I never saved much of my money in the bank because I know anytime they could freeze it. Although crypto and fiat money are having different purposes, I would still prefer cryptocurrency to save most of my money. Plus it gives us full control of our wealth rather than letting someone having the custody of our own assets.
You can be right about the cryptocurrency regarding the freedom it gives and prevention of third party access but banks don't just close or frozen your account , they act that based on circumstances surrounding your bank account if it is used for illegal transactions and all of that. However no doubt that cryptocurrency is advantageous to increase volume of the unit of coin you have but there are times it will drop also. |
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Will Bitcoin's downward trend continue or will it return to the $50,000 to $60,000 price level next month?
The today price got to $60k and got a bounce back. The resistance of $60k may be tested again during the weekend or anytime soon. The rebounce is locking price back to $59,450 maybe another test for the resistance will break it up to ATH that will totally leave the area of $60k because it will come with a rush. |
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Am also new to trading and am looking for ways to minimize my loss and increase my profit margin in a short time from now, but the truth is there is no working trading formula as most of the trading formulas I tried in the past all failed.
What do you understand by trading formula and what trading formula you used who failed you? You have to explain it and the challenges for help to come. Trading and making profit is to understand how the market works, test your "formula" on it and keep trying until you get better but if don't know anything about passion for what you want then you get discouraged |
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There are a whole bunch of different arguments of course, but one of my favorites is that "bitcion is not backed by anything, therefore it has no real value". Well the United States dollar, which is the worlds reserve currency, is also backed by absolutely NOTHING other than the "good faith of the United States government". Value is based off the majority of peoples perception of something, so yes, it does have real value.
I do understand your argument here on bitcoin but that US dollar or any other fiat currency is not backed by nothing is not debatable. Fiat is backed not only with people's acceptance but by these factors, 1. Legislation that makes it legal tender. 2. Regulation and control of it use. You can't use fiat just anyway you like by degrading the national identity. 3. It is placed on value whether the fiat is devalued or not. 4. Rejection of it use is a crime against the state. These factors are general to fiat not only US dollar. |
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There is no way you can trade without understanding that trade is profit to lose ratio. If you have been losing so much, take a break to know your challenges because your story is not details about the real problem if not only losing.
I will ask some questions if so
1. Do you make profit at all or you only make loses?
2. You are using high risk appetite to your account?
3. Do you stay in the market longer and lose?
These are questions you should research into and know what to do. No matter the indicator you use, some days can be very difficult for profit.
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I know that the Chinese crypto community are not giving up finding loopholes and it’ll be difficult to trace them if transactions are done by P2P.
China has been on the struggle to pull down bitcoin from the ban on ico in 2017. Most countries trying to ban on bitcoin has expounded the P2P transactions , the market is growing higher and India some more countries have been trading P2P. Contrary to the believe of China to stop bitcoin but it keep increasing the popularity. |
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Is the bitcoin going to burst anytime soon Yes! It already has burst. What we're seeing now are the random ups that are part of a stronger and more sustained downtrend. We will definitely be finishing the year with lower prices than now. Guaranteed, proven, confirmed. Lol you may be saying what is possible but do you have prove for this or a chart and graph to make your analysis. Or you are just making a speculation from the threads of possible downward for bitcoin by the end of the year? Bitcoin last year 2020 wasn't expected to ride high but it happened on the contrary to the believe of many who speculated down and sold out.  |
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From the online definition of recession, it is seen as temporary thing. Unfortunately, what is coming isn't likely going to be temporal... So people should be well prepare for it. It will be caused by the people themselves.
The temporal capable of rendering the people hopeless and the system being in comatose. Recession is not a temporal stuff because it impact can last a long time. The last recession is still felt till date and most of the countries still struggling with it. The solution out of recession is government going into partnership with the private sector go provide loan with very low interest rates that will last a longtime for repayment and the private sector will be able to gradually rebuild the business environment then money goes from the hands of few to larger part of the public who are going to put back the money through SMES. This will help to grow the economy but if government is basing on printing of money and only doing project by themselves that means the money won't spread the larger society but to the few who are in government and even illegally appropriating the money to themselves. There is need for sinceriooso that the policies of government can get down to the people and they will be involved in wealth creation. |
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You already testify that you are doing great with your trade and making profit with your strategy. I hope you are not trying to confuse yourself by asking for another man's techniques because that should be a source of confusion for you if you trying to combine things. Stick with what works for you IMO. It is not bad to ask but becareful if you are trying to adopt another pattern to your trade.
