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1904684 No.1904684 [Reply] [Original]

I see a lot of "what coin should I invest to become rich in seven days (or earlier)" meme threads on here. Have some discipline and don't fall for the bullshit.

If you really want to make money with coins, use a technique called dollar cost averaging. It means investing an equal amount (in dollar terms) at regular intervals. Instead of trying to guess the peaks and the troughs and throw 1k in, throw $100 monthly. This is how you reduce short term risk for long term gains. Hope this helps f a m

>> No.1904921
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1904921

>>1904684
thanks for the sound advice

>> No.1906002
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1906002

>>1904684
Frogposters have too little patience for that. Sad!

>> No.1906025

This is strictly worse than throwing it at the troughs. If you can land the troughs

>> No.1906107

This strategy only works on the stock market.

Heres the only real advice you need.

>Never sell at a loss. EVER.
Hold for years if you have to. You'll make it back eventually.

>> No.1906113

>>1906107
This...kinda.

I read some "trading proverbs" or whatever, and one of them said something like, "Don't hold onto a loss forever, get out and cut your losses" or some horse shit.

Cost me about $300 so far, if not double that considering how much I'd be ahead after breaking even again.


Fuck that shit. Hodling for eons from now on.

>> No.1906116

>>1906107
dis boi,,,

>> No.1906126

>>1906113
In the stock market cutting your losses "can be" critical because companies sometimes have the habit of going into unending death spirals and getting delisted. Crypto can't be delisted.

>> No.1906136

>>1906113
Most trading proverbs don't apply to crypto. I think that that one can apply to coins with large marketcap but not small ones, as some whales will always eventually pump a small coin and then you can get rid of your bags but litecoin will never come close to its ATH ever again.

>> No.1906436

imo more good advice is to not look at the prices at all if you can help it.

Pick a price 5% or so below the current market price, set a limit buy order then do as much as you can to get your mind off where your money is and forget about it. Play video games, watch movies, work whatever. Check up on it once a day at most.

>> No.1906443

>>1906436
Then eventually when it gets filled set a limit sell order 10% or so above what it currently is and do the opposite or just hold it forever depending on how badly you need the money youre using.

>> No.1906449

>>1906443
>do the opposite
meant *do the same thing. Do the inverse

>> No.1906467

>>1906107
Pretty retarded idea if you consider the opportunity costs.

>> No.1906473

>>1906467
You can't time the market. My strategy might limit gains but it also limits risk.

>> No.1906476

>>1906107
>You'll make it back eventually
Or it'll just go to zero

>> No.1906499

>>1906473
You are correct, you can't time the market. But you can invest into better instruments. I would avoid crypto like the plague with any serious money.

>> No.1906873

>>1906107
This + Never buy currently. Buy at new dip