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Trading approach depends on individual perspective. For some traders, seeing trading Cryptocurrency as a game help them to trade efficiently just like they will play their game to win on PlayStation! Trading is an individual thing, you just go ahead and create your strategy and use what works for you!
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Yes, It is true. Gopax is one of the exchange from South Korea that I use regularly, in the past week, they have sent me a notification about the need for the exchange to close as a result of government regulations. I was adviced to remove my asset on the exchange! It's going to be difficult going forward for traders not domicile in South Korea to be able to use Cryptocurrency exchange in that country!
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I think is not as straight forward as it is generally presented. The fact that you buy low does not mean you will sell high at any given opportunity. Trading could be stages and different layers. I could buy and hold in order to sell in years to come while I keep buying low and adding to my stock! I could trade in a circle having established such circle and that does not mean I am investing, I am only taking advantage of opportunity presented to me by market forces!
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I will like to recommend Cardano (ADA), and some emerging new chain specifically kusama and Terra Luna! These altcoin are going to see lots of traction as people are looking for ethereum replacement because of insane fees. Cosmos is also a very good coin that could give the market what it's need. These coin should be on any trader's radar as they are very undervalued and easy to flip!
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I have sold the top many times and to be honest, it had been mere coincidence that I was able to do so. But when you are trading actively, you should not wait for concidence, you should have plan of selling upward incrementally, so that you are not caught unaware when there is a sudden drop in price! This technique will maximize gain and protect against your profit been eroded and your capital!
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It is good that you are working on new exchange for Cryptocurrency users, There is always need for more infrastructure in Cryptocurrency space and having variety of exchange will serve different market segment. I will advice that you make your exchange to be an hybrid, hybrid in the sense that you provide decentralized services as well as centralized services! Giving your clients an option of chosen different services will give them sense of freedom and give you loyalty from your client! Good luck!
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Losing is not synonymous with newbies traders alone, even the more experienced traders do lose as well! Cryptocurrency market is unpredictable and volatile! The outcome is always 50/50 so, the probability of losing is always there! The more you trade, the more you sharpen your trading skills! The ability to predict and speculate more accurately will serve you well and those ability comes with experience.
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I think this kind of scenario is common in Cryptocurrency, if you trade regularly, there will be coin you will missed and some you will judge badly! When opportunity is missed and money is lost, it can be hard to get over it, but deliberate effort must be made not to be distracted by the pain of loss or joy of gain! Any emotion or unrealistic expectations are mere distraction, you must stay focused!
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I was caught by surprise by the sudden fall in bitcoin price! And I did not buy the dip as I was already in red! Although, the indicators were reading reversal couple with the fact that the market were over leverage and there were grasp for liquidity. Those dips were opportunities for buying low! I guess full time trader would have made a kill in a very short time!
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Most of the mistakes mentioned is not limited to beginners alone, those who have been trading Cryptocurrency for years also fall into the same mistakes! I think mistakes are meant to be made so we can learn and grow in our knowledge of how trading Cryptocurrency works! We should not be discouraged when we make these mistakes over and over again, what is important is the learning! As soon as you have learnt and mastered the lessons that came with our experience, then we stop making these mistakes!
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There are different opinions as regards NFT, some people believe it is just another fad in Cryptocurrency space that will soon go away while some people believe NFT is a new gold mine in Cryptocurrency market! The emergence of different chain in Cryptocurrency is also fuelling the minting and value been placed on NFT! NFT is bringing out creativity and creating platform for decent remuneration for work of art! I believe success NFT will drive the expansion and adoption of Cryptocurrency into many other area of economic and social activities in the future!
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It is not wrong neither is it right to hold on to a coin for long term, it is simply depends on your objectives and price target you want to achieve! The ability to take profit should depend on your goals and objectives before you started holding, and once those expectations are met, it is logical thing for you to sell and realize your profit! The reason some people refuse to sell is because of change in their perceived value of the coin and sometimed, other new developments that could benefit them may arose and if they sell, they may lose out on the prospect of the added value!
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The fee you are quoting here are somewhat insignificant, the centralized exchange is still the best when it comes to fee for trading and that come at a cost of losing the custody of your asset to third party! People pay lots of fee on decentralized exchange like uniswap and of course, you are have control of your asset! Buy and large, Cryptocurrency is the only place where you can pay stipend to move millions of dollars!
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Hello,
I've realised a lot of people have capital in their account to start investment in crypto currency but have no idea how to go about it.
Trading Cryptocurrency is a very risky, you will lose and if you do not have the skills and character to hold your position, considering the position is good, you may even lose further! My advice is to get started right a way with a little money to test the water. Learn everything that can help you with trading, and with time. You will begin to get hold of trading in to profit that will amaze you! |
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Hi Everyone, I have a dilemma since I am holding an wholesome portion of bitcoin. With all the speculation going on in the market I don't know whether to sell or hold on my bitcoin. I've been wanting for more than a week to see if bitcoin's price improves, but it is only falling more and more.
I've gone through dozens of analysts' blogs, websites, market cap sites, price prediction sites, and all the important bitcoin market sites to find the right answer. But I am still unsure.
So, can anyone please tell me if I should dump my bitcoins with some losses (selling at lesser price than the buying price), or should I hold on to it?
There is also another reason. A promising stock just opened up. So should I sell my bitcoins and but the new stock that I'm interested in?
Viketo Sumi (Armani123)
I know you probably must have gotten your answers by now. You dumping bitcoin and buying that stock simply means you're planning on a long term investment, why not just stick with your Bitcoin and hodl till your dreams get filled up. However, you can whatever stock you seem interested in but don't try dumping bitcoin for any! On the contrary to what mindset of newbies in Cryptocurrency market, thinking bitcoin is a get rich quick asset, I can tell you that bitcoin is a long term investment as well! I have held bitcoin for more than eight years and my stock market background had helped me to hold! Therefore, to maximize the opportunity bitcoin provides, you must see bitcoin in the prixm of long term holding! |
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It's joyous to make gains in trading. The problem is how does one control his mind when there is a huge lose
Prevention is better than cure! This saying if applied will safe you from emotional rollercoaster. You have to be deliberate about every of your trading moves, prepare for what to do after profit and prevent losses except it's beyond your control! Having a set target, an exit point bases on sound risk management will safe you from pain of loss! |
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I think before you can have a strategy for trading Cryptocurrency, you must have test your skills over time in the market, the more capable you are in using your skill and experience, the more effective your strategy become! Cryptocurrency is very fast market especially during Bull market, you therefore need understanding of market condition before you can form a strategy for your trade!
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Taking profit in itself is an art! Profit properly taking over a period of time could be very significant if you are day trader! But for trader who is in for the medium to long term holding, profit could become a nemesis, you may be stuck on trying to predict the ATH and prematurely sell when in actual fact, the rise in value is just beginning! I think the best approach is to set up appropriate valuation from get set go! And then stick by it or sell near it!
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Trading Cryptocurrency successfully is not just what you know, the application of what you know is what make a difference! It is good you have knowledge of various trading chart and tools, but applying them in the right market condition and using them successfully is what matter at the end! I will encourage everyone to learn and develop a unique strategy with these tools, then you can profit repeatedly!
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Trading Cryptocurrency is dynamic, the best approach is to be able to interpret what is happening in the market at every given time, you can then use the trading tools to decide your entry and exit point. For me, I try to plot market structure at 4hrs, and try to see signal needed to buy or sell! If I see double bottom with higher lows with an increase in volume, that will be bullish for me and the opposite of this is bearish!
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