It’s strange how people talk about all the profits, they’ve been making through trading of bitcoin, while am here not making any profit at all. Please can someone put me through on the right path or at least tell me what I’m doing wrong?
I know what you mean. It always seems like everyone else has found the secret and is making money without effort.
Of course, its not really like that - the world is not full of lazy stupid people who are insanely rich - so there is hope for every trader to make something. But I’m pretty sure somebody will come on here any minute and tell you that as a beginner you should avoid bitcoin…
Dont compare yourself to others. You are on your own journey. I personally dont trade bitcoin but here goes. Keep it simple, here are 2 easy ways to start.
Either trade it or invest in it.
If you trade it then you need set rules of when to enter and exit or atleast a way to differentiate when to buy or sell. Eg price is over 50EMA so look for buys only. Then you need risk management eg only risking 1% a trade and you close the trade when your stoploss is hit. Then add to your rules until you’re happy its complete.
If you invest. Then set your mind that this is a long term investment and you are officially a hodler. Now you need rules to get you in as above eg every week you buy a certain amount of bitcoin to hold for the long term or every weekly down candle you buy for example. In this case you’ll be holding trades in drawdown with nil or minimal leverage in the belief that eventually it’ll rise in the long term.
I’ve given you a very simple explanation Now share what trades you took and when and let’s see how it fares with what I’ve explained above. Hope this helps.
What do you find attractive, profits or losses? Profits right. What will the media, traders, etc. show others to attract more clients? Profits. This is called marketing. You need to stop comparing yourselves to others. This is a bad habit in trading! Everyone has their own learning curve.
One thing you should do is learn from profitable traders. Find out what strategies you can use. Check out institutional trading. It is applicable on every financial instrument.
If you want to buy crypto / stocks and hold it for a longer term, then buy in crashes. Buy low and sell high. NEVER buy high. When you sell high, you can sell parts of your portfolio at certain price levels. Let’s say you sell 60% of your bitcoin portfolio at 63k, 30% at 70k and 10% you will leave open till it drops below a certain price level.
To me most if not all cryptocurrencies mirror BTC. Every time I played DOGE I got burned. So I quit playing cryptocurrencies . Looks like today a lot of traders were burned in any plays on cryptocurrencies.
Could you explain more about what you’re doing?
Try Indices instead, using Heiken Ashi candles. DAX, DOW, and FTSE have consistent trend movements in either direction on lower time frames.
Whether you’re a beginner or not, avoid crypto currrencies like Covid. Why? Because once countries recover from a pandemic that is reduced to an endemic, they will turn their attention to cryptos and you can bet that it won’t do investors any favours.
I’m sure that many will disagree, but hey, it’s my opinion that there will be regulatory aspects imposed.
I haven’t read anyones comments yet, and don’t know how long you’ve been trading, but I have 8 calendars (of 12) filled with the same thing, 12-15 to 1-3… DO NOT TRADE. Every time I read it It reminds me of the spreads, and commissions fees sky rocketing around this time, so pay attention to your bottom line and if you need to wait to buy or sell, then with all respect, wait… Since 12/15 I have made 4 trades, how many have you all made ?
Loss is a common thing in this market. You have to make some plan to minimize the risks.
If you face consistent losses from this market, you should change your strategy.
People that make consistent profits have been trading for years, have you? they also have thousands of hours of backtesting and forward testing done with reading books on psychology, have you completed this? if you see someone new posting and they are making profits see if they are in a few months time because consistency is key and you need to put the hard work in to get there
Losses are normal, try not to be too hard on yourself. If you are not finding consistency in your trading head back to a demo account and take away the pressure of losing money. It’s difficult to help further without more info, but best of luck to you.
It doesn’t matter what they are doing or what their results are. Trading is very much like social media in that people tend to post what they want people to see. There is a massive lack of transparancy in the space.
If you look at the attached weekly chart for the BTCUSD you will see that there was a distinct change in its trading character as from October 2020. It not only started a massive rally but also began to move with massively increased volatility during the weeks in both directions.
I think many people that talk about having made a lot of money with Bitcoin are those that already had holdings before this rally began.
But, on the basis of this weekly chart, we could say that as from February 2021 this particular instrument has behaved like any other active market and one has to be very careful with it whether one is buying or selling - and both directions are tradeable nowadays.
So the reason(s) why you are not making money are probably the same as the core reasons why many traders are not succeeding in other markets.
If you wish for some specific comment on your trading approach then you will need to describe it in detail such as timeframes, indicators/PA, entry/exit criteria, target/stop sizes, etc. And preferably include some screenshots.
Learn before trading cryptocurrency if you want profit actually.
I trade Bitcoin, but I do not use any leverage. Did you trade BTC 1:1 or did you use a leveraged account? If so, how much leverage?
Is that ever a understatement!!!
I think the main problem here is that people all share their profit stories. But people who face losses rarely share any experiences. This creates an environment where everybody thinks that most of the people make profits. In reality, only a small percentage of people are able to earn profits while others face loss.
If all the market are Bearish like right now , its harder to be Bullish. Then again when markets are being Bearish it just means that stocks or what ever one trades are resetting.
Never try and catch falling knives.
What a difference a day makes