To be honest, my main reason for investing in BTC and other cryptos is to accumulate enough USD to purchase a house outright and some other things that will allow me to be more self-sufficient. I don't want to rent for the rest of my life. I trade options sometimes, but they aren't nearly as profitable as cryptos currently...
All the silver and gold I have is something I just plan to hold onto in case I ever need to trade in an emergency.
Hey @cali-girl there is nothing wrong with what you are doing. If you are honest with yourself you are "betting" that the price of BTC will keep going up until you are satisfied to cash out. It's a risk like playing blackjack. The odds may or may not be in your favor depending on the hand you are given. BTC has shown an incredible run. Gold and silver have been manipulated down and steady. Just be careful as it is more for speculation. We speculate it's "value" will go up, we speculate it will be more widely adopted etc.. We don't speculate black swan events or government intervention. One day it's up $500 then next day it's down (or even significantly worse than that).
There are not many fundamentals when it comes to hot money. Greed will always say "What if I could make more" and you risk keeping it in longer. Nobody knows the future, but gravity usually takes effect for everything.
I agree. Currently, I don't actually own any BTC because I spread it out between 4 or 5 other cryptos. The amount I have right now isn't all that much (not even close to getting that house yet, unfortunately) so whatever I have in there I wouldn't sweat if I lost. As it grows, though, I'm sure I'll get more protective of it and pull out quicker. I do the same thing with options; whatever I put in, I make sure I'm ok with losing.
That vet bill really killed my recent influx of investment money...
yes.. always unexpected expenses! Well good luck to you either way and I hope you are successful. The stock market and anything you invest in sometimes feels like a more complicated casino (at least to me). When you risk any loss with anything (even investing), I still look at it like gambling. Some bets are safer than others. Perhaps things go up in value over time, and sometimes they go down.
This is why I also pulled out of alt-coin investing. It's too volatile and I don't have enough volume to help manipulate the market. I just kept on losing. Reading charts here and there is fine, but it's not regulated and pump and dump happens everyday. I haven't seen a coin that "surpasses" bitcoin (although the technologies are there). teem is just the same to me. It could go to being worth only a few cents.. but I don't play the game anymore. I just post and collect now. My payouts are pretty small these day's anyways. When I write out something longer it's more for me or anyone listening. I'm making more money in real life than "trading" or speculating. I'm just not good enough to play the market. I'm also too conservative with risk.