$850 USD to $10000 USD Trading and Investing in NEO Journal – Week 2 – 08/18 to 08/27
GENERAL STRATEGY
- Buy $850 worth of NEO using Bitcoins.
Bought 18.15 Neos on 08/14/2017 at price of ~$47/NEO. - Do not invest additional BTC or USD into NEO.
- Trade NEO with BTCs using Luc's position trading strategy to gain additional coins.
*UPDATE TO STRATEGY: Additional 0.5 Bitcoins are set aside to buy NEO for position trading.
Luc's position trading strategy: https://steemit.com/@quickfingersluc - Trade on Bittrex exchange.
- Wait for NEO price to keep rising!
08/18/2017 – BUY ORDER MISSED
On this day, I had a buy order set at 750,000 satoshi. However, during Friday night I was out of town, and my buy order did not process during the drop. I barely missed it as the lowest order fulfilled was 753,800 satoshis.
ADJUSTMENTS TO BE MADE: I got really unlucky missing this buy order as the coin’s price dropped about 30% during the 18th. However, I might have gotten my order fulfilled if I had not set the buy limit number as a common even number. A little trick is to set your orders a little above common even number to buy or a little below to sell. A common even number is 1000 or 50000 for example. This trick gives you a better chance to fulfill orders. I usually do this on all my orders when setting it ahead of time, I don’t know why I didn’t here.
08/23/2017 - NEW BASE FORMED
As price jumped over 10%, a new base is now formed at 850,000 satoshis. I don't consider this to be a strong base, and only plan to take small positions below this value unless a panic drop ensues.
ACTIVITY STABLE
Besides the 10% pop, NEO's price has been relatively stable. The coin's price has been steady around 850,000 to 900,000 satoshis in the past five days. The only noteworthy event is that I missed out on the buy order at 750,000 satoshis when price fell 30% as explained above, where I would have sold a couple days later to profit additional "free coins".
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DISCLAIMER
Nothing here is meant as financial advice. This is just a strategy that I'm using as a cryptocurrency day trader. Please seek a duly licensed professional for any financial advice. Never forget, cryptocurrency trading is extremely risky and never invest more than you can afford to lose!
Thanks for visiting my blog and happy trading everyone. Let me know what you think in the comments section below.
Loving the updates. If I were doing this challange, my goal would be to make $10,000 value of portfolio using nothing but USDT, NEO and BTC . My goal would be on the total value of the portfolio rather than the total value of my NEO portfolio because I think NEO is a GREAT coin to trade to build wealth, but I don't have enough trust in it to assume it will rise to the moon. Same result, slightly different approach - either way the content and learning experience is outstanding, keep up the great work @oneluckyflip!
PS: It would be nice to see you and @quickfingersluc collaborate on a progress video someday, so you can discuss your challenge together. I'm crossing fingers this someday happens.
Interesting. Looking forward to your success!