Are you ready for the Bitcoin Fork? Whats my trading plan for THE FORK?
In a few hours Bitcoin will likely be forking BTC and BCC.
What are your plans? How will you trade around the fork? I would like to discuss what might happen and how I will take advantage of this opportunity.
Thanks again for watching, I hope you find this content timely and helpful. Now that were prepared, let the Forking begin...
Luc
Thanks Luc for yet another outstanding video :) Here are a few suggestions from me to make your life easy with the answers:
You could disable comments on YouTube and in the description connect this steemit blog. This way you will only have 1 platform to check.
Instead of answering people in their comments, you can make a video of some important questions ( like you did in the past) so that those questions might not be asked again in the future ( hopefully)
Ask people on your videos to upvote important questions. So you can know what your followers are confused about or what information they need.
Hope you don't mind this unsolicited advice. I try to answer whenever I can, because I know you cannot answer every question posted here.
Thanks again for your time and valuable lessons.
Cheers!!!
Hey Luc, my heartfelt thanks for making these videos. A while ago, I didn't even think it possible to be able to trade crypto where I come from. But for the past week I have been using small amounts to practice your concepts on smaller exchanges where there are bigger fluctuations, and have even manually backtested them on at least 10 cryptos (my understanding of your concepts could have been wrong, so I had to be certain that whatever I took away from your videos was passable even if not yet understood fully). Of the real trades (about 10+ of them), I have an average of 15% gain so far except for one - where my fat fingers added an extra decimal to the price (there are just too many decimals in some of the coins!). Thankfully it was just a 3 dollar trade and I couldn't care less as my plan was to use that amount to allow for mistakes before I took on significant trades. I must be the smallest trader around here but the nature of where I come from makes me so. In one of your earlier posts/videos you mentioned how you were motivated to help people trade and not driven by any form of financial gain. Well, rest assured you will helping some very real people around me when my account grows larger.
@quickfingersluc Hi Luc, greetings from Germany, I very much appreciate your contributions here! :-) What concerns me most since the takedown of BTC-e is the huge counterparty risk with exchanges in these times. You once said you trade with an account of about 100k USD. That may be peanuts for you, but I am planning to invest and trade with a sum of 30k USD that are by no means peanuts to me. How would you manage this sum in order to find the best equilibrium between risk and chance? Diversify equal parts on 4-6 exchanges? Investing 50% into the most promising long term cryptos and holding 50% cash on the sideline for position trading opportunities? I would love to hear your recommendations on that and I think others would love to hear your opinion on general rules for money management when investing and position trading in times of counterparty risk as well. Thanks for your answer, if you find the time for that!
And which one of all exchanges would you suggest for building a 500 USD small account? Bittrex, HitBTC, Liqui, Cryptopia?
(Btw: There are rumors on bad support and withdrawal behavior recently as well as an imminent insolvency of Poloniex on bitcointalk.)
What a great questions passhesiast, I too would love to hear Luc's suggested strategies. Perhaps a video post on this would be better.
Not sure what Luc does but personally I would split my risk across a number of exchanges (holding coin + FIAT) and then keep 1/4 of my capital in FIAT off the exchange and another 1/4 I would dollar cost average into long-term holdings (BTC, Altcoins, etc) and store in cold storage...hope that helps.
You can use a website like localbitcoins and sell peer to peer inside a mall for example. Lots of people would like to buy without having to register themselves in any bank or exchange. You just need to be careful and have a plan against scams. You could buy low and sell high much easier in this way than in any exchange.
thanks for bringing this up. would love to hear about money-/ risk-management.
Hi guys, I have a newbie question. it will be great if anyone can answer me.
I've been trying to set some trades based on the scanner alerts on HITBTC. But my orders never gets filled. can anybody tell me what is the problem?
I don't think anyone will be able to help as we don't know what you are doing. I would advise to not use the scanner if you are really a newbie and focus rather on Luc's method.
Here is one of the trades that I've tried.
the price went down to 0.00001000. I have placed a buy order on 0.00001005 but my order is stuck on the active trades and didn't execute even though the next candle was still on the same price.
Candles are just descriptive of the price action at that moment. I always try looking at the trading data to get an idea of just how much was sold, maybe too little was sold at that price and there were too many sellers ahead of you. Did you get your position partially filled at least?
The alert was on at 09:38.
on this time there was already an order executed on 0.00001004
I've managed to place my trade on 09:40 at 0.0001005 but non of it were filled.
The same thing happened with me with two other coins.
Am I getting in the trade too late, or what is the problem?
Your too late, that is the problem with fat fingered sales caused by a single person dumping their position - the bounce usually occurs instantly after the sale is complete. I'm finding the scanner to be not as useful as I would have imagined for this reason, if I could instead spread around a tremendous amount of orders at insanely low prices that would be more successful in catching these rare moments - alas that would be too much of a commitment though.
@tizzle, so not ever sell shows up on the trade data? Because according to it he beat the other sellers by 5 mins. I dunno, but mine always do.
I don't understand your question.
Thank you Luc, I appreciate your tips. Keep the great videos coming on Steemit. My strategy is to hold my BTC until the fork, sell BTC immediately, watch for the spike bases you mentioned then buy back in on the spike up.
always ready :D
Ready! (https://gyazo.com/1a534e2782de43c893fb466663176d64)
Great Job!
Hmm..I think if each order would be 100-200 basis points lower it would more likely meet Luc's "nibble-after-breaking-base-strategy".
This is a special occasion where we can fairly accurately predict a panic is coming, I think @taranasus strategy is absolutely fine because the bounce should be predictable as well. Normally I would go lower than the base, not necessarily in this scenario though - BTC is reliable.
Thank you for all the work you are doing to teach us newbies! I've managed to "repair" my bad trades I did before I found your blog.
Now, for the fork. I sold most of my BTC at 2400 Euro a couple of days ago as I believe Bitcoin Cash will be near worthless in minutes after the fork. And if it don't, I think I'll do better having fiat to buy cheap BTC's after the fork.
As for altcoins I think there will not be time to follow them at the time of the fork, and my plan is to set limit buys at very low levels on the altcoins I believe in - hoping to get a few lucky strikes. Such as EOS, IOT, PAY, LTC and a couple more. Good luck to everybody at fork time!
I already got aTON of Tether waiting for a panic sell to happen. Let's see what happens. Happy Trading ya'll. #InCryptosWeTrust
Where did you source your tether?
Really great insight here! Everyone is so excited for what's to come :)