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Aneikei

Being left behind.

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And of course, there is the possibility to split your stack. A certain percentage for Hodling and a certain percentage for day trading. Your gains in day-trading are as not as big (but neither are your losses) and you can safeguard a minimum return if we go the moon. Many people use the same strategy to increase their ETH or BTC holdings.

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25 minutes ago, Coretex said:

I already shared this on this forum once.

In May 2017, I created a little XRP community (about 10 people) consisting of my friends and colleagues from work. We all invested in XRP what each of us felt was the right amount given the risk and their financial situation. 

One member of this community decided to short all his XRP at the end of the second week of December. I think he was selling somewhere between 0.20 - 0.25. Several hours after he sold his position, the December pump started. When he got home, the price of XRP was already multiple times higher than his selling price. He never bought back and now he does not possess any XRP at all.  He even temporarily ceased communication with us because of his frustration and disappointment. Now after some time, he says that it was a huge mistake to short his position and that he should have just held.

I think the takeaway from this is (1) shorting XRP is a very risky business and (2) ending up with 60% of your stack is a harsh lesson learned, but at least you still have a "larger half" of your stack. Maybe one more thing would be not to look back thinking how much you could have made if you had shorted at certain price because it may only influence you in the future to make the same mistake again.

 

Yeah I'm not too worried about it. Valuable learning experience, plus original exit points are still suitably generous that that 40% won't hurt me that much if all comes to fruition.

But yeah, not smart, haha!

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6 hours ago, Aneikei said:

@automatic what if it's not purchased on the open market? What if in theory the banks decided on a unanimous trigger date to all use xrp at the exact same time? In such a scenario couldn't the price spike to over $100 instantly?

The first question I would ask is when has something like this ever happened before?

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23 minutes ago, djdhrubs said:

The first question I would ask is when has something like this ever happened before?

Of course not, do not forget banks are competitors ! and they will not "unanimously decide"  anything .....  they will only take Ripple network  instead of swift  if they see any advantage for them ! 

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11 hours ago, Coretex said:

I already shared this on this forum once.

In May 2017, I created a little XRP community (about 10 people) consisting of my friends and colleagues from work. We all invested in XRP what each of us felt was the right amount given the risk and their financial situation. 

One member of this community decided to short all his XRP at the end of the second week of December. I think he was selling somewhere between 0.20 - 0.25. Several hours after he sold his position, the December pump started. When he got home, the price of XRP was already multiple times higher than his selling price. He never bought back and now he does not possess any XRP at all.  He even temporarily ceased communication with us because of his frustration and disappointment. Now after some time, he says that it was a huge mistake to short his position and that he should have just held.

I think the takeaway from this is (1) shorting XRP is a very risky business and (2) ending up with 60% of your stack is a harsh lesson learned, but at least you still have a "larger half" of your stack. Maybe one more thing would be not to look back thinking how much you could have made if you had shorted at certain price because it may only influence you in the future to make the same mistake again.

 

Shorting crypto is definitely gambling. We have no way of knowing when a billion dollars is just going to randomly enter the market. It's far far less stable and predictable than the stock market. 

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16 hours ago, automatic said:

An order large enough in magnitude can cause the market depth to be exhausted - especially when trading is thin - thus causing an immediate price spike from X to Y without ever hitting any of the points in between.  Having said that, going from 60c to $1 when all such orders have already been exhausted by the downward movement from $1 is one thing, going from $1 to $10 in a bullish move is altogether another.  Personally, I don't think that scenario is possible unless someone suddenly decides to purchase millions of USD (or more) worth of xrp directly in the open market. 

...not that I would mind at all if that were to take place.  ;)

 

But... Here's my eternal optimists response. 

 

We now have double the xrp wallets crested since Nov according to xrpcharts. 

We now have banks and hedge funds buying. 

We have more exchanges than ever before supporting xrp 

And we have new funds like Robin hood going live soon and SBI will be denominated in xrp solely. 

So my thoughts are that everything xrp was capable of before it can now do exponentially faster and bigger. 

I think when the next bull run occurs it could dwarf the last one. A rise to $3 might be a cakewalk and the big push could very well be $5-10

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I mean... Xrp is the only legit coin that is focused on compliancy, has government and corporate support, has the best team backing it, is being adopted by banks already, and is basically the only other coin competing with btc and eth to become paired for buying on exchanges. 

XRP is the best coin by speed and capabilities, the lowest cost coin to buy full increments, the lowest cost coin in transaction fees, and probably the coin that has the most exposure in major news outlets and Wallstreet outside of bitcoin. 

Lots of coins still have upward potential no doubt, but nothing compares to xrp in terms of utility, exposure and acceptance. 

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10 minutes ago, RegalChicken said:

But... Here's my eternal optimists response. 

 

We now have double the xrp wallets crested since Nov according to xrpcharts. 

We now have banks and hedge funds buying. 

We have more exchanges than ever before supporting xrp 

And we have new funds like Robin hood going live soon and SBI will be denominated in xrp solely. 

So my thoughts are that everything xrp was capable of before it can now do exponentially faster and bigger. 

I think when the next bull run occurs it could dwarf the last one. A rise to $3 might be a cakewalk and the big push could very well be $5-10

That's exactly what we are talking with some friends are also in XRP now... so only we can do it's follow the news and wait the moment come.

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15 hours ago, Lawsuit said:

Here's a guy that got left behind. Day traded during the crash, got up 25 % of my original stack, got greedy, now sitting at approximately 60% of my original stack.

Brutal lesson learned but a lesson learned none the less!


It's a horrible lesson to learn, but a vital one.  I lost a ton in the stock market in 2000 in the dot com crash and then in the 2007 / 2008 crash, but it taught me a lot for when i did venture back in 4 years later and now also with my crypto trading.  It took me 2 crashes to learn and lots of $$$  :D

Day trading is difficult even in the best of circumstances.  In Crypto you can lose your shirt and pants for sure! 

I think that's one of the reasons I love this forum and the community here so much. It's a great place to learn from others and hear others experiences.

I have learned so much from all of you too - and even if it's posts we don't agree with - it's great just to come here and get insights, see how others are dealing with the market turbulence, learn more about the tech., etc.

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On 04/02/2018 at 8:50 AM, Aj-ns said:

I managed to increase my position by 10% doing a few small trades until the market price increased 40% rapidly. Im now sitting on a -66% loss from my original stack.... Until the price drops to 0.69 again. 

.....3 days.

Welcome back!

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Same here. Sold at 67 cents on Friday when it looked like it was falling off a cliff. It bounced a few minutes later. Set an order to buy back in at 64.0 cents over the weekend and It just kissed it twenty minutes ago before rocketing back to 72¢ on Bitstamp. That's it for trading for me. I'm just throwing darts.

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