Trading is a tough issue. I'm not incredibly decent at it though. But as far as I know and understand so distant, I am sticking to a plan that I retain. Yet, this plan may also be flammable, it will be sure of on the market. Everyone should have a specific plan. Then you have to modify according to the circumstance so that you can be prosperous in trading.
- I agree, a primitive plan is necessary to shape the development direction with the market and when we mention the preliminary plan, it is impossible to stick to the plan completely, in many cases can destroy the original plan, flexibility and modifications are needed to get our plan on track and back to its original state. I couldn't agree more. Having a clear plan in trading is important, I'm not going to argue over such a fundamental aspect of trading, but in order for a plan to be responsive to any market situation I find that flexibility is key in making the most of the market. So having a plan is great but make that flexible and it would be a much better plan! the work plan must be flexible with the situation in the market at that time. sometimes what we plan does not match expectations, and at times like that we must be brave to make cuts and compile a new work plan |
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Even with fiat currency, we are still on track so what matter when using cryptocurrency, cryptocurrency especially bitcoin is better than a fiat currency in some aspect so we cannot stop people from using it, it is better that you are the only one who controls your money without any third party which we can have with bitcoin. Bitcoin is not made for us to become rich but now people tend to become more active in cryptocurrency because of earning money.
the shift in the function of bitcoin today is inseparable from its profitable nature to make money. but at least in this way, making bitcoin more widely known by the wider community, even the government seems unable to stop it, even though the decentralization inherent in bitcoin is contrary to the current banking system |
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I think it is China's strategy on how they can slowly become the most powerful country in the world. As the digital yuan gets produced, they intend to change the public's opinion with regards to digital currencies. They might compromise a bit as people gets attracted much more into bitcoin than the digital currency they are producing but it is pretty obvious, they still have something hidden that they will produce or conduct in order for the digital yuan become the central currency for the country. They are not really mistaken about having bitcoin as an alternative asset since most of the people nowadays functions their bitcoin in that way.
In this case, digital currency seems to be specifically for buying and selling tools, which until now has not been obtained from bitcoin, which tends to be used as an asset to get abundant profits. From this point of view, we can read China's smart steps in responding to the changing times |
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As usual, the weaker and economy and a political systems, the more keen are they in banning anything that allows freedom and free flow of capital for their citizens. It should be considered an indication of democracy and economic freedom to allow citizens to own and trade any asset - other than drugs and the like - just as freely as cows or chickens. Obviously, when you run a shitty politic and financial system, you just have to kill any competing system such as crypto.
When the economy get weaker, the government will look into all flow of money in the country. Cryptocurrency is one among them, because they can easily imposes tax on people by legalising. If the legalised happened, the transaction in a county can be find by the government. So legalising had both positive and negative. Indeed, with legalization, we will get a positive or negative effect. In the past, many were concerned that bitcoin could be misused for a crime, but I think we have to take a lot more into account which is positive or negative. Isn't it certain that every policy has pros and cons from their respective points of view |
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Coin exchange markets create the coin "out of thin air " You first buy the 0.0001 BTC from Binance or any local coin exchange markets. You give 3.5 dolar to Binance and Binance add 0.0001 btc to your account. In this transaction, really, Binance gives you BTC ?  Firstly, not your keys not your bitcoin. Having said that, no coin is not created out of thin air, they do need to have enough bitcoin in reserve to cover all the positions of their clients or else they would risk going bankrupt in the even of having a significant amount of withdrawals at the same time and that is something that may happen. I guess they could opt for taking some risk, just like real banks do, a create some bitcoin without having reserves, but I think that is a very risky move and that it could potentially be detected which would carry a loss of confidence and massive withdrawals at the worst possible moment. therefore service to customers and increasing trust in customers can make the exchange attractive and many clients will place their funds. indeed, there are also many exchanges that are insolent because they don't get the trust of consumers, or are even hacked into by hackers |
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Tesla became unstoppable whales. no matter what price Tesla buys bitcoin, the power to increase the price of bitcoin will be very large because of the influence of Elon Musk which provides a very fast stimulus for price increases, he is very influential.
Those who have large capital are able to arrange and drive the price according to what they want. We as traders or small investors and with minimal capital, of course, can only follow them. Be like them (whales) and follow in their footsteps.
Don't be swayed by FOMO, take your profits immediately and get out of the market.
I prefer to call it an institutional investor rather than just Tesla. Right now I think institutional investor have control over the bitcoin price because they have the power to pump up the price as well as dump the price. It is all because they have a lot of financial strength to represent their company. Their investment move is a good strategy for generating growing adoption and increasing the confidence of other investor in bitcoin. Meanwhile, we as trader can also take advantage of this moment to take profit of the sizeable price spike. Because they won't keep their bitcoin forever, it's still possible to see a drop in price when some bitcoin are sold like Tesla did before. For this reason, it is a good idea to take profit of a fluctuating market. especially as small traders like us, who should be able to follow the rhythm of the waves of the whales' game. lest we go against the flow of their journey, because it can endanger ourselves. we have to be careful for now, where big investors will not hold their investment continuously, and in essence they are looking for profit |
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I do not think that this option would be good, at least for me in my country, real estate is very expensive and it needs thousands of dollars to be able to invest in this type, I mean that the barriers to entry are very high while investing in bitcoin and cryptocurrencies is much cheaper as you can start with small amounts that can be It can reach up to 1000$, so for me investing in cryptocurrencies is much better because it needs small capital and large profit returns compared to the capital.
