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RE: Nature Biology Art - Fibonacci is Everywhere - Also in TRADING!
Interesting point of view. However, I still think that you have to look at the underlying value of the things you are trading (like stocks, cryptocoins, etc...). Just saying "get in at point X and out again at point Y" seems a bit too vague to me.
Wouldn't all those strategies simply stop working as soon as everyone is playing by their rules?
One point I don't want to argue about however is the fact that some people actually do earn money by doing day trading. I sincerely hope that your analysis enables you to make a lot of profit but I highly doubt that it's worth the time and efforts for the average Joe.
Sure, those who do not go into the details, will likely not make it.
I agree! It seems that cryptospace is kind a like all these promising startups in Silicon Valley with an interesting an idea and a story. In the long run I would like to think only those coins will survive that have some real services, revenues and assets connected. However, from a short term trading perspective, the 'content' of the coin becomes lesser relevant, I think :) Keep in mind, I'm a newbie in trading, and just apply my logical thinking here.
I sincerely hope that you made quite some profits in the last few days. However, considering the most recent "bloodbath" (as some call the decline in value of many cryptocurrencies here), most day traders most probably had to deal with some heavy losses.
In order to trade in a highly volatile market one really must have lots of time to make sure not to get out with a loss.
Thus, I will stick with "buy and hold" for now as I simply don't have time to follow and react to every tiny move of the market.
LOL
So I did, I think I lost 25% in total. I took some profits by wave riding while we were in the downward trend....a well, super crash!
Correct! And I didn't spend enough time behind the screens; Decided to hold when a coin was under the buy value. Maybe not the right choice when coming from the wave riding method, but yes, wave riding means 8-10-24 hours behind the screens looking at what happens with all the coins and decide were to pull out and were to push in. Good thing is: I have a very tiny budget allocated for this whole project I'm going through, which is a test to understand how cryptospace works, what trading methods are ok, and what I like to use, if trading is something for anyway etc etc etc. So in absolute values, the crash didn't hurt me at all. It still hurts that I lost about 25% though even if it is pocket money.
I wish you all the best in the future. Just consider thinking long-term. Just imagine how the world would look like now if you would have bought some Bitcoins back in 2009 and would just have kept hodling them. ;-)
Correct, understood. Those what ifs are never the guarantees for the future though :) But I do hear you loud and clear! :) Thanks and you too! :)