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I have a criterion, if BTC is below its last ATH it is cheap to buy, I also have a conviction BTC will reach $ 100k, even more, so whoever buys at this time will have a substantial profit when the movement occurs, in fact the Move may be soon or maybe 2022 but I know it will have that price, only some Wall Street analysts have claimed that BTC will hit at least $ 150k, and apart from these claims I am closely following PlanB and their incredible prediction.
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I've simply learned to take the risks especially when the volatility of the market is too high. Also, handling our emotions well every time the market situation changes would be a wise move. Fear during the dip and greediness during the pump would only lead us to regrets in the end so we better set a good target goal so we'll have something to follow and we could make smart decisions.
If you’re taking any risks in this market, it should only be a calculated risk. You don’t just jump in and be taking risks when you’re not well planned. You have to calculate yourself and know what kind of risk you’re about to take, what may go wrong and how you will be able to handle any kind of situation that arises from taking that risk. You have to be ready for it, and if possible, you should have any kind of tool that helps to minimize the level of risks that you’re able to take. And for sure it is good to set a target. Not having a target while trading is like having a ship without a captain that’s directing it where it’s going to. Our targets are what leads us and determines the steps we are going to take in being successful. And your target would make you know when you should get into the market and when you should leave, which is very important. We can never expect that all become calculated and accurate, not in crypto trading and even the others as it always changes in no specific time due to some factors affecting volatility. But then, it was very important to have a goal/plan before trading as this will serve as our guide where we go and what we want to achieve but sometimes, we have been deceived by our emotions leading to making a bad decisions and making us lose. Perhaps, it always happens to newbies. You are right in what you say, however I read a book by a market speculator from the 1800-1900s called Jesse Livermore, and he sometimes if he had a hunch he would listen to him and those few times he had the hunch he won, I'm not saying with this that you have to leave everything for a hunch, but if you have to take into account that sometimes in the face of uncertainty there are enough things to develop, in my case in the current marking I see many options that can happen, but I do not have a Definite sense of what can happen, however uncertainty invades me and being out of the market until I have clarity and only better than I can do. |
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Yes, talking stop loss is a very nice feature for those of us who own very large stocks. this can prevent big losses on the assets we invest. But for me, not all trades are suitable for me to use stop loss, sometimes the decline occurs not for long. because the analysis shows a market revival can occur, so it does not cause losses.
A loss is a loss , if you forced yourself to follow the trend especially the downtrend as you expect a market revival .. then this is a point where most newcomer doing it wrong , you better accept the wrong prediction by some losses and this is a stop loss job. start over and regain back what you have lost is the correct and wise way to trade in discipline. It is always good to use the stop loss, usually most people use the stop loss to minimize losses, and if it can be used, but it can also be used to maximize profits, in the case of Binance when we have a position In Long and we do not have the option to protect ourselves with the stop loss and the take profit at the same time, we simply run the stop loss where we want the profit to be, it is a simple technique, with the only disadvantage that you have to be aware of the movements. |
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Buying only Bitcoin or at least 90% Bitcoin.
I do agree that BTC must be your primary target of investment in crypto. IMO 60 to 70% of your capital should go in BTC and rest of capital for strong alts (top 10 alts at CMC) and short term trading. OP point is also valid that when BTC goes down every coin goes down with it. We have to accept that fact, the logic of equity trading don't fit here. You should allocate good percentage with Bitcoin since this can be your safe haven while the altcoins are not working properly, holding Bitcoin is always advisable same thing on diversification. Never go all in even on Bitcoin, that’s still risky and not a good way to invest. I do hold Bitcoin and trade altcoin as well, this is very effective for me. As we have observed throughout the years, bitcoin has been tested by time. There will be ups and downs, but that's just part of the market. But its value has tremendously increased as compared the last 5 years or so. It is the top alt, so we can assure ourselves that this will not disappear when we are sleeping. And then to diversify your portfolio, look at top 10 alts first and evaluate which one will have the strongest applications in the market. Because with strong app, you know they can survive even with bearish market. Diversification is very good, although I think that internal diversification in crypto is something else, when we diversify in crypto we think of altcoins, and altcoins are usually a direct consequence of the movements of bitcoin and bitcoin is the boss. Currently there is the market for NFT games which has capitalized a lot of money in projects which is a similar fever to those of ICOs in 2017-2018, which is based on tokens that are relatively new, some people have capitalized money there and have done enough, but the investment and the risk is high. |
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It's not rare to see people who underestimate about something that they just heard, they need proof to convince their self if bitcoin is really legit or not. but when they missed the train they hope to go back in time so didn't miss any investment opportunity.
