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Crypto trading

BackInTheGame78

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So upset with myself and not having trailing stop losses set up on everything. Got caught up in the flash crash when a bunch of longs getting liquidated caused a chain reaction. Was able to get some good buy backs in, but missed out on a lot.

Not mad at being under because I know that's coming back soon and has already recovered quite a bit. More upset at missed opportunity for stacking huge amounts of coins and making a killing.
 

jaygreenb

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Man I saw all those different cryptos you invested in.. how do you allocate your investments to each?

Bitcoin is taking off like crazy.. I feel like I missed the train here :(. What do you think of Litecoin? It's cheap enough where I can accumulate a decent amount.
You haven't missed the train, it is still very early in terms of adoption. You have to look at total market cap and what the potential market cap it could get too. You are coming in mid bull market but there will be more. Just understand the life changing money is not going to happen over night and it will be very volatile. If you are not going to fully immerse yourself into the market, which means commiting hours every day over a sustained period of time I would just set up an auto buy into the majors BTC/ETH and maybe Chainlink,. Don't just buy a coin because it looks cheaper, over the long run most of them do not perform well to BTC. Some outperform but you really need to know what you are buying. Personally, I would build out the positions in the solid bets like BTC and ETH first. Then you can make some small bets on alts if you want.
 

jaygreenb

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So upset with myself and not having trailing stop losses set up on everything. Got caught up in the flash crash when a bunch of longs getting liquidated caused a chain reaction. Was able to get some good buy backs in, but missed out on a lot.

Not mad at being under because I know that's coming back soon and has already recovered quite a bit. More upset at missed opportunity for stacking huge amounts of coins and making a killing.
Wasn't expecting that but that's how this market goes sometimes. I bought some more this morning too.
 

Bible_Belt

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that's how this market goes sometimes.
It all looks crooked and manipulated to me. Btc broke major support at 30k, but then elon made a nice tweet so it took off from there. Then when it breaks out from 50k and is a buy on any basic technical analysis it gets slammed by big sellers. Obviously I am not a crypto fan, but I mean these comments toward the dynamics of the trading market itself. I think it will come out years from now that there are only a very small number of people controlling the current price of bitcoin and everyone else is just puppets in their show.
 

jaygreenb

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All markets to some extent are manipulated by major players, there is no way to avoid that. The moves can be exaggerated here because of the relatively small market cap but it will continue to dampen as the market grows and matures. I would argue that this is actually the most free market because it isn't manipulated, supported or held down by govts and central banks. Look at precious metals for example. I personally love the ideology and own a lot of them but it is completely controlled and held down by the powers that be. How about the stock and bond market, whats happening now, are those free market forces? With crypto, if you can zoom out and block out the short term price moves it is following a very clear growth trend. It is a like drunken walk following a clear line. Also all major tech companies that were going through exponential network growth had extreme volitility in price. It is just the nature of it, without the vol, you wouldn't get the giant moves up either
 

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BackInTheGame78

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Wasn't expecting that but that's how this market goes sometimes. I bought some more this morning too.
I bought a bunch of CRV when it was down and it's already returned nicely but doesn't make up for the others I held too long
 

jaygreenb

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It all looks crooked and manipulated to me. Btc broke major support at 30k, but then elon made a nice tweet so it took off from there. Then when it breaks out from 50k and is a buy on any basic technical analysis it gets slammed by big sellers. Obviously I am not a crypto fan, but I mean these comments toward the dynamics of the trading market itself. I think it will come out years from now that there are only a very small number of people controlling the current price of bitcoin and everyone else is just puppets in their show.
This takes out some of the noise, this is BTC yearly lows

2010 – $0.01
2011 – $0.30
2012 – $4
2013 – $65
2014 – $200
2015 – $185
2016 – $365
2017 – $780
2018 – $3200
2019 – $3,350
2020 – $3,780
2021
 

Reyaj

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It all looks crooked and manipulated to me. Btc broke major support at 30k, but then elon made a nice tweet so it took off from there. Then when it breaks out from 50k and is a buy on any basic technical analysis it gets slammed by big sellers. Obviously I am not a crypto fan, but I mean these comments toward the dynamics of the trading market itself. I think it will come out years from now that there are only a very small number of people controlling the current price of bitcoin and everyone else is just puppets in their show.
I'm glad you chimed in here, I know you have a lot of investment knowledge. In lay man's terms why do you think BitCoin will fail?

I'm torn between going long on it which means putting money consistently into it, or just trying to chart it for fun.
 

