Trading concept

[bitcoingab]

Hey guys,

I've been acquainted with cryptocurrencies for over a year now, invested in long term for over 6 months but recently decided to start diversifying my portfolio through daily trading. I have a question though.

If I want to buy a coin that I know is going to raise in value, should I:
1. Buy the coin with another coin that is giving a bearish signal
2. Buy the coin with another coin that is strong right now and that I made profit in

I use Binance as my exchange, and most trading pairs are with Bitcoin. Therefore, it is the coin I will be using the most to buy altcoins with. However, I don't want to liquidate all of my bitcoin assets because I want to stay invested in Bitcoin regardless. So, I would sell some of my other altcoins for Bitcoin and use that BTC to buy the alt.

Let's say I want to buy XRP:

1. I can sell some of my LTC into BTC, and from there buy the XRP. LTC is currently in a weak phase, so thus I don't mind getting rid of some of it.

2. I can sell some of my ETH into BTC, and form there buy the XRP. ETH is currently in a strong phase, so I already made profits and I don't want to get rid of a coin that is weak because it is bound to strengthen again.

Which of the two seems to be a more logical approach?

Thanks guys

PS. Please feel free to tell me any ebooks or whatever I can read to further my knowledge in the trading market.

[1715473153]

1715473153

[1715473153]

1715473153

[1715473153]

1715473153

[spring07]

Am just coming onto the trading world too, but this is what i will suggest, why not try those 2 models and see which one pays you more.
Dont forget this : "STICK TO A WINING STRATEGY"

[harizen]

Hey guys,

I've been acquainted with cryptocurrencies for over a year now, invested in long term for over 6 months but recently decided to start diversifying my portfolio through daily trading. I have a question though.

If I want to buy a coin that I know is going to raise in value, should I:
1. Buy the coin with another coin that is giving a bearish signal
2. Buy the coin with another coin that is strong right now and that I made profit in

I use Binance as my exchange, and most trading pairs are with Bitcoin. Therefore, it is the coin I will be using the most to buy altcoins with. However, I don't want to liquidate all of my bitcoin assets because I want to stay invested in Bitcoin regardless. So, I would sell some of my other altcoins for Bitcoin and use that BTC to buy the alt.

Let's say I want to buy XRP:

1. I can sell some of my LTC into BTC, and from there buy the XRP. LTC is currently in a weak phase, so thus I don't mind getting rid of some of it.

2. I can sell some of my ETH into BTC, and form there buy the XRP. ETH is currently in a strong phase, so I already made profits and I don't want to get rid of a coin that is weak because it is bound to strengthen again.

Which of the two seems to be a more logical approach?

Thanks guys

PS. Please feel free to tell me any ebooks or whatever I can read to further my knowledge in the trading market.

Since you made up some strategy like that, meaning you have some sort of idea of how it will turned out. You made an analyzation out from those recent trend of your hold coins.

We don't know what will be the result until we try directly the strategy we are planning to do. I can't suggest you the right thing to do out of your proposals since you are the only one who can make it right . So what to do? Try it and see if that will turned out good. We have different perspectives in terms of making a strategy so yes it's common that you will asked question if your proposals are right to execute. But the output of it will depend on how will you handle it. Face the risks and trust your strategy.

[reflector]

Hey guys,

I've been acquainted with cryptocurrencies for over a year now, invested in long term for over 6 months but recently decided to start diversifying my portfolio through daily trading. I have a question though.

If I want to buy a coin that I know is going to raise in value, should I:
1. Buy the coin with another coin that is giving a bearish signal
2. Buy the coin with another coin that is strong right now and that I made profit in

I use Binance as my exchange, and most trading pairs are with Bitcoin. Therefore, it is the coin I will be using the most to buy altcoins with. However, I don't want to liquidate all of my bitcoin assets because I want to stay invested in Bitcoin regardless. So, I would sell some of my other altcoins for Bitcoin and use that BTC to buy the alt.

Let's say I want to buy XRP:

1. I can sell some of my LTC into BTC, and from there buy the XRP. LTC is currently in a weak phase, so thus I don't mind getting rid of some of it.

2. I can sell some of my ETH into BTC, and form there buy the XRP. ETH is currently in a strong phase, so I already made profits and I don't want to get rid of a coin that is weak because it is bound to strengthen again.

Which of the two seems to be a more logical approach?

Thanks guys

PS. Please feel free to tell me any ebooks or whatever I can read to further my knowledge in the trading market.

It is so short term investment focus dude. You have to get the profit according to this theory only but focusing on the long term profit is only thing helpful to find the big profit. In short term profit you will be able to get around 100 USD or lesser than that.

Above mentioned all week and dumping coin now started bumping in the chart, so taking divert to those coins will grow in the market with in some weeks.

[Marthala]

Bitcoin Trading Tools & Resources

Cryptowatch & Bitcoin Wisdom – Live price charts of all major Bitcoin exchanges.

Bitcoin Charts – More price charts to help you understand Bitcoin’s price history.

bitcoinmarkets – A Bitcoin trading sub-reddit. New users can ask questions and receive guidance on trading techniques and strategy.

TradingView – Trading community and a great resource for trading charts and ideas.

[bitcoingab]

Thank you guys for the insight!!

[fabrizoc]

Am just coming onto the trading world too, but this is what i will suggest, why not try those 2 models and see which one pays you more.
Dont forget this : "STICK TO A WINING STRATEGY"

It is not at all possible for anyone out of the ones who are there in the world of trading to win all the time. Though all of us try to win every time but this is not possible. The thing which carries the most significance importance in trading is the knowledge you do have and the skillset and expertise you have related to the field of trading. If you are having this much of knowledge that you can make the right decision at the right time, then nothing will go wrong.

