Recent Short-Term Gain In Bitcoin

Three days ago, we saw a short-term gain for Bitcoin due to the hot rumour about the plan of Paypal allowing its users to buy cryptocurrency.

With this rumour, Bitcoin stayed above US$9600 for a couple of days until the drastic drop to almost close to only US$9000 for the price of Bitcoin yesterday on 25 June 2020.

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I am currently still holding on to OMG Tokens and it actually had gone up to a nice price that I could have sold for a little profit.

I decided to wait for a higher price but I did not expect the price to drop so much within a day.

Trading cryptocurrency may often depend on the market rumours like the circulated rumour of Paypal that caused the sudden rise in most cryptocurrencies.

The dilemma of whether the price would stay up or we should sell while we can is constantly in our minds when we are trading.

If I were to sold my OMG and gained profit, I could have used my profit with the original capital to buy in more OMG when the price dropped.

I guess many traders have the same strategy by selling for profit when price is up and using the profit to buy in more than before when price is down.

By doing so, we are actually rolling in a bigger safety net since we are holding more than before by using profit to buy in more.

Many investors who do not have a large capital are able to multiply their investment constantly using this method but the most important ingredient of success is patient.

We must be patient to wait for the price to rise and be willing to sell when there is a profit rather than waiting longer for the price to go even higher.

I would have gained more OMG if I sold off when the price was up by buying in more today when the price is down.

Nevertheless, there is always another chance but we need to wait patiently without selling when we see a pool of red for all the prices.

By investing with money that we do not need urgently, we can simply leave it and wait for it to rise so that we are always in the profit without losing a single cent.

Jumping from one cryptocurrency to another may incur transaction fee and reduce our profit.

Being faithful to our once invested cryptocurrency may just be the wise choice unless we had invested in an unreliable cryptocurrency without proper research.

Most of the top 50 cryptocurrencies should be quite safe for investment but we need to do our own research rather than listening to others.

Cryptocurrency whales can always pump a cryptocurrency to manipulate the market so research for the cryptocurrency before putting in our money is definitely a good strategy.

Thanks for reading my recent experience with the short-term gain of Bitcoin and my personal reflection of my investment in OMG.

Disclaimer: This is my personal reflection and I am not in any position to instruct anyone what they should do. I am not responsible for any action taken as a result of this post. My post can only be a reference for your further research and growth.