Crypto Did Not Collapse Today it was On Sale!
This is my first post on steemit. My goal here is to provide value to newbie and existing traders. Nothing more, nothing less. I originally signed up for steemit maybe five months ago... and promptly lost my password. After the run up of it's alt coin last week it reminded me to revisit and do this the right way. Here goes.
I have been in crypto for about a year now. Well not exactly true. I got my first fraction of Bitcoin years ago when it was 202 dollars a coin. I was doing due diligence articles on Reddit for a penny stock group and someone who read one of my reports decided to invest in a coin and caught a 4 bagger over the next month. I received a message notification that said "You have been tipped." I opened the message clicked a link and I had been sent a tiny fraction of bitcoin to the tune of 4 dollars. The caption said have a beer on me. Nice. I had been seeing bitcoin from being prevalent on Reddit and honestly thought I had missed the boat at 200. UGH. I got out of penny and weed stocks for awhile invested in Square and Adobe and other tech stocks and went about my business. About a year ago I read the article about the guy who had dumped a hard drive with 62 Million Bitcoin. This prompted me to find my lost Bitcoin and low and behold it had grown to a whopping 14 dollars. Opened a Coinbase account and slowly over the course of 6 months watched and learned revisited lessons learned in the penny stock game and added money slowly, dollar cost averaged and played with very small money at first. I grew my account have researched the coins, read the white papers, studied the psychology and have been able to reap the rewards. This brings me to lesson number 1.
LESSON NUMBER 1
The tried and true lessons of trading apply to crypto especially the GOLDEN RULE: Be Greedy When Others Are Fearful And Fearful When Others Are Greedy.
Yesterday I sold 40% of my stake in Ripple at 1.15 on Bittrex and bought Bitcoin around 12,900. Ripple was flying(The Greedy) and Bitcoin was falling off a cliff (The Fearful) I just looked at the trade as trading places. Because of this, not only did I not lose yesterday when everybody thought the world was collapsing but I made a little bit of money. Bitcoin started climbing back up and I bought back into Ripple today under a dollar. It sits at 1.08 as I write this. I never try to time the market I use technical analysis and generally have an exit point on any new position even if it's an existing coin I am already in. If I add to the position I have an exit point to pull some profit even if the plan is to hodl. A new position I may have an entire exit point if it's based on catalyst I.E a tweet from John Mcafee. Or a new stake in a coin I believe in long term I will have a profit taking exit point for a portion of the stake. Have a fuckin plan. Just like everything else in life it goes better when you HAVE A FUCKING PLAN!!!
LESSON 2: LEARN THE BASICS OF TECHNICAL ANALYSIS
Although crypto is new and disruptive I have found that technical analysis still matters. I look at it like this. Psychology, major shifts and catalysts, and market news is the Macro, I use this to determine the what. I.E Ripple. The technical analysis is the Micro I use this to determine the when. Watching the order book slow and the percentage it had already gained told me it was a good time to sell Ripple. The fibonacci retracement on bitcoin told me it was a good time to buy. These things don't always work, but when deployed with patience and general pragmatism they usually win in the macro. I'm here for a long time not a good time. Learn RSI, how to read the moving averages, how to chart well, and learnnnnn support and resistance. I base most of my entry and sell points on support and resistance it is a very basic concept and easy to learn. Spend 30 minutes on google researching it and you will be a much better trader. Which brings me to my next lesson.
Lesson 3: PUT THE FUCKING WORK IN
Get rich quick schemes do not work!!! What does work is putting the fuckin time in and knowing more about a coin than anyone else on the planet. Read the white papers. Research the leadership team and the devs. Go through their LinkedIn's follow them on social media. Research the projects they were previously involved in. Studying and studying and studying will make you more money than spending $29 to get "10 Bagger alerts" ever will. Do the fucking work. I have a free tool I'm going to give you guys that can make you an expert in crypto. You don't have to sign up put in credit card information and it's super easy to use. It's the greatest website in crypto trading. Ready... It's www.google.com. Do the fuckin work.
Lesson 4: History
History repeats itself. Study the way the internet boom played out. Study the roaring 20'. Study the tulip bubble. Read Sapiens. We haven't lived the life times before us so we have a funny way of repeating the same patterns every 100 years. I've made more money from the lessons I learned in trading weed stocks than I have from anything else. When everything was flying and I tried to out trade the market I lost. Making 10 trades a day, trying to swing everything, I spent so much time to go sideways. Then I started studying, picking what I believed in, dollar cost averaging, buying the dips, being greedy when others were fearful... and.... making money. Funny how that works.
Those are my lessons... i'm putting together a list of my favorite resources that I will be posting tomorrow but I can tell you I spend more time watching Carter Thomas and Coin Mastery TV than I do on anyone else. The macro lessons are invaluable.
I will be posting news that I find valuable. Important information on coins and the tried and true methods of making money in a market, Bear or Bull. No GOING TO THE MOON HERE. I know... it sucks...
P.S I did have sexual relations with that woman!
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Welcome to steemit
I do agree completely with you. Welcome back mate! Hope to read from you soon.
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