Newbie Trading Question?

[GreatArkansas]

Am I missing something here? When I see the whales move the market this quickly should I just grab onto their tales and go for the ride? It seems like a sure thing but I know I'm missing something. Please educate me as to what is wrong with my reasoning.

If you really want to trade or become a trader. Don't rely too much on fundamentals, just like what you saying which is some whale things and I think you are saying that some people are manipulating the market.
Since you are just starting, it is much better for sure to learn first some technical analysis especially on using chart.
Don't just based on percentage gains,  you should also check it on the chart, with candles or volume indicators.

[jhenfelipe]

Like I said, I get too scared and do nothing.

If you are that scared, I think you shouldn't trade yet. You're taking risk in trading, so you must have the courage.

I think I'm doing something wrong.

No one can tell you what's right or wrong, there's no certainty in trading. We have different targets, high for you might be low for me or vice versa. Your techniques might not work for me either.

Since you have price alerts, most likely you have a target price. If I were in your situation, once I reached it, I'd sell already. I don't know what will happen with the price after that, but I'll be at ease because I sold at my target price. If the price go down, then I have a chance to buy again, while if it goes higher, then I'll hold and wait for the price to go down if I want to buy again.

Don't trade if you're not ready.
Don't go all in at once.

[magneto]

It's common for people to panic dump when the sentiment is bearish, and panic buy out of the fear of missing out when prices are going through the roof. That is the natural instinct of all traders, who are irrational by nature.

And don't think that this is just a newbie thing - it's not. Even seasoned traders can be affected by this.

Set yourself a clear target and try follow it - it won't work all the time but at least you are able to take profit when necessary.

[binhvo1505]

Hello,

I got into Bitcoin last February. I don't know anything about trading though I often watch Krown's Crypto Cave on YouTube. It's just as confusing to me as it is fascinating. I don't want to be a trader because I know nothing about it but since I bought my first Bitcoin I set up alerts on my phone for sudden increases and decreases and I've noticed patterns.

For instance, on Friday when Bitcoin jumped 36% from $7,400 - $10,300 my alerts on my phone were off the charts. I've seen this before, most notably when Bitcoin jumped up to $13,600 in September. Both times I felt that whales were pumping and dumping and I pushed the button on my phone to sell high but then I started shaking and canceled the sale. Sure enough, a couple of hours later Bitcoin gets dumped and goes back to reasonable levels.

Guys, I know I'm stupid because I'm asking myself, in both instances, why I didn't sell high and wait for Bitcoin to come down and buy again? It seems like a sure thing. All I hear are stories about people losing the shirts off of their backs from trading so that's why I just hodl. Am I missing something here? When I see the whales move the market this quickly should I just grab onto their tales and go for the ride? It seems like a sure thing but I know I'm missing something. Please educate me as to what is wrong with my reasoning.

Thank you.

I think you're psychologically greedy. I had a case just like you. In the first trading session when I saw strong purchasing power, I removed the sell order and continued to wait for higher prices. but soon the price went down and I was really disappointed.
The lesson is that in trading, we need to follow what we intend in advance to discipline ourselves. That's what it is to avoid mistakes.

[gandame]

Hello,

I got into Bitcoin last February. I don't know anything about trading though I often watch Krown's Crypto Cave on YouTube. It's just as confusing to me as it is fascinating. I don't want to be a trader because I know nothing about it but since I bought my first Bitcoin I set up alerts on my phone for sudden increases and decreases and I've noticed patterns.

For instance, on Friday when Bitcoin jumped 36% from $7,400 - $10,300 my alerts on my phone were off the charts. I've seen this before, most notably when Bitcoin jumped up to $13,600 in September. Both times I felt that whales were pumping and dumping and I pushed the button on my phone to sell high but then I started shaking and canceled the sale. Sure enough, a couple of hours later Bitcoin gets dumped and goes back to reasonable levels.

Guys, I know I'm stupid because I'm asking myself, in both instances, why I didn't sell high and wait for Bitcoin to come down and buy again? It seems like a sure thing. All I hear are stories about people losing the shirts off of their backs from trading so that's why I just hodl. Am I missing something here? When I see the whales move the market this quickly should I just grab onto their tales and go for the ride? It seems like a sure thing but I know I'm missing something. Please educate me as to what is wrong with my reasoning.

Thank you.

So instead of selling because you have profit you cancel it. Maybe you want more profit thats is you dont sell it.
And now you are regretting why don't sell it and buy back again once bitcoin goes down.
Maybe you gonna be learn the short trading so that you can get a profit in short time.

[Murat]

If you are truly a newcomer of this platform then you must be more watchful and attentive for those activities what's going in recent time, There are a lot of things we have to know very clearly and properly, I think this blockchain system is a vast and potential for the future perspective, that's why it's very important to know what's your role here, I think in the early stage, Trading option should not be taken because it contains a lot of risks, if you can manage it properly then you may gain a huge profit but it's not an easy task for a newcomer. so I suggest you hold Bitcoin for at least six months, In the meantime, if you get any price boom then you may sell and gain yours. It's a simple trick in order to make money.

