Should I stay or should I go now?
Should I stay or should I go now?
If I go, there will be trouble
And if I stay it will be double
So come on and let me know
That's a piece of the song by The Clash, all the way down to 1982. What a great time; I was not even born, but must be better than 2020. Must be.
Thank you very much for your time! I hope you've spent a great time today, and that you will continue do so during this holiday period :-)
Now, what I refer to with this "musical quote" is my now really urgent need of taking a decision. The Bitcoin rally may have just started, as I deeply hope and believe. But last time, the bull run of 2017, everything ended at around this time, the peak was reached, and all of the comers then would have waited for 3 years, till now, to be in profit zone. Consider that my economical situation now is not super funny and I need some help from cryptos; I have a girlfriend (still not married) and a son. Even a small-to-medium gain now would be an important gift.
I would ask Bitcoin market to "come on and let me know" , NOW! But of course, nobody knows.
I've menaged to put at choise 3 possibilities:
STAY AWAY
This is the most safe strategy now, and it expects me to close most of my positions, waiting for more clarity in the market. Putting some buy order at lower prices, and also converting most of the altcoins into Bitcoin, the safest choise in any case. I've alreay wrote an article about my doubts at owning for long times altcoins: they generally underperform the King in the long run. If you have experience, you know how altcoin market can go full red with -20% to -30% really easily if Bitcoin shows uncertainity. Another thing to do in this strategy is to sell some of the coins which brought gains, and use this extra $$$ to buy later.
GO ALL IN
This is my preferite strategy, and the most well suited to my personality; can be great and can be super bad, as you may already experienced on your skin. In the past few hours I see a new momentum coming, may be a good time to go. Going full all in means increasing the position size, remove sell orders, or at least place them at way higher prices; last but not least, use all of the stablecoins around to buy more.
GO SHORT, but just a little bit
With small short positions, I would make a decent gain in the case after euphoria, Bitcoin will touch again 20k $ before bouncing again. This can be really a good idea, because if you look at the chart, the way the price ticker went past 20k is waaaay too fast to be normal and healty: it will again walk in those grounds, one day or another. Of course I'm not comfortable with this choice, as I would prefere loosing more but in the buy direction than loosing because I wrongly took the sell way. That's how I was made. I can't understand how traders who goes short, and then loose their money, could sleep well in the coming nigths. Expecially in the crypto market.
Seams actually like "If I go, there will be trouble // And if I stay it will be double".
When I say going short or long, what I mean is both with spot market and futures market. I've started using the latter almost one year ago , and I feel comfortable there now. If you get in touch with it for the first time, go slowly, no hurry. The platform I prefer is the FTX exchange, because of the low fees ( now 0% maker fees, and around 0,07% taker fees), but mostly because all of your assets, cryptos, stablecoins and fiat, will count toward your collateral; the overall experience on this platform is really smooth, soft and logic.
Recently, they've added the first regulated, in the crypto space, fractional stock trading service, no more need to have huge capital to start invest in companies like Apple, Tesla, Google and more.
If you want to register at FTX, consider using my referral link here, with a 5% lifetime fee reduction ( I can't do more, really, I would do it otherwise).
I do like a lot, now, playing with derivatives; but I'm still not an expert. I don't know how much this practice is diffused across users here, but I don't think it is that much. Maybe one day I'll start writing more posts about it, like tutorials&tips.
Thank you really much, again. I feel at home now here, I can recognize more and more often all of your avatar names; I start to understand you guys :-)
Have nice Holidays and, as always, I wish you will have a great day!
Posted Using LeoFinance Beta