crypto currency investing, anyone?

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  1. diymirage

    diymirage HP@idle > hondaHP@redline

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    evening fellows


    i was chatting with some friends and the topic of crypto currency came up
    i figured i had a little bit of money in the bank i could invest so i did that

    i got to tell you, this aint for me, to volatile, i feel like im on a roller coaster



    anyone got any tips for me?

    for instance how to read the stinking chart?
    it might say

    MOPAR $7.34
    +3.41

    BUT from when does it count the +3.41 ?

    i got a few stocks that read positive, but the value is LESS then i bought it for
    and i got a few that are negative but they are worth MORE


    oh, and how long do you usually hold stocks before switching them out ?
     
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    • str12-340

      str12-340 FABO Gold Member FABO Gold Member

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      This is right up there with great deals from Nigerian princes and a bridge in Brooklyn that I happen to have title to...
       
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      • Princess Valiant

        Princess Valiant Duster specialist

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        I don't believe in gambling. Investing is one thing but this is Gambling. What does the word "crypto" mean, should tell you something about it right there.
         
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        • BigBlockMopar

          BigBlockMopar BigBlockMember

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          The +3.41 is how much the value has changed since the trading day-opening.
          Generally, you hold stocks (regular ones) just as long as you believe in the succes of the company behind it.

          If you just want to day-trade, or buy/sell on every change in the market-price .. well good luck, it will drive you crazy if you're inexperienced (and most likely cost you a lot of money in the process).
           
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          • CFD244

            CFD244 These pretzels are making me thirsty. FABO Gold Member

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            No one can give you that advice brother. All investing strategies are personal in nature. Performance goals, time horizons, and risk tolerance are all things that have to be considered. Best to learn the basics, and figure out what works best for your goals.
             
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            • Alaskan_TA

              Alaskan_TA Well-Known Member

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              A couple tutorials on crypto AKA gypto;



               
            • SGBARRACUDA

              SGBARRACUDA ROY FABO Gold Member

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              • Mike69cuda

                Mike69cuda 66 is the new 17 FABO Gold Member

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                My son has invested in crypto currency & has made some good money. However, as has been said above, it is basically gambling. It has no underlying value. People buy it because they think it will go up.

                If you are a risk taker, It might not be a bad idea to put a little money in it. But you have to go in with the understanding that it is probably about as likely to go to zero as it is to go up substantially. Don’t put ant money in it you are not willing to lose.
                 
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                • diymirage

                  diymirage HP@idle > hondaHP@redline

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                  We went in knowing that if we loose this we will be OK
                  and if we double our money, we pull out the initial investment and let it ride

                  I just never dabbled with investing before and this seemed like an option
                   
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                  • like_A_pike

                    like_A_pike or chain pickerel

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                  • clementine

                    clementine Flight risk FABO Gold Member

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                    I spent $50 on Dogecoin when it was $0.04. Its at $0.20 today. I dont ever expect to see the money. Its more of a science experiment. I just checked it for the first time in months because of your post. Someone said to me recently that the market spikes a little at the end of the year. Maybe check that info, but stuff might be cheaper in the beginning of the year?
                     
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                    • diymirage

                      diymirage HP@idle > hondaHP@redline

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                      Never heard of market fluctuations based on time of year
                      But then again, I really don't know anything about this

                      (But I DO know I would like to see a 500% profit like you saw.
                      then again, earlier this month it was at 0.34 so that's also a significant drop)

                      What makes you wonder you will ever see it, can't you simply cash out?
                       
                    • clementine

                      clementine Flight risk FABO Gold Member

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                      Yeah, but IF it goes big like bitcoin, I would have only risked $50. Im not good at this man, dont listen to me. I know the talk of sell and then buy.......but I really dont care what it does......unless it goes big...which I highly doubt. I have had that schtuff since last April....ish?

                      The logic behind the 'end of year' was that traders/money mngmt people somehow affect the market to make a gain at years end to look good to their shareholders....sounds like guesswork to me.
                       
