Trading advice needed
Hi friends,
Crypto currencies are trending and I really believe in them, but is really hard to over come feelings about them. Just 2 days ago I made this post I really wanted to start sharing my journey. I bought 2 alt coins that I believe in and one of them is almost doubling in value since I bought it. In my first experience trading I lost half of what I invested and I guess it was a hard way to learn to play safe and not let my feelings get into trading.
So here I am, trying to realize what to do now. I want your advice tips and suggestion,s please leave comments. I could be selling it and recover my 5 months old loss or wait for it to keep getting value.
Well, if you bought into Stellar Lumens and Ripple for the long-term, then I suggest holding them for the long-term.
Stellar Lumens(XLR) has increased over 300% in the past 30 days. It is backed by IBM, so that gives it some security.
Ripple(XRP) is only up 100% over the past 30 days. Most of which, has been in the last 7 days. That could mean that Ripple is getting ready for a breakout or a correction. My guess, it is a correction. I would pick a price that would give you some nice profit and then put a sell order out and hope that it will be filled. Then, I would look into other coins that might provide better short-term returns.
I'm not a financial adviser. Do you are own research before taking my advice.
Thank you for your comment. It is pretty much what I thought when I bought these 2. I wanted to make weekly moves according to a long term plan, I was expecting some growth and not XRP doubling its price since I bought it. Its awesome to be able to research and try to read the crypto markets. Thanks for your time commenting as well.
If XRP has doubled for you, then you are ahead of the game and getting out now won't seem like a dumb idea, even it still climbs a little more.
Good luck.
1st things 1st...decide if you're gonna trade or invest. Each requires a different set of skills for you to be successful and there's no system or technique that'll make it happen for you, despite all the stories you hear to the contrary. Why? because you are uniquely you and prone to your own internal and sub-conscious biases about money, wealth, scarcity, and success that will influence what you do at any moment in time. Trading and investing will highlight these and either help or hurt you (my pal BTCVix likes to call it getting Rekt). I know it sounds cliche, but you have to know what lies in the sub-conscious or shadow - don't learn as you go or if you do, use a demo account so you don't hurt yourself or those around you. It's a fun and sexy ride but it all comes down to price action- look at price from "the top down" i.e., what's happening on a larger time frame, then move down to a daily, 4 hr, or 1 hr time frame. Execute on a 15 or 5 min time frame. Look for the rounded re-test of a market structure break or support/resistance level, Look for the daily, 4 hr, hr order blocks, look what's going on with the spread on a tick level chart. Find a repeatable price action pattern that works for you. It's all pretty basic, but we all end up getting in the way of it all. Dude, I wish it were as easy as following someone's price action signals but if you're anything like anyone else you're gonna have to pay a tuition to be successful - you will lose money doing this, but hopefully your wins outweigh the loses. I'm pulling for you- I truly am!!
Thank you very much for your comment it means a lot to me. I've made what it seems to be a 'safe' investment for long term but as you stated I felt terribly today like I was supposed to be looking at the markets weekly and just take action when needed but once again I felt like this rush and emotions. I'm happy I haven't buy or sell more. That's part of what I wanted to achieve in the first place. Its an small part I'm ok loosing but obviously no one wants to loose. Second I'm trying to create good habits, reading and getting involve on the crypto related news and then do what is needed on time (not by emotions) and this post was a bit desperate but I'm really happy to see all this positive comments and great advise.
As others have said are you looking for long or short term gains? Answering that answers your own question.
Thank you for your comment and I feel like I will hold for at least next week and try to think long term, its hard to learn that way(its easier for me in steem power) I just feel like I'm growing over time.
One thing to remember is you don't have to be all in or all out. You could take your initial investment off the table and let the profit ride.
This way if it continues to go up you will still get some of those gains and if it drops at least you haven't lost anything and will still most likely have some profit.
Good thinking here and I believe that's something I could do the more I get into trading. At the momento I guess its almost all in or all out because of the few bucks I'm playing with but I would really try to think about this. Thanks
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