ICON [ICX] Cost Averaging TEMPLATE

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icx

#221

I downloaded it from the apple app store.


#222

For me it has been quite accurate. I make sure the price + fees matches the total in the exchange when I enter it.


#223

check out youtuber “COIN MASTERY”, he’s video about trading agaist satoshi vs USD well explained, answered my questions, too complicated with constantly price changing, there’s no way to look at both, its easier either focus on collect more BTC by trading satoshi, or USD if you want to cash out!


#224

Hi guys

Sorry I’m in a hury and cant read through the whole thread right now. I keep seeing people talk about these DCA’s into ICON, is there a video or an introduction that @peter did about this? I am still early on in the B90x series, is it in that?

I’m confused as to how this would be better than say putting in a few thousand right now? If we imagine price will consistently rise?

Also, are you all buying in from fiat each week, converting to BTC and then ICX? Do you not incur lots of unneccesary charges, especially withdrawing from from Binance to your wallet? they charge a lot!

Be great to get some advice, or be pointed to a source of info about this. I have some ICX, but had no plan for DCAing a little every week, so just wanted to get up to speed

thanks for all the help for a noob such as myself :slight_smile:


#225

DCA benefits the new and seasoned investor in many ways. My 3 personal favorites are:

  1. It teaches the investor patience. You’re playing the long game, and not a quick flip. It’s helped me overcome FOMO. Often times, we’re bombarded with so much hype, that the average crypto investor makes emotional purchase rather than thinking rational. DCA affords you time to really study and understand the benefits of your coin.

  2. Your risk is spread out. You can throw a grand at any coin today, and tomorrow the market plummets. If you’ve ever been in this situation, you know food never stays down, and stress overwhelms you. You’ll be able to follow the coin closely and compare highs and lows of the previous day, and finding a sweet spot to buy in.

  3. You’ll have more funds to put towards other coins with potential. This way, when certain coins are down, your winners keep your mind at ease.

If anyone else would like to add, please do. This is just me sharing why I enjoy DCA.

Remember to please Smash That Like Button Guys!


#226

He guys, I just got into crypto last month. I’m now all in on ICX and want to hold it for at least a year.

Seeing the market go down I really like the idea of DCA. For the rest of the year I can spend around 100$ each week for DCA.

Is it smart to split the 100$ into multiple coins? Or focus on one coin to DCA? My goal is to learn more about the cryptocurrency market.

I’m interested to DCA Bitcoin, ICX or a new project like Wanchain. But I’m also going read more about Iota and Cardano.

Jim


#227

Thanks Lawrence great reply

i wish I had taken my time a bit more when i started. I rushed in a bit, and although I did DCA over a couple of weeks, it was too much money to put in over a short time. It was a bit of a FOMO decision, and I paid the price, the market crashed straight after, and Im not over 30% down.

Unfortunately it’s too lat enow as all my money is in. But yes I have had sleepless nights, and worried a lot obsessing over charts trying to regain some control, so I see all your points are very valid.

I’d be interested to see what you think of ideal frequency and amounts for DCA’ing? It seems that doing it over a year wont bring the biggest gains, if we imagine the whole market rises substantially? It seems to make more sense in the shorter term, say getting in your investment over a few months?


#228

I wouldn’t go all in on a single coin


#229

Hi Lecomputer,

Count it all as experience. Make your mistakes/ failures in your early stages, and learn from them. Then quickly pivot, and keep a mental note as to what you’ll do differently next time your faced with a similar situation. It’s all a process. Trust the process and enjoy the journey.

The ideal frequency is the amount YOU can handle on a weekly, biweekly, or monthly basis. There isn’t an exact dollar figure x how often formula, as everyone is experiencing life differently. As long as your life/ living essentials have been comfortably met, then the excess is disposable, and can be spent at your own discretion.

Check around the Pub. There is a video @peter posted where he DCA LTC for a year. I believe he invested like 5k and got a huge ROI. After watching the video, that should be enough evidence for you to become a believer of DCA.

Lastly, take advantage of the resources the Pub has to offer, and make an effort to learn something new from it everyday. Build a strong foundation in understanding crypto. You got this.

1st Take away the idea that every coin you are investing in, is a moonshot.

