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Your right trading needs consistency and attention, without being focused we might end up having a loosing trade so often and this is what makes many new traders quit trading so quickly. If a trader pays the sacrifice of giving out time and attention to trading and acquire the required knowledge about trading, practice, make mistakes and learn from the mistakes with time such trader will be a professional and a successful trader.
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That's always going to be a problem with us, humans, who have emotional sides and overthinking factors that ride over our heads. You can never be successful if you are too vigorous with it and deciding on those feelings. When people do that, that's because of the gambling nature that we have and not the rational one. We need to be consistent to be successful and follow risk management instead of just going all in. Don't be envious of what other people have because they might have a different starting point than you. Just be patient, and everything will fall into place in the long run. Plus, use a tool like Gunbot to assist your trading. Perfectly said, I overthink so much and it affects me so bad in the crypto space, not being able to make the right decision at the right time, I find myself always in the FOMO state, this makes me loose when am not supposed to and it's really so bad, and am trying to change that. Being emotional isn't good in this space and I will do my best not to be an over thinker, and will always make the right choices at the right time. |
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Well I think it's better not to FOMO, this actually happens to almost everybody, sometimes we sell too early or sell too late when prices has went on the reversal trend, so I think it's better to sharpen our knowledge about the market, meaning it's better we learn more about TA to be able to help us not to loose out good profit. Well it doesn't happen to u alone, everyone is faced with this same challenge except the ones who got more informed.
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There is no how you can take profit without selling your bitcoin, assuming you bought $50 worth of bitcoin and the price doubles, then you want to take profit and keep the capital all you got to do is to sell part of your bitcoin that worth the amount of profits you want to take and leave the rest, that the only way you can take profit, you can't eat your cake and have it back, if you don't want to sell then you don't need to take profit.
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"Always take profit" is pretty much the exact opposite advice any rich person will give you. Whether you talk to Warren Buffett or Michael Saylor, they will both tell you the way to wealth is to buy good assets and never sell them. If you need money you borrow against your good assets (as both did by selling shares in publicly traded companies). Always taking profit sounds like a trader's desperate attempt to capture some gains after suffering many losses. In that scenario, the real winner is the exchange taking your money each time you make a trade.
Well I never taught of this, but honestly this is a sad truth, the real gainers are the long term hodlers, being successful in crypto requires patience, but so bad this works better for investors and not traders, in trading we are taught to take profit while in profit, there are scalp trades which requires more time staying in the market to pull out profits daily, so this secretly encourages taking profit that's why is said the long term holding works better for investors. |
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For sure bnb is such a good coin for long term, it got a strong project which is among the top largest crypto exchange (Binance), as an exchange coin it is, binance is applying every good mechanism there could use in keeping it's token on the rise, the Binance exchange made so many features in it's exchange which supports the utility of the binance token, but so bad Binance is faced with so many issues from the government and I hope they got resolved soon.
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I might likely say this decision is weird, you are trying to say you won't invest or trade in crypto till 2024, so you don't want to make money from crypto from now till then, it's your choice tho but for me I would suggest you wait for another market crash if you are afraid of buying at high prices, it would be better you hold a potential coin with low prices from now till 2024, it's better than holding USDT for that long. You can't predict the future price so you just have to make the right decision
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Call it whatever you like, this bull season have stay longer than it should already and if a new ATH pumps up then I advice everyone to take profits because there is 90% chance that it will be the last before bear market
I don't really get you, most of the TA professors are predicting that the bull run will continue and merely looking at the market prices we can see the market is becoming bullish, so if i may ask what makes you feel the bull run has lasted too long and might break down soon? For me I think the summer might bring more high prices like last year did. |
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Your list is good, I can see the coins you mentioned where doing very well in prices before the market crash, but just like you said most of this coin might not beat it's all time high, we can't conclude tho so let's just keep watching and hope things turn out well, I think once bitcoin crosses the 50k region then we can possibly say it's a continuous bull run and surely altcoin will follow the lead.
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The market is already in a recovering state and also in a very good condition, so this is the best time to make the right decision, for those who lost money should just look for a good entry point, at this point every red candle or dip is an opportunity, so let's all make use of this good time, hopefully the summer is going to bring us fortune because it's clearly seen that what happened last year summer would repeat it's self.
