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.
This is common in every new trader. It is important that when you win, you are overconfident and your emotions are not really normal. Besides, you let your plan be broken. you said you had a stoploss plan but broke it and implemented DCA. so you're paying the price for your lack of discipline. If you didn't break the rules, maybe you just lost a few hundred dollars. But now you have lost too much. Next time, you should re-plan and never break it, because the opportunity is numerous, don't regret. Note: hopefully next time you will put down each paragraph so that everyone can read it. |
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Have a nice day! I know that most of here are all traders if you don't mind can i ask a little questions here because i am curious about trading. How did you do that? How do you read charts because i am still exploring and i don't know how read a charts anybody can help me with this? What is the best way to learn reading charts in an easiest way.
Reading the chart is quite simple. It means that we must know what the market trend is and we should decide where to buy or sell. The first thing you need to do is turn on the D1 time frame to see how the market has moved in the past 2 or 3 months, whether it is moving sideways or up or down. Then, when you identify the current trend, you will know you should favor Short or Long trend. After completing the first step, you will come to the second step and this step is harder. You need to have knowledge of TA. It is not too complicated if you are willing to learn, you can learn Price Action first to understand the market better. I usually study at this site: https://learnpriceactiontrading.com/ |
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One of the biggest cons of full time trading is being alone , boring sitting in front of computer watching charts data all the time from past 6 moths i am almost doing this and now because of this i am not able to focus on trades. i feel like quieting full time trading and go to job so i make some new friends and Socialness
what you guys do to avoid this biggest cons on full time trading
Full-time transactions are only for bots, and we humans can't do this with ease. we need to be in good spirits to be able to make informed decisions. I learned a great lesson from my trade teacher. He advised me to do another freelance job and to trade at night. meaning when I'm free and have free time, my win rate will be higher, watching the screen continuously only makes you feel more tired and stressed. so you should also have a freelance job so you can easily control your transactions. |
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Gold is and always was hedge against bad things happening. If we are to experience a crisis, it will keep going up.
However I agree with one thing - hoarding gold is not gonna save your ass. It has no liquidity. How do you want to pay with it? If there is nobody to give you money for it, then it's useless to you at the end of the day.
Anyway, buying gold is still the best thing you can do. And buying real estate too.
That's a good idea but it's old, and that's the idea of the old people who didn't have bitcoin before. Now that things are different, we have a different kind of non-physical assets with limited supply. So buying Bitcoin will be quite reasonable when you live in a world of technology, gold will not make us as much profit as bitcoin. that's what I'm sure of because the price of bitcoin is more powerful now than Gold, like the Iranian rocket launch on the US base.  |
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If a random country is in debt, is printing money a good way to pay it off at the expense of the citizens?
For example, lets say you owe an entity $100. If you print an extra $100 bill you pay off your debt, but unbeknownst to the entity the $100 that they lent you is now worth less.
Would the barter system be a good way of combating this?
It's definitely not the best way to solve the problem, buddy. You may have seen the tragedy of Venezuela when they were insolvent and they had to print money to pay off their due debts, resulting in a persistent darkness. All have systems to control the amount of money a country has. The extra print will not hide anything, the natural impact will come if you abuse the printing of money. then people will have more and more money, they will buy more and stimulate demand, then surely inflation will rise to thousands of percent. |
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I personally don't feel the difference between paying with cryptocurrencies and fiat money. Because now there are many credit institutions offering a lot of incentives when using it to pay and sometimes we have a lot of promotions for electricity and water bills. even promotions from the simplest services like 4G packages and some money cards. Besides, the payment for crypto is very limited and the transition period is really slow because my country has not developed according to this technology. maybe that's why I don't have the best experience.
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Hello people! I'm just wondering.. Aside from bitcoin, what are the other crypto that you are trading? And do you have any recommendation? Thanks in advance..
I can only think of the coins in the top 15. Besides, the other coins are not able to implement the roadmap that they have set. I feel that the new alts with lots of potential like ATOM, Tomo, Cosmos, Link, Tezos all have the potential to thrive if the market is funded. these alts will grow very strongly and now on Binance it is still traded a lot, volume more than 50 bitcoins per day. so, you can trade at Binance and make a profit. |
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Have a nice day! I know that most of here are all traders if you don't mind can i ask a little questions here because i am curious about trading. How did you do that? How do you read charts because i am still exploring and i don't know how read a charts anybody can help me with this? What is the best way to learn reading charts in an easiest way.
The best way to read the chart is to learn about trendlines. That knowledge will tell you what the price of that asset is at and you should buy or sell. There will be 2 cases that are uptrend and downtrend. You can learn more about uptrend and downtrend on Youtube. Below is a guide to drawing trendlines for newbie: https://www.youtube.com/watch?v=n8_l_NUKDAc |
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Also, was my emotional reaction right?
