Be careful out there (& why Freetrade should stick to offering a relatively limited number of cryptocurrencies to trade) -
FBG’s approach has three pillars: Invest like a venture capitalist in initial coin offerings (ICOs), trade on news and events by moving in and out of tokens rapidly and, critically, exploit insider relationships and marketing hype to ensure profitability. The firm’s rise speaks volumes about the anything-goes world of cryptocurrencies, where the stated ideals of democratization are a joke and being an insider is the surest path to riches.
I swore I wouldn’t get involved in crypto-style dealings. I changed my mind when a friend bought into DOGEDASH at the commenvement of trading around 6 weeks ago. He just resigned from his £50K Amazon job and is drawing down on the huge pot he’s accumulated, way over £2m.
I bought into it yesterday which was around the bottom of the trough, and saw a rise of over 50% overnight. Mind you I had the cash sitting doing nothing and I can take a hit on it so a downward valuation won’t worry me.
He still must of been very very lucky to buy at the bottom and spent thousands on the bet to get 2M. Problem with stories like that is it is hard to guess the next big jump and bet at the right time. Assuming he bet 20k to get to the 2m value then that would have been at the peak but now much less value. If he doesn’t cash out he may never keep that volume. It can easily plummet back to less than the entry point very quickly, it lost nearly 30% in 3 days.
Good luck but it is VERY risky in crypto and especially outside the big coins like Bitcoin as many fail and those stories tend to not be mentioned as much funnily.
Welcome, and brace yourself for the rollercoaster that you’ve just boarded blindfolded. The peaks and valleys can be thrilling. Best advice I can provide is to do a lot of research, decide your thresholds beforehand, and ignore the ups and downs along the way. Crypto has been my best overall performing asset of the last few years (specifically ETH and CRO) and now dwarfs the rest of my portfolio. Good luck and god speed.
Problem with stories like that is it is hard to guess the next big jump and bet at the right time. Assuming he bet 20k to get to the 2m value then that would have been at the peak but now much less value. If he doesn’t cash out he may never keep that volume. It can easily plummet back to less than the entry point very quickly, it lost nearly 30% in 3 days.