                    • RustyRatRod

                      RustyRatRod I was born on a Monday. Not last Monday. FABO Gold Member

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                      ehhhhh....no. Not this honky.
                       
                    • diymirage

                      diymirage HP@idle > hondaHP@redline

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                      Well, let's see how math is
                      You bought $50.00 worth at 4c a piece, that's 1250 of em that are yours

                      Let's say they jump like bitcoin did, that one is at $54.000 a piece, times that by 1250, that's 67.500.000
                      I'd settle for that



                      As for the "method"
                      This is what comes to my mind, when I think stock market


                       
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                      • diymirage

                        diymirage HP@idle > hondaHP@redline

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                        But I need it to finance my blower build

                        tenor-8.gif
                         
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                        • Mike69cuda

                          Mike69cuda 66 is the new 17 FABO Gold Member

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                          The statistical model for an investment counselor is a monkey throwing darts at a board full of stock names…..
                           
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                          • Treblig

                            Treblig Well-Known Member

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                            I wouldn't insult a monkey by comparing him to an investment counselor!!!!!!!!:mad::mob::soapbox:
                             
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                            • MOPARMAGA

                              MOPARMAGA FABO Gold Member FABO Gold Member

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                              I'd probably have to have some money 1st to invest in anything
                               
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                              • clementine

                                clementine Flight risk FABO Gold Member

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                                AND I did the deal through 'robinhood'.........so who knows if they let me get at the money if it amounts to anything in the end. I consider it all a roll of the dice.
                                 
                              • MOPARMAGA

                                MOPARMAGA FABO Gold Member FABO Gold Member

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                                Maybe you'd have luck playing craps on the corner of Edgar & Dave lol
                                 
                              • RustyRatRod

                                RustyRatRod I was born on a Monday. Not last Monday. FABO Gold Member

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                                I feel your pain. What's this word "invest" you speak of?
                                 
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                                • Ironracer

                                  Ironracer Gearhead

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                                  My son ain't like me. He caintvsoun a wrench, he just bought a brand new bootie truck, but at 27, he built a Freight Truck company in Birmingham. He also build a few home computers that " harvest" bit coin. Makes an average of 900 a month, extra from that. That's all i know
                                   
                                  Last edited: Nov 27, 2021
                                • inertia

                                  inertia Well-Known Member

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                                  The Stock mkt, like everything else has rules to learn, requires strict discipline, - enuff to control your emotions.
                                  Gambling is putting your money down, you win or lose at the flip of a coin, roll dice, lottery, money's gone.

                                  The Stock market you can sell anytime.
                                  If you have the discipline to recognize the stocks not doing what you want, - admit you made a mistake, and sell before you lose more.
                                  There's a setting when you buy your stock, a "stop loss" that you set to automatically sell your stock if it goes below a predetermined price.
                                  There are other software/strategies to limit loss.
                                  I use charting, when one line crosses another, is either a buy/sell trigger.
                                  I usually sell 1/2 my holding of a particular stock when it doubles.
                                  I posted some stocks about a year ago, and 3 or 4 of those have doubled..
                                  Losing is common, limiting your losses, and cash preservation is the #1 rule.
                                  I play the market every morning I'm here . Started in the 1990's . I was one of those "pesky Daytraders" that "caused" the Dot-Com bubble .
                                  Good Luck .
                                   
                                  Last edited: Nov 27, 2021
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                                  • Mike69cuda

                                    Mike69cuda 66 is the new 17 FABO Gold Member

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                                    I researched crypto currency’s awhile back. It is pretty mathematically complex. I didn’t understand most of it. From what I understand, crypto currency’s exist on a world wide network of mostly private computers that process crypto “transactions”. These transactions are the movement of crypto currency. These private computers process complex mathematical equations necessary to maintain the security of the currency.

                                    The private computer owners get paid in crypto currency for processing transactions on their computers. So more money is “printed” daily.

                                    The crypto currency is backed by nothing, but then again so is the dollar…..
                                     
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