Bitcoin Forum
June 28, 2024, 07:14:06 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
  Home Help Search Login Register More  
  Show Posts
Pages: [1]
1  Alternate cryptocurrencies / Altcoin Discussion / Re: How to trade alt coins for a noob on: May 10, 2018, 10:29:30 AM
Quote from: askmecrypto on May 09, 2018, 10:56:32 PM
Quote from: Driving my lambo to the m on May 09, 2018, 09:19:46 PM
Hi, let's say I have an alt coin which is traded against ETH. I want to go to sleep and don't want to be caught out with a drastic price drop.  If I want to sell the coin at say 10c, how can I do this as I need to set my stop loss against the price of ETH....but what if ETH changes price overnight too

First thing in crypto is that you have to change your mindset from gains in FIAT to gains in crypto (BTC/ETH value).

I seriously dont understand when people are trading on coin-coin pairs, why they even consider FIAT value in the end.

Now, the simplest answer is start using stop losses.
In your scenario, in case ETH starts mooning, it is very obvious that the Trading Pair ALT will start loosing and thats why you use the concept of stop loss so that you are saved from the massive drops in ETH values for the ALT you are trading.

Else, Go and Trade on exchanges that provide FIAT-Coin trading.

But I buy ETH to trade for an alt coin. When I trade said alt coin for ETH and ETH goes down before I cash out, I'm at a loss. So surely FIAT is the banchmamark as I want to cash out for profit
2  Alternate cryptocurrencies / Altcoin Discussion / Re: How to trade alt coins for a noob on: May 10, 2018, 10:11:25 AM
Quote from: drachman on May 09, 2018, 11:01:16 PM
Quote from: Driving my lambo to the m on May 09, 2018, 09:19:46 PM
Hi, let's say I have an alt coin which is traded against ETH. I want to go to sleep and don't want to be caught out with a drastic price drop.  If I want to sell the coin at say 10c, how can I do this as I need to set my stop loss against the price of ETH....but what if ETH changes price overnight too
You're not understanding this correctly, if you buy an altcoin with ethereum the price that you should care about is the price of ethereum not the price of fiat, if you buy some coins for 1 ethereum and then you sell for 1.1 ethereum then you won your trade, in fact you got a very nice profit of 10%, it does not matter if the price of ethereum against fiat went down.
[/quote

But if ETH was $100 and if if I have 1.1 ETH worth $110 which halves in value, I still have 1.1 ETH but it's now worth $55........so I lost some profit
3  Alternate cryptocurrencies / Altcoin Discussion / Re: How to trade alt coins for a noob on: May 10, 2018, 09:31:02 AM
Quote from: Bttzed03 on May 09, 2018, 10:37:18 PM
Quote from: Driving my lambo to the m on May 09, 2018, 09:19:46 PM
Hi, let's say I have an alt coin which is traded against ETH. I want to go to sleep and don't want to be caught out with a drastic price drop.  If I want to sell the coin at say 10c, how can I do this as I need to set my stop loss against the price of ETH....but what if ETH changes price overnight too

I am not sure I got your question correctly. Are you concern that if your stop loss was hit and then the price rose again higher than your purchase price? IF that happens, you just have to move on to the next trade.
[/quote
]
4  Alternate cryptocurrencies / Altcoin Discussion / How to trade alt coins for a noob on: May 09, 2018, 09:19:46 PM
Hi, let's say I have an alt coin which is traded against ETH. I want to go to sleep and don't want to be caught out with a drastic price drop.  If I want to sell the coin at say 10c, how can I do this as I need to set my stop loss against the price of ETH....but what if ETH changes price overnight too
Pages: [1]
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!