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The ability not to be triggered by floating comment from people who have no expertise or authority to talk about cryptocurrency prospect, growth and it's development is the sign that you have become stable, mature and confident about your skill and knowledge about cryptocurrency! Now you are rooted, not wavering from every wind of hearsays and conjuctures!
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As a trader, there is a lot of ups and downs in the market, you could loose all your capital in less than a minute with just a very little analytical mistake. The importance of living healthy cannot be overstated to reduce especially the risk of stroke, hypertension or a heart attack which are all long term effect of the accumulated stress gathered from constantly monitoring the market charts, sitting for long hours and increased palpitations and heightened blood flow, which are all situations that full time traders experience.
Always try to give yourself enough time to rest, exercise and maintain a healthy diet as well a social life. All this activities help reduce stress both mentally and physically.
I believe tradimg cryptocurrency or other financial instruments is not meant for everyone. There is a lot of swing in your emotion and trading at loss could cause a lots of pain which could graduate into depression or death! The simple advice is this: If your trading activities affect your daily life and little correction in the market put a lot of strain on your emotion, then you should stop trading altogether! If trading and consequence of it does not affect your daily life, then you are good to trade! |
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My strategy on selling my coin is simple; I try to speculate future value of my coin from the moment I make the first buy ( I could buy more considering the project is progressing) I use the supply, the utility , the technology and community to judge my specuoated value. And once my price target is met! I sell without looking back or forward to better pricing!
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For me the issue of abitrage is not about finding abitrage opportunity, it rather about been able to convert such opportunity to profit which in my experience has been nearly impossible! Most centralized exchange are buggy and connection could be slow sometimes and there are safety concern as regard your funds! There is also issue of capital and volume! There is just too much risk involve with arbitraging in cryptocurrency market!
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Getting a loan for investment into cryptocurrency is not a good idea! Cryptocurrency is too volatile, you can not use other people's money and be objective as regard your trade postion, you will make a lots of mistake which would be avoidable if you were using your own money to trade! The rule of thumb here is to trade with money you can afford to lose!
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I have not done well this year in terms of profit because I did not forsee what whale and Elon musk did to cryptocurrency market at the first quarter of the year! Honestly speaking, the bull run caught me unaware! When ethereum peaked at $4000 I was supppsed to take my unrealised profit! but somehow, I lost my mojo for trading! I should do hetter next time!
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Litecoin had a lots of support before 2017 but lost it's supporter when main developer declared that he had sold all his litecoin during 2017 bull run on bitcoin! That was the day litecoin began to stall in development and many people were disappointed! Infact it got so bad for litecoin that many developers working on the left for other altcoin! I still use litecoin because it's fee are cheap and I'm hoping it will do better in the future!
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People that makes money on cryptocurrency are usually people that have something to offer! The cryptocurrency space is very competitive as there are solutions and new technology been developed every now and then! Another thing to consider is this; people that makes money in cryptocurrency usually do not focus on money initially. They like to develop product and fine tune processes and when they are successful at these, money naturally follow their work!
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There is definately a difference as clear as Ice between Elon Musk and John McAfee! Elon is well respected enterpreneur pioneering electric car and other clean energy based tech product! McAfee was only known for anti-virus software, attacking US goverment and other illegal stuff! As for shilling cryptocurrency, both were guilty and this act could damage Eln's reputation as it did for McAfee!
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My answer is yes! I said yes because Tesla receving dogecoin as payment for it's product will further legitmize cryptocurrency in general as a superior alternative for making payments for goods and services! It will deepen the cryotocurrency market capitalization and increase participation while encourage transparency and immutabilty that blockchain provides!
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The market dip may happened because of so many reasons, bearish sentiment could cause a lots of harm to the prices of cryptos! And if the sudden dip is because of negative setiment, that should not be enough reason to sell off your coin/ token! The dip in price will definately stop at some point and the bounce from such dip could be astronomical!
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The answer is yes! The credibility of any project is not given, it must be earned! The impact of signature campaign to credibility of any project can not be over emphasized! If a project run a successful campaign, there is a big likelyhood that it will not disappoint it's investors and other stakeholders! And if a project turn out to be scam, such project will be identified quickly and be stopoed by the forum through it's users to prevent others from fallen into such scam!
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The Amm model of exchanging token base on altcoin like ethereum has increase the participation of bad actors in cryptocurrency space! The likelyhood of a project turning into scam is higher than it has ever be. Therefore, precaution most be made before investing your hard earned money! The basic pre-caution is as follows;
1. Contract Audit and renounciation of contract!
2. The supply of the token and it's appropriation
3. The nature of the token e.g deflationary or inflationary vis a vis price!
4 The quantity of token been held by the Team, Marketing etc!
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When the going is good in cryptocurrency market, you rarely think of huge risk you are taking when you enter a postion base on sentimental reasons and market situation! It is important to make sure that your risk / reward ratio is moderate! It hard to recover losses than preserving capital!
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The cryptocurrency market is dynamic and with new players on the block, it is even more complex to just base your tding draecision simply on past data,trends, price action, trading graphs and signals! Market does not obey any rules but people's behaviour become rules that is easy to predict and take advantage of!
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The odds is actually 50/50 both for winning and losing! The problem here is when you become emotional with your trade. And as trader of many years, I can gurantee you that you will make emotional mistake on your trade no matter how self discipline you are! So, here is the solution, you must accept your emotional troubles in trading and find ways to reduce and mitigate the impact of these emotions on your trade and that is when you will become successful!
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Trade signal service and bot are usually effective during bull market provided that such services is legit to start with! I have used bots and trade signals from telegram before and I realise that my own strategy and my bot worked better and made more money for me more than these commercialize ones!bIf you can create your own bot, it will be better!
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I think bitcoin will be very valuable in the future! We can see the mess and financial holes counties of world keep digging for their citizens by printing more money not back by real asset! The whole finacial system may crumble someday and that is when bitcoin will be very valuable! So, it is adviceable to at least own one bitcoin! Convert your portfolio to bitcoin if you feel the time is right for it!
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Trading for newbies is not the first point of call in cryptocurrency! I would rather suggest that you familiarize yourself with knowledge of how trading works both technical and fundermental! Having master basic skills, you can then proceed to practice what you have learned! Your syyle of trade and stratergy peculiar to you will slowly emerge and you will become a succesful trader you have dreamt of!
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If you want to be completely anonymous with your bitcoin transactions, you will need to avoid bank and direct peer to peer transaction online! There are many ways rich people hide their money with fiat, such ways too can be adapted to bitcoin transactions. Examples; setting up a trust or making contributions to a charity or picking up investment in cryptocurrency friendly countries!
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