Crypto trading

[SargeMaximus]

Yes, I've made enough to retire these past few yrs. Thanks for asking

Lucky bastard lol. Wish I could trade with Margin and all that **** but I can’t

 

[BackInTheGame78]

Lucky bastard lol. Wish I could trade with Margin and all that **** but I can’t

Why not?

 

[SargeMaximus]

Why not?

I’m Canadian and don’t have access to apps that do it. Also don’t have much money at all

 

[BackInTheGame78]

I’m Canadian and don’t have access to apps that do it. Also don’t have much money at all

I use Kucoin...could also use Phemex or PrimeXBT for that.

 

[SargeMaximus]

I use Kucoin...could also use Phemex or PrimeXBT for that.

Kucoin looks sketchy

 

[BackInTheGame78]

Kucoin looks sketchy

Those type of things happen on all exchanges unfortunately during heavy sell offs. Dude mentions Binance but that is the worst one of all when that happens...literally has a class action lawsuit from numerous people that had that happen. Not to mention Binance is involved in numerous other shady practices. Honestly have no idea how it's the largest exchange with that type of track record.

IMHO, Kucoin is one of the best exchanges out there both in terms of quality of new tokens added regularly and in features.

 

[jaygreenb]

Lucky bastard lol. Wish I could trade with Margin and all that **** but I can’t

I never used margin, my only advice is be very careful. Make sure you know what you are doing and start slow. Personal opinion is crypto is so volatile you don't need it, to each their own though.

 

[BackInTheGame78]

I never used margin, my only advice is be very careful. Make sure you know what you are doing and start slow. Personal opinion is crypto is so volatile you don't need it, to each their own though.

I've been trading pretty obvious moves(fading local highs when they don't progress farther, longing local bottoms) and use tight stops and basically just take quick scalps...have been making 200-300 dollars within 15-20 minutes a bunch of times using 5x leverage

 

[SargeMaximus]

I've been trading pretty obvious moves(fading local highs when they don't progress farther, longing local bottoms) and use tight stops and basically just take quick scalps...have been making 200-300 dollars within 15-20 minutes a bunch of times using 5x leverage

I don’t think I have the TA skills to pull that off tbh

 

[jaygreenb]

I've been trading pretty obvious moves(fading local highs when they don't progress farther, longing local bottoms) and use tight stops and basically just take quick scalps...have been making 200-300 dollars within 15-20 minutes a bunch of times using 5x leverage

Would you recommend that to someone without trading experience? Some people can absolutely make it work in their favor but I have seen a lot of heart breaking stories involving leverage. You have to be very skilled and disciplined and even then it really adds a lot of risk. Not saying it can't be done though just approach with caution.

 

[BackInTheGame78]

Would you recommend that to someone without trading experience? Some people can absolutely make it work in their favor but I have seen a lot of heart breaking stories involving leverage. You have to be very skilled and disciplined and even then it really adds a lot of risk. Not saying it can't be done though just approach with caution.

Absolutely not. Just saying what I have been doing that's been working for me. For whatever reason I am really really really good at identifying local tops. Pretty much everytime I look at a chart and think to myself that's probably going to go down from here after a run up, it does within a short time. Never really traded them before but I have been missing out on a lot of money by not trading them apparently.

 

[BackInTheGame78]

I don’t think I have the TA skills to pull that off tbh

Fair enough...I've put in a lot of time with charts and analyzing patterns, etc so I feel pretty confident with my trades... moreso with my shorts tho.

 

[Reyaj]

I haven't been visited this thread or been on here in a bit... but what's going on? We thought BTC would hit 100 by end of year and it's not even half that.

Is this unexpected? Should we just feel glad it's still low and we can acquire more now?

 

[SargeMaximus]

I haven't been visited this thread or been on here in a bit... but what's going on? We thought BTC would hit 100 by end of year and it's not even half that.

Is this unexpected? Should we just feel glad it's still low and we can acquire more now?

That’s because it’s a scam. The sooner you realize this the better

 

[jaygreenb]

That’s because it’s a scam. The sooner you realize this the better

I will give you this, 85% of crypto is a straight up money grab/scam. The other 15% is mainly highly speculative new tech, 1-5% will actually be companies of immense value over longer periods of time. If you think the whole industry is a scam and going away though, I may buy you a helmet so you don't hurt yourself.

