Bitcoin Forum

While I have followed crypto currency for a few years now, I am very new to trading (hardly two weeks). I use CEX - its the only decent platform that accepts credit card payments - and, together with a pal, made a quick buck earlier today when BTC/USD rates hit 2900 just to get the butterflies off.

Would it be sensible to hold on to the cash or take a dip instead (BTC/ETH)?

Welcome to trading world. Congrats for your first earnings. I cannot give an advice since we are in the Fork stage, what ever happened just HOLD your Bitcoins. Expect it to rise 3k to 4k before the end of year.

Thank you so much. I don't have any bitcoins now - sold them all when it reached 2900 (on CEX).

Noted your point on the projected rise. Will snap up a little fraction (based on what I'm able to afford).

from the current market manipulation prices , you don't have sell your coins , stay as you are now ?
 

Wow! what a nice start you have there buddy. Well thats how trading works when you do bought cheaper price and sell of on a higher price.This is just a simple trading or basic thing on trading.Just like been said above we cant give any advice since we are still on the fork situation. Holding bitcoin would be a good thing but depending on which price point.  I cant say if this would be the new floor of bitcoin or not.We wont know if price would crash after this event or not.

@mtoo - yes, I would have, but I really got the proverbial yips and sold 'em off. Sale price of $2929 seemed too good a deal to miss.

@stomachgrowls - totally understand. when more seasoned folks are themselves wary, I shouldn't do anything silly. Thank you for the suggestion :) . I have a small fraction lying in the Exodus wallet. Will hold on to it - and, if this current price falls (in the 2800s now), will pick up some too.

Congratulations for getting some early profit out of trading, it doesn't really happen with every new trader.
Actually, if i were you, i would hold on my cash for now, and i would start trading altcoins after a few days when all this fork thing gets finished and everything starts working normally again. Though i don't have much knowledge about all this but i also feel that it is not good to invest or buy any coin right now. I can be wrong though.

@Aamir1: Thank you!

I bought some alt coins the other day (used up some spare ETH) - Lite and DASH. Not touching them for now. I haven't been reading much about newer ones lately - too many coming up - and so... focussing on the established ones, tbqh.

I will, however, have an eye out. Tx again :)

I could only say, bravo and congrats on your profit. As what have he said also not all new traders can gain profit instantly. Anyway just keep learning and earning, some alt coins also are very good investment, I just want to share you some tip, if that money you have right now is not yet in need, you should better hold it and sell it later or make that as your investment, but it still depends on you, as long as you gain then its up to you if you are going to hold it or sell it.

Great that you have started on trading hope for your success. Its hard to tell or give some suggestion now because of segwit maybe the price of bitcoin will get very low. But i think its better for you to hold for the meantime. To avoid great risk.

@speedy963: Thank you - still a long, long way to go.

Nice of you to reiterate the alt coin bit, I will keep reading and have an eye out for whats there.

Re: the money, yes, I haven't sunk it into anything yet. *might* pick up BTC/ETH should rates plummet. I'm inclined to think both are here to stay - fork or no fork.

Not touched any of the other alt coins that I have. :)

@dontme: Thank you - yes, I am not certainly taking chances. Best to play safe as a novice. Truth be told, Margin Trading sounds fascinating - just read about it - but I am not taking the bait. Yet! Ha ha!

For bitcoin trading it is highly advisable to keep holding for months. But same will not be applicable for ETH trading. It is highly expected bitcoin prices to continue its rally toward $5000 in coming months so I like to suggest you to arrange more funds to buy bitcoins for longer haul holding.

With many traders experiences, holding bitcoin will be more beneficial compared to trading bitcoins. So, better go for some more researches and act accordingly.

This must be a honest suggestion to any new trader who are all looking to enter altcoin trading and active bitcoin trading. In last 2 years, bitcoin investors has benefited 10x profits whereas I am not sure a trader would have earned similar profits.

@ivanst776: Thank you for explaining it the way you just did - the dichotomy of BTC/ETH trading. Very helpful, indeed.

@beerlover: Oh yes - very true... Those who held on would have benefitted insanely! And the success stories are out there too.

Why not? Still have some trader and investor from last year invest for buying STRAT and ETH, and just after one year, they are have big profit not stop x10, this is x50 if calculated to USD. So when have the opportunity become to rich man, don't miss it ;D

yes just always buy at the dip or find some coins that has a future so could get more profit just research some information

@drlukacs: "when have the opportunity become to rich man, don't miss it" - never a truer word! :)

@Soots: Indeed - scouring ICOs will soon become a favourite hobby! Ha! :)

@Mkmanik: Thank you for the kind note. My only issue with Bittrex/Poloniex - I cannot pay by credit card (I do not reside in the US/EU/China - and those exchanges only require wire transfers). :( And yes, I really am hoping BTC kicks up despite this hard fork. Fingers crossed for all of us!

