For any significant investment in the space, I’m using the pick-and-shovel strategy to gain crypto exposure in the portfolio. Which “play” am I investing in? After much research and networking and grovelling, I’ve finally found a very good target which is ironically, a mining operation. I’ve been looking for an exchange play but haven’t found one yet…(so if any of you know of a solid one looking for funding, feel free to lob it my way :-))
Perhaps the deadliest mistake a trader can make is letting emotion get the best of them. Those with the wrong mindset will lose in the long run; Whether it’s losing a trade and trying to get it all back by chasing a phantom opportunity that was never really there, or winning a huge trade just to get too greedy and giving it all right back. Set a clear goal each time you sit down to trade and walk away once you’ve hit your goal. Do the same for loses. Walk away and come back tomorrow. There will be opportunities will be there the next day, I promise.
The second reason to buy the most liquid coins is that there are risks of scams. When you purchase Bitcoin you are sure that you will be able to sell it to somebody later. However, when you buy X coin, which is not as liquid and as popular as Bitcoin is, your risks are higher as everything depends in this case on the project, its team, goals, roadmap, background etc.
While these rules are by no means the only lessons you need, they’re definitely a great starting point. Sometimes, though, things are easier said than done, such as watching your portfolio value plummet and still having the iron willpower of resisting the sell button. One of the best solutions I’ve found to this was to join a community of like-minded cryptocurrency investors. Educated and smart crypto-traders, as well as the community members, will all be there to support your efforts and will be holding with you in the rough times.
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What would be a good portfolio for a newbie today, I just keep losing with these popular Altcoins? Are you seeing just as much significant growth today (like doubling) as before with your portfolio? I need a fresh portfolio today that has just as much potential as the day when you had bought into your Altcoins. Can you also give an idea of the percentages of the spreads you mentioned in your wallet? Also, with the influx of coins/icos, do you think alot of coins will lose value and it will be harder to find the gem amongst the rocks?
Technical analysis: . ZCOIN/ETHEREUM is in a range bound and the beginning of uptrend is expected. . The price is below the 21-Day WEMA which acts as a dynamic resistance. . The RSI is at 50. . While the RSI and the price downtrend in the Daily chart are not broken, bearish wave in price would continue. Trading suggestion: . There is a possibility of ...
Lots of traders use bots (you might want to as well if you have the chops). To the next point, lots of traders use trading bots. Some are white hat; some will try to get you to make bad trades. Keep an eye out for bots. If you are using a bot, be careful, there are bots designed to exploit poorly programmed bots. In general, if you don’t have a solid grasp of TA and crypto trading, skip the bot. They are only as useful as the strategies they run.
Is it possible to place a ‘take profit’ and a ‘stop loss’ command simultaneously? As of the time of writing, excluding some leveraged trading exchanges, such as Bitmex, current trading exchanges do not support the placement of the two commands simultaneously. In a perfect world, we could have set both stop loss for trade and levels of profit taking, lowering the chance of substantially loss. Until that happens, we will settle for what we have – I usually set take profit levels for some part of the position, while setting a stop loss level for the other ones.
Known for handling one of the largest Bitcoin volumes out of all the crypto exchanges globally, Bittrex allows you to decide the trading rates with a service fee of around 0.25%. Moreover, a lot of your time will be saved as the verification process in Bittrex is pretty fast which allows you to start the trading process without any major halt. The platform supports two types of accounts namely, Basic and Advanced with withdrawal funds up to 3 BTC/day to 100 BTC/day, respectively.
ACTION: Go out and find a few other people that trade, find people you trust. Start a group chat on Facebook messenger — or on whatever platform you prefer. Each of you should research 2–3 credible sources to begin following and then delegate the sources equally. Each day your team should study their respective sources and relay only the necessary information to the group, focus only on information that is crucial for advising trading decisions.
Bitcoin trading occurs on exchanges. These exchanges accept your fiat currencies (like USD and EUR) in exchange for a cryptocurrency (like BTC). These exchanges maintain a liquid pool of bitcoin, allowing users to withdraw their bitcoin at any time. Investors who wish to trade on that exchange can deposit bitcoin into their personal wallet on the exchange, or make a wire transfer to the exchange’s bank account. The exchange notices this transfer, then credits your account.
Ultimately, if you want to make money with crypto you have a couple of options. The easiest thing to do is to build a diversified portfolio of carefully selected coins and then to simply wait a couple of years. However, this is not the most effective way to make mad money. If you want to truly crush it at crypto, you need access to truly knowledgable people.
The cryptocurrency market is a difficult environment to navigate. Its volatility can be a boon for some and a curse for others. However, what is clear is that there are a variety of trading strategies that one can employ to try and ‘beat the market’. Regardless of the strategy that one chooses to utilize, one must acknowledge the risk that comes with trading in this market. As such, it is important to not invest more than one is willing to lose, and also to make sure that thorough research is always performed before executing any trade.
The next thing we’ll need to do is deposit fiat currency into our account. The easiest way to do this is by adding a bank account. Once you’ve initiated the deposit, it will take 4 business days to appear in your account. Kind of a bummer, I know; but the idea is to only need to do this once, as we’ll be growing this initial investment day by day with our trades.
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I’ve met so many people that are speculating in crypto these days that have never even read Satoshi’s white paper on Bitcoin. Not only are they not practitioners (tech experts), they even are too lazy or too blinded by greed to even do a baseline level of work. There are many easy ways to quickly get up to speed on crypto and educate oneself you just have to do the work (one of my go-to resources is a company called Oddup which is an ICO/Crypto rating company used by all the major crypto hedge funds and institutional players).
Now I have my strategy that I stick to without letting my emotions interfere. I have a set of coins that I like trading so I only look at those charts. I have patterns and indicators that I look for on those charts so I can quickly flip through them. Within minutes I can set my orders, set alerts on my desired entry and exit prices, and walk away from the computer.
Developing a facility with TA takes time, but there are good, free resources available to help beginners get acquainted with the basics. As a place to start, consider checking out the free educational material on BabyPips.com. While the site is focused on forex rather than cryptocurrency, its lessons on TA are relatively applicable to day trading BTC, too.
Don’t invest blindy. There are people in this world who would sell a blind person a pair of glasses if they could make money. Those same people play in the cryptocurrency markets and use every opportunity to exploit less-informed investors. They’ll tell you what to buy or claim certain coins will moon, just to increase the prices so they can exit. Due to the highly speculative nature of the cryptocurrency markets today, a good investor will always do his or her own research in order to take full responsibility for the potential investment outcome. Information coming from even the best investor is, at best, great information, but never a promise, so you can still get burned.