A few weeks ago, I recommended a play on BITO, the Bitcoin ETF, in a live crypto workshop.
It took a while to play out, and folks were getting antsy.
I understand that, for sure, but if you want to trade successfully, you’ll have to master the art of patience.
Not everything deserves your patience. But when a trade setup is still developing, getting out of it too soon can be a major mistake.
It certainly would have been with BITO…
Look at that spike higher on Friday! That’s the result we were hoping to see!
BITO is a unique way to trade Bitcoin without ever leaving the stock market.
And it’s not the only stock-market-based cryptocurrency play. There are miners as well, and other assets heavily exposed to the cryptoverse as well.
Shares of Block (SQ), formerly known as Square, also climbed higher for the first time in ages Friday morning.
Jack Dorsey, the CEO of Block and former CEO of Twitter, has married the company’s fate to crypto very publicly.
So now, SQ goes as BTC and other cryptos go.
But that makes it an interesting asset to trade when crypto is booming. Worth watching over the long haul. For me, I’ll still probably primarily focus on the miners and BITO. But as crypto continues to gain interest and relevance, I’d expect more and more options to crop up within the market for Wall Street types to get a piece of the action.
Jeffry Turnmire and InvestPub do not provide investment advice. Trading involves a substantial risk of loss and is not suitable for all investors. Many traders fail and you should not trade with money you cannot afford to lose. If you need personal financial advice, consult a financial advisor.
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