True. When I've talked about bitcoin to my few friends, they've doubted me and never got interested. But when they've seen that the price gets pumping, they started to notice it and became interested all of a sudden. There's a need for them to validate first the information even if it's coming from a friend of theirs. That's why, I don't trust any of them anymore since they didn't trusted me and doubted what I've told them about bitcoin and trading with it is a profitable thing if they get to understand how the market goes. Well, its quite normal to have doubt at first. I also experienced this to my family after telling them about crypto but they just ignored what im saying. However just like the saying goes " to see is to believe" we need proof first before we can convince them and I dont see anything wrong with their first impression. If they are really interested and see for themselves the sincerity of what you've said, then there's no need for further explanation, because they will certainly find ways to know more about it once they validate what you said is true. I've given them all the talks that give them guarantee that they shouldn't doubt it and me. But well, that's how it is, and no regrets that they've never invested in it too early. Now, that the price started to drop, they should start buying it if they still want to. But if they don't, I don't have anything to tell about it to them anymore because I've told them almost everything that I know of. I really admire that ability they have to explain to people the benefits of BTC, one day I tried and could not, the reasons are simple, people if they do not have a high financial education it is even more difficult for them to understand and some who are studied do not accept the volatility of the market, honestly it is very difficult to deal with people who believe they are right, and that is a characteristic that many people in the world are like that, they believe too much in the traditional economy without taking into account that the traditional economy at any time may have a fall. |
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As the losses are common in trading and the top traders now a days due to the market situation making losses in that coins which they had expected to get it and go into the ATH, but they are making losses, so risk management should be always taken care of and will look into it as I had told every trader that they need to work with constant patience in trading.
You are right, my risk management is very clear and it does not fail me, for every movement and operation that I normally do I put my stop loss at a maximum of 8%, more than that I do not allow myself to lose because simple, it seems to me that when I reach a 10% I am not one of those who believe or who hope to recover, I prefer to assume my loss and exit the market, in this case I do it that way, when the market is in a lot of uncertainty what I do is go out and wait for the best moment to enter, whether the market is either up or down I prefer to clear doubts, I never enter the market with doubt and when I enter and lose that becomes a unique learning. |
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I think the differences are notable, first the volume of currency trading is consolidated, while the volume of BTC is not, currency trading does not have as much volatility as that of BTC, if we take into account that BTC trading is much faster Regarding its market stages, such as Accumulation, trends, Distribution is widely fast in movements, because the accumulation stage in BTC lasts around 3-4 years, while in other markets the accumulation stage and important movements tend to occur after 8-10 years, the movement is quite long, so when we make those comparisons there are clearly noticeable differences.
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For me, Both trading and investing are good for me. I trade over three years. I also investing another source before 2020. I am happy to invest both. Sometimes trading is more profitable and sometimes investing is more profitable for me.
I think that there must be a balance between trading and investment, normally all of us have a favorite trend, some are more investor thinking and others of market speculators, no matter in which direction the market goes if profits are obtained up or down, in My case when there is investment requires many ingredients, which, the main one is that you have enough money to resist any economic emergency without the need to resort to extracting the investment that is made, that is why Warren Buffet's books are those indicated for this type of operation. |
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It all depends on one's goal because there are traders who prefer thrill and experience and there are also traders who are only into profit-taking. As for me, as long as we got the skills, we could do passive and seasonal trading depending on the period that we would want to take a good profit. I think the important thing is we're reaching the target goal that we want.
I think the same, passive prayers go more with what I am looking for in trading, as you say about looking for adrenaline, fun in trading I really don't see it that way, because to find that kind of emotions I would have to start trading at short-term or what they call scalping, in my case scalping requires a lot of technical analysis and precision when doing it, I think that I am not prepared to take that type of risk and that type of trading, the truth is that I prefer passive operations. |
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At a stage you are right because I had started trading since 2 years in which I had made many losses and there were many profits too, but the trading strategy was different at each and every point because I had noticed by following the same strategy again and again in trading is not a wise job, it always or may be some times lead to more loss than expected.
