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I would wholeheartedly recommend that you do your own research and here's the reasoning:
If Bob here says that ZYX-coins going to be the next big thing because of reasons A and B. You take his advice and perhaps lose all your money. You will be blaming Bob for the rest of your life and think why did you trust this random forum user. If the price of the ZYX-coin would fluctuate alot, you'd be alot more nervous because of it since you're not that familiar with the team/tech/vision of the coin, and maybe in your own mind don't think it'll succeed. And end up selling your coins at a loss.
If you do your own research, believe in the team/tech/vision and WANT to be part of funding that vision, the price fluctuations shouldn't bother you not one bit.
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Depends on how you look at it, some people would consider trading as a active act that would happen daily. But then again there's plenty of people who only play whole market cycles and only make couple trades a year. They're still considered traders, not very active ones but still traders.
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Emotions & bad R:R-trades.
You can know every candle by name, every pattern and everything about everything. But once fear & doubt sets in your mind, you'll forget everything and do irrational decisions.
You can get rid of fear by experience, that's the hard part. Getting rid of bad R:R-trades is much easier.
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If you'd be more familiar with forex trading, i'd say that the same techniques work well in cryptos, there's just much more volatility and uncertainty because it's much easier to manipulate low liquidity market.
Overall, i've changed very few things when migrating from forex to cryptos.
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Common consensus on the status of the market currently:
Prices do fluctuate but overall the warm welcome from institutional platforms has been great. The adoption is growing rapidly without common people having any institutional & regulated ways of getting into cryptocurrencies, apart from few institutions. The development side has always looked great, there's an enormous amount of talented developers doing what they do best as we speak. New innovations amd solutions to BTC is being developed every day and tested, this hasn't slowed down at any point.
Some may call it bear market and it may feels just that, but looking at the big picture the crypto industry as a whole is in a very good spot right now. If there's someone worried about holding their Bitcoins and are about to sell, ask people from 2014 how does it feel right now knowing that they sold at a ridiculously low price just because they "felt rekt".
Market is looking gorgeous, dumps here and there, but it's all background noise in the long term.
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Lean the most common indicators: OBV, RSI, StochRSI, Bollinger Bands. Learn the meaning of certain candles Learn as much candle-patterns as you can
Papertrade untill you're comfortable, profitable and trust your own analysis.
You're ready to step in to the game. Welcome.
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In "scalping" the amount of capital you need to invest in each trade is pretty massive if you want to make any significant amount. I'm talking tens of thousands here for average trader. The prices are not expected to rise that much in a lower time-period so making 0,3% with 100usd in play is nothing, but 0,3% of 6-figure starts to make sence. But there's always problems.
-Liquidity, if you want to buy 100 000usd worth of any altcoin, it's gonna cause massive spread and pump the price up since there rarely is that much sell-orders on low liquidity altcoins. -If you're going to do fast trades with small capital, the trading fees are gonna eat that money real quick. -Going TA on slower timeframes fools even the best traders, there's alot of invalid data given in lower timeframes that can fool you to go long/short when seeing divergence/or certain pattern, only to failt and leave you at loss.
If you're never trader, always start from the longer timeframes and work your way down. Never the other way around.
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First of all, you should do your own analysis and trust on it. If someone here says "buy" and you do it, you're gonna blame that person for your losing trade.
That said, the general consensus amongst people seems to be that BTC has a pretty significant support at 5800usd range, which i do agree. Buying in that range has worked out relatively well for the past couple times. That said also, there's no guarantee that 5800 will hold forever, if any of these major dumps happen at that zone, there needs to be an absurd amount of buy-orders to keep the price in that range.
Time will tell.
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Sure you can, that's why going short was invented. If you're not familiar with the term "going short", it basically means the exact opposite of "going long" which is what most traders do. Bank on the price going up, rather than down.
It's no different going long or going short in profit-making perspective, everything else is the same besides the direction of the market.
Happy trading!
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Any platform that allows you to go short aswell, it's important to play both positions to remove bullish bias by only playing long. At the start the platform doesn't matter as much since you shouldn't be putting money in in the first place. Learn the rules of the games before trying to play it, otherwise your propability on winning is slim to none.
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There's couple other trustworthy exchanges in Nordic area besided the one you're using, never had any serious problem with any of them. All of them offer sell-options aswell.
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Use BNB and the option to split your fees 50% with it.
Use more capital when doing a trade, using too small amount of capital gets eaten real fast by fees.
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Speculation is all n good but don't take any random forum users saying as a financial advice since there's no doubt nobody knows for sure. Sure it might jump tomorrow to 20k or drop down to 4k, it all depends on the news and what's going on behind closed doors where the big boys discuss. I do not know whether BTC will jump in december and don't really even care, what i do know that it'll happen eventually and currently it's just a race against the clock who can accumulate the most before that timer runs out.
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Yes, learn how to trade without margin first and master your Enters & Exits extremely well, there's alot less room for error when trading with margin expecially if you're doing high leveraged margin trades.
Trading margin without previous knowledge on trading without is like putting toddler on an F1-car and telling him to drive couple laps. Wouldn't recommend.
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Study traders that have proven track records and offer good educational quality videos. Crypto-Twitter has multiple good down-to-earth traders that have made their wealth by trading traditional markets & crypto and definitely know what they're talking about.
After understanding indicators/R:R-ratios/candles/patterns, start paper-trading without capital. Analyze how your trades went regardless of the outcome. When you feel comfortable on your own analysis without FOMO, you're ready to try your wings on the real market.
Never stop studying.
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There's already plenty of businesses accepting BTC and other cryptos for payments and the selection keeps on growing every day. In Nordics there's plenty of computer stores offering BTC as payment settlement for components, you can buy plane tickets using BTC and there's even luxury car shop here where you can literally use your BTC to buy Lambo.
There's definitely businesses that offer BTC-payments, just look around.
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Take 50% off after the logical target has been hit and i see bearish divergence of the indicators/candles. See how the trade is gonna continue after couple hours and either sell the rest & go short or let the trade continue climbing while staying long with 50% of my initial capital.
Repeat the steps at next resistance.
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I never give investment advices to anyone but here's what i will do.
I will not sell 1 satoshis worth of BTC, that would not even cross my mind. Prices may fluctuate and the volatility is high, as it has always been. But looking through the fundamental glasses we've never been this bullish on the development, adoption and worldwide knowledge and education of cryptocurrencies. Mainstream media is starting to write news about the space, Yahoo Finance is starting to offer BTC and shows the price indicators on their site and so much more.
Do not let the prices affect your mood, now is good time to educate yourself and maybe read Interner of Money.
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The absolute most important advice i would ever give to a new trader is practicing good risk-to-reward-management. It may be not as sexy as learning how to read candles/analyze indicators etc, but taking good R:R-trades is one of the most important aspects of trading. Yet it doesnt get discussed as much which boggles my mind.
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This is purely dependent on what timeframe are we speaking here and the experience of the individual.
For a newer individuals starting to trade i certainly would recommend hodling more than trying to scalp/daytrade. Fees + lost trades would eat your starting capital faster than piranhas.
For more experienced traders, i'd still recommend hodling BTC besides trading. Historically BTC and majors have been a great investment and judging by the fundamentals i dont see BTC slowing down. There's development happening as we speak.
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