First let me start by saying that, it took me a little while to get convinced by the 'Crypto Thing'. I was very naive and didn't put the time in to realize what it was all about. I figured it was a hoax, since people were getting rich so quickly.
I started watching videos about cryptocurrency in October 2017 and everything looked very promising. I continued to do my research the following months and shortly after Christmas I made my first purchase.
like everyone freshly getting in, I bought through CoinBase and kept my LTC and BTC there for a couple weeks before I knew how to properly move them and trade them.
Most of my money was put into the market around Mid January, So I am down 40-60% in everything that I put in! That was very scary for me being that I put a couple thousand dollars in and now it looks to be gone. But like I said, I put in a lot of research and I was confident that things would come back. AND I STILL AM!
THIS HOW I TURNED 2 LTC INTO 3.78 LTC IN 2 DAYS, WITHOUT INVESTING ANY NEW MONEY!
I started with 2 LTC doing this and even those were sitting at a heavy loss.
- I purchased these 2 LTC at $242 on January 14th.
I was keeping the LTC in GDAX and that is where I was later doing the trading at.
So I began with a heavy loss.
I sold those 2 LTC at $165 on Jan 31st.
so at this point I had $330 and this is how I traded to gain a better position:
- 2/1 (1:20p) Bought @ $132.20 (2.49 LTC)
- 2/1 (2:50p) Sold @ $147.00 ($366.94 USD)
- 2/2 (5:39a) Bought @ $107.38 (3.41 LTC)
- 2/2 (6:04a) Sold @ $121.35 ($414.68 USD)
- 2/2 (6:24a) Bought @ $123.65 (3.35 LTC)
- 2/2 (6:59a) Sold @ $133.75 ($448.55 USD)
- 2/2 (7:54a) Bought @ $129.97 (3.45 LTC)
- 2/2 (9:59a) Sold @ $134.05 ($462.63 USD)
- 2/2 (11:59a) Bought @ $125.21 (3.69 LTC)
- 2/2 (4:39p) Sold @ $131.38 ($485 USD)
- 2/2 (6:22p) Bought @ 128.42 (3.78 LTC)
Essentially all I did with this was work my money back up to my originally buy in price, considering that I purchased 2 LTC at $242 equalling $482.
But the way I am looking at it, is that now I bought into LTC at $128 instead of $242 and instead of having 2 LTC, I now have 3.78. So when the market bounces back and Litecoin starts making moves, I will have a much better position and be happy that I did this.
I spent a lot of time watching the ups and downs and yeah, I missed a couple of opportunities but overall I am happy with how this worked out for me.
I sold off a few of my positions and currently I hold:
- LTC
- TRX
- XRP
Coins mentioned in post:
@ Coin.Info
Yeah I'm stuck in a few right now. I like the projects and I believe that XRP and TRX will come back, just trying to not look at those now. lol
Great job averaging down your cost basis. Just remember that each one of those transaction is subject to short term capital gain tax. I’m a believer in LTC so I believe you have made the right choice to be in it for the long haul.
Thanks man. I think I made a good decision on those trades, do you have any more info on the Short Term Capitol Tax?
Here is a good read.
Short term vs long term capital gains
I’m not a tax account so do your own research.
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