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This only tells the story of one country, and I'm pretty sure other countries with a pretty stable banking system and money remittance services would like to keep things how it is for quite some time. But what's happening in El Salvador might be a catalyst of what's to come in the future. Perhaps banks and money remittance services would adopt a similar structure to crypto, but them as an entity would still surely remain solid as they are right now. They'd need to adapt to the changes, and if copying how bitcoin and crypto does it is the only way to do it, they'd do so in a heartbeat.
Countries that don't have a standard expectation of economic growth will want to embrace bitcoin as a means of help to their economy with hope that it volatility will further increase their worth. This is possible to happen though but it won't be a reason the most industrialised countries will adopt. El Salvador adopted bitcoin maybe they want to hodl on volatility to help the lucky hodlers but other countries may still hold on to the traditional banking system for more time in the future. They may not totally exchange it for bitcoin but having an option will be the best to hang on to tradition and modern system. |
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The price of iPhone against bitcoin has grown gradually with time. This shows the progress in the value of bitcoin. I've similar experience buying a mobile. I bought a phone for $150, when the price of bitcoin was close around $2000. If I haven't bought a phone by that time now the same value could've got me the costliest mobile phone by now.
This should be around 2015/16 and after this time the bull of 2017 started. But if you bought phone back then it means you also bought with close to 1 btc and that is high enough to use on phone then. Maybe you can consider yourself as such. |
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Well Op your worries are typical type of worry that traders and newbies complain about. You are doing the right thing by applying stop loss because if you don't you wake up to see margin call and your whole money is gone. Despite that market hit you out from your stop loss and reverse almost immediately to go back to chase the profit while you are already out, yes but keep to stop loss that's better to lose all.
You complain of setting your stop loss close to support, resistance or entry point, you don't have to adjust it beyond 1% of your capital. Remember if you adjust it far from it doesn't mean price won't get to it and take you out also. Trading professionally is to keep a watch on your money management.
Bots or no bots, IMO I believe there are good days for trade and bad days so don't expect profit all the days and I feel market will fail you at some point not working with your strategy.
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I started trading (long-term) for couple of years back now and since then i've been doing averagely okay on whatever altcoins project I put into. But what I seem to be lacking is when to actually get out at the right appropriate time.
At least, if not perfectly okay, a bit fairly okay.
Please my pull out strategy are quite poor, kindly help a soul out before it gets completely worst. 🙏
All ideas are welcome please.
Thank you all! 👍
Your exit point should be like your entry point too. You had a thing you look at before you enter your trade. Like you watched your candle stick formation that you felt it was time. For closing also the candle can be a guide to your exit. Apart from that you can also exit by knowing support and resistance levels . It will do you good to set your stops or exit close to those points depending if you are buying or selling. If you use your support and resistance to calculate your trade you should follow that in your exit. If you are a daily trader, know it that you will have to be sure to exit your trade daily, don't allow roll overs because every new day present it own trade, supports and resistance for yesterday are not same for today. Good luck as you adopt the changes to your trade. |
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Have you guys ever ruined your account when you were still a beginner? And by ruined I mean losing everything or a very big part of it. I started trading like 3 months ago and made my first deposit 2 months ago. After 150+ trades through the course of 1 month I managed to get my 4000$ initial investment to 7000$. Needless to say I was over the moon and I got overconfident. I invested more than usual thinking I have a great opportunity right there and even though I had a fixed plan with certain stop losses in place for every trade, after the price went against my prediction I still hold onto it thinking it will rebound and even added a little more to average down. In the end the price got my stoploss and I was down 3000$ (I don't know how I managed to lose so much in 1 trade). I was very frustrated with my idiocy and I started chasing losses (again like an idiot). Throughout the next 2 weeks I managed to lose another 2400$ by trading while mad (lost most of it when bitcoin went up from 6700 to 8000 at the beginning of the year, shorting it). Now I have only 1600$ left in my account, deeply depressed and afraid to lose even more. I'm afraid that I won't ever make it back and even if I do this is the worst timing possible with the halving rally in sight. I get more depressed even thinking of all the profit those money would have generated if the rally begins. I came here to ask for some advice since I don't trust my decisions anymore and maybe you could give me some insight.
