Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency Trading => Topic started by: troll on May 30, 2018, 12:09:20 AM
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This is a shared experience i'm copy /pasting from someone else, it's not mine!
After losing a lot in crypto ,here are few hard learnt lessons . I may be wrong,please correct me:
lesson 1: btc is (king) & most stable is tether (usdt).
lesson 2: use binance for trading. pros : 1. bnb coins gives 50% discount in trading fees 2. many alts coins 3. can convert btc to usdt 4. highly popular,secured and good volume
lesson 3: if btc or altcoins drops - never hold any coins other than btc or usdt, there's so much manipulation in crypto space... sell all altcoins if u lose for 3 consecutive days or 25% down from rth(recent time high) and convert into btc or usdt..... if btc drops daily by 5% , other alt drops by 25%...so sell alts & btc and buy usdt, when btc drops daily [vip rule]
lesson 5: hold in btc or usdt (tether). when btc drops,alt drops ; when btc rise, alt drops; when btc stable,then alt rise. so buy altcoins only when btc is stable for 3 days.
lesson 6 : never hold & wait for btc to reach 15k or 20k. you ll lose more. instead sell like in rule 3..... sell when btc or alt is high and buy at lowest dips of alts or btc. take your profit everytime and not hold for long.otherwise you ll lose more.
lesson 7: all coins,ico are shittycoins. take your profits everytime at their ath (all time high). dont wait them to rise more. dont be greedy
lesson 8: main aim to is earn more btc or usd daily
lesson 9: follow livecoinwatch.com & worldcoinindex.com for 7, 14 & 30 days performance graph of any coins. invest in any alts according to their performance.
remember good coins may not perform also.
lesson 10: use stop loss for daily trading
lesson 11: write a journal of your crypto trades to learn from your mistakes
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Rule number 1 and , 8, and 10 seem most important to me.. Some of the new people here may think bitcoin is a shitcoin with how its been trading recently but USD valuations will absolutely wreck your portfolio gains if you don't pay attention to BTC slippage.
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Agreed on the point that you need to look at the entry point in the currency invested, tempting to use the dollar value, but useless if Bitcoin is outpacing your investment. Works going down too, can still increase your Bitcoin holdings even when the dollar value is dropping. Stop loss is a useful tool, just remember to adjust it upwards if the coin value is increasing. It's all very well to say 'Take your profits at their all time high', but not much use when most are trading well below it at the moment. I tend to look for big short term increases (20%+) and take a profit there, there is normally a hefty adjustment after a sharp increase which will enable you to get back in if you want to.
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great advises. Unfortunately I wasn`t aware of these at the end of bull run. Lost a lot, and yes I was greedy
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most important for me is lesson 8, 10, and 11 I love trading I need also control my emotion and wait for the right time.