Hello Everyone,
I have been around for quite a while now and I am really impressed about the Crypto Market. Unfortunately I bought a little bit High and I am about -15% on my Portfolio. However I am in for the long run 2-3 years so no concerns at the moment. For the last few weeks I have been reading about Pump and Dump Groups and as a curious person I wanted to try them!
If you are in the Crypto market for more than a week you should know, but just in case you do not, Pump and Dump is when a group of people purposefully increase the value of a price (image above) and than they sell it at high price. Those people buy low and sell high making a profit. If you are fast enough you can buy early and make some profit, if not you are doomed to loose.
Now, that everyone knows what Pump and Dump is, let me continue to my story. I joined 2 of those groups and I was about to play with $100, just to see what all the fuzz is about. I find myself to be quick so I was ready, when they released the link I jumped in and I gave a buy order... By the time I did the price was much higher, I put a second price and hit buy again... Same thing. I stooped there cause I realized that the price was too high for me to enter and exit with profit.
Well I missed the first one, but the other group had another one, so this time I was prepared. When link revealed I clicked in it, put a higher buying price, (I bought it!!!) and 30 sec after I clicked sell. I made 18% profit. After fees and everything I was left with $12 profit.
Pump and Dump, based on my experience is for those who want fast wins and they are willing to risk a lot. I will not participate in another one because I prefer the long game. I take a position transfer my coins to my wallet and wait.
Did you ever participated in a Pump and Dump? And if you did what was your experience?
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Yeah, these groups have been popping out lately. One even emailed me and thanked me for joining. The problem is that I have never heard of them before and there is no way I joined. Quite scary to think how they got my email.
That is scary indeed... I hoep you use a different email for your accounts on Bittrex or Poloniex
Holding is the BEST option by far
I will agree rhader
hodling* :)
Interesting experience