That's a pretty impressive roi. Especially for a noob. Do you think you just got lucky or do you have a system?
Maybe both luck and system. Luck that I got in at the right time, and system that I actually tried to use a system and patterns.
I invest in stocks and crypto I believe in or have intuition it will go up and try to align the two.
If interested reading more see below and read the Dogecoin thread from beginning.
I invested in Dogecoin because Elon Musk kept mentioning it many times in the previous year. I believe in his vision and what he stands for. He accomplished a lot over the past decade such as making Tesla the most powerful automotive company in the world, making rockets reusable and can land on drone barge, and has proven what he is willing to sacrifice, and how much he understands. This is greater then any FUD or self proclaimed experts can match. Such as guarding the light of consciousness and making life multi planetary. This is only part of the mission or the empire to accomplish. Part of the business case to develop funding for other projects and make is sustainable.
Getting back on the direct strategy I would sell 50% and buy the dips any chance I got. I started with 18,000 coins or $1800, and invested $1300 in other crypto in CAD. I tried to see where people would sell such as psychology such as .420 or .69 (Dogecoin price in usd) Eventually it went up and down so many times that it didn’t matter just needed to wait and sell high buy low and not get too greedy. When it went back to low .26 and .30 I sold the other crypto and bough more in Dogecoin. So went from 18,000, to 22,000 to 26,000, 30,000 and at my highest was 55,000 coin. Eventually it dropped to .16/.17. After Elon said that they will not accept bitcoin anymore due to environmental issues with mining and China Fud and I saw how quickly it started to crash I cashed out my profits and kept 30% in. Just read the Dogecoin thread and you will see some of the timeline highlights when I got it or when I sold and how I made profits.
I also started to fear and stopped sticking to that strategy where I sell 30-50% keep the rest in and wait to buy lower. Also fear of missing out got me. If I kept all my profits in I would have been way better off now. However it was a good learning experience especially trading psychology. Also nagging wife fcked me up by saying this is just on paper the numbers they are not real so I needed to prove to her and myself that these were real profits and I can easily liquidate in cash.
In the beginning of that thread remember Phil posting ohh good thing I didn’t buy Dogecoin and couple terb dudes flexing their short positions when it was around .05. I was like sitting on $1200 since it dropped from .07 to .045/.55 or something like that. I was fck what have I done maybe these guys are right maybe crypto is a scam and I am a loser trader losing everything I started with. But i just held it longer and when the majority of people bought the FUD like our terb guys the market markers saw a perfect opportunity to squeeze the shorts shoot up the price and cause fomo buying like a chain reaction to .42. Then Elon saw the perfect opportunity to ride the wave to SNL and .74. During the SNL I sold the 50% at .69 before the sell the news. But it happened exactly as the story goes. Sell the news. The whales with deep pockets who short looked for any slip up and when Elon acknowledged crypto is like a hustle on SNL skit they went hard and started shoring. I saw the bar on binance bounce up and down right after that like I never see it before. The trading volume during that time was out of this world ridiculous for Dogecoin. I think it matched BTC volumes
Eventually you realize market makers and whales look for any scape goat and social phenomenon to short or pump. If everyone acts in unison you can see the patterns and just join for the ride. The obvious whales and market makers are not the ones we think of like Elon. They remain silent and sometimes represent many wealthy clients with algos during majority of the regular trading and I guess experts who get involved with crowd psychology like the Elon SNL hustle trigger word.
Probably best start is to invest the money that you can lose and won’t feel bad. Also best just to find your own strategy. I acknowledge only my strategy will work for myself. You need to figure out what works for you. The main reason why I held original was because I said to myself I am willing to lose everything to support Elon and his mission and suck up the shame if I lost all the money due to a bad trade or if it ranked completely.
But now we see even a fcking hamster can make money. So probably when a particular asset class is in a bull market anyone can make money even a hamster lol and my strategy that I think worked for me is just an illusion and I got in at the right time. I am okay with both scenarios.
