In google, there is a term called “Long-Term Holding”. It’s a way to buy & sell crypto. You buy bitcoin then hold it for a few months or years then sell it for profit. At least this is the initial idea but in reality, it is not like that.
How holding Bitcoin or any other currency for “Long-Term” will make you rich? You won’t be rich it’s fake, its an illusion.
This picture is from “Coinmarketcap” you can see bitcoin being $9.700 on May 05, 2018. If you watched some of those fake gurus on the internet they will tell you to buy and hold. Let’s say you buy that day and you want to hold it for 1 year. Because those professionals say you will make a profit it will grow and etc.
A year later bitcoin is $5.831, did you gain any profits? Absolutely not. Let’s say you decide to buy bitcoin on 05 May 2019 for $5.831 and cash it a few months later.
On March 15, 2020, the price is $5.200 and you are again on a loss.
Short and Midterm holding
Short and Midterm holding is the best option for inexperienced traders. Always buy when everyone is selling.
For example, you saw the price dropping from $8000 to $5000 for not many reasons. You get confident that now is the time for buying.
Set a price point where you are going to sell the amount of bitcoin you just bought. (for example $6000)
Bitcoin reaches $6000 – Sell it. Congratulations you just made $1000 on your $5000.
Questions you may have
Is the price going to rise in the near future? (nobody knows)
After my sell, is the price gonna go down again to $5000? (nobody knows)
That’s why trading is hard and many people lose money!
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