Yea the fact you used to day-trade, learned a lot, and now don’t, is probably a good warning to me. It seems though that using stocks you expect to do good long-term should provide a safety net. If you fail to make a profit during the day, you just keep holding the stock until you recover your loss. I imagine that’s part of the trick, no?
I’m not out forever. I still don’t work a real job. Lol
Like I said. It’s really hard to get into all the intricacies in this format. But in day trading, you don’t hold too much. You might have swing trades going at the same time you are day trading.
Bitcoin is tricky because you have billionaires that can convert it into cash in an instance but the rest of us they make us jump through hoops.
Savings accounts suck too with the ridiculous interest rates, but in the long run it's going to go negative no matter what anyone says. If
you search for an IMF document, you will see the plan outlined in detail about CBDC's and how they plan to screw anyone with a
savings account. Best way is to diversify safely and also have hard assets for safety such as different types of real estate.
I’m not sure what you mean. I always got in to trades and sold instantly. Actually, depending on the coin and the market cap, the more you hold the harder it becomes to sell.
As for converting to cash. You find you account with $9000, you buy 1 BTC at $9000, then you sell 1 BTC at $10,000. Then you can initiate a deposit to your bank account just like say, PayPal. You transfer 10,000 USD to your bank. It will take whatever time it normally takes to transfer.I mean, it is what it is. It’s just an electronic transfer of funds.
Again, I don’t understand. In day trading, you always end the day in your domestic currency. My exchange accounts are always settled at days end, and when I am done trading for the day, my account holds money in USD. And when I sell the aforementioned 1 BTC, it is instantaneous.
Unless you are talking about buying and hodling, (not a typo). Then I revert back to my previous statement. That I’m not sure crypto is I great long term investment. I could be wrong about that, but I’m a day trader at heart. Only time will tell.
I’ve been contemplating the Forex market.
Not much movement, so it’s a lot of margin trading. But it’s very lucrative if you have the nerve to use higher leverage. 
By savings account I mean just parking your own money in a regular bank savings account and were this is headed, nothing to do at all with bitcoin at all because some here were talking about diversifying investments etc.
Still don't trust bitcoin at all because there is no safety net if you try and sell it if and the exchange gets hacked in the process or the exchange goes under. And why does it become harder to sell bitcoin the more you have of it when the whales can offload their money without any hassle? Something doesn't add up, but I will say that it would be fun to jump in an out with smaller amounts and keep playing it that way.
I’m a strong believer in not putting more on the line than you are willing to totally lose. That brick and mortar business you mentioned you and your wife are starting sounds like a better place to focus efforts.In my opinion of course. I don’t know your situation. What type business are you two starting?
My advice: stay away from it! It’s way too late now to profit from bitcoin.
Also, stay away from Ripple. That’s the most scammy crypto coin, because the company that owns it continuously does pump-and-dump schemes while announcing partnerships and all kind of BS. Even now as we speak, after Ripple has increased naturally due to this paypal-bitcoin thing (like every other coin), the company is dumping their stash again.
Of all the coins, only bitcoin will hold some value regardless of what happens, because it is the only coin actually used for buying/selling stuff, mostly internet services, like vpn for example. All the other coins have their value backed-up solely by speculations/trading.
So if you have money to loose and want to buy crypto, stick with bitcoin because you have good chances to not loose all of your money.
Brick and mortar is at a turning point in history. It would have to be really unique and even then their are no guarantees against copycats.
Well, like I said before. You set up a trade, set a stoploss, and follow the plan. Let your trade play out. If you lose, you lose. But at a three to one R/R, if you win 50% of your trades, you make money. One thing people do in day trading that is a HORRIBLE idea, and that most don’t understand is, you take calculated risks. It’s not gambling. And don’t go all in either. Lol
We are going to open a sandwich shop here in Daytona. We have gotten an overwhelmingly positive response in our market tests.
Well, there is a lot of money to be made every single day of every single week. Even in a bear market.
I’ve done it. A lot. Lol
I latched on to LTC for some reason.
I’m not sure I understand.
Well I didn’t expect you to say a sandwich shop during Covid. How well are similar sandwich shops in your area doing at this time?
Talking about the store thing. Taxes, insurance, repairs, weather, bookkeeping, utilities, payroll…………One big fricken headache. Long hours , low pay.