Of course, the investments you talked about might be very profitable, but they are not successful for anyone and they cannot work in all countries.
OP is talking about having "something apart from their bag of bitcoin", it's about diversifying. If you are an investor, it's always better for you to not bet on one horse only, you should diversify your investments. Also, you don't necessarily need to buy a real estate property by yourself, you can buy a REIT share for $10, and thus become an investor with little money spent. diversification is necessary. this aims to minimize risk. even diversification in different areas can further secure our assets from bankruptcy. This is already being done by many entrepreneurs, and I personally just want to copy in their footsteps |
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So, yes, privacy is going to be a concern, yes the institutions will not make digital euro anonymous per-se so I my view we should expect it to be very unlike cash and yes it does open the door to making cash restricted for very small payments and thus having a massive control over people.
Think of the panic among current cash holders. What If I had 100 thousand in cash at home right now and heard in the news that next year I won't be able to buy a car anymore. All I'll be able to do is grocery shopping or paying in restaurants. Crazy! Now due to low interest rates people are withdrawing cash and they want to stop it by making cash useless, that's their main goal. that's what happens to real currencies nowadays, inflation is always there, but I think if only one year the inflation is not too high. it is not good to save especially in a bank, of course the money we save will not develop. indeed crypto currently offers for transaction and investment tools |
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everyone wants Tesla, but not everyone can buy Tesla. it's just a display for billionaires to show off their collection. If I were to choose between Tesla and Bitcoin, I would definitely choose Bitcoin. apart from the Tesla company business to adopt Bitcoin and so on, what makes Tesla that special in the eyes of bitcoiners?
we can see that Tesla is for the upper class. Of course, for myself, I prefer bitcoin over Tesla, and I don't think the production is too booming to be accepted by the general public. and currently Tesla is looking for money from bitcoin, after yesterday recording a profit on its investment |
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daily trading techniques when using indicators, we must know the weaknesses of the indicators we use. therefore I agree that a trader uses stop losses as a safety deposit. no one can think where the price will move, therefore we are required to be consistent with the analysis
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Well the dip is pretty normal but of course there are reasons behind it. At fridays usually Future contract ends so it may have impact on it. Also Turkey banning crypto and closing one of their biggest exchanges for sure influenced the price.
I think that such news is trying to explain the dump of bitcoin, after it took place. In fact, there was a correction of bitcoin, and with it the rest of the altcoins, because there can be no continuous growth. Although this correction could change the market to bearish if bitcoin continued to fall. Some FUD was there regarding Joe Biden, the President of USA is increasing the Long Term Capital Gain taxes to 43% which is outrageous, but it was a FUD as we all knew, And then there was a FUD that Tesla sold its Bitcoin holding and in turn, Musk is also selling which was again fake news as Elon Musk himself clarified it as just a Liquidity requirement of Telsa and he didn't sell any of his Bitcoins. The price is already reaching 55k price and we may see another ATH in the month of May. indeed at the previous time bitcoin had crashed and I think the percentage was not too significant compared to the increase in movement. with the fake news that happened, of course this opportunity was used by the news maker to buy more bitcoins, in order to reap big profits |
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profit taking will involve a trader to buy low and sell high. it sounds simple but it isnt. if not properly mastered you might miss a time to sell and a time to buy back and intervals to do this buying and selling. share your skills and techniques that can be used to achieve this.
consistency in the analysis of the framework is needed. we don't know when the price will peak or be in the valley. Therefore, with a framework we can determine the maximum profit and maximum risk if a cut loss occurs according to our portion. |
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Hello Gang,
Long time investor/holder of Gold coins, new investor of Bitcoin.
I've been thinking about selling some Gold to buy Bitcoin.
I'm listening to the pros/cons of doing this and Bitcoin seems like the better asset to hold in the long run.
So..
Anyone else here convert their Gold to Bitcoin?
Kinda having a hard time parting ways with my coins.
There's something to be said about touching Gold coins.
They're heavier than you think..
They have a nice ringing tone to them when tapped.
Fun to look at.. older ones have a history to tell.
Maybe I'm alone in this feeling.. 14+ years of collecting coins is hard to let go, but ultimately I got into it to have an insurance in case
of economic collapse and security.. also to make a profit.
Seems like Gold may be taken out by Bitcoin in a few short years.
Thoughts?
If I have a lot of gold then i will convert some few gold to bitcoin, holding both gold and bitcoin is more amazing and i think profitable than holing 1 of them, if gold drop and bitcoin will rise you can still earn, and if bitcoin drops and the gold rise then you can also still earn, there is a big advantage if you hold both bitcoin and gold. So i suggest to hold both for to have more advantages and earnings. I personally tend to hold both gold and bitcoin. but honestly, the capital that I use to invest in bitcoin is smaller than the capital for investing in gold, which is about 30% of the total capital I have. I know in crypto even though it gives a big return, it also has a big risk |
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I don’t store my Bitcoin on the wallet that I didn’t control and every time I transfer, I’m making sure that my keys are still there and my information are still intact.