In that very moment, i honestly thought the price may dip to 7000 or below again sooner or later, i exactly don't know why. I felt it was just a temporary pump and dump due to a false climate of uncertainty ( since Iran is unlikely to start a war against U.S., but the people temporarily thought so).
But as soon as i sold, the price bounced and now it is at 8060.
So i am not sure my reaction was right.
What do you think?
We can all see that Iran and the US are affecting the price of gold and Bitcoin quite a lot. The decisions of each party have a great influence. So to trade profitable, you need to analyze more carefully about the situation between the two countries and make a decision to buy or not. Besides, you should have a solid plan for 2 cases. Your trade in losses is because you have no plans and emotions have guided you. |
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Why are many online price forecasts saying BTC will dip to $5k before the halving?
Do you predict the same too?
I'm not a pro trader, just asking out of curiosity
it's all just a prediction and you absolutely shouldn't trust the news. sometimes it's false news and the goal is to make more people sell their bitcoins cheaper. This is one of the strategies McAfee most often uses. Ideally, we should analyze the chart itself and make our own judgment. Don't be too worried about other people's thoughts. |
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No matter how promising a project might look, especially if they are new projects just look them as if they have nothing to offer and invest only what you can afford to lose. Do not keep your eggs in one basket, do you fall in love with a single coin, no matter how good they are always keep digging, many more good gems won't hurt than relying on a single gem 💍. Be smart
yes for sure. This is the principle of effective investment and is also one of the most effective capital management methods when making financial investments. You know, our crypto market is full of sins and thousands of scam projects have been created. so the more we need to focus on the analysis of the project and the whole team, especially the capital management. I once knew a person who had invested and traded in 3 consecutive months and his assets increased by 60%. but in just a moment, superficial and not following the rules, he all in and lost everything in a ghost project in 2018, which is Current. so be very careful and alert. |
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We really need to be more patient and thorough in determining ICO project choices. Many ICO projects have difficulty finding funds. So they will fail and potentially commit fraud. Do research and fully understand the white paper.
Thats why I always join projects that have innovative ideas, good teams and great marketing, seen from their crowded discussion on their ANN, and their bounties that are followed by many people, at least that gives a little picture about their future I think this time, when the cryptos are so bad price, almost ICO project will not potential in spite of innovative ideas. If you want to earn more money at this time, stop joining and investing ICO, please invest in more big cryptos like BTC, ETH, XRP. |
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in the current situation, nobody hope market will down a lot.
Especially investors, They hope the market will begin recover soon.
I think the investors were worried so much about the situation of this market. From a lot of predictions about cryptocurrency in 2019, I think the market will recover in Q3 2019, the price of BTC will reach $10,000 and the price of ETH will outreach $1,000. |
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is it a good idea to invest in ICO's and what do you think is a good deciding factor to pick what ICO's to invest in?
I think the most crucial factor is the potential of this ICO project that you want to invest in. Now there is a lot of ICO project but most of it is not potential and scam due to the bad circumstances of the market. Please choose and research carefully about ICO project before making purchase tokens. |
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I think people receive positive effects from Constantinople's hardfork such as transaction speed and others. So people began to be interested in Ethereum coins and invest in Ethereum coins again. That's why the price of Ethereum continues to rise after falling to the level of $90.
You should know that investor spent their money in ETH not because of Hardfork only. If there were no hardfork, investors still kept investing in ETH just because it's a really good cryptocurrency. I agree that hardfork also affected a little bit to ETH price but not so much. Don't think that ETH can be better just because of Hardfork, just take a look at ETH rank on Coinmarketcap, a single hardfork can't help ETH standing at 2nd rank for so long like that. |
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I believe that cryptocurrency has a great future. Yes, 2018 was not very successful and perhaps the same will be 2019. But I think that in the future we will see another growth. And by this time we will have enough coins in our portfolio to sell.
Cryptocurrency will make the patient people happy. Although the market so bad today, but I think the market will grow up after the bad day of decreasing. Happiness cryptocurrency market will come soon and hope that I will earn more money from bounty ICO project. |
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LOL. I think it's really normal, you should know that on exchanges which have margin trading, this problem happen very often and it's the reason why there are so many traders lost all their money because they thought that it was the lowest price of BTC and decided to join margin trade |
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I can see that so many bounty hunters too depend on bounty platforms or bounty listing site. As I can see ICO listing sites is not the only website paid to have high rating but bounty listing sites are also the same cause the higher of participant in bounty, the better marketing of ICO project will be so don't trust any bounty platform or bounty listing sites, they're not good as you guys still think.
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If you look even today, all purchases / sales are made via the Internet. Naturally and payment too. Ordinary money has less and less to be. Therefore, cryptocurrency is quite a good means to pay for services / goods.
I think in the next 10 years, people will not using cash for purchasing, they will purchase for services/good on the Internet by online payment method. And Bitcoin and altcoins will be accessible and be used by the people when purchase. The benefit of cryptocurrency is no denying. |
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