If you have been following cryptocurrency for a few years then you should know how bitcoin always fluctuate because some uncertain news and problems but in the end it always recover. For layman, holding bitcoin is a safe way to get more profit in the future but on the other hand trading bitcoin or altcoins require much more. Current price of bitcoin seems decline and eth price already rise over $224.
Whenever bitcoin price decline is a good thing to buy bitcoin, but ethereum will drop soon.

if you have money to buy 1 BTC Go for holdings experts in crypto currency says. its posible to get up to 10,000$ price of BTC in the next 3 to 5 year's. But I know its hard to keep holding because there's a time bitcoins go higher and you not sell cause your plan is tovget doubled or tripled your money invest. So if you have enough money to buy bulk of BTC . I suggest you to set a plan the half of your BTC will be on holding (Long Term) and the another half  In Shorterm So you will be not worried if bitcoins go higher and higher.

if you want to start trading you need to decide on 1 thing: what do you want to hold your profit in?
most people keep their profit in bitcoin. this means for example you start with 1BTC, price goes up you sell, then it takes a dip you buy back and now you hold 1.1BTC and repeat this. and the same with altcoins. you buy an altcoin it goes up you dump it and take your bitcoin out, once more you hold more bitcoin now.
it is the strategy because bitcoin also rises in long term. that means the more of it you hold, the bigger your long term profit will be.

the next thing you need to do is to learn how to be very active and fast in the market. specially in altcoins. it is very important to make up your decisions first then invest. for example you buy some altcoin in its dip then it rises you need to have a target to sell before you even invest. and make sure to sell at that point. don't get emotional and don't listen to others. sell and get out fast and move on to the next thing as fast as you can to make profit elsewhere. they won't wait for you to come then go up.

IMO you need to identify what kind of trading plan you want, are u an investor or a trader?
If you love to hold a long term investment, doesnt want to have much time glued to your screen, and got actual jobs that you do for living, then you can go for investor type.
However if you love to see the chart, trying to pick a top and bottom of every daily candle, then i suggest you become a trader.

When you decide what trading plan you love, you can start building towards your money management. I've seen both investor and trader make lots of money, and we really can't compare if you're talking about which one is better. Just like the old proverbs says,
"Bulls Make Money, Bears Make Money but only Pigs Get Slaughtered"  ;D ;D

You should not spend time times study junk material prepared by the said expect in crytocurrency trading but follow this simple method you just use to make some profit and your wallet will be fill with coins. Buying low and sell high on any coins is the master key to succeed in crytocurrency be it bitcoin, Ethereum and litecoin.

I lost a lot to crypto when was a beginner.
Lesson well learnt
I don't go in for big profits in short term
It's very dangerous

@Rahar02: True - and I'm discovering how different it is once one takes the dive. Also - (something I had posted in another thread) - I had dabbled with bitcoins long ago, without being serious at all and lost all the precious little I had earned. So, that kept me OFF all this till recently when I decided to take a sincere plunge.

@albert11: Yes, my plan is to go for 1BTC, but given a little fund shortage, I have gone for a little over 0.5. But yes, I hope to get the other half in the next four weeks. Thanks for the suggestion on splitting them into the longer and shorter terms. Totally worth looking in to with the amount I'll end up investing!

@Herbert2020: Thank you for that note - "don't get emotional" is my key takeaway, and its *so* true - faced it in the few minutes when I was wondering whether or not to sell off stuff at a certain price point! Altcoins - only dabbled with a couple, but yes, will keep myself up to date with the ones out there.

@metenjean: I'd of course prefer the investor route, but the odd trading wouldn't hurt (plus, I have this whacky 'phobia' - relating to handling money, mostly investment - that I'm hell bent on overcoming). And that's a pearl comment. Stealing it! :))

@Idrisu: Ha ha, oh yes, that's the simplest way to put it! Come to think, need to put my learning from all those trading games I'd played as a kid to good use!

@ShadowBits: Darn... Agree such 'burns' can be scarring. Went through something similar, but perhaps not to an extent you've just described. Point taken, though. Short term, big profits may not be the wisest in some cases.

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I'm so grateful to each and every one who has replied. Sincere thanks, folks. Would love to hear more views/insights :) Be well!

Steady volume x volatility with a lookout for traps. avoid shitcoins and newly added stuff as much as possible but sometimes trade the less useful or gimmicky coins because they have a nice bouncing pattern , be pretty conservative with your buy and sell positions and prepared to watch it plummet. Big risk, big reward can also mean big losses. And NEVER go all in.

Buying low and sell high is the rule of this game. Op what you have done is the right thing and that is why you see  the right results. I will advise you to keep practicing this many times until you became perfect in it and you will be name among professionals.  We should not follow  the hand secking one but trade as if we are in control.

You have sold your bitcoins, but i am happy, you sold in a good price $2900.
But in trading, if you afford to hold the coins long time, then better to hold them for a long time, than sure you will make profit from your holding coins.
But you are still new in trading, and in trading you will learn in your experience behalf, before now our suggestions not work.   