That’s a huge money mate and I understand how frustrated you are right now, and the only solution to this is to look for those keys, and hopefully there’s still chance that you can find it. This is a reminder to everyone to always protect our private keys and always put it on a safe place.
The sad part is that this is kind of an unforgivable mistake, for example I can kind of understand those that have a lost their coins when bitcoin was worth only a dollar or something like that because back then it was impossible for them to think the price was going to get so high so quickly, so I can understand why they were not as careful with their coins. But in the case of the OP his coins were already very valuable and he should have known that a day will come when bitcoin will be way more valuable than what it was back then and still he was not careful enough to keep his coins safe. most of them are psychologically attacked, resulting in the frustration they get after the coin price drops. therefore it requires consistency with the analysis that we have made, so that we remain calm when the market is still moving within the range of our framework. |
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I won't advice this to anyone because OP is leaving nothing and going full on when s/he cashed out and I don't like the idea of waiting for the price of bitcoin to fall down because we don't know when will it happen or will it ever happen and if the former were to happen then you are in a world full of pain and regret since you are buying bitcoin at premium because you waited for a dip that didn't happen and when you finally bought one, that is when the price dips and you sort of panic because you are experiencing a big loss.
I do agree with you, I have tried this one myself once and now the price isn't going down anytime soon and I am regretting what I did, good thing that when I sold my hodlings, I have a really big profit so it isn't overall as bad as it is but I won't be making the same mistake again. It will be easier to trade in the crypto market if you can wait patiently it's a good time to buy when prices are going down. Traders who buy and hold currency at a higher price later lose money therefore if you have to buy at a lower price and keep it for a long time then there is nothing to despair if its price goes up you will get double profit. Those who have been holding bitcoin and ethereum since 2018 have made huge profits. Sometimes when prices fall, we are afraid to buy because we are worried that prices will continue to fall, it takes courage to take action, and we must be prepared to face risks. therefore an accurate analysis is needed, and we are required to learn for that |
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we know crypto has large fluctuations, we must take into account the risk, of course with large fluctuations, the risk will be large too. therefore we can divide it into several coins that we have examined, if we want to trade daily, I think the use of stop losses is recommended.
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For a trader, especially in the short term, I don't think it would be wise to trade without stop losses, even though there are those who don't use stop losses, but usually they always monitor the market and make cuts when needed.
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When the pandemic started, we had seen a big crash on bitcoin to the point that it reached about $3900 that is really big fall for the bitcoin that time but as time goes by they have learned how bitcoin can help them during the pandemic, and the rise started again with bitcoin as it started with the post halving and next, a lot of companies have seen the great thing that bitcoin can give to us during the pandemic so they bough huge amount worth of bitcoin and we saw its effect to the market.
we can see this together, until now bitcoin seems to be a noble item which many people believe in. but. when prices are dumped, many people are worried about buying them. but instead, it started with large companies that believed in it so that it rose again until its price exceeded the previous highest price |
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If enough people use bitcoin for their daily transactions, then central banks with their fiat currencies will lose their power over the economy. Soon after that people will be flocking in to buy cryptocurrencies because FOMO will be too much for them to take in. Banks will collapse as they won't have any relevance and fight if the enemy is literally decentralized currency. This will also boost the price of bitcoin, but at the same time will amp the transaction time and fee. So there are pros and cons in this kind of scenario coming into fruition.
indeed there are many advantages of bitcoin compared to central banks. But we need to remember that the central bank is controlled by the state, so I don't think it's that easy to tear down bitcoin, we can see until now where the fame of bitcoin has soared, but the government doesn't seem to be going to legalize it globally |
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Venezuelan living in Venezuela.
We have corruption, crime and inflation and Bitcoin and other crypto-assets help our situation.
Politicians and criminals here are always looking for a way to steal whatever we have left, one needs to be careful and having some crypto allow us to have some money in a discreet way.
It is not even completely safe to safe in USD here, because that's what common and in uniform criminals seek the most, a friend of my family got her appartment raided by some crooks because they knew she had some USD in cash.
And of course, the small savings are better in crypto than local currency which goes down between one and two percent everyday in comparison to the USD. If the government fully legalize the usage of USD, then there will be no need to store all the cash at home, and robberies such as the one mentioned above could be avoided. This is one of the disadvantages with fiat cash. It is very difficult to store the money anonymously, which makes it vulnerable to seizures and robberies. But for smaller transactions, Bitcoin is not very suitable. So in case you want to purchase a can of coke, or a packet of sunflower oil, I don't expect you to pay with BTC. You need USD in such occasions. for current conditions it is like that, where the fee required to move bitcoin is still relatively large, so it is not suitable for small payments. but hopefully in the future there will be a solution so that it can be used in all conditions and situations |
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