I’m holding Dogecoin for a few months seeing it wildly swing up and down. Does it make me scared? How can anyone hold on with such wild price fluctuations? I’m covering how I do it.
How’s it going everybody this is beat the bush today i’m going to talk about my strategy on how i hold on to dog coin even though it’s so extremely volatile this video is brought to you by weeble don’t forget to get your two free shares of stock just for signing up and depositing a hundred dollars you can even trade dog coin on it now except for new york of course
Check out my referral link down in the video description below i have been trading stocks for over 20 years i guess the more i look at it the more i see there’s a huge amount of psychology behind it and it’s very important to know which kind of investor you are so that you can kind of predict yourself predict what you are personally going to do if the price goes
Down are you gonna panic sell or what not many people buy high and sell low why is that i think it’s because they invest way too much of their money that they actually need to pay for bills to pay for car payments when they hold on to this they have this hope that it’s going to go to infinity if it reaches their milestone they say you know maybe it’s going to
Go up even more maybe it’s going to go up to a hundred dollars which i think it’s nearly impossible for dog coin to go there but when it drops 30 percent then they panic sell because they think well i need this money to pay the bills so if it hits a certain point they sell at a loss so you’re almost guaranteeing yourself a loss no matter what it does if it goes
Up you’re never going to make profits if it goes down you’re always going to sell so you always lock in losses for some reason now i’ve been thinking about why the heck i’ve been buying dog coin when i am so adverse to risk i was so afraid of the pandemic that i don’t even own any stocks right now sometimes i trade uh gold even because i think it’s stable but
Somehow i was able to buy thousand dollars fifty three thousand dollars worth of dog coin so people look at this and think that this is very out of my character because i am so anti-risk i’d say but dog coin is very very risky so how come i put so much money in it i just have to sum it up it’s probably because elon musk is behind it also the second runner-up is
That there is a huge community on reddit behind it so it’s sort of like a people’s coin i’ve also had questions on why i invest in dog coin exclusively and not any other better coin something that does something and again i’m gonna get back to that elon musk is behind it now i’ve not always been such an elon musk fan back when tesla first started when they were
Making their roadster it might have a chance of working out that it’s going to be a company but i always thought that there’s a huge risk right it may or may not make it i wasn’t like the person that goes oh i’m a true believer of elon musk it’s all of course it’s gonna go you know to the moon or whatever the stock price is gonna keep on going up i didn’t think
That because when it ramped up a lot i actually sold it around um 800 pre-split price i bought it at 200 sold at 800 and then it split and then it went up some more so the equivalent must be like about 2 400 uh pre-split price when i sold that i hate 100. now selling it wasn’t exactly a vote against tesla or elon musk it was just that me thinking that it was
In a bubble and you know it’s time to cash out on it but what really brought me into this elon musk cult i would say it’s kind of like a cult is that over the years i’ve been investing in tesla and you know just watching all this crazy stuff that he does it’s like he hits these milestones time after time so after you know he lands a rocket after the model 3
Comes out you know all these successes you kind of have to start believing in the guy because you know so many different things so many crazy things that he’s able to accomplish so by now you might have to just kind of just go okay you know because you have such a good track record maybe you know you have to believe in dog coin as well reddit right now has 1.8
Million subscribers about 30 to 200 000 active at any given time i look at this and think about what is the collective buying power here are all these people able to support the price i am not sure because there’s no pull on how much assets each person owns that is looking at this reddit there could be a lot of people that’s not subscribed and just kind of
Lurking along just like me before i actually subscribe i mean i had like about half a million dollars uh usd worth of dog coin and i just lurk around and i just look at it as well so the buying power behind people might be a lot more than what i’m estimating here so if i estimate like a thousand dollars per user and this is just a rough estimate just based on
What people post on there these are the people that actually do post 30 000 people times one thousand dollars this is about uh 30 million dollars worth of buying power but you see that the dog coin volume is around 20 billion a day so you’re gonna need at least 10 billion dollars worth of purchases to just kind of make the price stay even i’m just kind of thinking
Out loud here thinking about how much buying power that the people looking at reddit or people subscribed to it have my final conclusion is that it’s too hard to determine and you just don’t know based on the number of active users here i have a lot of people asking did i sell yet the answer is no i still hold 913 000 dog coins and this blip is nothing at all
To me because from 74 cents at its peak all the way down to what 50 cents right now it’s about uh 33 cents down and this is nothing if you look at bitcoin it went from 20 000 at its peak in 2018 and it went all the way down six months later to around uh thirty five hundred dollars this is an eighty two percent uh drop from the peak so i am ready for something
Like that for dog coin to happen and i’m just gonna hold on to it stocks when there is a correction drops by 10 but when there’s a correction in cryptocurrency it’s a lot more volatile so it’s gonna be about eighty percent drop that is a correction stocks 50 drop is a crash but for cryptocurrencies it’s 90 drop that i would consider that being a crash so if you
Look at the order of volatility bonds being pretty stable they only move you know a couple percent and then stocks usually you know they don’t move more than 10 20 or so and then you have uh foreign exchange currencies which could move a lot more and then it’s cryptocurrencies which is insanely volatile it goes up and down like crazy it moves up 10 in a day
And this is like a normal day so if you buy into this you really have to put money that you’re never gonna touch for like an entire year you don’t need this money to pay for rent you don’t need this money to pay your credit cards or anything basically it has to sit there and you also have to invest in such a way that if it loses 50 percent even 80 of its value
You’re not going to be sweating bullets you’re going to be pretty comfortable with it initially when i made my first video i did say that i was going to put 50 000 in i was ready for it to drop 60 all the way down to 20 000 i was mentally prepared for this um although if it drops down that much um yeah i’m going to start getting uncomfortable if it does because
My buy-in is at 5.7 cents it really needs to drop to around two cents or so and i don’t see this ever going to happen thanks for watching this video this is just my thought process on why i actually hold on to this and why i have such strong belief and this strong belief actually helps me hold on no matter how volatile it is no matter how much it moves in price
You really have to you know trust that it will come up eventually that it’s eventually gonna hit one dollar don’t forget to check out my weeble referral link down in the video description below i also have other referral links if you guys are interested in helping out this channel don’t forget to give me a like and subscribe for more thanks for watching you
Transcribed from video
How to HODL Dogecoin By BeatTheBush