That’s a wise decision. Indeed going for short term investments in order to enjoy big profits is very dangerous.
In this case, you are putting your money at risk. To make big and grand profit with bitcoins, you really need to invest for long time. Patience is needed to work profit with investments.

Hi!

You might want to invest to other viable altcoins too. I have sent you PM. Hope you's find time reading it. Thanks!

Altcoins are good only for short term trading as we are seeing litecoins and dogecoins are trading with same level of BTC value. But there are good for trading for short term.

Instead of struggling with day trading and short-term trading, I always preferred to hold bitcoin as a long-term trading. It is highly profitable than any trading strategy. In my experience, bitcoin investors are making more money compared to bitcoin traders. There could be many exceptions but most of friends in trading are agreeing this.

Lesser the currency has market cap, more it is prone to risk. So if you want to eliminate the element of risk, you should better stick to Bitcoin. But as Crypto is a world of volatility and uncertainty, it shouldn't be a bad move to switch to Ethereum and gain some additional profits. However, possibility of rise in BTC is currently seems to be more than Ethereum due to improvements in its ecosystem through forks in coming days.

Altcoin market is decentralised which makes it unpredictable and uncertain. Only some experts and pump and dump group admin can make a considerable profit out of altcoin trading. For others, trading usually bring loss. Sometimes you can make a good profit out of it but not always.

Bitcoin is perfect in this sense. It gives good profit out of your invested amount and also is least risky. We always have seen growth in Bitcoin when it comes to long term. Bitcoin investment can provide many profitable entry and exit point. But Altcoins can't.

Until november when the SegWit active complete 100% in system blockchain, the price of Bitcoin will have many volatility but I think the main trend only bullish, the ratio make Bitcoin comeback range price $2000 as few weeks ago is gone.

Actually it is still low because if see the market that bitcoin is enlarging now a days then you will release that yes I'm true that I'm saying that it's still low so I would like to say that buy in a units that you will have more chances to twice your price because the fluctuation is going to increase which will make you better in every part so that's the game now a days.

If you sold all the Bitcoins you had, you might want to wait for either Bitcoin to take a big drop to buy back in or buy an altcoin like you were suggesting. I would stick with one of the major altcoins and make sure you are buying on a drop rather than a peak.

For Bitcoin it really gets difficult knowing when to buy back in because you can't tell how low the price will drop after it starts that direction. You could buy back in increments to help mitigate that difficulty.

There is no way to simply buy low and sell high, all you can really do is try to take advantage of flash crashes as they nearly always correct themselves soon after. It's especially the case for mid to low volume coins.

He should not boycott trading in order to become a veteran. Crypto trading requires practice and patience in order to get the skills of crypto trading. I believe that there are many ways of practicing trading before jumping into the ground for a real game. Demo accounts are the best options.

@ShadowBits: I am still getting my head around new coins. Too many of them. My portfolio is mostly BTC/ETH. And CEX gave me some BCH (which I wasn't expecting at all). The alt coins I dabbled with are Lite and DASH, got rid of both for the time being.

Sigh. Did a BIG blunder by going all-in and lost $300. Burned, and lesson duly learned. Never all-in, again.

@omonuyak: Thank you, of course I will keep at it - but I understand I can't always be right. Happy to learn :)

@MFahad: Yes, learning it the hard way now! I really need to *invest* and *hold*. Temptations and emotions are recipes for disaster, and I am playing with fire x(

@richkellj: Patience and holding is indeed the way to go - and I'd better imbibe it pronto. Thank you!

@Kevin77: I quite understand the meaning of that now. For instance, when I thought I made a good profit by selling what I had for $2900, had I waited about a week, it would have been a lot more. And from what I have been reading here on this forum, BTC is headed for $4k. Guess there's no better time to learn for someone like yours truly!

@webtricks: Thank you - yes, I am trying to make the most of the ETH surge now. Won't touch BTC.

@iram1011: Nicely put. I sure hope to invest more in BTC - price surge or no price surge.

@fearcoka: Wow, really can't see this coming down to $2k again. Can I get a time machine somewhere, please? #wishful

@ThunderCatSteve: Interesting - what's also challenging for me, is already converting my weaker currency (where I live) to a stronger one (USD/EUR) and then put that in BTC. I think I've done a 'decent' job, CEX's commission/fees and my own credit card's mark-ups (for FOREX purchases) notwithstanding.

@aardvark15: You nailed it - very hard indeed to gauge when BTC will drop. Not that it is easier in, say ETH, but at least alt coins like that are affordable and I can look to actively trade them.

Really hope to get some more BTC soon.

@charlescoin: Ahhh, yes, just that keeping track of flash crashes can be hard - timezones, damn them!

@setupbounds: Oh yes, one demo account I dabbled with was the one available on hitBTC. Any others that anyone else knows of? Thanks!