In these moments when there is so much uncertainty, what criteria do you take into account to trade? In my case at the moment I am out of the market, because I have no idea what may happen, having this uncertainty I do not even find in the technical analysis articles a possible way out for what the market in general has to do with it. To observe the market, the short-term trend I find it bearish, but I know that at any moment a whale can arrive and raise the price enormously, I do not know if the medium-term trend will continue. |
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Basically what they are telling you here is what you should do, if you are a newbie it is somewhat difficult to give advice, because you still have no idea how the market moves, what influences altcoins and how the market moves many times, the reasons , the movements, how to identify what may be happening, the news is not right all the time, emotions are one of the causes that the market moves rapidly as well as the effect of the whales and the introduction of institutions, so that Do you trade I would recommend you read about wyckoff, livermore, because you will learn many things about the market, then you will have your own arguments to decide your operations.
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Currently, a large number of people use trading bots. It enhances the yield and improves a person's chances of producing money. It is capable of determining the time and assisting in trading at a logical time. Trading bots come in a variety of forms, and it is up to the individual to decide which form of trading bot he wants to use. If you have no prior experience with bots, it does not appear to be a good idea to utilise them. Because you can't utilise it if you don't know how to use it.
The truth is very difficult for me this type of tool, besides that there are many exchanges that do not allow the use of it because you can run the risk of a possible ban, however I know that they have existed all their lives, in fact it is very It is possible to highlight that the majority of people who use bots are not many, because bots tend to act according to the technical analysis that is implemented and this is currently a double-edged sword because events worldwide are passing rapidly, such as covid -19 among others, I prefer to use or know where you can get the bot that does high-frequency trading, that there is almost no relevant information. |
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By my own experience, starting in trading I bought a currency that was relatively cheap, then after a short time I saw that it started to fall and it was going by 3%, - 4%, -5% then in view that it was in loss I decided to sell and exit in losses, assuming my mistake and writing down all my analysis, and after 4 hours, the price rebounded and reached almost 30%, from that moment I learned that we cannot rush into the market or try to think that we force the market or worse Even if we take revenge on the market, I think those are the mistakes that many make in trading, not having the respective patience.
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forex trading is good to do. it's just that in my opinion it's not as easy as trading crypto. in forex trading we need to do many things including data analysis, price monitoring and also many other things. Experience in forex is also needed to keep assets running well and not losing in trading
I have never operated with forex trading, I know that there are many people who are dedicated to that type of trade, the truth is I do not know which will be more profitable, I only know one detail, which must be entered with a lot of money, while in crypto you can do Trading with little money and that is already an advantage, at least for me, because there are times when you have money and you do not want to spend, it does not cost anything to bet or buy a currency that may grow as time goes by, and As the market for BTC and cryptocurrencies are due to the fact that they are dependent on BTC, it is best to have altcoin when BTC rises in price, because altcoins tend to rise quickly. |
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Which is the best for day trading in your opinion in terms of reliability and profit? In terms of profit maybe the cripto, but in terms of reliability Forex. Cripto is like gambling I suppose, you have to check the trollbox, the news and hope to jump into the train fast enough to not be burnt.
Actually, I don't do scalping as I consider this strategy to be senseless. If comparing trading crypto to forex, I would rather choose Crypto as it is more volatile and it means a bigger potential profit. I prefer buying futures with leverages as it can give additional profit. But we have to be up to date all the time if we want to trade crypto. I would say that for trading each market has its own rule, in the case of forex it is redeemable the fact that its volume is much more consolidated while the volume in crypto is not, in forex there is not as much price volatility as there is in crypto , and I also think that to enter forex the KYC they demand is much more radical than the one they ask for in crypto exchanges, and it is very unpleasant that you do forex trading and cannot withdraw your money for not meeting all their requirements, it would be A waste of time, while in crypto it is not like that, some ask for your KYC and when you spend it, withdrawals can be made without any problem. |
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Where would you do day/swing trading? A regular exchange likely has too high of fees. IE: Coinbase.