 

[jaygreenb]

I haven't been visited this thread or been on here in a bit... but what's going on? We thought BTC would hit 100 by end of year and it's not even half that.

Is this unexpected? Should we just feel glad it's still low and we can acquire more now?

Nobody knows what the price is going to do in the short term, that is the lesson here. Everyone expected similar parabolic moves to the previous cycles, if you take away anything from this market, it very rarely does what the consensus is. I believe you said you were in BTC and ETH previously, you are going to be fine, just continue to dollar cost average into those. At some point they will get moving again, lot of the other crap will get washed out at some point. Weather thats in the next few months or a year or two from now, nobody knows. Just stick those with limited risk and over time you will do great.

 

[SargeMaximus]

I will give you this, 85% of crypto is a straight up money grab/scam. The other 15% is mainly highly speculative new tech, 1-5% will actually be companies of immense value over longer periods of time. If you think the whole industry is a scam and going away though, I may buy you a helmet so you don't hurt yourself.

I’ll be fine, I’ll just buy GME

 

[Reyaj]

Nobody knows what the price is going to do in the short term, that is the lesson here. Everyone expected similar parabolic moves to the previous cycles, if you take away anything from this market, it very rarely does what the consensus is. I believe you said you were in BTC and ETH previously, you are going to be fine, just continue to dollar cost average into those. At some point they will get moving again, lot of the other crap will get washed out at some point. Weather thats in the next few months or a year or two from now, nobody knows. Just stick those with limited risk and over time you will do great.

Thanks. What do you mean by doing dollar cost average?

 

[jaygreenb]

Thanks. What do you mean by doing dollar cost average?

Just setting up a daily, weekly or monthly automatic buy. Unless you want to watch the charts 24/7 and are confident in timing markets, it a great way to smooth out the volatility. If the price drops, you are picking up some at a lower price and lowering your average cost, if it goes up you have a position to participate in the upside. Most of the vets in the space would recommend this method for most people.

For Bitcoin, strike app is by far the cheapest way to auto buy. For everything else I use pretty much coinbase pro and kucoin, not positive you can set an auto buy on there though, maybe have to use regular coinbase for the auto where the fees are not the best. I do have an auto buy for bitcoin on strike that I just leave on, relatively small but overtime the compounded growth is powerful and would rather not sit in cash. I also have around 25% of my holdings sitting interest accounts that pay me in crypto, that comes out to a decent amount and am just leaving it in so in a way look that as Dollar cost averaging too. I've used a few platforms but am primarily using crypto.com where I get 6.5%.

The volatility in this industry, especially if new, can be hard to stomach. The best way to deal with that is educating yourself to develop conviction in your holdings. If you think there is a place for bitcoin and this industry in the future, everything is going much much higher. It will just take time. Once you have been in a few years your original cost is outside the volatility range the moves are easier to stomach. The best thing you could do is determine an amount weekly/monthly that you can afford to put in, set up an auto buy, and just leave it on and forget about it for a while. The important part is leaving it on when the market feels like it is going to zero, that is when the real multiples are made. Really educate yourself on this stuff though, it is important.

 

[Bingo-Player]

I haven't been visited this thread or been on here in a bit... but what's going on? We thought BTC would hit 100 by end of year and it's not even half that.

Is this unexpected? Should we just feel glad it's still low and we can acquire more now?

Truth is nobody knows wtf it is going to do because it's entire value model is derived from FOMO , until first world financial systems / governments agree bitcoin is a tangible asset you may as well be trading bottle caps


WEB3 is interesting , metaverse is interesting , NFT's are interesting, heck even decentralised ledgers are interesting

Bitcoin isn't , it was just first kid on the block and got a head start still so many people involved with it that don't have a fvcking clue what a blockchain is

When you understand the economics and real world applications of tokenisation you understand it's already too late for bitcoin to really be used for much other than " a store of value " which i am not really convinced about

I can sort of see ETH 2.0 working as a native layer within web 3 so it would make more sense to put your money there

The biggest question is will a gov or CB's be prepared to adopt ETH 2.0 in their own web3 applications or will they want their own token

I think i already know the answer unfortunately but time will tell