noobs work together form group to daytrade: collective mind of traders

[beamin]

So my idea is this:

We as noobs and not so noobs act as if we were working at a business where we all get together and decide what coins to buy and (Can you do polls in this forum?) we all buy that coin(s) at a time we think is right, and we all sell when the group agrees. Imagine this thread is our own day trading company where we bounce ideas then vote to trade. You can trade as much or as little as you want pull out anytime, but the idea is to put all our minds together and form a trading collective sharing what we know with the group and most importantly sharing our mistakes. Odds are if we have ten people and we go with the majority we should up our chances of making good trades.

We have the luxury of a bull market so risk is low. You could even paper trade if you want to, I find that putting in a min of 100$ keeps me motivated unlike paper trading.

We can strive to be the borg of trading. I'm very flexible have alot to learn some money I can afford to put on the line and want to try new ideas. We can set goals as a group and get serious about trading. For the sake of learning this will be positions that buy/sell quickly, its a learning exercise and you are not going to learn much by going 6 months long on BTC.


So who has good ideas and is willing to work together to make a strong foundation of knowledge and some money in the process?

[mk4]

So.. pretty much a typical pump and dump group?

[akirasendo17]

that will probably make no good or help to everyone, I think you should watch or learn how to trade goes, imagine what if someone in your group buy like thousands pcs and you who got just small funds, for example, decided to buy, then the big bag holder sold his holdings what will happen is you will be left at the higher price the result will be a loss for your side and the others,
sir MK4 is right it will be a pump and dump group, you and lost everything with this kind of technique, and other members will get mad at you.

[DdmrDdmr]

<…>

As mentioned above, you’re basically vouching for creating a Pump & Dump group. I’d take a thorough read through threads such as these on the matter at hand:

[Warning] Wall Street Bets pump and dump group
What is Pump and Dump Scheme?
Any pump & Dump Group
Altcoin pump and dump
Pump and dump discord groups (how to protect yourself & profit)

Essentially, who makes something out of these schemes are the signallers (those that are at the top, and determine what to buy/sell and when). The rest tend to pick up the crumbs, or effectively lose in the event.

One thing that these groups need is a significant crowd, and act upon crypto that normally has a low marketcap. Being this essentially a bitcoin community, it doesn’t seem neither a smart reputational move, nor even one bound to build significant numbers (all for the benefit of a few in the best case). Certainly not a noob thing to try out.

[hatshepsut93]

Just like any other pump and dump group, it won't work, because there's a huge incentive to betray the group. Let's say everyone agrees to sell a coin at $10 - then the optimal strategy is to actually sell at $9.50 in order to guarantee as close to maximum profit as possible, because if everyone starts dumping at $10 together, the price would fall quickly and most members will have to sell at lower prices. So, everyone will just try to sell earlier and earlier and the pumps will be small.

[aoluain]

Sounds like an original idea but its not, as per comments above.

There will be betrayals, a few winners and a lot of losers.

It could also go drastically wrong if you pick a coin with low liquidity when you want to sell.

As you can appreciate most members around here frown on schemes like this.

Better off waiting for DOGE to drop and buy thousands of it and wait for the next pump.

[boyptc]

That's not a strong foundation if you're just wanting to make a pump and dump group. You're all going to make money but many of you are also not going to make money in the long run.

Just learn to be a good trader on your own.

[mersal]

So you are interested in creating Pump and Dump group with bitcointalk members? Well people here are smart enough to understand this or they never visit any other sections other than bounty because they are busy with making useless tokens with their non-sense posts.

But I wonder how can you make the trade all at once? you will accumulate funds from others and trade for them?

[cryptoaddictchie]

You can accumulate joiners OP however, a pump and dump groupie requires fund. You can't simply move a project price with merely few money. Unless all those who will joined are whales that can throw more than 20 above btc considering you are 10 to 20members. But honestly, why not learn the easy way of profiting on trading instead doing this. There are groups like this but probably they are exclusively operating and with few members only.

[Taskford]

You know what? those pump and dump group is created for the personal benefit of the creator since they already placed there positions and just want to hit their target set by the help of their members so if you are just waiting for the signal and doesn't know on what is your next move you will possibly left hanging around and became a bag holder.

So if I where you just try to learn trade by yourself since this is more profitable and you can also read so many information about trading, just search it and be resourceful.

[Timelord2067]

Are you going to have a mock horse race with various coins in the field then which ever "horse"/coin wins gets pumped or dumped?

As others have pointed out the creator will seed the coin's exchange with their own pre buys and will no doubt guide the group to making "the right choice" for which coin to trade.

Another issue is being done out in the op others reading along and seeing what the short list is going to be can also pre-buy & seed the exchange with the top three to five coins being considered.

[Pmalek]

What you are suggesting is an illegal scheme on regulated financial markets and a trap meant to trick unsuspecting investors who are looking to earn quick money. Many newbies are drawn to crypto thinking they will get rich by being part of such groups. In reality, most end up just executing buy orders set by the organizers days or weeks in advance. These newbies leave empty-handed, sad, and disappointed of being tricked. It gives the cryptocurrency market a bad reputation.   