For exchanges where you can start your cryptocurrency day trading or swing trading, there are so many exchanges out there that you can make use of that are quite reliable. Coinbase.com and other one you mentioned (Swan Bitcoin, which I’ve never heard of) seems to be the only ones you know. There is also Binance.com which has a lower fees for trading, it has one of the best fees you’re going to find in the market. There are other good exchanges as well such as Crypto.com, and Kraken. Maybe you should check them out and know which would fit your needs exactly and you can then start making use of it. You are right, Binance is for me one of the exhcanes that are cheaper in terms of trading and operations fee, despite the fact that it has had some behaviors that did not aggravate me with the users of Colombia for subjecting them all to prior investigation without any notice. Even so, it represents being a good exchange, one of the exchanges that is very good that was widely used in 2017 was Bitfinex, the bad thing about that Exchange is that its fees are too expensive, both for a simple deposit and for a simple operation, but The tools that the exchange has are very good, and it has not been hacked for many years or its security has been compromised. |
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I agree with OP's appreciation, especially when he talks about the bearish market, even so when the market goes down a good trader must win while the down occurs, when we talk about doing hodl the concepts change greatly.
If we have a culture at a financial level that is focused on investment, it is obvious that our mind will tell us Hodl, because we are investor in nature, but we cannot assume a hodl position in altcoins all the time, because altcoins depend directly on BTC and if BTC falls in price then altcoins fall quite strongly, and if the price of BTC rises in the same way, this is according to the type of personality you have.
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A lot people are never going to leave because their desire to get more wouldn’t let them. There are so many people who would get a good amount of profit, but for the fact that the market is still increasing and being hyped, they would decide to keep on holding their coins and not take any profit at all, until the market would eventually come crashing and they end up losing the profit they have made.
Even if you can’t leave the market entirely, you should at least take some profit. That way, if the market should go down in any way at all, you would know that you still have gotten something that would call a profit. Better to have a half bread than have none.
I would say that day traders and long term traders are exactly the opposite and character analysis of both of them are opposites as well. If you are a good day trader and hold something because you want to profit and can't give up then you are making a mistake, if you are long term and it drops and you are worried so you want to sell then you are a bad holder. There is a good case that we should not be doing something only based on how we are, if you are a day trader and bought some coins and they all went low, then you could literally turn to a long term investor and hold things and suddenly you are not making a mistake. On the other side of the isle you could be a long term investor and you could have some bad investments and they could drop and you could buy/sell multiple times and make a profit there as well. So all in all what you do is not the problem, how you approach things make it a problem. You are absolutely right, in my case I consider myself to be a medium and long-term trader, the reason is simple, because I am not in the market all day, I just place my positions and do my normal, ordinary life, just I check the movements at night, and if the market goes against me I have time to react and remove orders, or maybe the stop loss will be activated, which is not bad, otherwise what I do is take profits or move the stop loss to guarantee my profit, in this case I always extend the stop loss when I am in profit, when I am in a loss I usually close the trade quickly, I am in favor that losses should be closed quickly and not extended. |
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The current prices at any given time, how do you know if they are going to correct or are already corrected?
Like the prices atm.
No one knows about when correction takes place even the people who are involve in crypto for so many years doesn't have a talent to predict the correction , we can only know the correction when it's already happen or takes place in athe market the price will suffer and it will make a sudden fall and people will panic and loss that is why patience is the most important in crypto if you don't have patience maybe you are in a wrong place. Some years ago through the tensorcharts.com tool it is possible to see where the buy and sell orders are, as they appear as if they were small liquidity pools, and these give a lot of information according to the season, in every market we know that when there are a bullish rally or bullish trend, at any time a small correction occurs, and that correction is natural and very common in all speculative markets, in fact there is also another tool that can be used in tensorcharts, and in tradinview which is the volume profile To activate this tool it is necessary to have the premium version but it gives a lot of relevant information regarding what the market can do. |
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I also think that OP refers to futures trading, in fact the advice he gives is very specific for cases where the price makes a specific movement, I have a very different vision of trading, I could not follow those advice if I know that the price of BTC or the BTC phase is in the Distribution stage, it would have a total loss, it only happens and the good movement occurs when it is exiting the accumulation stage and entering an uptrend stage, only then would the movements occur as OP wants them to be, and probably in this December many hope that it will happen, as December promises a lot, some say that the price will reach $ 100k, but it is a matter of waiting.
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