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Holding beat daily trading hands down! Daily trading involved a lots of risk and you may loss your capital with just a little mistake! Holding however is not so. When you hold, you have custody of your coin. The risk associated with centralized exchange is removed. The profit of your holding in the long term is usually higher and no matter what you make in the daily trading can not be compare with long term holding!
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With the following criteria...
1) Make spendable (can't use it to trade) $5,000 usd net a month.
2) Daytrading full time.
3) No other means of income (can't sell my service).
*4) Starting with $15,000.
5) Trading all crypto (not just btc).
* If it's not possible with $15k, then what's the minimum it would be possible with (of course this is considering this is the only hindrance).
Trading Cryptocurrency required 100% concentration. I'll bet you will lose your concentration if there are pressing needs like food and groceries and bills to paid. In other words, the criteria you listed will not let you concentrate to even make profit. I think you need to get a job for a guarantee income or start a business while you develop your trading skills and apply it in your daily trading! |
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Firstly, gambling with borrowed money is a huge risk and it is not advisable that one should engage in such, why? because trading could go either way, it's a game probability! Secondly, desperation will lead to panic, and panic will lead to making trading mistake. So, there is no need to FOMO on bitcoin, your entry price is what matter in the short term. And if you don't have good entry point, you may not really make much in profit at the end of day!
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There are two salient points you made that really struck me! The first point is maturity. Maturity goes beyond wanting to earn quick money, you also need maturity to move on after a loss or losses. The ability to start again intelligently require high level of maturity! The second point is positive mindset. If you are negative about the market, the negativity will blind you and opportunities will pass without knowing!
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It's seem defensive trading strategy is all about been cautious and guiding effectively your trading capital! This strategy may prevent or cut losses, but it will definitely restrict ability to make profit as well. As saying goes, 'nothing ventured nothing gained!' What is trading if you are not taking a calculated risk, it will get boring!
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Decentralized exchange is becoming more popular than it was before! One of the reason for this increase in popularity is the success of uniswap on ethereum network! Uniswap is adjudge to be a very secure and promising Dex! There are other dexes on ethereum with passion for development and growth. 1inch, Idex are few of some of these dexes!
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I think using market previous situations to determine the current market probable outcome is one the reason for losses! Cryptocurrency is very dynamic and usually form similar pattern not situation. Situations are always different but you can pick a pattern and bank on pattern for profit!
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The buying signal is strong as bitcoin and other altcoin have started recovering. I think most quality altcoin will recover and exceed their ATH! the investors however need to be very cautious about coin to invest. It is not just enough to look at the previous price action in determining the coin buy, research and due diligence is needed to choose wisely!
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The gas fee is high on ethereum network and binance is still cheap especially during peak of binance smart chain transactions! Though, ethereum is preferred by lots of dev in Cryptocurrency because of the decentralized nature and track record of ethereum chain. Binance on the other hand have centralized node validators!
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Memecoin trend has already subside, nft is actually trending with game based token. Memecoin trend will come back in the future and I aiming to buy more Shiba inu as it is very decentralized and I love what it represents. If one however by shitty Memecoin, just consider your money gone!
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It is important to set a price in advance how much you want to sell your altcoin. There are good altcoin that inspired confidence and you have nothing to worry about those ones. But if you buy an ICO token/ coin with promises, and you do not sell and take profit when you have one, you are likely going to be holding someone else's bag!
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The issue of defi hack is becoming one too many, people are likely going to desist from participating in defi investment. But another angle to all these issues is the lessons that must be learned through all these events. I expect the defi space to be stronger and better as we experiment this laudable idea of decentralized finance!
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Those that can not handle pressure must learn that Cryptocurrency can give you a lot of pressure and you need not to be affected by it. It normal Cryptocurrency situation. A coin can drop 90 percents in matter of days regardless of how solid or legit such coin might be. It important to be in charge of your life and emotion and keep your expectations low!
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When it's come to money and finance, consistency and reliability is the key to business growth and loyalty of all the stakeholders! Ethereum really started well when it's come to transanction fees. As the network grows, users begin to experience pain difficult on using ethereum platform. It particularly got bad last year when fee rose to more than $100 and became worse at the peak of bull market this year! I hope London upgrade will fix things!
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This type of arrangement is not new, money can be paid, laundered or use for any kind of motive. Nft is actually pretty good aspect of Cryptocurrency trading but people can do a lots of things for self promotion! I have seen a situation where so much was paid for few dollars transactions. What happen in cryptocurrency could be strange sometimes!
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In order to get hold of yourself and your emotions, you have to practise detachment. Trade detachment is when you trade an amount you can afford to lose. If you trade something so insignificant that it will not affect your financial commitment and day to day financial responsibility, you will be able to play with what you have without getting emotional. And as you master a certain amount, you increase your investment until you are completely detached!
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My guiding thought in Cryptocurrency market is to be cautiously optimistic! Cryptocurrency is an emerging market of finance and other uses. We need as many coin that will proffer solutions to different problems as possible. So, I don't get worry about lots of coin., as a matter of fact, I welcome them. Those coin that are not useful will fade away and the valuable ones will stay and increase in uses and development!
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I think the questioning of trades and critical thinking about investment been made in Cryptocurrency should be made before you actually traded or invested in Cryptocurrency. If you do your research properly, you would have detected, may be not 100%, the likely pitfall that may affect your investment in a given trade! I like to see my move before I make them and believe this is good way to be ahead and to be profitable in your Cryptocurrency trading!
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