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RE: 12/7/2017 The Market View and Trading Outlook
Since becoming a member I stumbled across your predictions before anyone elses on steemit, i appreciate your conservative views for sure!
keep up the good work!
No problem, I appreciate it... :) I'm not so much conservative as I am realistic. Take for instance the fact that the price just dropped $2000 and recovered $1000 in the time that it took me to read your comment, fix a typo and generate this response... :).. That is the type of volatility that I want no part off. 17 percent decline in 5 minutes? and the guppies shrug it off and buy back in.. Tells me that we could get a 100 percent correction or better when shit hits the fan, if they are able to shrug off 17 percent like its nothing.. That was a Bitcoin crash before.. lol
I also have to look at it from the perspective of a huge Megladon Shark looking to make a profit (Futures Market).. I see the market is soft in the short term, so I'll just crush it into the dirt.. Take the money from the small investors and use that to pump it back up again and make money both ways...
I tried to move some funds around, and ended up getting a large percentage on my BTC caught up in the kitty clog going on in the Ether. some people are reporting 24+ hours for transaction cofirmation. I did all i can, i guess its in gods hands now.
Im still pretty new to day trading the fast paced crypto markets, so realistic is all i can be. it takes a lot of nerve not to sell out with a 2k price differential.
Easiest way to beat the clog is to sell your BTC into LTC, move where you want then sell the LTC.. It will likely protect you from some volatility during the transfer as well.. :)
thanks for that tidbit of knowledge. I just came in 4 days ago and saw 50% gains. I had hoped to exchange in to a worthwhile altcoin to diversify the portfolio before the sell orders started pouring in, in my inexperience I may lose that profit if it tanks before my transaction clears.
What exchange do you recommend?
What wallet would you recommend?
Any tips?
I'm very tech saavy, just late to the game, I could use some help skipping the catch up part.
Well, lots of questions, so I'll hit them quick.. Firstly.. its not always like this.. what is happening now is not trading its speculating. It is a false God so to speak and is going to trick a lot of people into thinking the are professional traders. So take time, invest in yourself and study.. learn the charts, learn the indicators etc. Me I like the MACD at 7/21/77, the Stoch RSI, Volume and Candlesticks; that me.. may not work for you. As to exchange.. well you can go Coinbase, but they monitor every transaction you make and if you send it somewhere they don't like they arbitrarily close your account. There is Kraken (low volume, allows shorts, but the API sucks, so only use it for a longer term up or down trade), I use Bitrex for ALTs, Coinbase is good for trading as the GUI is fast, I also use Gemini for arbitrage between the two and to buy and move coin to places (OTC BTC websites) Coinbase would close my account for.
Wallet always my own, on my laptop, or offline.. I use the default Bitcoin core wallet bitcoinqt I think its called on a laptop that is never online save when needed to transfer.
Tips? study, study, study, know the charts, no when to hold and when to fold.. I have been upside down in an LTC trade since yesterday about 5k worth.. Not due to a bad call just do to the volatility of this market; it happens.. did I panic sell nope.. I watched the charts and purchased more at a lower buy point (averaging down). Is that a good tactic generally, NO.. and can get you hurt much worse.. but I study the charts, and had faith in this PLANNED buy.. now I'm up 4k.. but that kind of stuff takes a lot of experience to do.. Other times I would of just taken the loss, eaten it and moved on if the charts told me that was a good idea..
If you want a good place to see free charts with indicators go here... https://cryptowat.ch/gdax/btcusd/1m
i wanted to finally come back and thank you for giving me these study points, and beginners tips. ive been studying the charts for hours at times, seemingly lost in a daze lol, I can literally see the demand rising and falling.
I have seen you mention that you always stick to your rules, I was wondering what they were exactly?
These transaction fees, and deposit fees, sure can beat you down if you dont know your way around the system! Im not sure if im going about it the wrong way. or if everyone charges a right nut to do business.
Coinomi charged me $10 fee for a $20 transfer to exchange yesterday
Yes, that is why it does not pay to move small amounts.. If your moving 1k or so, then its the cost of doing business but on the lower amounts it sucks.. and this is the reason BTC will never be a payment method for everyday things.. $5.00 gallon of milk, $10 fee transaction fee =$15.00 bottle of milk.. no bueno.. use LTC for transfers the fees are less..