Bible_Belt

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In lay man's terms why do you think BitCoin will fail?
I am not saying exactly that it will fail, but at some point it has to stop being at odds with the governments of the world. For as long as the idea of money has existed, the right to print it is part of the spoils of victory for whoever has conquered the land. Even though it is digital, crypto still requires electricity and infrastructure to exist, and some government somewhere must provide those services. But why should they do so when crypto saps away their right to print funny money forever? China has already digitized their currency and started to crack down on crypto. At some point, our slow and backward government will eventually catch up. Maybe we'll have fedcoin. Maybe they will tax the hell out of crypto. Point being, the complete lack of regulation we have now is too good to be true and too good to last for very long.

This is not advice to either buy or sell anything, just caution over uncertainty. And also I think that traditional technical analysis, which works with every other market in the world, doesn't seem to be very useful with bitcoin, because of dramatic and unpredictable moves in both directions.
 

BackInTheGame78

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I'm glad you chimed in here, I know you have a lot of investment knowledge. In lay man's terms why do you think BitCoin will fail?

I'm torn between going long on it which means putting money consistently into it, or just trying to chart it for fun.
You will be very sorry if you chart it for fun. Having the regret of a lifetime to live with the rest of your life won't be very fun.
 

BackInTheGame78

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I am not saying exactly that it will fail, but at some point it has to stop being at odds with the governments of the world. For as long as the idea of money has existed, the right to print it is part of the spoils of victory for whoever has conquered the land. Even though it is digital, crypto still requires electricity and infrastructure to exist, and some government somewhere must provide those services. But why should they do so when crypto saps away their right to print funny money forever? China has already digitized their currency and started to crack down on crypto. At some point, our slow and backward government will eventually catch up. Maybe we'll have fedcoin. Maybe they will tax the hell out of crypto. Point being, the complete lack of regulation we have now is too good to be true and too good to last for very long.

This is not advice to either buy or sell anything, just caution over uncertainty. And also I think that traditional technical analysis, which works with every other market in the world, doesn't seem to be very useful with bitcoin, because of dramatic and unpredictable moves in both directions.
Regulation is likely needed for Crypto to become more mainstream and the head of the SEC Gary Gensler is extremely bullish on crypto and BTC on particular.

So tired of people who don't understand and aren't on the crypto space talking about how fundamentals don't work in crypto. That simply just isn't true. I can show you countless posts on Twitter of very knowledgeable people in the crypto world who post chart fundamentals that end up giving 5-6-10x gains off of it.

The problem so many have is they try and apply the fundamentals in the SAME WAY as they do to everything else and don't bother to learn how crypto is different. Won't work. Never will. Then they cry that fundamentals don't work because they try and use them in the wrong way and can't comprehend why they aren't the same.

Fundamentals still hold 90% of the time. You can make a killing trading off solid fundamental knowledge.

Case in point a pro crypto trader with Twitter handle Rekt_Proof documented every single trade in taking a $500 account in 2 months and 41 trades turning it into a $125,000+ account. By using fundamentals. Just to see how quickly he could do it as a challenge to himself. Try doing that in any other market. Not happening.

Yeah, there are going to be things that happen that cause crashes and big run ups. Trade with a stop loss and reap the rewards. Crashes are great times to buy because in cases like today when it wasn't based on fundamentals bit simply a chain reaction of liquidated longs with too much leverage, it's bouncing right back. Easy gains for anyone paying attention and buying near the bottom.

When you are in the market, these things don't bother you, you actually live for them. Can make a huge gain in your portfolio if you are set up properly to take advantage of these things.

People outside of crypto just don't get it and are afraid of it. People in it use it to get rich 50x faster than any other method.
 

Reyaj

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Regulation is likely needed for Crypto to become more mainstream and the head of the SEC Gary Gensler is extremely bullish on crypto and BTC on particular.

So tired of people who don't understand and aren't on the crypto space talking about how fundamentals don't work in crypto. That simply just isn't true. I can show you countless posts on Twitter of very knowledgeable people in the crypto world who post chart fundamentals that end up giving 5-6-10x gains off of it.

The problem so many have is they try and apply the fundamentals in the SAME WAY as they do to everything else and don't bother to learn how crypto is different. Won't work. Never will. Then they cry that fundamentals don't work because they try and use them in the wrong way and can't comprehend why they aren't the same.

Fundamentals still hold 90% of the time. You can make a killing trading off solid fundamental knowledge.

Case in point a pro crypto trader with Twitter handle Rekt_Proof documented every single trade in taking a $500 account in 2 months and 41 trades turning it into a $125,000+ account. By using fundamentals. Just to see how quickly he could do it as a challenge to himself. Try doing that in any other market. Not happening.

