Have you been buying/accumulating bitcoin lately?
I was before the run-up to 65K , as is stands now Crypto is my #1 asset so I am in the just let it ride stage, but for someone just starting out, buying a little each week is still the way to go
Some traders might just throw in the towel after a day like today, other traders will see an opportunity to buy
What type of trader are you
Yeah, I got that “sinking feeling” this afternoon. My wife now receives autofeeds from Crypto.com (and/or Coingecko) and shouts to me from the living room “ADA has just gone up 15%” or “Bitcoin is down 9%”. I am happy she enjoys the ride as I do. And when the movements are four figures it is difficult to NOT feel psychologically affected. But I always say “we take stock of results once per year”. Don’t let fast and large changes deter you from the plan that took decades to put in place. Go with the flow.
During this 3 or 4 month choppy period, I have reflected that I think I will get really hacked off if BTC goes below $10K, or ETH below $1K. On that basis, as time moves on those potential events become less and less likely.
Happy to stay for the ride, and thanks for posting these graphs. Great motivators.
Thats so much the battle. Its what i have been trying to master too in my own trading. Riding them waves up and down and letting price do what it does. As long as you can afford to lose it youre good. Keep strong i think this is going to be something amazing
What happened?! Why did it drop like that?! I’m so confused.
They say it’s because of El Salvador. I feel like everyone’s just guessing
All the news channels will tell you why after the event because their bosses say “you have to tell the audience why”, so they think of a plausible causation and just spew it out. I call them schmexperts.
I do not know why it dropped so fast, but what I do know is there are an awful lot of traders trading BTC and other cryptos on large margins. The longs have traditionally been quite repeatable for long periods, and the traders forget how quickly an account can be liquidated on high margins. So it is my understanding that a cascade of liquidations were responsible for the large move. 20% is a lot for BTC.
A lot of folks say “did you buy the dip?”, and the only logical response is “how do you know it has finished and bottomed out?”. If you “bought the dip” at -10% on a 50% margin, and it fell by another 10%, you are liquidated. For me, I don’t look at short term price changes until they are more than 30%. It’s statistical and needs to be part of every trader’s risk plan.
Do you mean you only will buy the dip if it’s a 30% drop?
Yes, or sell back to BTC if it has a 30% rise. But I have to identify the other pair first and (using some of my Forex indicators) try to catch a valid entry point. For this it is useful to use the Bittrex exchange which is the only one I have a crypto account with where I can put in a limit order and sit it out. I’ve caught a couple of beauties but for small change - part of my sh__coin strategy. I bought XTP for 4 sats, sold for 6 sats, bought for 4 sats sold for 10 sats and rebought for 4 sats. Slight problem, it is now oscillating between 1 and 2 sats. That is what you get for having a sh__coin strategy. I now control (need to look at Bittrex) 250k XTP, worth all of a decent meal out.
Oh wow they just doubled today to 2 satoshis. This time next year Rodney, we’ll be millionaires…
Bittrex can’t be used by US residents though. Surprised it works for the UK!
Oh man that XTP chart looking crazy lol
I expose the wisdom of my stupidity to give others some hope if they have similar experiences. The origin of this “trading investment” was with Doge. I wished to teach my son in his early 20s that it is a bad idea to “follow the crowd”. So I took a couple of hundred bucks and bought Doge. I don’t think it was 4 days until the price doubled, so I asked him what to do and he said “Hodl”. Without his knowledge I sold half (this time I was sticking with my plan) and to this day we still hold the Doge half, and it is hovering around the price we paid for it, so no losses there. With the other half, I went through three rather rapid buy / sell sequences on XTP, laddering on each two way trade. We ended up with 250K of them, and in my mind (a dangerous place) they cost us nothing because it was “Doge profit” in 4 days. I had to eat my own words and Omar still thinks Doge is a good long term investment (and I think I may be coming around to agreeing with him). Anyway in true sh__coin strategy, this is on of those “outlier” or black swan investments. If XTP goes off the face of the earth, I have lost nothing. And I think there is more than a 90% chance of that happening. But now to the crux of the sh__coin strategy, properly researched with vicarious precedent of a guy whose story I read of his experience from 2017 to 2021 compelled me to do this. What if it comes back, like BTC and ETH and so many others, and exceeds its previous ATH? So the ATH was $0.40 on 1Mar2021 (seven months ago). 250K tokens at $0.40 each is $100,000. And that, my friend, is a 1,000 bagger.
No matter how unlikely that scenario will play out I still think it has far more chance than a lottery win, and my wife spends more than our original “investment” in XTP every week on the lottery. I don’t object because that one is a “million bagger”. That’s what I love about Forex, and especially about Crypto. Why try to earn 10% per year if you can have a chance to earn 100,000%?
They’re are in fact open to US clients. They are based out of Seattle, Washington.
Check out the US map for states that allow trading.
What are other trader’s experiences with Bittrex as a broker? It is the only exchange I currently use for proper crypto trading. The other accounts I opened to avoid paying stupid fiat to crypto ramp fees and GBP/USD fees. Any other brokers recommended who handle crypto currencies?
Always good to have a contingency broker
Really?? I should probably stock up on Doge then. I bought a few but very very little.
A complete possibility during these crazy times! Good luck!
Lol I love your family! Everyone just doing their own thing!
Oh what in the world. Okay. Time to log back in to my untouched Bittrex account.
I liked them at least back in 2017/18 when I used them. Not sure if they made any changes since, I’m assuming a lot?