The organizers of such activities can receive fines of several million dollars (just like in the case of Morgan Stanley a few years ago), and they should if you ask me.

[macson]

snip

pump & dump group the mere thought of it makes me cringe.  are you sure that the members who are joined (if this is formed) will work together?  what if there is one who cheats, when the group pumps he sells our target coins and vice versa, there no a guarantee!!  

stop dreaming of wanting to become a person/group that can set the market price because it's difficult....requires honesty.

[beamin]

THATS NOT WHAT I MEANT AT ALL!!!!1 

I was thinking 5-10 noobs who are trading a few hundred dollars. No way would we be able to organize enough or have the capital to pump and dump. I remember in 2017 all the KIDS on youtube saying they will teach you how to trade when really they were getting you to be one of their bitconnect underlings or suggesting a coin then dumping, and people were stupid enough to keep watching their videos and buying their coins.

I was thinking more of a small group where we put our heads together, not our funds I even said you could paper trade so why would you think pump and dump?. I in no way have the ability or reputation or status on a small message board to get nearly enough people and funds to swing any coin let alone pull a pump and dump. Plus I think pump and dump is morally wrong. Hence why after studying my series 7 and 63 in 2006 getting sponsored and bonded I changed professions to work a different job, because I saw it as legalized gambling with other peoples money, remember credit default swaps? The more I learned the more I realized the whole thing was unstable and guess what? 2008 happened, but I felt the effects in 2007. .Im still curious why everyone instantly jumped on me for a pump and dump scheme,  I'm guessing many trolls on these board have tried this?

[Timelord2067]

THATS NOT WHAT I MEANT AT ALL!!!!

*snip*

I'm guessing many trolls on these board have tried this?

You're going to rely on "kid" youtubers' for your wisdom?   


If you put all your head together, you might (just might) have one brain cell between your collected group of wanna be traders.

Permanently set to Stand-By...

[beamin]

THATS NOT WHAT I MEANT AT ALL!!!!1 

If it's really not what you meant, why don't you just turn it to group which give advice? A group  buy/sell coin at same time is very similar with pump-and-dump scheme.

Yes you are right, but this group would only be a couple people. If we had 50 whales we still couldnt pump and dump btc its way too huge. My idea was just that a small group that would learn from each other. Even if every member of this board put all their BTC together and tried to pump and dump btc it wouldnt work, btc is just way too big. Look how many it took to manipulate gamestop. Way more then this board could ever do. I dont understand all the hostility, im new to this forum and have learned a lot from it. My goal was to expand my knowledge while helping others. Not get 1000 people to put $1000's into some weird alt coin worth $0.37 cents then try to sell a day early.


And to :

ou're going to rely on "kid" youtubers' for your wisdom?   Roll Eyes


If you put all your head together, you might (just might) have one brain cell between your collected group of wanna be traders.

Permanently set to Stand-By..

I was saying those people who follow kids on youtube back in 2017 that were clearly pumping and dumping were idiots like those who thought bitconnect could actually work.

I'm just someone whos disabled out of work and need a source of income during covid. Between being legally blind and physically disabled I dont have many options when things are normal add covid to the mix and since I live on social security I take this seriously as I'm trying to make this into my job. Sure not all of my ideas are good, like this one but the only way to find out is to try. Reposting "pump and dump" in countless replies isnt helping anyone out. What I dont understand is how people think that I have he power to manipulate the price of BTC; I dont even own a full bitcoin.

[hd49728]

So.. pretty much a typical pump and dump group?

It is. The pump and dump groups bring money to group moderators, not all participants. Participants can take advantage of signals but only people who don't sleep and receive signals very early can get profits. Later signal receivers (off line, wake up too late) will buy at higher price and if unfortunately enough they will buy at take profit price of others in the same group.

Rely on signals and they won't care why price is pumped and why do they receive signals. They are classic fomo people.

[Smartvirus]

So.. pretty much a typical pump and dump group?

Lol, its obviously a pump and pump group as you've said but then, I don't see any progress in such group should a few traders manage to round up together on this base of directing the market. You definitely need to have some one selling if your at the buying end because, the profit doesn't fall from the air, it comes from people taking the other end of the action. Should your pump group @OP not comprise of market movers, there is almost nothing you can do to the market. Manipulating the market would be so difficult at that point. There really isn't any chance of this happening.

[beamin]

So.. pretty much a typical pump and dump group?

... @OP not comprise of market movers, there is almost nothing you can do to the market. Manipulating the market would be so difficult at that point. There really isn't any chance of this happening.

I know I have 0% influence over the market, all the people saying pump and dump should too. I was thinking more of a group where we could all learn together ie.: "Hey I think this will work". "No I tried that and lost money". I am good at learning from other mistakes. If someone sucks at something I still listen to them because I can learn what NOT to do.