Hi I'm a newbie to this whole thing although I've followed it since My Gox. I registered with an exchange and bought $1000 a few weeks ago at around $2200. It went up to 28 and I took some profit and then it started to drop and I got scared and transferred it to my USD wallet and then bought eth. And also I bought $50 here and there etc. Bitcoin started to go up again and I bought back at a bigger price then I sold it for. Then when it hit $3000 I didn't sell because I thought it was going to keep going up. It crashed and I sold again. I was trying to protect my original investment and at the end of the day I have $950 in my fiat wallet. I added up all the fees etc and I've spent $240 on fees etc! "Buy low, sell high" was lost in the craziness. Now I"m just waiting before I do anything else. Made a lot of mistakes and I"m wondering what is the way to go and is this an investment or a casino??!! Any input would be appreciated. My original goal was to buy 1 coin and keep it and another to trade the market. Thank you.
Ha ha.You had the same experiences which a newbie would have.Don't get scared.First you should have tried to understand about bitcoin's volatile nature due to its decentralization and should have studied its price movements.But you have not done that and have just invested in btc to get some extra profits.First,you should know that bitcoin is not a short term asset and bitcoin investment should be made in long term basis to get huge profits.If you had made your investment in such long term basis,then you would have not got distiurbed by the price fluctuations.So better invest in bitcoin with an idea of holding for atleast six months.Better luck next time.