Trading Bitcoin: Chess Masters vs. Surfers

[dothebeats]

I’d honestly pick a combination of both all day knowing that in trading, no single strategy can actually work to achieve your millions and you’d have to incorporate a lot of techniques and data in order to be successful. A chess master and a surfer has their own merits when it comes to trading, one guy from getting the right techniques and the other one from getting the techniques based on whatever circumstances the environment throws at him. A trader who has both of these traits will always take profits no matter what.

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[Theb]

I'm not aware of the terms you have explained right now but I don't think most of them have a choice. If you think about “surfers” you will notice that they are trading more frequently compared to the “chess masters” because most of them didn't have the chance to buy Bitcoin at a cheaper price now their only way of maximizing their profits is to take advantage of the volatility. Unlike chess masters who have bought it at a cheaper price they have an option to wait and cash out big time because they have a margin of safety on their side.

[Hamphser]

Probably the Chess Masters.
When I trade Bitcoin, I don't care if I lose anyway as long as those amount were worth losing for. I don't involve emotions when I trade either short or long-term trading. The important thing is I learn on either results.
When we're talking about Chess Masters, it isn't just a thorough thinking of strategies. It is clear mindset with only one goal in mind and could adapt to any what-ifs.

What do you mean by worth losing? For what? If i were you i would not stick to a single straight strategy when trading, you have to be flexible too. Like switching to surfers from chess master instead, there is nothing wrong in switching like a bandwagon it is only for the profit that's why you do it. Be wise next time, mate.

[tonyvo2017]

 I think these are the most wrong actions of traders right now. They are always looking for masters who share the short-term trends to trade for profit. but they don't know that most of those masters are fraudsters. they intentionally set trends so that more people trust and buy more, then they will sell their shares later at high prices.
This is the game that I often see in the financial markets. should limit this.

[teosanru]

Ever wondered why some bitcoin traders are drawn to go out scalping every fast-rolling wave gliding across the screen while others will sit in the comfort of the beach club—mojito in hand—and play the tide instead?

Surfers play by feel, remain cool under pressure and make the most out of their instincts...

Chess masters are analytical freaks, follow hard rules and always stick to their trading system...

Which side do you lean towards the most?

Either way, it's a hilarious read!! Trading Bitcoin: Chess Masters vs. Surfers

I think it's a matter of choice. Not everyone has a gut and feel which gives them correct decision. Nor are they motivated enough to remain cool under pressure. My personal opinion is chess masters are better. Trading is a hard exercise which has strict rules you need to adhere. I have seen some people keeping a rule chart in front of their desks while they are trading. I think in long term persistence is what pays a trader. Chess masters are better for this fact undoubtedly.

I think these are the most wrong actions of traders right now. They are always looking for masters who share the short-term trends to trade for profit. but they don't know that most of those masters are fraudsters. they intentionally set trends so that more people trust and buy more, then they will sell their shares later at high prices.
This is the game that I often see in the financial markets. should limit this.

Definitely a +1, these cool looking traders are nothing but fraudsters who make you look they are profitable but they actually just have made a couple of profitable trades.

[ChrisPop]

Haha.. It's quite a paradox here. Scalping usually requires a much stricter risk management rules and still they have to follow the same technical analysis just to be aware of the higher trend and get in and out as quickly as possible. If you don't have what to do during the day and you know how to control your emotions it is a reliable way to make a living. Many traders just scalp and don't play the trends.

[Jating]

I would also call myself in between those two, and it's hard to define yourself as it boils down to your risk appetite. If you're more of a gambler type they probably you can be a surfer.

But I'm sure traders wanted to be a Chess Masters, looking at the situation and think ahead of time as to what will be the next move based on technical analysis. So I would rather be in the middle here, just to play safe, 

[stepwilli]

Daily trade is a difficult task, and the kind of headache I get from it, lol. There are days you will sit in front of your computer and work really hard but still at the end your loss will be more than profit and that doesn't make any sense. Investing long term is always the best thing to do, you wouldn't have to stress yourself that much .

I stopped day trading a lot, I have other jobs that I focus on now than wasting time and risking my money. This time around I take a chill and go for a long term. But, before investing my money in Bitcoin (BTC) for a long term I always do proper research and I make sure that money is going in when the market is at the lowest. When I invest I then hold it till there is a good increase in price and I can then withdraw it.

[crossabdd]

surfers, I'm more inclined on that. because I really like the price wave. I can't just stay still in one place. usually I will scalping until the price wave stops. then move to another coin to find new waves. because in my opinion this is more profitable than sitting still waiting for all the pumps. I'm not like a chess master, who has extra patience to defeat an opponent (waiting for everything to big profit.)

[oktana]

unique term, I try to explore minimal analysis in timeframes 12h and above. the long term looks more attractive because the term chessboard can move capital according to need, busyness makes me change options several times. However, the requirement to be maximal is not being able to use a small amount of capital because I have to back up some unsuccessful orders in 1 month.

[aardvark15]

Ever wondered why some bitcoin traders are drawn to go out scalping every fast-rolling wave gliding across the screen while others will sit in the comfort of the beach club—mojito in hand—and play the tide instead?

Surfers play by feel, remain cool under pressure and make the most out of their instincts...

Chess masters are analytical freaks, follow hard rules and always stick to their trading system...

Which side do you lean towards the most?

Either way, it's a hilarious read!! Trading Bitcoin: Chess Masters vs. Surfers

The problem for me with Elliott Waves and other charting tools is that it is very complicated and takes years of practice to really understand how to read them. For novices like me, I look for more long term trading opportunities.

[longyenthanh]

Ever wondered why some bitcoin traders are drawn to go out scalping every fast-rolling wave gliding across the screen while others will sit in the comfort of the beach club—mojito in hand—and play the tide instead?

