For those who have been trading crypto for years, what advice would you give to new crypto traders during this bear market?
Don’t trade crypto
It’s the best time for new crypto traders to start nibbling on BTC and ETH since prices haven’t been this low since last year.
BTC at 27,000 and ETH at 1,500 are attracitve.
I would suggest they stick to the more established coins like BTC and ETH. There are so many coins that show so much potential, but time and time again, something goes wrong with them and they up as losses.
At the moment, cryptos are a risk for sure. But you can always trust the established cryptos like bitcoin and ethereum.
Do not hold crypto long-term, i.e. without stop loss, instead engage in short-term scalping in assets which feature decent daily volume (that indicates higher chances of favourable bounces that will save your position). If crypto bubble was inflated with ultra low rates, then clearly its medium-term behaviour should be a function of the Fed monetary policy path which grows hawkish.
Go short. You’re welcome! @ me for more trading strategies.
Now Is a great time to start DCA (dollar cost averaging) with the UTILITY coins of the future that are ISO20022 compliant. Start packing your backs with low priced XRP, XLM, XDC and ALGO. Flare network is set to go live in July, so XRP will see a bit of a jump when that happens, but it you just keep accumulating and holding then get ready for this November when ISO Reqs kick in and Ripple starts being actually used for the High Value Payment Systems alongside Swift just as it was designed, and XRP their native token will be used as the bridge currency for cross border payments. Once full utility kicks in (could take a year or more) you’ll start seeing 10x 20x plus returns on your ISO coins. Bitcoin and ETH already had their hay day and you’re looking at maybe a 2-4x return on those coins at best. Bitcoin is the OG in the space like the MySpace of Crypto, its slow and not energy efficient. ETH gas fees are ridiculous, most ERC20 tokens will migrate over to the Xinfin XDC network to avoid these gas fees. These older coins most likely aren’t going away, but the days of making generational wealth with them are over. If you do your research you’ll see the opportunity that we have now and know how amazing this crypto crash is in allowing you to pick up life changing amounts of coins that will be used in the new financial system. It’s projected that 90% of the crypto space will go away once we have regulatory clarity and so it’s best to chose coins that will make it through the regulation squeeze. My opinion of course, but I’ve been researching this for years and preparing for the switch for a while. By the time these ISO coins (particularly XRP) hit the news they will be unaffordable. Buy and HODL is my advice and know what you hold:-)
I’m waiting for ETH to fall further. It’s down to approx.1,190 today.
The answer is simple - short. If you like to trade with leverage - trade on FYBIT.
Hopefully you didn’t put in money you can’t afford to lose.
Trade from the short side - well it’s probably a bit late for that now.
It’s the same advice you give any trader trading any market - trade along the line of least resistance.
Bitcoiners need to quit smoking hopium and thinking their beloved market is going to buy them a desert island and instead realize that all markets follow the laws of market sentiment - regardless of the story.
Zero compassion for all those who are knee-deep in BTC losses - it’s the game we choose to play and the warning signs have been there for some time.
Here is one totally arrogant bitcoiner who not only has misled many gullible investors into BTC but also shareholders of his company.
Complete fool IMO
This guy has telegraphed his leveraged bet to the whole market, and because of it its going to attract savvy short side traders who are going to make him pay for that bet dearly.
I am no fan of scalping but given a choice I would rather scalp this market than hold on for dear life.
It’s a great time to start. Cryptocurrencies are at their lowest price now. Go for it!
If you had don’t nothing since the post above, you’d have been able to buy at an even bigger discount!
BTC at 20800 and ETH at 1115. It you had timed it right, BTC was down between 17K and 18K and ETH down in the 800s. It’s Christmas! If you have any money left…
Anybody take this advice since Nov of last year? I’d be interested to hear where this investment stands at the moment.