Dear members, about 8 months ago I wrote a post about making money on crypto markets. It was a time when Bitcoin was at the 3000.00 level and the community was not big. I think it's time to post it again for the members that joined since then. I hope the message will be helpful for you!
"If you read this post, it means that probably you are interesting in making money in the crypto markets. You want to trade cryptocurriences and multiply your investments. But do you really think that it's easy? The cryptomarkets open for everyone great opportunities, but you must have some skill for conversion these opportunities into real money. If you think that everyone can make stable profit just buying coins and holding them for long term, I should tell you that you are wrong. You can face with troubles which can beat you and your deposit. And what should you do for avoiding such cases? The answer is very simple - you must know how to trade and manage your money properly. You must have knowledge, trading strategies and an accurate trading plan for making money in long term. You must have discipline for following your trading plan day by day. Only in such way you can expect safe and profitable trading. But I see a great number of novice traders who know nothing about proper trading. They make all possible mistakes. Buying on tops and selling on bottoms it can give you some fun and a lot of emotions. But if you want to make money you must trade in other way. I advice all novice traders think about their trading. Ask yourself, are you ready for real trading? Do you have everything for proper trading or not? Do you have understanding how the markets move? Do you know when you have to buy and when to sell? Do you know how to manage your money properly? If you don't have answers for these questions, you should stop your trading on real money. You have to start learning the theory and start working under your trading plan. You must note that without these components of successful trading you can't make stable money in long term. I advice you to start trading in the crypto markets in right way from the very beginning. While you learning and searching for suitable strategies, you can use trading bots or trading signals as a variant of trading. It will allow you trade in the crypto markets safely and gain experience. I wish you good luck!"
Buy the rumour sell the news. Buy when there's blood on the streets. Sell into greed. Oh and if you're sitting on a 10x gain, don't keep holding - take the profits!
alchemist07
⋅
Thank you for the advice :)
However, if you can further guide regarding which techniques to learn in start and from where we can get trading bits, it will be more helpful.
Regards
Cash-is-King
⋅
There is a post on my profile most recent on BTC it will explain a lot on the crypto market and its cap and volume drop. Dlarov you should have a read you would be able to use some of these to help get your point across I understand what your saying about long hold but if everyone read my post they would understand the fact behind what you are saying. Have a read and feel free to add it to you next post
karlkrawall
⋅
I dIsagree partially. If you manage to enter near a very low/good price you can just hold and make money. You don't have to give a magic poop about TA, if you are holding 2+ years, you will make money - given you chose substantial project and entered at a good price.
Cryptonomy
⋅
@karlkrawall, Technically speaking if you "hodl"ed bitcoin that was bought in late 2013 at USD 1100, and hodled for 2 years (until late 2015) you would have lost about 70% of your initial investment
karlkrawall
⋅
@Cryptonomy, Of course. Because you picked the WORST possible entry price in 2013 and the WORST possible exit price in 2015. I was talking about managing to get a great entry price so I'm not sure what that has to do with my comment.
mychartslie
⋅
Lavrov, much respect because you're an infinitely better trader than me.
"If you think that everyone can make stable profit just buying coins and holding them for long term, I should tell you that you are wrong."
However, this is just plain wrong. Crypto protocol tokens are scarce resources which will outpace USD or any fiat on higher timeframes, forever.
avrdan
⋅
@mychartslie, I disagree somehow because it's not only about BTC, it's about all the coins. Not all of them have value due to scarcity. And not even the top ones a guarantee that they are here to stay. They can even be replaced by other coins. Moreover, he is talking about trading, not investing. Traders depend on their trades to make their income.