[DaMut]

How about both of it ?
You know which coin will be drowned in the next few days/weeks or months,
which mean it is time to cut your position to prevent the loss.
also at the same time if your position on coin 'A' increased and you think it is at its peak,
you should cut it too and move it to other position.
most people lost their profits due to greed and as long as you get the profit from your position,
it should be enough to make another choice.

but,we are in early january right now.
so everything should be moving upward or at least everything will be pumped.
it is a cycle,
a months ago Bitcoin had been pumped so hard and it is time for altcoin to take it too.
because the money came from Bitcoin and Altcoin.

[coino.org]

That is not the way how it works, too complicated. You have to allocate fix amount of funds on your day trading activity and then concentrate your attention on analysis of one or two coins you actually want to trade. Don't forget about liquidity.

[putrisa]

Hey guys,

I've been acquainted with cryptocurrencies for over a year now, invested in long term for over 6 months but recently decided to start diversifying my portfolio through daily trading. I have a question though.

If I want to buy a coin that I know is going to raise in value, should I:
1. Buy the coin with another coin that is giving a bearish signal
2. Buy the coin with another coin that is strong right now and that I made profit in

I use Binance as my exchange, and most trading pairs are with Bitcoin. Therefore, it is the coin I will be using the most to buy altcoins with. However, I don't want to liquidate all of my bitcoin assets because I want to stay invested in Bitcoin regardless. So, I would sell some of my other altcoins for Bitcoin and use that BTC to buy the alt.

Let's say I want to buy XRP:

1. I can sell some of my LTC into BTC, and from there buy the XRP. LTC is currently in a weak phase, so thus I don't mind getting rid of some of it.

2. I can sell some of my ETH into BTC, and form there buy the XRP. ETH is currently in a strong phase, so I already made profits and I don't want to get rid of a coin that is weak because it is bound to strengthen again.

Which of the two seems to be a more logical approach?

Thanks guys

PS. Please feel free to tell me any ebooks or whatever I can read to further my knowledge in the trading market.

the concept that you give is very good and suitable for beginner trading, but as it is not 100 accurate, sometimes trading like that still can not get profit, we have to be able to read situation of coin market which we want to buy what if there is no good info it will hard to ride.

[gabbie2010]

Hey guys,

I've been acquainted with cryptocurrencies for over a year now, invested in long term for over 6 months but recently decided to start diversifying my portfolio through daily trading. I have a question though.

If I want to buy a coin that I know is going to raise in value, should I:
1. Buy the coin with another coin that is giving a bearish signal
2. Buy the coin with another coin that is strong right now and that I made profit in

I use Binance as my exchange, and most trading pairs are with Bitcoin. Therefore, it is the coin I will be using the most to buy altcoins with. However, I don't want to liquidate all of my bitcoin assets because I want to stay invested in Bitcoin regardless. So, I would sell some of my other altcoins for Bitcoin and use that BTC to buy the alt.

Let's say I want to buy XRP:

1. I can sell some of my LTC into BTC, and from there buy the XRP. LTC is currently in a weak phase, so thus I don't mind getting rid of some of it.

2. I can sell some of my ETH into BTC, and form there buy the XRP. ETH is currently in a strong phase, so I already made profits and I don't want to get rid of a coin that is weak because it is bound to strengthen again.

Which of the two seems to be a more logical approach?

Thanks guys

PS. Please feel free to tell me any ebooks or whatever I can read to further my knowledge in the trading market.

From my own observation it seem you want to diversify from a crypto hodler to a day trader well just stick to two crytocurrency  at a time and analyze them (technical and fundamental) I.e candlestick pattern and study those coins  before embarking on the trade  try and start with a small amount and trade with the  amount you can afford to lose after making profits and gaining confidence you can try with higher amount.

[TheQuin]

If I want to buy a coin that I know is going to raise in value, should I:
1. Buy the coin with another coin that is giving a bearish signal
2. Buy the coin with another coin that is strong right now and that I made profit in

I use Binance as my exchange, and most trading pairs are with Bitcoin.

It is often overlooked in trading that keeping costs low is one of the most important factors in profitability. For this reason alone, I would keep it simple and always trade against BTC. Otherwise, you will be unnecessarily doubling your trading fees buying the other coins. I come from a fiat trading background where everything is trading against the USD but when I trade crypto BTC plays the role of the default currency.

 

[danherbias07]

Lokking at your example it looks like you have already decided.
But I will also say my opinion. Use anyhing you want with one of the altcoins but better leave some bitcoin behind.
That coin is still the highest one when it comes to possible profits and not just single digits but four.

If you really are looking at one coin with greater potential than the other then go with it. Just beware of the hype only coins.

[stefany101]

How about both of it ?
You know which coin will be drowned in the next few days/weeks or months,
which mean it is time to cut your position to prevent the loss.
also at the same time if your position on coin 'A' increased and you think it is at its peak,
you should cut it too and move it to other position.
most people lost their profits due to greed and as long as you get the profit from your position,
it should be enough to make another choice.

but,we are in early january right now.
so everything should be moving upward or at least everything will be pumped.
it is a cycle,
a months ago Bitcoin had been pumped so hard and it is time for altcoin to take it too.
because the money came from Bitcoin and Altcoin.

There are so much lessons about bitcoin trading that I learned from this comment of yours. So thank you!