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If you have full money back up then only it will be a wise decision to leave the day job. Fixed monthly income is very important unless one has lot of money. A business may give profit today and may give loss tomorrow but on the other hand there are little chances of growth in job whereas in cryto trading or any other business chances of growth are unlimited. I suggest you not to take any decision in hurry, if the value of your token rieses and you have good amount of money in your hand and a good business or trading plan then only you take the decision of leaving your day job.
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Are you people sure if LBC is asking for KYC? I just logged in and checked but there is no pop up like thing for KYC. I am able to do transactions same as earlier. Perhaps KYC procedure may be for some specific countries. If Local Bitcoin is asking for it, there may be some regulatory pressure from local govt.
Local Bitcoin is a trusted website, I do not think there is any issue doing KYC there but there may be govt interference in all the transactions being carried out there and that will a matter of worry for sure.
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Losses are the part of the game, I really appreciate your zeal to beat the market. If you want to invest for long time, my suggestion will surely be for Bitcoin, BNB, ETH or any othe potential coin which can give you good profit in long run but if you want to trade daily or weekly then I would suggest you to go for forex instead of crypto trading. Forex terminals are much mature, you will plenty of options unlike crypto platform. Never ever take big risk.Try to learn from your mistake. Always make a plan before taking a trade, success will follow you one day.
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This is very common issue every trader faces, I also see it as market trap. Someday we cry to leave many bucks on the table after closing the trade and the other day when we wait for the price to climb, it comes back after some gaining some points and we either close the position on BE or in loss. I think that is the biggest pain we face. We need to learn to get a bucket of water out of the river not the whole river. It is better if you make a plan before initiating a trade and remain stick to it. If you close your position in profit, ,be satisfied that alteast you are in profit no matter where the price goes thereafter and incase of negative trade SL is always your savior.
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Its nice to see that altcoins are also being accepted along with Bitcoins at various retail counters. As we all know Bitcoin is already being accepted by many business organizations in the world but now altcoins are also there in the que its indeed a overwhelming news Most of the altcoins are struggling fo their survival in the market after bear run in 2018 so its the need of the time to get them a push. If market start accepting altcoins for goods then altcoins will also be back on the track.
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Adopting trading as full time profession is the toughest task to do. It really needs lot of experience, patience, money management skills and lot more. If you have managed to survive your account in these last 2 years then I would suggest you to continue the trading, if you are in deep loss then I go for demo trading or a small account trading first, keep other source of income open to meet your daily expenses. Trading full time needs lots of patience,you need to wait for the right time to take and exit the trade and that will come from experience only. You have already spent you 2 precious years, I think you should not quit it. Path of success is always full of obstacles.
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I would suggest you to go for investment in Bitcoin but remember Bitcoin is very volatile currency it may give to loss in short term but if you invest the amount for long term, chances of good profit are much brighter. Bitcoin is the hottest cryptocurrency to invest now a days. If you want to invest in altcoins, my first choice and suggestion would be BNB. Binance is the most trusted crypto currency exchange, If you go some moths back BNB was trading at $8-10, current price of BNB is $28. BNB may turn a good investment decision if you are willing to invest in altcoins.
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All these coins mentioned belong to good projects and are listed on big exchanges like Binance, there is high trading valume of all these coins. Even if we talk about their price I have seen their price growing like anything. HOT and NPXS gave me good profit once. If these coins are backed by sound projects and trading on bigger exchanges then how one can call these coins/project as scam. If price dump is only the definition of calling a coin scam as per thread starter then Bitcoin may also be called scam as its price dumped from $19000 to $3500 once.There is no logic behind calling such a highly traded volume coins scam.
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Selling your personal data is not a good idea but in today's internet world no data is secured. If you remember facebook has been caught selling user's personal data to third parties. If some one is paying good amount to it then this can be a good deal. I have experienced many online apps regarding small loans asking for KYC, so everyone is sharing their private data there. It will be not a new thing if your personal information is with many online brokers, financial institution of any other person/organization. If someone is paying good amount then sharing private information may become a good deal.
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IEOs are atleast not turning into scam, so I do not think IEOs have made more harm to the community. Token price appreciation is not guaranteed either in IEO or in ICO, it depends upon demand and supply but atleast IEOs are real projects and getting listed on exchanges, on the other hand many ICOs are taking investors money and running away. IEOs are atleast helping investors to get back their investment confidence. Its investors duty to properly research the project before making any investment decision.
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This time the level $13k shall break, Bitcoin is already in bull run for last few months, I saw this price movement to $9.5 from $13k as usual retracement before a rally. Along with it ETH and LTC should also on bull run. This is just my analysis not an investment advice. Bitcoin is very volatile and is risky investment, although I see next level of Bitcoin at $14K but the same it it can get back to 8K.
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Loss in trading is always frustrating. After losing such amount like $1500 trader's confidence is just shaken out. I can really feel it.I would suggest you to first take rest for 1-2 days and start trading with fresh mind. Do not trade to recover the loss but treat trading like a business, you will be succeeded for sure. There are few points to follow while trading.
1. Never invest the amount you badly need.
2. Never risk more than 2.5% in a single trade.
3. Take a trade based on analysis and plan it properly, fix you exit point on both sides.
4. Keep your fear and greed aside during the trade.
5. If you ever reach 20% dd ,stop trading and practice on demo till your confidence is rebuilt.
If you can follow above points, I hope you will on the better side.