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With the FUD he created which contributed to the downward trend of bitcoin which lay at the bottom for some months making people who bought at higher prices loose their capital, this made Elon Musk loyal tweet followers having a hatred on him thereby not following his words any longer, he lost his tweet power but he still have an impact tho because he is on top (world richest) and his moves can also have an effect on the market as well, tho many people still stick to his tweets.
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It's just so uncertain how people who got low or no knowledge about bitcoin discriminates it at all times, well ignorance is a very bad thing which can deprive a man from his benefits and feeds him with so much hatred on same time which would have been very beneficial to him. Bitcoin has liberated so many people financially, it creates a system for people who got interest in it to be self employed, the invention of bitcoin is a blessing to human kind
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My worst mistake in trading is not taking profit when am supposed to, I worked for so long and raised a good amount and invested part of it in some coins I believe will do well later in the future then I used some for trading, I made so much and was so overwhelmed, I saw the profit and I felt rich but I didn't take the bold step to sell off those coins which has given me so much gains and also didn't close trades that I made so much profit from, so the day bitcoin fell from $64k to $30k I lost almost everything, I got liquidated and the coins I had dipped so badly.
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I think you should add to your list that a drop in price is not directly equalling losing money. We still own the coin and as long as we are not selling we don't realise our loss. On paper we might be losing money but it is not yet confirmed. In the future we could always see another rally in the coin and make back our losses. As trader we might be inclined to trade coins quickly, but as an investor we could always switch to a more long term approach. Just like with Doge Coin for example, there wasn't much price changes for years and then all of a sudden the coin started to rally.
Wow you nailed it man, i so much love this point of yours. The fact is most investors takes decisions like traders which isn't supposed to be so, an investor who saw a coin and had a purpose of buying that coin, then after investing later prices went down, as a long-term investor this doesn't mean you have lose your capital and should sell of that coin, that's the mindset of traders, an investor is supposed to hodl for the good days to come. |
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The cryptocurrency market has bounced back in a big way since May's lows. Bitcoin is back over $40,000, with many other cryptos following suit. While a run like this makes it very likely that cryptocurrencies will soon go to $100,000 or more, there are many that believe that it could end as soon as this week. For those who have an interest in buying Bitcoin, the 2021 year has brought on plenty of opportunities to make a killing.
Yea it's glad to see bitcoin bouncing back after all hope was lost, bitcoin downtrend hit the death cross and at that point many of us loosed hope that the bearish season is here already and many sold off but recently bitcoin has started bouncing back and showing a bullish trend which seems to continue it's price upwards, well I just hope the bullish trend continues. |
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Trading cryptocurrency won't be that difficult if you got the right lectures and works towards it, the major requirement here is getting to know the strategy that works best for you, read about crypto and how it works, get a mentor if possible, but if not try to gather much knowledge and ask questions for a better understanding, there are some site which gives full details and lectures of the things you need to know about crypto and also watching YouTube videos can be helpful as well.
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The volatility of the market is what makes it profitable and also risky, so to be on the profitable side, skill and knowledge is required, it's certain that people loose funds more often to the crypto market due to ignorance, lack of knowledge and skills, since the market is volatile you can't jump in and out at any point, you have to strategies and make you analysis before moving in, so this is why knowledge and strategy is important in the crypto market without this properties you are just gambling with ur funds.
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I wasn't that familiar with forest trade, I got to know about this Non Farm Pay roll (NFP) just of recent, and I have been trading crypto for more than a year without knowing about the news so I guess it doesn't apply or has an effect on the crypto, it just forest related terms, am I right? If am wrong please do well to correct because my focus has been just on crypto trading and I lack knowledge on any trading outside crypto trade.
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For sure there are many countries who doesn't know much about bitcoin, but well bitcoin popularity is growing on a high rate so with time bitcoin would be known worldwide, few years ago my country never knew what is bitcoin or what it actually does but presently bitcoin is the talk of the town every youth want to get involved because of the lucrative rewards, so we can see that bitcoin popularity is growing.
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It's being said that history will keep repeating itself, many people stand far away from taking decisions when there are supposed to, there are just spectators who will see opportunities and never take it up but will later start regretting when price start booming, I was once like that seeing low prices and will be like mehn this a big opportunity but won't take action which is bad made me lose so much opportunity till I learnt my lesson.
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