Look at all your coins as fuel you need to put in that Rocket (BTC)


#230

Thanks Lawrence. Really this forum is great! It’s on anotehr level to all the other forums, I wish I had found it first, as I spent some horrible time when the correction started on Bitcoin talk and reddit, and was so disillusioned with the crypto world. What I really value in life is just being happy and hopefully peaceful, and it seems in the crypto world so many people are focussed only on money. Being focussed on money is fine, but when its just to spend on superficial things it’s so empty and unappealing to me. I dont want a lambo or any expensive stuff, i have more than enough, but I’ve always dreamed of setting up a project/community to help people. I currently work at a recovery community for addicts, people with anxiety and depression etc. This is the kind of thing that I would love to make money to put towards,.

Of course besides that some of the tech is really exciting :slight_smile:

Sorry I went off on a tangent, but you got me thinking about things!

Thanks for the help. I have to say, Im not the biggest believer in BTC over other coins. I have a friend who is a bitcoin maximilist, but there seems to be better tech out there right now, and you can see how well some coins are doing compared to BTC, like ETH. It’s hard to say what will happen :wink:


#231

Thanks for the advice CALWIN! I’m going to do more research on coins to add to my portfolio.


#232

Sounds like you have a good perspective and just got temporarily caught up in a crypto daze.

Your point about better technology is interesting because i’ve heard a few people say that but I think people give it more credit than it deserves.

If Ford are the first car company and they make Mustangs and I love the raw power and simplicity and sound of a V8 engine, someone telling me “hey there’s this Japanese company that have this really cool technology that’s much more advanced than what’s in that Mustang you like” is not necessarily going to make me care or value it.

Value is in the eye of the beholder and so while some people will see cool new tech and think it’s a Bitcoin killer, most of the perceived value people give Bitcoin is not about the technology anymore. There are thousands of cryptos and many say they are improvements on Bitcoin, but one of the most fundamental values for Bitcoin is it’s history and leadership in the space combined with its tried and tested security.

So while the tech is cool and if some of it brings new value by solving new problems that does not being the Bitcoin-Killer value as easily as people seem to think.

Right now most people still need and use BTC to obtain other cryptos and once the transaction fees drop again there’s no reason to need anything else for that purpose and it’s store of value aspect is as strong as ever.


#233

Thanks, yeah I got fomo because I was so close to buying in december 2016, and would have made a lot, but life got in the way! It was a rough year and I just suddenly remembered about Bitcoin and saw how well it was doing and jumped in. Just a little too late!

I agree with you about cars and anything of that nature, but I dont feel the analogy works so well with Blockchain technology. There is something about a classis car, bike, synthesizer etc. Normally it’s something very physical, and that ‘vibe’ makes up for the lack of efficiency.

But I just cant quite see Bitcoin that way. The fact that it is truly decentralised unlike many other coins, and that its the first make it special, but I don’t know if it will age as well as a classic car!

Who knows, I may be wrong :slight_smile:


#235

Hey guys I’m new to the forum so please excuse my ignorance. I have a question about how you plan to spend 100 dollars a week on icon (or any coin other than like bitcoin).

please school me if i am wrong but in my experience I’ve always sent fiat to gemini or bitflyer then, in order to get that over to an exchange like binance, I buy bitcoin and then transfer it to one of those other exchange’s wallets.

So my question is this. how are you going about calculating 100 dollars even worth of whatever alt coin you are buying? or is this 100 dollar goal just a rough estimate and you just try to get close with whatever 100 dollars worth of bitcoin is at the moment?

Serious question, please be gentile.


#236

Yes. You got it right. It’s an approximate of sorts considering fees. But for simplicity I just get it close to $100 for each buy in.


#237

Looks like I can use FIAT from coinspot to buy ICON direct. Is that some weird down-under (Australia) thing? Cause everyone’s talking about having to transfer from other crypto… am I missing something? Sorry, only been in the game about two weeks. Steep learning curve.


#238

You can buy direct with Coinspot, has $3 fee for purchase of $100, thats where i’ve been doing my DCA


#240

Do you keep your coins in the exchange or actually transfer them to a cold storage or mew? If so, do you account for the fees?


#241

I leave some in exchange. Fees? It’s but a scratch!


#242

Peter or anyone else…

I am interested in DCA’ing into ICX. I am just wondering if you can explain exactly why over such a long time period if you have the capital to start with. We can all agree we expect it to be much higher in value in a year than now? So why not DCA larger amounts over a few months to smooth out volatility but not miss out in the long term?

Or is it more just what people can afford in the short term? I completely understand the reasons for DCAing after my recent mistakes, but maybe not small amounts like this over a year. Care to explain?