[Suslived]

Hello,

I got into Bitcoin last February. I don't know anything about trading though I often watch Krown's Crypto Cave on YouTube. It's just as confusing to me as it is fascinating. I don't want to be a trader because I know nothing about it but since I bought my first Bitcoin I set up alerts on my phone for sudden increases and decreases and I've noticed patterns.

For instance, on Friday when Bitcoin jumped 36% from $7,400 - $10,300 my alerts on my phone were off the charts. I've seen this before, most notably when Bitcoin jumped up to $13,600 in September. Both times I felt that whales were pumping and dumping and I pushed the button on my phone to sell high but then I started shaking and canceled the sale. Sure enough, a couple of hours later Bitcoin gets dumped and goes back to reasonable levels.

Guys, I know I'm stupid because I'm asking myself, in both instances, why I didn't sell high and wait for Bitcoin to come down and buy again? It seems like a sure thing. All I hear are stories about people losing the shirts off of their backs from trading so that's why I just hodl. Am I missing something here? When I see the whales move the market this quickly should I just grab onto their tales and go for the ride? It seems like a sure thing but I know I'm missing something. Please educate me as to what is wrong with my reasoning.

Thank you.

Hi Hal! Welcome to crypto. I, probably along with a lot of people here, have been in the same boat as you. When it's pumping it's quite easy to get carried away and expect MORE. However, one important thing you should consider is that the SELL button is your friend, all you need to do is ask yourself, will I be happy with my profit if I press this sell button now?

It can always go both ways and whats important is that you set trading GOALS and follow them.

[nelson4lov]

Hi Hal! Welcome to crypto. I, probably along with a lot of people here, have been in the same boat as you. When it's pumping it's quite easy to get carried away and expect MORE. However, one important thing you should consider is that the SELL button is your friend, all you need to do is ask yourself, will I be happy with my profit if I press this sell button now?

It can always go both ways and whats important is that you set trading GOALS and follow them.

Seconded. I have the same opinion as you. I've been where OP is and how I got out of it is by setting trading goals and discipline myself. If there's one thing you'd know about the market is that it can go both ways. Sometimes, you might get it right, then you sell at profit - either via a Trailing stop or otherwise. Either way, you're out of the trade. The pump might continue without you in the rocket. You'll definitely feel bad but if you've a trading system/plan/goal in place, this shouldn't be a problem. The goal of trading isn't to make $1M per day but learning to make right decisions in the face of the market.

[Reid]

The good thing here is you area already aware of what is happening.
The bad thing is that you are too worried of what might happen next.

With that you dont want any large risk. That means you will have a difficult time when it comes to trading. Risk will always be there. You should just forget about regret whenever you decided early or late.
It happens. Shit happens all the time.
If you cannot get through that then stop. You might lose more on the long run.

[jrrsparkles]

Hello,

I got into Bitcoin last February. I don't know anything about trading though I often watch Krown's Crypto Cave on YouTube. It's just as confusing to me as it is fascinating. I don't want to be a trader because I know nothing about it but since I bought my first Bitcoin I set up alerts on my phone for sudden increases and decreases and I've noticed patterns.

For instance, on Friday when Bitcoin jumped 36% from $7,400 - $10,300 my alerts on my phone were off the charts. I've seen this before, most notably when Bitcoin jumped up to $13,600 in September. Both times I felt that whales were pumping and dumping and I pushed the button on my phone to sell high but then I started shaking and canceled the sale. Sure enough, a couple of hours later Bitcoin gets dumped and goes back to reasonable levels.

Guys, I know I'm stupid because I'm asking myself, in both instances, why I didn't sell high and wait for Bitcoin to come down and buy again? It seems like a sure thing. All I hear are stories about people losing the shirts off of their backs from trading so that's why I just hodl. Am I missing something here? When I see the whales move the market this quickly should I just grab onto their tales and go for the ride? It seems like a sure thing but I know I'm missing something. Please educate me as to what is wrong with my reasoning.

Thank you.

You already mentioned that you don't want to be a trader so those bumps didn't tempt you to trade and make some profits or you are afraid of,but I don't think you waited for the price to dump again after that whale bump,most of us expect the price to hang at the level and then move forward to make more profits.

But if you want to be a trader,first thing is don't be afraid of taking risk you may either make profits or loss but you have to be ready to face it.

[Shasha80]

Trading is not as easy as we imagine, its basic strategy is only to buy at low prices and sell at high prices. But in practice it is
difficult to implement it, as many people do when they want to buy it is always delayed and want to sell also delayed. Because
trading does indeed test our emotions, like when prices are already high we should take profit instead delay because greedy
wants higher prices, but in the end the price actually dropped. This is a lesson for us all that in trading does not need big profits,
the most important small profits but often.

