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Originally Posted by Mr. Plow
I'm new to this and investing in general. Just started a Coinbase account. Haven't bought anything yet. I'd like to have $10,000,000 from like a $50 investment by end of month. Give me some tips & tricks to reach that goal.
But really, I am new to all this. Any advice for someone just starting out?
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Safest bet is to stick with ethereum and bitcoin, they're not going anywhere. Check out 1D, 1W, and 1M charts, note the highs and lows, do some math, watch the prices as much as possible and try to buy in as low as possible.
For instance in my situation, my current average buy in price for Bitcoin is around $49k. Its sitting at around $57k right now but in the last week it's gotten as low as $52k. If I wanted to buy more I'd wait until it got near that again. It may or may not, but it likely will at some point.
Ethereum has drastically outperformed bitcoin so far this year. Obviously nobody knows or can predict if that will continue but most experts seem to think so. My average buy in price for it is around $2k, it's currently sitting at around $3500. It has gained 64% in the last month while bitcoin has actually dropped about 1% during the same time period. Does that mean both trends will continue? Likely not...it's more likely that bitcoin will get back to it's high of around $65k in the near future than it is for ethereum to gain another 60+ percent.
It's probably smarter to invest in bitcoin if you're looking for quick gains but if you plan on sitting on it for months I'd go with ethereum. Or you could wait for nice dips and buy in equally to both. It's very unlikely that you'll lose money in either, long term at least.