RE: What I Say To Friends When They Want To Enter The Crypto World As A Newbie
You gave some solid advise. For long term investment it is all the same as when investing long term in companies on the traditional stock exchanges. After all the research, it will still be a kinda gamble, but at least an educated 'gamble'. For trading, I think it doesn't matter too much what coin it is that is traded. As you stated: it is about buying low and sell high, preferably in matter of hours instead of days and weeks. I follow part of your tactics, but I may sell coins also with a loss, but this depends on the dynamics. Some of the coins I had when the Alt market was as records high a couple of months ago, I sold to use them to trade other coins that have better upward potential, and more pump/dump history. Recently I'm not too active in trading, and therefore missed out on some big pumps on Alts, still having some profit though, but could have much more. Generally I like to set sell value at 20%.
@edje
Thanks for you reply, appreciated.
I agree big time. It stays a gamble. As for the selling high buying low, preferable in hours. It depends on the coin. I did that with ETH before the summer. It had often twice a day a peak. But for Dopecoins it peaks a few times a month. Those peaks are often double the price. So therefore I always put some orders at double the price.
I also paused my trading i had no choice it was quite a crash this summer. My portfolio shrinked for almost 50% But it was much fun around may or so. It was difficult losing money :)
To be honest I made a lot of mis stakes selling with losses basically because I was inpatient. Or buying in pumps. But I learned a lot from it. And it was "training money" the losses were very doable.
Fijne dag daar
Selling for a loss is always difficult, I know, but I got myself over it.
Patience must be part pf tactics, indeed, do not sell too quick! But I must say, when staying in the coins I bought at record high; seems waste of trade funds for some of the coins I was in.
Losses: On paper I had more like 75% loss against record high, in terms of BTC, in terms of US$ value less, but I always count towards BTC since I expect BTC is go more up and it is the bass coin I use for my trading fund. Also my losses were very manageable; Like you, all training money since I only started trading in marhc this year and tried different tactics: 1) 8-10hrs day, minute wave riding...was successful but need to have large amount of funds to trade with since it is a day job 2) breakout trading (with sell contract on gain of 10% or 20%), identifying the coins is not that difficult when the market is up and up and up since all coins will eventually breakout, but this tactics is becoming much harder in times we are in since the record highs 3) some short/mid term trading based on dumps and historical pump/dumps. When not wanting to spend too much time on trading, I think it'll be much better to spend the time on research and use tactics of mid term trading and mid/long term investing. I found this coin TAAS, it is kinda crypto fund, so they determine what coins to buy and sell and when. Those who got TAAS in ICO get some dividends, I suppose the token value will go up based on performance mainly, next to some speculation.
Thank you for the vote! and Booster!
I once again agree. The same here, I should invest more. Then it would be very interesting
I think that comes closest to my strategy. Like you said it becomes an educated gamble. Everything can happen but this method might be the safest if you do proper homework.
As for BTC i dont understand why BTS isn;t running the show. Their transfers are expensive and takes so long in compared with BTS.
I will def explore a bit about taas crypto funds. But i have so much things to read. I also heard from @tradz about real estate on the blockchain ( atlant) or something like that. Also worth checking out.
Fijne avond nog daar
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