Crypto trading

[Poonstra]

Bottom was just below 30k, We're now at 40K. That 33% right there. Everybody knows that timing the markets is like trying to catch a falling knife, plus you don't get to pay commissions if you don't trade.

 

[firstbornunicorn]

Crypto is astrology for high IQ dudes, rationality goes completely out of the window.

 

[jaygreenb]

Bottom was just below 30k, We're now at 40K. That 33% right there. Everybody knows that timing the markets is like trying to catch a falling knife, plus you don't get to pay commissions if you don't trade.

Very few people can time the market well plus it is very tax inefficient. In hindsight in always looks easy but very difficult in the moment. For the majority it's best to buy and hold and take some profits if you want when it runs.

 

[Lookatu]

Bottom was just below 30k, We're now at 40K. That 33% right there. Everybody knows that timing the markets is like trying to catch a falling knife, plus you don't get to pay commissions if you don't trade.

I luv these sheeples that panic on every little news like it's the end of the world. Another dip today after media mogul Barry Diller says cryptocurrencies is a "con". LOL

 

[firstbornunicorn]

I luv these sheeples that panic on every little news like it's the end of the world. Another dip today after media mogul Barry Diller says cryptocurrencies is a "con". LOL

Well they are. Just like MLMs are a con. Some make money, many lose money.

 

[Poonstra]

 

[BackInTheGame78]

Very few people can time the market well plus it is very tax inefficient. In hindsight in always looks easy but very difficult in the moment. For the majority it's best to buy and hold and take some profits if you want when it runs.

It isn't that hard...you watch patterns, graphs and depth charts and see the same things repeat over and over again.

Sunday night usually starts a rally that leads into Monday Morning.

Yesterday I snapped up 96K shares of Skale at 20.4 cents when these dumbasses panicked and the market bottomed out and just sold them 16 hours later for 31.2 cents. Do the math on that. When is the last time your 401K made you that in 16 hours?

With as many ups and downs as there are in a day, there is no reason in the world the average person can't make $300-500 a day minimum.

 

[BackInTheGame78]

You can hodl, I’ll buy back in near the bottom

The easy money is in trading daily or near daily and taking your profits so you can do it all over again, not waiting for months. At least that's how I view it.

 

[SargeMaximus]

The easy money is in trading daily or near daily and taking your profits so you can do it all over again, not waiting for months. At least that's how I view it.

The spread is too high on my app for me to do that. I’m Canadian

 

[Lookatu]

Well they are. Just like MLMs are a con. Some make money, many lose money.

There's a lot of things that can be viewed as a con. That doesn't mean you can't make money from it.
My point was that a lot of retail traders or amateurs panic and get emotional at every single news or what someone says and bail by having a knee jerk reaction. This is when they end up losing money.

As Warren Buffet said, the market takes from the impatient and rewards those that stay patient...

 

[firstbornunicorn]

The easy money is in trading daily or near daily and taking your profits so you can do it all over again, not waiting for months. At least that's how I view it.

this is the best way to lose money tho

 

[BackInTheGame78]

this is the best way to lose money tho

If you aren't good at reading patterns and understanding graphs and depth charts it can be. If you are, then it's easy money.

 

[SargeMaximus]

If you aren't good at reading patterns and understanding graphs and depth charts it can be. If you are, then it's easy money.

To be fair tho, there aren’t any billionaire day traders

 

[BackInTheGame78]

To be fair tho, there aren’t any billionaire day traders

To become a billionaire first you have to become a thousandaire and then a millionaire

 

[firstbornunicorn]

If you aren't good at reading patterns and understanding graphs and depth charts it can be. If you are, then it's easy money.

The pattern I'm good at reading is that no one except useful idiots getting paid to shill crap make money from "day trading".

 

[Bible_Belt]

View attachment 6288

Using sales material like this made up chart of the future would be highly illegal if it were stocks, commodities, or any form of regulated investment. Crypto now is a lot like the stock market of the 1920s. There were hardly any rules, lots of people cheated other people, then everything fell apart.

 

[jaygreenb]

It isn't that hard...you watch patterns, graphs and depth charts and see the same things repeat over and over again.

Sunday night usually starts a rally that leads into Monday Morning.

Yesterday I snapped up 96K shares of Skale at 20.4 cents when these dumbasses panicked and the market bottomed out and just sold them 16 hours later for 31.2 cents. Do the math on that. When is the last time your 401K made you that in 16 hours?

With as many ups and downs as there are in a day, there is no reason in the world the average person can't make $300-500 a day minimum.

If it works for you that's great but most people are not successful in the long term by trading. It takes a lot of skill and experience to consistently beat the market. In a bull market it is easy to think your skills are a lot stronger than they actually are. When the market turns a lot of inexperienced traders get wiped out. All it takes is one bad trade. Saw a lot of that with crypto in 2018 and took some big losses myself. I have been pretty heavily involved in crypto since 2017, the people who made an kept their money where not the traders unless they were top 5%.

 

[jaygreenb]

Using sales material like this made up chart of the future would be highly illegal if it were stocks, commodities, or any form of regulated investment. Crypto now is a lot like the stock market of the 1920s. There were hardly any rules, lots of people cheated other people, then everything fell apart.

That's not sales material, it was something posted to twitter based on a valuation model. You have been on the sidelines calling it scam since 3k while all of major tech and finance has got on board. There will be many boom and bust cycles all while trending up.

 

[BackInTheGame78]

Using sales material like this made up chart of the future would be highly illegal if it were stocks, commodities, or any form of regulated investment. Crypto now is a lot like the stock market of the 1920s. There were hardly any rules, lots of people cheated other people, then everything fell apart.

Goldman Sachs just declared Bitcoin as its own asset class today so clearly there is support in the financial sector for it. Also working for a bank, I know most have adopted products based on block chain technology as well...so if they claim they think Bitcoin is fraudulent they are trying to talk out of both sides of their mouth since they have products based on that technology they have built and use.

 

[BackInTheGame78]

The pattern I'm good at reading is that no one except useful idiots getting paid to shill crap make money from "day trading".

I disagree. My friend knows two people who quit their jobs and do it fulltime now. Granted you have to be highly analytical and more important smart enough to understand what the analytical things are saying but I am only responsible for me, not what other people do.