How to use Blockfolio alerts to "make money in your sleep" ;)

connecteconomy (71)in #dtube • 7 years ago (edited)

This is a short spontaneous clip I made the other day for the members of the Conscious Crypto Community where I share tutorials on all things crypto.

I normally consider myself an investor rather than a trader, because I don't want to become a slave to price movements and be glued to a computer or phone all day long in order not to miss an opportunity. I prefer stress free trading. Like making money in your sleep :)

I also like to minimize my risk and get my investment back as fast as possible, so I only trade or invest from profits.

So every morning I check my blockfolio app and see what happened over night and if I have to take some action. Like in this case, when I noticed a 100% profit on BitBean.

As you can see, I am only playing with tiny amounts. However they can grow over time.

My general goal is to...

Reduce my costs to zero
Own 1,000 coins of all the "little ones" I am investing in. Most of them will probably flop, let's be honest, but with a zero cost investment I won't care, and I figure - if only one of them reaches similar heights as Bitcoin has so far, I'm gonna be very happy that I own 1,000 of them.

So when I notice that something went up by 100% over night, I know I have to take some action.

What I do then, is...

Work out how much I have to sell in order to get my initial investment back (I do this in the app)
Enter a limit order in Bittrex for the price I want to sell at
Set an alert for my desired price in Blockfolio

And then I forget about it. My number one goal in my business is: no stress! :)

And then one day my alert will go off and I will know that I have just sold something (or not, in case the price never reaches the amount I asked for. That's fine, too, though it rarely ever happens thanks to the volatility we all get to enjoy in the crypto space :)).

When the alert goes off, I go to Bittrex, check the numbers, and enter them in Blockfolio to keep track.

Done.

Enjoy the clip and my German accent :)

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#cryptocurrency #trading #investing

7 years ago in #dtube by connecteconomy (71)

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natureofbeing (69) 7 years ago

Thanks for this @connecteconomy! I always appreciate support with crypto and you explain things well. Are you on steemitchat? I just tried to contact you there (my name there is Ruth Greenberg) since I want to nominate you for an incubator program but didn't see your handle there.