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Trading other altcoin restricted in your country does not have to be a nightmare, you can look for third party and transact with an escrow, or you may move to jurisdiction where you are free and allow to trade such coin. I remembered I have had to move from UK to other country to trade my bitcoin once!
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I think holding is not for the rich, rather, it is for those who are disciplined and know what they want. Holding is simple, just buy and actively forget what you are holding! The failure rate for traders are staggering and I once saw a data that concludes that 93% of traders
perform below simple buy and hold profit strategy! If you are serious about making money in Cryptocurrency space, you must hold and literally, a little bit more longer than average holders!
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I will say it depends on your strategy and what you are trying to achieve trading , if you were aiming for constant profit, you may need to be a technical trader. You will need to follow the trend and chart effectively to chart your course to profitable trading. If you are more medium to long term oriented, you will still need your technicalities and in addition, your fundermental skills as well!
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I think the same condition you described still exist up till now, the uncertainty of the market directions is very palpable. After an amazing rise of bitcoin which was up to 350% early in the year, a lots of people are drawing profit and speculators are having a fill day speculating about the next price floor. The bitcoin is relatively stable, it may go either way, we just need to spot opportunities and follow the plan!
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The percentages are good provided that the capital been allocated is below $10000. If you have to allocated more funds to Cryptocurrency investment, you will have to do better, may be you will need to allocate more funds to bitcoin and keep overall 50% of the funds in USD so you will be in position to take advantage of lower market price!
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I think it is general opinion that you don't borrow to trade, however, defi investment in Cryptocurrency market have changed all that. Actually, you can borrow to trade, to short, to buy various type of option and many other financial instruments in defi! Borrowing has become a tool for making money in Cryptocurrency and there are still many innovation coming up with borrowing!
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Since you want to short the market, it is best you wait for other opportunities to do so. There will be many more buying opportunities in Cryptocurrency market, you just have to pay attention to the trend and read your chart accurately so you know the best point where you are good for good entry!
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FTX exchange is quite popular among traders, the word is: FTX is the next binance. I will like to agree with this general opinion about FTX exchange. The future successful exchange can be easily read by what they do or don't! However, binance should never be underestimated as CZ is very competitive and innovative! Binance has made a lots of millionaires as a result of different product and it's deflationary and utility token!
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Trading without capital is impossible, even in defi, you've got to have a collateral to be able to borrow. Having said this, obtaining trading skills and abilities is not a end in it's self, it actually a beginning of understanding the market structure and one self! I ability to repeatedly turn a profit require different type of mindset we are use to, Trading profitably is about think and believe in oneself!
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Hello everyone,
I am doing Trading since last 3 to 4 years And in this journey i have seen many updowns(profit and losses), But recently from few weeks i am loosing my money continuously with the same strategy i have been using since last 2 years. I don't know what happened to me. So please anyone can guide me through this situation, it will be very helpful for me.
Thank you.
Change is the most constant battle, it is very easy to sit on our past succeses and continue to do what we are use to and expect different results! I will advice that you take a break and re-strategize. Never use your past experiences to trade the present market, there might be trend but it will not play out exactly like the last time. All the best! |
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One thing I noticed is that with big capital, you tend to stretch yourself thin amidst various coins that you should not have been in it in the first place. When your portfolio has lots of cash, you will need to be more cautious and discipline as you might probably let your guard down and trade more than you should learn!
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Trading required good technical analysis, fundermental reasons should be the basis for measuring the amount that should be traded and for how long! Trading emotionally is synonymous with newbies and those that do not know how to manage risk and those who have not read, ask questions and come to logical conclusions. FOMO could be very strong, but rules of trading must be followed!
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Kucoin exchange has multitude of coin you can trade, and the good coin to trade are coins with good daily volume, history and volatility! These basic attributes will help you to hold with out fear and help you to spot opportunities for profit and re-invest back your profit as many times as possible. My number one recommendation is bitcoin, then you can trade ethereum and some other good altcoin!
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I think patience is what is need when venturing out with new endavours like Cryptocurrency. I remember my first time I came in contact with Cryptocurrency, I really didn't know what it was about. The reason must have been the person that introduce me to it. He was so philosophical with bitcoin and how bitcoin is going to replace fiat and how countries of the world will start using bitcoin right away. He was partially right but there are still more quantifiable benefit apart from political aspect of it!
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So I've been investing in cryptocurrencies for a few months now and want to do a little bit of swing/day trading. I'm only thinking about doing it with $1,000 for some fun "on the side" cash, not to get rich. Got a couple of questions for you guys: 1.) Where would you do day/swing trading? A regular exchange likely has too high of fees. IE: Coinbase.2.) How do you keep track of all of your trades for tax purposes?Most of my purchasing that I do now is from Swan Bitcoin and a little bit from Coinbase. Both of these offer the ability to download files in CSV form with all of your trades on it. Recently I looked at strike app for buying Bitcoin. I emailed/asked them if that ability at this time, they said no. Which makes me wonder how do you keep track of your Bitcoin purchases and sales with strike app. I have heard that, companies that you have to register KYC with, do send you tax information just like your work does with a W-2 form. Does anybody know if that's the case? Obviously when I pick an exchange I will look into this further with that exchange. I'm just kind of wondering off the top of my head how people who trade regularly, that have hundreds of transactions a year, keep track of all that. 3.) When you're trading on these lower fee type trade platforms, can you custody your own Bitcoin if you decide to hold them or is that the reason that the fees are cheaper because it's not the same style thing you're basically just owning the number you never get to actually custody the coin?-TIA for any advice/info  To answer your number question, coinbase should be good for you, the fee are low and the fact that coinbase is legit and it has a good reputation For the number two question, you may have to manual record your gains and losses with the capital you started trading with. There should be record of your trading with exchange like coinbase, and you can use such record to support your data The last question, Yes you could have custody of your asset if the exchange used support it. I know you can trade from your wallet with coinbase exchange. |
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Binance is the most versatile exchange out of the exchange listed in your top ten. Binance continue to grow stronger than it was before, coming up with innovative product that ensure the sustainability and longevity of the exchange. In the history of hacked exchange in Cryptocurrency, never would you have seen exchange paying back user for their stolen asset, Binance did!
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Losing money can have catastrophic effect on one's life, however I will not quit trading as is good passive income for me. I know potential to lose money is there but preservation of capital have always been the rule I live by trading. I have done well with my philosophy of trading and there is no need to quit if I continue with my trading rules. Trading is not as risky as it's seem if you know what you are doing!
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My opinion about holding for long term is to make sure you are holding coin that will not disappear or be abandoned. The question now is how to know which coin will continue to exist beyond five years? Nobody knows. The simple solution here is to hold bitcoin if you are going to hold for long term! Holding however could be very profitable, provided a good coin is held!
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Staking to earn is now part of many projects, staking gives mutual benefit both to the stakers and the project. It ensure price stability and value rise while the stakers get juicy earnings. Those that stake early in new project could get amazing Apy, I remember I was getting almost 3k percent on pancakes pool at a time. If you are not a trader, the best option for you is to stake!
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The Cryptocurrency market is unpredictable and filled with surprises. It may be easy to castigate those who believe they can earn more money on their already pumped coin, but we know the higher price of coin doesn't mean it can go higher still. I think any investment that has gone 200% is a very successful one at that and one should be able to take profit!
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