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Spekul8

Spekul8's Journey of Trading

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1 hour ago, TheXRPNinja said:

You can *never* catch the bottom, nor the top. How do you prevent panicking when the price for example moves up and you just sold, when all the indicators say there is a dip coming?

That's right - nobody knows a top or a bottom - even though many say "I called it!" when their 57th guess turns out to match with a top or bottom.

You could just put limit orders for buying and selling at specific points.  That's where TA can come in handy as so many people place orders at significant price points / fibonacci levels (that they become self-fulfilling).  That takes the emotion out of it in that your buy and sell orders are fulfilled automatically and they're more likely to be fulfilled if you know many people will place their orders on or around those levels.  You can always put your limit orders a bit "earlier" to ensure they're fulfilled.  You can look at order books to actually see if people are placing their orders at these significant points too.

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11 hours ago, ripplewaytogo said:

Patient! 

Which I am starting run out if I don’t see something happening soon.

Might practice my lap dance while I wait.......I mean pole dancing..... lol

I had the impatience problem too. What helped me with that is trading with dummy accounts. AO bitmex offers this. Or trade with small amounts. I am also learning TA, it is nice to kill the time.

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9 hours ago, Spekul8 said:

You guys inspired me for a short one: https://spekul8.wordpress.com/2018/07/29/speks-7-rules-of-trading-and-investing/ 

These the trading rules that came to mind. They are hard to follow at times, but I do hope they help you and it sends you in the right direction.  Will answer any questions you may have. 

Spek 

Hi,

Absolutely love your concept and many thanks for sharing your experience. The topics mentioned here are what I would be looking for in the 'XRP trading and price speculation' section (instead of moon and lambo talk). I like all the topics mentioned, but cash management and trade strategy the most. Is it also an idea that we share trading strategies and comment each other? For now these questions:

2) Accept that most decision that you will make will be wrong. If you accept this fact you will realize that cutting losers short is the BEST way to save money. Let winners run and leave them alone. They will be much higher than you think.

-->I let the winner XRP run from 0,25 to 3,40 and all the way down to 0,45. When to stop leaving the winner alone?

4) Never say “this time its different” It’s never different. It may take a different shape and form, but it’s never different.

-->What do you mean with "it" in bullet 4 of your blog?

Thanks!

 

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14 hours ago, Shockwave_XRP said:

Hi,

Absolutely love your concept and many thanks for sharing your experience. The topics mentioned here are what I would be looking for in the 'XRP trading and price speculation' section (instead of moon and lambo talk). I like all the topics mentioned, but cash management and trade strategy the most. Is it also an idea that we share trading strategies and comment each other? For now these questions:

2) Accept that most decision that you will make will be wrong. If you accept this fact you will realize that cutting losers short is the BEST way to save money. Let winners run and leave them alone. They will be much higher than you think.

-->I let the winner XRP run from 0,25 to 3,40 and all the way down to 0,45. When to stop leaving the winner alone?

4) Never say “this time its different” It’s never different. It may take a different shape and form, but it’s never different.

-->What do you mean with "it" in bullet 4 of your blog?

Thanks!

 

5

 

Thank you for the kind words. I know that on one hand people tried to maximize returns, and at the same time, it is unfortunate to see price action with such a retracement.  If there anything that I would like to add as a side note, its velocity. If there is slow incremental growth, it is a healthier growth because it is based on something fundamentally brewing, and if its erratic, it will be most likely to retrace. Again, this is my observation, and I can not say it applies all the time because most of my views are from equities and other mature trading instruments.  

Right now Crypto is not a mature market. It is in the early stages of development, and the crypto exchnages (in my opinion) are still at liberty to operate in a manner that allows generating huge fluctuations without any accountability.  So to be very specific, I suggest that you decide where you exit with increments of say 10%,20%, etc. So you can say something like "At 1.00 I am exiting with 10%.  at 1.5 with 20%, etc." Just remember that there is no "best" decision as we all trade our own condition and risk.

Also, you can not maximize every single move in the market.  If we have the same precedence of 70% retracement, it is better to follow what crypto did before as opposed to predicting what we anticipate it will do.  This is what I did and will continue to do until the pattern changes. 

The "it" part is this: Price Action. Maybe I should change it to this word.  Price action may take a different form and duration, but it will always lead to the same result. 

Thanks, 

Spek 

https://spekul8.wordpress.com/

Edited by Spekul8

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Thanks @Spekul8 for the time you have put into this for helping us all. I am always playing around with a solid exit strategy. I have not yet settled on my best approach. I really understand that greed could get in the way of making smart decisions. For me I need to keep coming back to the financial goals I am trying to obtain to get to my next level. I think if I try and move beyond those too quickly, then that is where I will come unstuck. Thanks again for your help.

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14 minutes ago, Chookstar said:

Thanks @Spekul8 for the time you have put into this for helping us all. I am always playing around with a solid exit strategy. I have not yet settled on my best approach. I really understand that greed could get in the way of making smart decisions. For me I need to keep coming back to the financial goals I am trying to obtain to get to my next level. I think if I try and move beyond those too quickly, then that is where I will come unstuck. Thanks again for your help.

You are welcome and its a two-way street. It also helps me reinstate the rules in my brains that I have exercised for years. Trading skills just like muscles need to be repolished once in a while.  

New post: https://spekul8.wordpress.com/2018/07/30/why-is-speculation-hard/ 

As usual, share your thoughts and ask away. 

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On 7/29/2018 at 3:46 PM, ripplewaytogo said:

Patient! 

Which I am starting run out if I don’t see something happening soon.

Might practice my lap dance while I wait.......I mean pole dancing..... lol

are you getting the itchy finger to possibly sell?

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On 7/30/2018 at 1:07 AM, Spekul8 said:

Hello guys, I wanted to start a discussion here about XRP trading. Specifically, trading psychology, trading strategy, risk management, cash management and exists. While many of you are savvy if XRP fundamentals, it is equally important to discuss how you manage the capital you have.  

Two things: 

1) I have a sincere wish to help. This does not mean that I am always going to agree with you. 

2) I am not arrogant, neither do I claim that my methods will work for you. They worked for me, and I share them. This is NOT trading advice.  

Looking forward to developing topics and discussions here related to the topics above. 

Finally, I have developed a blog here: https://spekul8.wordpress.com/  Since I trade stocks, futures, and Crypro, I will cover all those on the blog. However, here I will post my thoughts about Crypto only.    This is a new blog, so forgive the appearance. 

So my first question is this: What is your biggest challenge when it comes to Crypto trading? Let start developing topics from there. 

Looking forward to a productive discussion. 

Spek 

You are FUD in disguise.

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2 hours ago, Merxy said:

Typical cult like behaviour by the majority of this sub, anything remotely negative about xrp will be met with that childish word

Yes because I face FUD from pretty much every existent crypto community in this space. I’am done with rationaly replying to speculative, and biased opinions. I have discussed pretty much every topic on market penetration, market dynamics, volume/price paradigms, trade corridors, remittance corridors EVERYTHING YOU CAN IMAGINE ABOUT XRP for the last two years!!!? 

You really think I’am going to stop now? Over an uninformed  @Spekul8 who does not understand the underlying technology , yet blames me for underscoring technology and innovation over Ripples Marketing strategy. 

He is just trying to skim people into visiting his blog and then sell them crap coins under the guise of Risk Management and diverisification.

The only advise I have for EVERYONE BUYING/HODLING XRP!

-Crypto is highly risky invest what you can afford to loose, put that stop loss at your own peril. Ride the ⛈.

Edited by Pluto

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