Talking about the store thing. Taxes, insurance, repairs, weather, bookkeeping, utilities, payroll…………One big fricken headache. Long hours , low pay.
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Hmmm, I’ve had a business before and it’s not that much of a headache really. Taxes are a breeze really. Pay income tax when it’s due, file at the end of the year. Insurance….didn’t have any kind of insurance. Repairs are on the landlord. Not sure how weather factors in. Bookkeeping is easy if you stay on it. Utilities can get pricey. Especially here! No payroll.
Long hours. Sometimes. But I’be alway favored putting in hours for me, rather than someone else’s gain. And low pay? Well, it all depends on the business type, and what you put into it.
Gotta be willing to put in the effort to reap the rewards.
Location probably is one of the biggest things. Bad location and you end up treading water. You will always take the job home with you. Profit margin on a sandwich? A few cents after all said and done. Gotta sell a load of them daily. Property/school taxes will be in your rent. Depending on your situation, weather plays a huge part in it. Hurricane, rain, cold, snow (not Florida hopefully) all play a part in traffic. Not saying it can’t be done but it is tough. Food before covid was working on thin margins.
All I know is when you read about a new restaurant opening and they interview the owners, half the time they say they owned 5 others ones in the past that failed.
How the banks loan money for eateries is beyond reason.
A lot of them seem to run a similar course, open to rave reviews, brisk business for maybe 2-3 years if lucky and after a while the menu gets stale, patrons taste change, Competition comes in, revenues go down. Then the owners look for ways to slash cost, cheapen ingredients, quality suffers and the circling of the drain begins.
They cut hours and staff and enlist more family members, etc.
Worried about my favorite restaurant right now because they now serve Pepsi instead of Coke and the butter changed brand that they bring to the table, this means they changed food supplier.
My friend Mike used to be restaurant manager for 3 different places and then became salesman for food supplier and taught me these tell tale signs.
Usually when they change it is because they ran out of credit/ran up debt with the last supplier.
Right now with the Covid-19 war on restaurants/bars by state gov’ts to limit indoor dining and the public staying home it is really tough for all them to stay afloat.
We try to do what we can and always tip the wait staff very well as they are front line workers.
It’s just a tough row to hoe with the Dept. of Health breathing down your neck, wasted/unsold food losses, stop gap job staff turnover and most important low profit margins.
Wish DSTdrummer best of luck, some restaurants do endure for years, it can be done but is difficult.
Location is important. I didn’t think it’s the be all end all. And as for profit margin? Well, we do plan on using good ingredients, so we have a good product. By a few cents it will not be. We are going to have quality food, and quality price. I’ve boiled it down the near exact cost per sandwich buy weight. I’m looking at an average of about 30% on each sandwich. That’s an average. Some less, some more. We are doing almost everything home made, so I am not selling at Jimmy John’s prices. Nor am I competing with them. We don’t so subs. That’s the other good thing there’s only one real sandwich shop, maybe two here. The rest are chains. And the one sandwich shop, (that is doing rather well actually), is nowhere near the quality, and specialty we have. Nothing is guaranteed, but I am very confident. And I haven’t had a failed business venture yet. (No jinx….no jinx) lol
As for Covid. I’m not worried. My buddies restaurant lost zero business. It just switched over to take out and pickup. Now it has all switched back to dine in. And he just opened a second location.
Fingers crossed though!!
Failure is a part of learning the art of running a business. I’ve been lucky in all my ventures. I haven’t failed yet. This may be the one, who knows. And I’ve always started with cash, and never owed a dime when selling/closing.
I closed up the business I had in Ohio to….well, get out of Ohio. Was open for five years, made money every year, supported my family and always had cash in my pocket.
The restaurant industry is a tough space. That’s for SURE! But I don’t want a restaurant. I just want to make great sandwiches, and continue to work for me.
As for Covid? Nah, I’m in Florida. That’s not a thing here. Lol
DeSantis has already said if there’s another shutdown, we aren’t participating. And I’m all for it.
See above comment for my buddy that has a fried seafood joint here.
I’m confident, but not to the point of being dumb,
(I hope 
)
But I’m going for it.
Thanks for the well wishes!
It’s much appreciated!