategy are you all using when it comes to crypto? At a high level, there are really two, but it is complex enough that if you break it out further there are many, so I'm going to concentrate on the two highest level ones for the purpose of this question/discussion: 1.) long term investing 2.) short term gains for supplemental income It is hard to watch a 1000+ dollar gain over a period of weeks and then to continue to hold that instead of cashing in to supplement income. However, for the ones I have bought, I have enough confidence that they will go up in the long run and selling for a smaller gain becomes a pain because then you have to hope it goes back down before you re-buy and if it doesn't then you miss the train by not holding the coins. Obviously, holding for at least a year has tax advantages over taking a short term gain, but I'm just curious if there is some formula you guys use to make your decisions when to buy/sell/hold? And holding the more well-established coins especially if combined with Dollar Cost Averaging (DCA) purchasing, is MUCH less stressful than always having to watch the markets. Most of my buddies tell me they are in it for the long game, but since I see how "swing trading" and other short-term strategies could help supplement my income and you can write off some of the losses if you make a bad trade, it is hard not to want to use it to fund my hobbies and such instead of hoping to have a a bunch of money when I'm older. I'm not exactly young either but I have a decade or two to spare if trying to build wealth before I'd worry about the volatility enough to pull it all out. One buddy swing trades and then uses the profits to buy more stable coins for the long term so he uses a mixed strategy which is even more complex to stay on top of. I don't really feel like I can afford to do both in time & money. Let's hear your strategies. [/QUOTE]
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