Yeah, there are going to be things that happen that cause crashes and big run ups. Trade with a stop loss and reap the rewards. Crashes are great times to buy because in cases like today when it wasn't based on fundamentals bit simply a chain reaction of liquidated longs with too much leverage, it's bouncing right back. Easy gains for anyone paying attention and buying near the bottom.

When you are in the market, these things don't bother you, you actually live for them. Can make a huge gain in your portfolio if you are set up properly to take advantage of these things.

People outside of crypto just don't get it and are afraid of it. People in it use it to get rich 50x faster than any other method.
Ok I'm going to take risk and buy Bitcoin and Ethereum. Just bought some now.

I use Venmo to purchase it, so it's about $15 transaction fee per thousand dollars. Should I be using something cheaper? I like Venmo cause it's very simple and user friendly.
 

jaygreenb

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Ok I'm going to take risk and buy Bitcoin and Ethereum. Just bought some now.

I use Venmo to purchase it, so it's about $15 transaction fee per thousand dollars. Should I be using something cheaper? I like Venmo cause it's very simple and user friendly.
You can use strike app for zero fees with bitcoin, I use coinbase Pro otherwise personally. Been using strike lately.
 

jaygreenb

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Ok I'm going to take risk and buy Bitcoin and Ethereum. Just bought some now.

I use Venmo to purchase it, so it's about $15 transaction fee per thousand dollars. Should I be using something cheaper? I like Venmo cause it's very simple and user friendly.
I don't think you can take your crypto off venmo, I know thats how it is with paypal. I would not buy there if so, you lose a lot of functionality and are unable to self custody.
 

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Reyaj

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I don't think you can take your crypto off venmo, I know thats how it is with paypal. I would not buy there if so, you lose a lot of functionality and are unable to self custody.
You can, I bought some earlier in the year and withdrew.
 

Bible_Belt

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The problem so many have is they try and apply the fundamentals in the SAME WAY as they do to everything else and don't bother to learn how crypto is different. Won't work. Never will. Then they cry that fundamentals don't work because they try and use them in the wrong way and can't comprehend why they aren't the same.
Fundamentals in my mind are an expression of group psychology that is inherent to our collective human existence as the trading masses sway between fear and greed. It is rooted in human psychology and therefore cannot vary between the instruments that the humans trade.

If you are making money my friend, my advice is to regularly take some off the table and convert it to cash, you know, real money. You remind me of a lot of stock traders I met right before they blew up and lost everything.
 

jaygreenb

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Fundamentals in my mind are an expression of group psychology that is inherent to our collective human existence as the trading masses sway between fear and greed. It is rooted in human psychology and therefore cannot vary between the instruments that the humans trade.

If you are making money my friend, my advice is to regularly take some off the table and convert it to cash, you know, real money. You remind me of a lot of stock traders I met right before they blew up and lost everything.
Pretty surprising you are calling cash real money at this point, especially if you like precious metals. 40% of all dollars were created in the last 18 months. You are seeing crazy inflation that is only going to get worse. The dollar is no longer a reliable unit of account. You really can't sit in cash for a long period of time. Taking some off the table and redistributing to other assets is not a bad idea though.
 

jaygreenb

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Regulation is likely needed for Crypto to become more mainstream and the head of the SEC Gary Gensler is extremely bullish on crypto and BTC on particular.

So tired of people who don't understand and aren't on the crypto space talking about how fundamentals don't work in crypto. That simply just isn't true. I can show you countless posts on Twitter of very knowledgeable people in the crypto world who post chart fundamentals that end up giving 5-6-10x gains off of it.

The problem so many have is they try and apply the fundamentals in the SAME WAY as they do to everything else and don't bother to learn how crypto is different. Won't work. Never will. Then they cry that fundamentals don't work because they try and use them in the wrong way and can't comprehend why they aren't the same.

Fundamentals still hold 90% of the time. You can make a killing trading off solid fundamental knowledge.

Case in point a pro crypto trader with Twitter handle Rekt_Proof documented every single trade in taking a $500 account in 2 months and 41 trades turning it into a $125,000+ account. By using fundamentals. Just to see how quickly he could do it as a challenge to himself. Try doing that in any other market. Not happening.

Yeah, there are going to be things that happen that cause crashes and big run ups. Trade with a stop loss and reap the rewards. Crashes are great times to buy because in cases like today when it wasn't based on fundamentals bit simply a chain reaction of liquidated longs with too much leverage, it's bouncing right back. Easy gains for anyone paying attention and buying near the bottom.

When you are in the market, these things don't bother you, you actually live for them. Can make a huge gain in your portfolio if you are set up properly to take advantage of these things.

People outside of crypto just don't get it and are afraid of it. People in it use it to get rich 50x faster than any other method.
Rolled some of those ADA profits into sushi swap.
 
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