Lol every trader must have this kind of experience before you get stronger in trade. I laughed because it is not a new story but whatever how much you have left, don't panic if you have made profit before then you retrace your steps back to the pattern you have made the profit with. You can check if you have been trading wrongly and have also made profit wrongly because there is a way that you trade and make profit but it is a wrong way and if you continue trading that you then you have that problem of losing that you get confused and can't trace the fault. Now either you have been trading without using STOPLOSS if you have been trading with stoploss you keep to it. So this can be the reason you suddenly started making losses because if you trade wrongly, you can initially make profit but it is not sustainable. 1. Trade with stoploss: Use a small stoploss and higher take profit. 2. Martingale will drain your account if it goes wrong. 3 High leverage is risky. 4. Money management saves you from heart break You have to trade base on your account so you can wake up and see left over to start up with again. |
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If you are a hodler of coin and you don't know how to technically analyse the market you don't have much to worry about, you can join the community of the coins you are hodling there you can get good information about what is happening with the coins, latest news about it, new technology and partnerships , new exchanges and creations around the project. By joining the community and knowing happening as mentioned above you are already doing a little technical analysis of the project and joining the community you also know when it will pump or get dumped at the time.
A real technical details or analysis comprise graphs, charts and other tools like indicators. This aspect is basic for those in trading, the scalpers, day traders , swingers and other forms of trading. However, understanding the technical analysis means you can also do well in hodling and knowing when price will drop because you are likely also may see that from technical analysis.
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Budgeting can only work for a steady salary income at least you know and can plan with how much coming and how much to spend. Things are very high because all over the world the inflation is rising and this is not a good situation for business people as you don't meet the same price in the market tomorrow. The daily income earners too are the worst of budget planning, they can't rely on daily earnings to play because buyers are no longer extra vagant in spending which has effect on daily earners. But to be factual the economic term of budgeting is fast going away, now only around the government in their yearly budget statement. Things are changing for hard times are starting to show up in daily lives.
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The link is being interrupted somehow with another page not allowing for easy reading I don't know if I'm the only one had that issue. However linking your topic with the content of freedom to the link, the El Salvador adoption of bitcoin is an opening to other countries to believe in it and for second largest cryptocurrency, Ethereum to equally be adopted. Your message on the thread doesn't relate with the link content.
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An economic policy is also formed because of a politicized agreement. and most unfairly, many of the politicians put their personal interests first
That personal interest is the point I was making out which is a reason that the formulated economic policies don't go far in problem solving. Implementation of the policies turn political and the economic policies turn to hypothesis that is locked in the library for student to read to pass exams but can't see the efficiency in the physical reality of life. This is a big difference in the policy formulated and actual performance of them. The role of the individual politician keeps standing against the economic development goals initiatives because they want to enrich themselves. When these policies are implemented, they are not completely carried out or they are not carried out at all. |
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Sorry for the title giving the wrong impression.
I was talking about the fundamental problem that economics was created to solve: how to distribute resources to the places where is it needed.
Alright then but has economics being able to play that role adequately? Has it been able to distribute resources equally without the influence of politics? Like you said the fundamental purpose of economics is to distribute resources but politics have been an influencing factor that has made the distribution unequally distributed. Economics is only rolling out the hypothesis, economic models but it has not operated adequately in the face of politics and corruption, lobbying. |
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It is very risky. if we take a loan in spot trading and we go in huge loss then how we return this loan. In this situation it is very difficult for returning loan to the company. If you are a professional trader then you can take this risk to get loan for trading.
The thing which makes it sounds greater is sometimes there several individuals who thought they are pro trader already just after making some profits in short terms, then encouraging themselves to bear the risk take a loan for trading in order to gain more profits. Sometimes trading order don't get filled for days for you to take profit out and you get hooked up in a particular trade maybe in losses while you have a loan to services, this is a funny situation really. The best way to trade is not to trade with a loan money because it kills your patient to the market and you will always be in a haste and you make a rush and mistake. No Pro in trade that doesn't record losses and that is a fact to know. |
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