[zeze18]

Am I missing something here? When I see the whales move the market this quickly should I just grab onto their tales and go for the ride? It seems like a sure thing but I know I'm missing something. Please educate me as to what is wrong with my reasoning.

If you really want to trade or become a trader. Don't rely too much on fundamentals, just like what you saying which is some whale things and I think you are saying that some people are manipulating the market.
Since you are just starting, it is much better for sure to learn first some technical analysis especially on using chart.
Don't just based on percentage gains,  you should also check it on the chart, with candles or volume indicators.

One more thing advice for beginner trader, we don't have to always get profits in our trade. Sometimes cutloss is needed to reduce more loss.
But make sure we can control our risk management and make our profits is more than our loss. Not easy at first, maybe we'll struggling for a month for doing daytrading, but when we know the cycles i'm sure taking 1-3% profits a day is not hard.

[ufaiz50]

Your risk of following the whales is that you are always in the tales, there is nothing wrong with you. What you experience is new when you enter trading, feeling anxious when entering the market, trying to look at crypto prices. You need confidence, what you are doing is quite right for a newbie, over time you will certainly arise a confidence in your analysis and actions.

[xvids]

You have predicted the price but it looks like you are scared to take the risk.
Just take some little steps in order to gain experience and confidence on your own.
Who knows maybe you could be a great TA that would give out some help for those who could not do what you could.

[Hal9900]

Again, thank you everyone for your comments. Recently someone private messaged me about using "Gunbot". Like I said, I know nothing about trading and Gunbot seems like a good idea on the surface but it's also adding more confusion. Also, I don't have a 4 core computer to run the program. Has anyone used Gunbot and liked it? Also, with every Google search I do on Gunbot every article is positive but I can't find anyone who has had bad experiences with Gunbot though I'm sure they are out there.

O.K., here is another question. I live in NYC. Is there anyone who lives in NYC that would be willing to get together with me and show me how to read the charts and, better still, how in install and configure Gunbot? I would appreciate it.

[alexsandria]

Guys, I know I'm stupid because I'm asking myself, in both instances, why I didn't sell high and wait for Bitcoin to come down and buy again? It seems like a sure thing. All I hear are stories about people losing the shirts off of their backs from trading so that's why I just hodl. Am I missing something here? When I see the whales move the market this quickly should I just grab onto their tales and go for the ride? It seems like a sure thing but I know I'm missing something. Please educate me as to what is wrong with my reasoning.

Thank you.

You are ready to go mate. No need to be worried as long as you are aware of the increase and decreases. You have the tools, and knowledge. Try it but always discipline yourself of course do trading moderately do not fool yourself with fluctuations sometimes it is just a show-off. In addition do not let your emotions control you if something went-off away from what you expect.

[maxreish]

The moment you accept yourself as a trader. You should stick to your guts, stick to your plan. I know what seems to be the problem now. You are lack pf self confidence and you are indeed scared of any negative results. Make sure you are a risk taker if you want to become successful in trading

Always remember that you must go on with your decisions. If you are kinda hesitant with it, give a break. That is why I am always saying that stop loss is really helpful in this kind of situations (sideways and sudden pump or dump).

[EdvinZ]

The recent pump of Bitcoin occurred for more than 12 hours until it reached its maximum price, which immediately began to decrease. You had as much as 12 hours to make the decision to sell. For some reason, everyone is sure that he must sell at the peak of the price, otherwise he is an unsuccessful trader, even if his portfolio has already increased by as much as 20%. You know what, no one knows where the maximum price will be at the pump of Bitcoin. Successful investors are advised to sell the asset when the current profit already satisfies you, rather than looking for the maximum price to sell. It's a trap of your brain for which everything should be perfect for you.

[desticy]

It's simple, you have to do the most difficult thing in trading - it is to follow the plan.

You have already indicated your mistakes, you already know what to do, but due to the lack of the proper level of discipline and experience, you could not implement your plan in time.
Consider these errors, use the advice given to you in this thread, and do not give in to emotions during the next movement.

Always determine the points at which you will enter or exit the market. No matter what happens next, do not adjust your plan directly during the session.

[sana54210]

Lol, this type of confusion will always be in trading as we are not a super being to know exactly what will happen to bitcoin at a time, but we can only do things that would make us to have shocked it from every angle.

Like this type of case now, it has happened to me several times too because of fear of missing out, I would want to sell my coin to take profit when the value is going up so that I can buy again when it dumps, but another thought will come to me and ask what if the price grows higher than that, and then I found myself canceling it, but what I have learnt to do is to have money to play both game, I put money for long term investment and I have money that I use to buy dump that when  I see case like that, I take my profit without hesitation.