That’s actually similar to a legitimate investment strategy... bought when it was too high and the price drops?? Keep buying more, so the average price of your holdings is lower than when you originally bought it, and then you make more profits when you eventually sell.
Of course it doesn’t work if the investment never goes back up again. Every system has a flaw.
Indeed.
I try to take the known flaws into consideration when placing buy or sell orders; like placing orders over a wide price range. I had five buy orders fill on ETH this morning. All at different prices.
I was almost totally out of ETH. Now I have a lot more. Have already entered a sell order, but I'm still evaluating where the price is headed.
Sold all of my OMG. Missed buying back in this morning by just a few cents. Added another buy order at a slightly higher price.
I also hold a reserve. Mined over 300 ETH. Still holding some of those and even a few BTC I mined back in the day.
It's been interesting and profitable. Can't overemphasize keeping perfect records and account for every transaction you ever make/made.
I've had several hundred trades, just this year. The vast majority were profitable.
A percent of every profit goes to charity. Hoping to avoid the Boogieman!