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Day Trading Crypto Currencies


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17 hours ago, XRP_Legacy said:

Not talking about trade. Just want too see bigger picture. What is behind the scenes. I don’t trade these pair, just hold xrp. It’s about correlations and behaviour in connection xrp to btc / xrp to usd.

Ok. The bigger picture is that XRP has not once moved on its own without BTC. There are quite a few coins that did decouple, but XRP is not one of them. Just like ETH, they do not have their own turf yet.

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The .33 is now a major resistance on the XRP. No advance forward until we break and stay above this area.  BTC, break of 4K will bring $4,200. we have a much better chance on that now due to mome

Day trading is a zero sum game. The big gains will go to the hodlers. With day trading you might find a strategy that works for a while, but it will eventually backfire on you.

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5 hours ago, Spekul8 said:

Ok. The bigger picture is that XRP has not once moved on its own without BTC. There are quite a few coins that did decouple, but XRP is not one of them. Just like ETH, they do not have their own turf yet.

What are those decoupled coins again pls? Enj? BAT? RVN? BNB?

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On 4/2/2019 at 10:12 PM, Spekul8 said:

I respect what you do, and that is the right way to invest. I only sold 40% of my XRP near 3.00 and I hold the rest since I bought it at .04.  I am not sure where I would sell the rest. Maybe the next bubble. 

So I have a lot in long term holding and a small stash for the short term that I use with high leverage.  That way, I don't have to put a lot and gain from short term moves. The beauty now that I can actually short if I think we hit a wall. 

I track my trades manually through this EdgeWonk   Gives me a truly an objective view of what I do. 

 

Nice work selling a stack at 3$.  I didn’t know anything about trading when that happened and experienced the typical “holy ****” this is amazing feeling.  I was in from 0.2 so I have been in profit since 2017 but have learned a few things this bear market and looking to apply those things to these cycles.  

All the best-

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On 4/5/2019 at 1:32 AM, MQB said:

What are those decoupled coins again pls? Enj? BAT? RVN? BNB?

Well, you can only judge by performance: LiteCoin for one has performed better in the last quarter than BTC.  Right Now Bitcoin Cash has moved a lot, and I am sure others well, like ZEN that went 5X.  Again, this is only from a performance perspective.   I am not looking to "diversify" amongst long term coins and stick with what I have. If you have the top three Bitcoin, Ether or Ripple, I guess they will dominate the capitalization for quite some time.   They also have proved to be the most liquid for day trading, and now that I found a platform with leverage for long and short, that makes short term trading much more pleasurable.  

 

Edited by Spekul8
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On 4/5/2019 at 2:27 AM, Excerpts said:

Nice work selling a stack at 3$.  I didn’t know anything about trading when that happened and experienced the typical “holy ****” this is amazing feeling.  I was in from 0.2 so I have been in profit since 2017 but have learned a few things this bear market and looking to apply those things to these cycles.  

All the best-

I understand the sensation of winning, and if you are new to investing, it is quite consuming and overwhelming. Maybe this market is a good lesson about how crowd psychology works. Once you been through a few of these cycles, you will not listen to anyone.  You will be an independent trader and take profits when everyone is just counting imaginary money. 

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2 hours ago, Spekul8 said:

This is one of the better articles about trading versus gambling  We have to avoid certain behaviors and this article really touches on that.   

This is good.  Separating emotion from the mathematics of the market is the key. Planning for the potential upside/downside and protecting your assets is most important (and completely different than putting a Benjamin on Black and hoping for the best.

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16 hours ago, Excerpts said:

This is good.  Separating emotion from the mathematics of the market is the key. Planning for the potential upside/downside and protecting your assets is most important (and completely different than putting a Benjamin on Black and hoping for the best.

and....it is important to be very self-conscious of your decision making.  Sooner than later, you will realize that you move between fear and greed.  To analyze ourselves is hard, but the more you think about the motivation behind your actions, the better you get at this game.  Before every trade I ask myself this: 

1) Why am I doing it? 

2) Did I look at the data objectively, or did I see what I wanted to see?

These are business questions. Trading is my business.  

Edited by Spekul8
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Posted (edited)

 Well, I still have xrp, I bought it for 0.8 two years ago and I don't know no what to do with it... So I do not believe very much in the potential of cryptocurrency in long term investing. I decided to trade stocks at the stocks exchanges, that is safer and not so new for people. The problem of cryptocurrency is that people do not understand it. But the power of any currency is in its reputation. I trade now with Motley Fool trading advisor and is more profitable than it was with cryptocurrencies.

Edited by MrMaheu1983
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