Finally I made a profit trading Litecoin

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I think it is a good idea to keep trading and investing/hodling accounts separate and not to mix them. Both have different purposes, and require different strategies. At least that is what I try to do.

With an investment/hodling account it is easy. You can just buy and forget about it for a long period of time. However, with trading account it is not as simple. It is very easy to turn a trading account into an investing account when trade goes the wrong direction. Once trading account turns into an investing account, funds get tied up and won't allow any more trading. For this reason, taking losses when trade goes the wrong direction might be useful.

With my trading account, I try to do just that. If there are profits I take the profits. Often, I end up doing that too early. If there are losses, I try to take losses and move on to the next trade. It is more difficult to do.

Whenever I traded Litecoin, I almost always ended up closing the trade at a loss. I can't remember a time when I was profitable trading Litecoin. That doesn't mean long term investment in Litecoin aren't profitable. In fact, we can see that when Bitcoin and/or Ethereum rise in price, Litecoin moves up a bit as well. I am talking about short term trades which take only few days or a week at most. I never had a successful trade on Litecoin until today.

A couple of days ago I started buying Litecoin and ended up going all in on my short term trading account. You may ask, why would you do that if you haven't had a good trade in the past. There are three reasons. One, I don't like to trade bitcoin anymore. I just keep bitcoin as an investment/hodling long term on separate accounts. Two, I already traded Ethereum this year and everything went well. But, I ended up selling too early last week, so wasn't ready to go back to Ethereum. So, the third option was Litecoin. And I also wanted to have at least one profitable trade with LTC.

I actually don't know much about LTC. For the most part what I know about LTC is what I have heard about it from a friend of mine. Back in 2017, I recommended a friend of mine to buy Bitcoin, who ended up buying Litecoin instead. I don't know why, probably price seemed to be cheaper. In a couple of month Litecoin went up three times, and that person was really happy to invest in it, took the profit, and never traded again. But learned about Litecoin.

In September 2020 I saw the same friend, we talked about Bitcoin and crypto a little bit and I advised to at least buy one Bitcoin. It seemed to be a right time to invest in Bitcoin. Just like last time my friend buys Litecoin instead, significant amount too. At that time I believe Litecoin was around $45. By the end of the year we saw Bitcoin breaking previous all time high and going a lot more higher. Litecoin went up above $100. My fried ended up selling them at around $105 at the end of December, and was happy with the quick profits.

What I know about Litecoin I mainly heard from this fried who actually knows not much about cryptocurrencies, blockchain, etc. I guess once you are invested on something, you started learning more about it.

Anyway, for some strange reason I always wanted to have a positive trade on Litecoin. It did happen today. However, just like with my Ethereum trade I probably sold it too early and will end up regretting selling too early tomorrow.

Isn't trading fun?!

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Well sometimes day trading can make us think that there's no long-term profit to a coin. Some coin may not be tradeable on a daily basis but the prospect futuristically might be massive by all means.
Nevertheless you're right though, I use to have a trading account but my mistake was not realising early that I needed a separate account for holding or buying long-term.
Congratulations on your profit, sometimes there's always regret of selling too early its the bane of every hodler haha.

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You win free !BEER for your efforts :)

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Lol lucky you I still need a while to go, I bought pretty high up in 2017 so I need to wait a little longer, I am closer because I bought a few cheaper ones over the years but I at least want to break even with my original buy and then I know the others are pure profit

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(Edited)

I have also made a profit trading LTC - I got rid of a third of my holdings to buy a stack of Rune back when it was 40 cents.

Although I'm not sure whether just getting rid of the stuff counts as 'trading'.

Seriously though I've had the same experience - mainly because it's just drifted down and down against BTC for so long.

I still like LTC - it's the coin I always buy with EU because it's easy to transfer around.

And I'm a big believer in the fact that it will always just follow along with BTC - maybe it'll do better now because the later is so pricey - I always thought psychologically the masses would go for LTC over BTC as it sounds cooler and you buy a few of them rather than 0.01.

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(Edited)

Top tip, you might want to be buying a shit load of Litecoin right about now for the HODL of a lifetime. Im using Litecoin for everything nowadays for transfer between places. The path of least resistance for all cryptos is now UP. :D

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I am actually thinking about that. On one hand I hear privacy feature - mimble wimble implementation is bullish for litecoin, on the other hand I hear exchanges may delist it because of it and regulators will come after privacy coins.

Thanks for the tip. Still thinking 🤔.

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Just accumulate and hold, when it wakes up it will have some serious go go juice. If exchanges delist a coin like Litecoin, The era of the centralised exchange is dead.

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Just for the transaction fee alone LTC has use. Can’t use BTC or ETH as “money” anymore. LTC follows BTC.... so it works.

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Yes, it does look like it. I ended up buying them back again. I will probably hold longer this time.

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