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I have also gone through the pages in the proposed draft bill. It looks scary and very unrealistic for the community. Scary because a lot of youngsters will lose there earning source and unrealistic because it is not possible to completely ban cryptocurrency trading. There are numerous ways by which people will trade illegally.
The scanned pages do not show any government seal, which means it has not yet been presented to the government. This will take time and has to be passed by both the houses of the parliament. I do not see that happening any sooner.
If indeed the government passes this bill, it will surely lose a lot of revenue that it could have generated by Income tax. The government should discuss this bill with the Indian crypto community if it wants to become an economic powerhouse. They should come out with regulation and adapt to the future not escape it .
Rightly said and agreed. First of all any bill before implementation should be passed in both houses of the Parliament in India but that does not look tough.Even opposition will not be opposing it but it may take time. Secondly its very hard to trace each and every crypto trader in India, number of crypto traders in India may be more that any small country's population. I will be very tough for the govt to depute manpower to trace crypto traders in decentralize environment. Also if BTC and crypto is banned in India, it will lead loss in revenue as well. Indian govt should really talk to crypto community first to take such a harsh step. |
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I think its time to wait if altcoins you are holding has good project background. Currently most of the crypto hunters are behind BTC and they should be as this is the most dominating cryptocurrency but stagnancy is always there, one day investment in BTC will become stagnant, people will start pulling money from BTC and will start investing into altcoins.I believe growth in altcoins will be much much more as compared to BTC. So I suggest you to keep holding your altcoins and wait for the right time.
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Situation in bounty projects is not same as of 2017. In 2017 bounty projects were paying lot of money to bounty hunters, I have even earned more than my salary in six months of doing bounties but the situation turned entirely different in 2018 when crypto market started to crash. Many projects turned scam and many projects were not able to reach the softcap.The projects which were able to achieve the hard cap delayed their reward distribution. One may have earned a good amount in 2017 but in 2018 bounty projects did not pay good. Yes by joining lots of bounty projects one may find one or two paying good rewards on time.
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...unless you have some skills from the financial world that you can transfer to crypto.... and even that, NOT SURE. Too many newbies get burnt. Unless you have solid experience at reading graphs, clouds, candles, etc, don't do it. You may make some money by pure luck when you will get burnt in the long term because it's a new field for you. There is no worse feeling that selling at XXXX$ and then see the price go up by 2k in a week span.  My advice for newbies is to invest long term, by long term I mean 2, 3 years or longer. Best of luck. No doubt a vast experience is required to become a successful trader. Every traders has his own way to trade, some traders use technical analysis, some use fundamental analysis and some use sentimental analysis to trade the financial market but the common thing is all of them use their experience to take and exit the trade. Experience does not come in a month or two, one needs to invest lot of time to study the market before coming to live trading. There are lots of tools available now a days, one can sharpen his/her skills on demo or a small live account before trading a live account for living. |
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It all depend on how the project is. Sometimes an old project is getting traded on a small volume exchange and sometimes the rewards allocation by an old project is very low, in such case new project with good background is preferred to be participated. The only problem with new project is sometimes a good looking project turns out into a scam and many times even if project is good they keep on delaying the reward distribution and listing on exchanges. So, instead of categorizing a project based on "already being traded" and new one should thoroughly check the project background, its roadmap and update by team. A good choice may fetch a good reward.
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Gambling does not have any rule, it is based on probability only but trading has some rules which need to be followed. $1000 is a big amount to lose in 2hrs, I have experienced such defeat many times ( not of $1000 but $500, $300 but multiple times), the only reason I found was over-margin trading.
I was taking trades much much bigger than of my actual margin and a little downside was eating my account. One need to calculate the risk he can take in a single trade which must not be higher than 5% of the total amount. If trading is done with proper plan and rules chances of success become high, if trading is done w/o any rule and money management then its same as gambling.
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I have plans for long term but would also be great to earn every day in trading. The indicators signals the different course of action when I'm in the daily chart but shifting to 4hour and 1hour tells something else. How do you read the chart on different time frame accompanied with the indicators you only knew using like the RSI?
There are 3 types of trends, Main trend, Middle trend and Small trend. Main trend referred to higher TF, Middle trend to middle TF and small trend to lower TF. For day trading maximum 1 Hr TF to chose, any TF lower to 1 Hr can be traded. It is very much possible to find different trend on different TFs at the same time. If its uptrend on daily TF, there may be downtrend on 15 minutes or 1 hr TF. Idea is we need to follow the bigger trend. If there is uptrend on Daily TF, we must look for buying opportunities on lower TF. Chances of success are higher for the trades taken in accordance with higher TF, although one can go for counter trend trade but good experience is required for such trades. |
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Scalping is the hardest part in trading, if you think you are doing good in scalping then you must go for it, you need not to learn anything else, you can make good amount of money out of scalping but I would suggest you to trade atleast for 3-6 months to judge yourself. Anything if you want to learn then go for sharpening your skills of entering and exiting the trade. Try to learn support and resistance trend/retracement etc which will help you to choe the right point of taking and exiting and trade, rest experience is the most perfect teacher in trading.
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