Recently I have seen a lot of posts on Steemit and other social networks about losing money in the crypto game.
Me too. I have lost some money in this game, in exchange for various lessons. Although I'm still learning, I want to summarize my knowledge and share with Steemit community, helping you guys in your trading out there in a dangerous, highly-volatile crypto world.
Why it is essential to know all these stuff?
When it comes to trading, people often say "No big deal, just buy low and sell high, that's it." It is right for a profit-taking mindset in any financial market. However, as per definition of types of exchange, I define the crypto market myself as a Weak Market, which stands for:
A market in which trading volume does not correspond to price where increasing volume accompanies decreasing prices or decreasing volume accompanies increasing prices. Also known as technically weak.
Source:Investopia
What does it mean?
Bitcoin, the first-ever-known cryptocurrency are highly influencing the whole market. If you look at the chart from last year:
Chart provided by Coinmarketcap
The second half of 2017 is purely a rising time when the market observed a all-time-high for Bitcoin and many essential currencies like ETH, DASH, etc.
During that time, I could say that, you can enter to the market without any preparation and still benefit from it. During the Growth Stage, things are quite easy to pick on and claim profits. During that time, I always remembered a lot of trading groups were founded, providing spot-on signals that everyone in the market.
Things had changed, and you should, too.
After the peak, Bitcoin went on a roller-coaster ride that touched the lowest point of $5750 in just yesterday. I bet that if you are holding your coins back then, you have witnessed a significant loss.
So do I. And here is how I am going to change it.
I will share with you guys the following topics, be sure to follow me and check my feed daily. I will post them once a day.
1. Defining yourself: Trader vs. holder (on air now!)
2. The ultimate trading tip that you should know (on air now!)
- Trade with no emotion
- Business during HOLD: Is it possible?
- It's not about USD; it's about coins.
Stay tuned for the first part tomorrow.
that last post it the most important and it is not seen enough here or in the crypto space
in the end the dollar value of a certain coin is not that important, its how many coins you have.
I had 1000 SP when steem was 6 dollar so my account was 6000 dollar but I am happier now with 2100 steem at 1 dollar
Thanks for your comment. Actually it should be depending on how your strategy is. If you aim for short term trade, everyrhing must be back to USDT or TUSD. But if you are going for long term, hold your coins and buy more.
yea, this whole thing is only long term for me... Its about building a nice comfortable future not being dependent on a government pension when I retire (still a while off though)
any chance on getting a vote for the witness project I am part of?
@swisswitness
easy voting link:
https://steemconnect.com/sign/account-witness-vote?witness=swisswitness&approve=1
Sure thing.
@felander, I have voted for you. By the way, would you mind sharing the journey to achieve 2100 Steem? Quite impressive.
well, I still got lucky, and most of my journey was around the 1 steem 1 dollar mark. the lower the price the more SP you get per post payout.
and then a few whale votes in the beginning
After that I also lived through the birth of the bidbots and used them as well.
Now I use smartmarket to get some passive income from unused voting power
As cryptocurrency is going down. So what should I do now ? Please tell me should I hold or sold it.
I will sell everything to USDT or TUSD when BTC reaches the resistance level at 6600-6700 and will sell everything at 7100-7200.
Wait for the drop and buy again. I think we are not out of the red yet.
This post has received a 10.19 % upvote from @boomerang.