Surfers play by feel, remain cool under pressure and make the most out of their instincts...

Chess masters are analytical freaks, follow hard rules and always stick to their trading system...

Which side do you lean towards the most?

Either way, it's a hilarious read!! Trading Bitcoin: Chess Masters vs. Surfers

The problem for me with Elliott Waves and other charting tools is that it is very complicated and takes years of practice to really understand how to read them. For novices like me, I look for more long term trading opportunities.

It is not even about understanding technical analysis because it was created for stable markets and for short-term trading. Bitcoin is high risk market and has too much volatility. I think that using technical analysis on the cryptocurrency market is associated with a similar risk as flipping a coin.

[buwaytress]

Actually, guys like you make much more interesting reads than the business-formal-classy writing of some Forbes guys, all due respect.

Not quite my style, but objectively, enjoyable. I don't think there really are that many people on the cool beachside end though, or if there really is such a divide, probably a lot of greys in between, and a huge majority of people who really don't know what they're doing.

I definitely wouldn't know a thing, but then that's precisely why I don't trade (except for need and certainly not to turn profit!).

Cheers.

[exstasie]

I'm not aware of the terms you have explained right now but I don't think most of them have a choice. If you think about “surfers” you will notice that they are trading more frequently compared to the “chess masters” because most of them didn't have the chance to buy Bitcoin at a cheaper price now their only way of maximizing their profits is to take advantage of the volatility. Unlike chess masters who have bought it at a cheaper price they have an option to wait and cash out big time because they have a margin of safety on their side.

The main distinction is between traders who operate off gut instinct, and those who have strict trading systems. It's not about who bought earlier.

I definitely fall into the latter group, the chess playing camp. I have very strict rules for entries, exits, and stop losses, and what trade setups I will or won't take. However, all good traders operate off their gut to some extent. It's our instincts that allow us to hone in on good trading opportunities in the first place.

[Mike Mayor]

I think I am 50/50 I am far too impulsive to be a chess master. I normally will calculate ( or at least try to) what I am going to invest in and how it will work. First finding out how I will break even and then feeling safe creating profits. Once you break even the feeling is great. Its free money from then onwards. Once that happens I will just surf and try to catch the biggest waves and ride them out. Sometimes after breaking even it is best to dump along with the other dumpers and then buyback. Then you vastly increase your total coin amount and hope it goes up more and you either stay making a bit of profit and breaking even or you fold your profit over a few times.

[wxa7115]

Ever wondered why some bitcoin traders are drawn to go out scalping every fast-rolling wave gliding across the screen while others will sit in the comfort of the beach club—mojito in hand—and play the tide instead?

Surfers play by feel, remain cool under pressure and make the most out of their instincts...

Chess masters are analytical freaks, follow hard rules and always stick to their trading system...

Which side do you lean towards the most?

Either way, it's a hilarious read!! Trading Bitcoin: Chess Masters vs. Surfers

This is easy for me I am a Chessmaster and the reason for this is that those that use their instincts to trade the markets can be really effective but it is impossible to determine if what you are doing is effective in the long term because you cannot really backtest your strategy at all because your previous knowledge about the market will affect how you react to it, so the only way to test if you are an effective trader is by using live results and that can take a long time.

But if you instead use a set of strict rules about what to do and what not to do depending on the circumstances then you can backtest your strategy and you will be able to tell very quickly if what you are doing is profitable or not.

[shield132]

Ever wondered why some bitcoin traders are drawn to go out scalping every fast-rolling wave gliding across the screen while others will sit in the comfort of the beach club—mojito in hand—and play the tide instead?

Surfers play by feel, remain cool under pressure and make the most out of their instincts...

Chess masters are analytical freaks, follow hard rules and always stick to their trading system...

Which side do you lean towards the most?

Either way, it's a hilarious read!! Trading Bitcoin: Chess Masters vs. Surfers

To be fair I amn't fan of dividing things like that. More likely people are mixture of that and not one separate type.
Also I want to mention that it's not a good compare, with that logic Chess Masters are smart people with strategy and Surfers - not. Chess Masters always have plan to win war, surfers - not. Chess master will fight until end, surfers - not. We can continue this on and on...
While trading, how can you be "cool" under pressure? This means you 100% depend on luck, maybe bitcoin falls a lot and it become as low as 100$, can you remain cool? Such "Coolness" will lead to fatal end. But at the same time analyzing charts means nothing because we don't live in past, we live in unpredictable future. Gone tomorrow - here today.

[Superalgos]

Judging by the responses here, it seems to me that the field is more or less evenly distributed, don't you think?

[el kaka22]

According to bitcointalk there are a lot of people who play chess on a surf board. Everyone keeps trying to find another chart or any other indicator and what not to show that bitcoin will do this or that and most of them fail, they either fail on the first try and if not on the following ones and nobody is right too many times in a row.

If there were any people who were actually right about something that many times in a row they would have been both famous and rich at the same time but nobody managed it. So there are a lot of surfers who think they are chess masters, nobody could tell them they are not because by the time they realize it they stop and beforehand the results are not in so they still think they are chess masters. It is basically a sickness but nothing we can do to stop them.

[Superalgos]

You are entitled to your thoughts, of course, but as your were writing your post, I was making a 15.7% win on the lastest bitcoin price slide, all with the Weak-hands Buster open-source strategy. Bitcoin has been going down for several weeks, but there is no need to suffer if you manage to sell bitcoin as it starts diving and take the profit at the bottom, buying more bitcoin with the same money. This strategy may be fully automated in the Superalgos Desktop App and can help you with the timing. This is the trade closed an hour ago: