How do experienced cryptocurrency traders beat the market?
Hello,
I am a novice cryptocurrency enthusiast. I own a few Bitcoins and I have been reading more and more about this world. Fascinating stuff. I (like the most of you I am sure) was well aware of the March 11 deadline for Winklevoss ETF SEC approval. I knew that if passed, BTC would probably go on a nice run. I decided days before the deadline that regardless of the news, I would just hold all my BTC because I believe in it long term. I also have zero experience using any of the exchanges, I just used CoinBase.
However, as I sit here and ponder at this new site I found, Poloniex, I see that you can set stop losses on your trades. I was hoping someone here could tell me the best strategy to make when big news ( a la the Winklevoss ETF decision) breaks. What exchanges do ppl use? What stop losses are set? If the stop loss is triggered, what currency do you buy as a safe haven from a plumeting BTC?
Any help would be much appreciated.
Zorro
lots of traders use Poloniex and I manage 2 large bitcoin groups in Telegram. Ping me if you need help.
Thanks! Whats Telegram. Would like to join any bitcoin community. I know no one.
Hello Zorro / dschew11.
I follow the "Node Investor" on Youtube https://www.youtube.com/channel/UCa81HAp1se359Sr5qEMMP7A
He goes into details with his trading strategies for cryptocurrencies.
A lot of people are trading cryptocurrencies instead of holding them long term. That can both be extremely lucrative or extremely expensive because of the volatility of the cryptomarket.
You can also consider joining etoro which is a social trading platform where you can allocate your money to various traders in such a way that each time one of them open a position your account will do the same automatically. When he closes it yours will close as well. It is a good way to trade cryptocurrencies like the pros without having to become an expert yourself.
Hope it inspires you, but remember I am not a trader myself so everything is your own responsibility.
ronni
Congratulations @dschew11! You received a personal award!
Click here to view your Board
Do not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness and get one more award and increased upvotes!
Congratulations @dschew11! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!