I purchased SC on a pretty decent drop. Then it continued to drop. And continued to drop. It took about 4 hours to rise back up to a price where I could sell for 1% - 2% profit. Since I'm waiting for my bank transfer $ I didn't have enough in my account to double down on the continued drop. I have a question about the double down concept...should that be used as a last resort only? Would I set my selling price to just get out of the trade at a slight profit? I guess these question would depend upon what was happening in the market.
I wondered what changed between yesterday and today. Yesterday SC was pumping all day long. Today it was sluggish. After looking at the rest of the alt coins I recognized that just about all of them were sluggish today. So it is possible that today was just a sluggish day. I remember reading on this forum where one person observed that most market dumps occur on the weekends. Maybe I should be careful about trading on the weekends??? Or Sunday more so than Saturday.
Can anybody recommend a course that would teach Bitcoin trading?
I'm still asking questions and still learning.
Scott
I think you are at a pivotal moment right now as a trader. You need to ask yourself whether you want to invest, trade, or gamble. If you are making trades of any asset (especially crypto) every single day, you are gambling. Nobody, no matter what they tell you, can consistently profit from daily price fluctuations.
If you want to make a reasonable amount of money over a long period of time, you should be investing, not trading. This might not be what you want, and if it is not then I don't blame you. 8% annual ROI can et pretty boring, even if it is safe.
If you want to try to make a ton of money super quickly, the. Keep doing what you are doing, but know that it is gambling and almost entirely luck based. You have as good a chance of losing all that money as you do winning.
Lastly, if you want to consistently make solid profits, learn trading. However, don't trade every day and don't stay exclusive to crypto. You can make 50%+ annually if you are good, and that is how people generate a lot of wealth... not through massive one time gains, but steady growth over years.
I would recommend you spend several months at least going back to the drawing board. Learn about fundamental and technical methods of determining an asset's value. Learn about value investing. Learn to take advantage of disparities between an asset's price and value. This is how wall st makes money, and how good traders become great traders. It requires patience and the ability to keep a calm and steady hand while managing your emotions during times of volatility.
I would also highly recommend spending months practicing trading before putting your own money in. You can do that with the paper trading simulator here:
www.demoinvestor.com.
Just FYI, I usually make maybe 5-7 trades per month. I've found trying to profit on fluctuations over 1-3 month periods of time to be extremely effective. I've doubled my investment over the past year, and been consistently profitin on the majority of my trades.
So anyway, you can keep gambling if that's what you want to do, but know that if you are willing to put the time in, learning how to trade can yield a much bigger reward over a longer period of time.
