For some context, I'm a complete beginner and new to crypto trading.
I placed a market order for BTC at $96,079.04 today and invested $100 (obtained 0.00102 coins). This is on wealthsimple so i got wrecked with the investment fee (think it was like $1.96). Basically, its worth $97.81 right now, and I wasn't panicking because i know volatility/sound can cause price to vary a little.
But after using a profit calculator, it appears the bid price would have to appreciate to whopping a $99,915.97 JUST to breakeven??? Like I assumed if bid price rose past the initial market order price of $96,079.04, I would profit (assuming no fees), but why does it have to increase by approx. 3k before i even break even?
I don't even wanna sell it because wealthsimple charges an exit fee so now im assuming my only option is to hold long term and pray it goes up substantially, then pull out of the trade?
Some please help me understand this; i would appreciate it very much. i feel extra stupid because im an accounting student but in my defense, i know nothing about digital currency.
Thanks
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