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DaleCooper

$10,000 Strategy

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Hello! Hypothetically if you were going to buy $10,000 of xrp tomorrow what would you do? (Please no jokes or lectures I’m looking for serious straight ahead thoughts thanks!)

First of all, what exchange would you use to save on fees if I want to use a credit card? (I have my reasons). I have coin base, bittrex and bitstamp.

How can I employ a philosophy where I could take profits and try to rebuy in as little as 1% swings and protect everything at the same time. I know I know I know, If it was that easy we’d all be doing it. But I know there are some quiet people out there employing profitable strategies. DM me or post here. Thanks!

 

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20 minutes ago, DaleCooper said:

Please no jokes or lectures I’m looking for serious straight ahead thoughts thanks!

So you want straight answers on how to buy low and sell high, take profits and buy back again to capture more lows? 

I suggest you ask the paper traders. They have the best answers to life's hardest trading tasks. Straight face. 

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5 minutes ago, Spekul8 said:

So you want straight answers on how to buy low and sell high, take profits and buy back again to capture more lows? 

I suggest you ask the paper traders. They have the best answers to life's hardest trading tasks. Straight face. 

Thanks!

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Are you an investor or a trader?

 

As an investor, you should probably just stick with Coinbase.

 

As a trader, you will most likely want to figure out which platform you like best and be prepared to be bombarded with every kind of TA and multiple versions of Insomnia.

 

 

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6 hours ago, SonoranRipple said:

Are you an investor or a trader?

 

As an investor, you should probably just stick with Coinbase.

 

As a trader, you will most likely want to figure out which platform you like best and be prepared to be bombarded with every kind of TA and multiple versions of Insomnia.

 

 

I’m invested heavily long term outside of this. This would be a daily income play where I take small profits

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8 hours ago, ringer2 said:

Best advice: Dint buy crypto on a credit card. Ever. 

If it's an obvious bull market, it would be a good idea on paper. I assume you mean that it's a bad idea to buy a speculative asset with borrowed money, though, which of course is a good point.

 

Personally, I would be happy to borrow 10k dollars to buy XRP right now, but if, and only if, I knew I could easily pay it back over time if XRP went to zero.

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1 hour ago, DaleCooper said:

I’m invested heavily long term outside of this. This would be a daily income play where I take small profits

Which is a hopium addict’s way of saying “take small losses.”  Seriously, man. This is a not nearly as easy as you might think it is. Way more traders lose than win. Trust me, I know. 

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Don't be discouraged from trading just because most people do it poorly. There's gold in them thar hills. You've got to take emotions out of the equation, though. And a prerequisite to doing that is to trade money you can afford to lose. That's the very definition of risk capital. 

And don't use Bitstamp. Most will disagree, but I had a disastrous experience with them. Huge opportunity costs for completely inexcusable reasons.

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1 hour ago, GoldenGoose said:

Don't be discouraged from trading just because most people do it poorly. There's gold in them thar hills. You've got to take emotions out of the equation, though. And a prerequisite to doing that is to trade money you can afford to lose. That's the very definition of risk capital. 

And don't use Bitstamp. Most will disagree, but I had a disastrous experience with them. Huge opportunity costs for completely inexcusable reasons.

Thanks! Assume I can afford to lose the $10k no sweat. Credit Card is just because I won't have the money for a few months. 0% apr great credit. Will pay it off in full in one shot.

Can you suggest any personalities to follow, threads or other communities to explore?

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On 6/8/2019 at 12:41 PM, DaleCooper said:

How can I employ a philosophy where I could take profits and try to rebuy in as little as 1% swings and protect everything at the same time. I know I know I know, If it was that easy we’d all be doing it. But I know there are some quiet people out there employing profitable strategies. DM me or post here. Thanks!

"Give me a cheatsheet on how to make easy money, but don't worry, you can tell me privately the secrets of your success you spent years learning". 

Reality: day trading is a great way to LOSE money for the vast majority of people.  If you think there's some easy way to do it, I'd venture you won't have the mentality to suffer losses ("the system doesn't work!")....nothing is "easy", but it gets easier if you're willing to put the time and effort into it...and that doesn't involve asking random people on a forum of a quick PM as to the secrets of their success.

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Posted (edited)
1 hour ago, 2ndtimearound said:

"Give me a cheatsheet on how to make easy money, but don't worry, you can tell me privately the secrets of your success you spent years learning". 

Reality: day trading is a great way to LOSE money for the vast majority of people.  If you think there's some easy way to do it, I'd venture you won't have the mentality to suffer losses ("the system doesn't work!")....nothing is "easy", but it gets easier if you're willing to put the time and effort into it...and that doesn't involve asking random people on a forum of a quick PM as to the secrets of their success.

You are very right brother. And I want to add one more tip: Don't rely on traditional stocks & bonds as your strategy to trade on Crypto: it won't work. TA won't work either. This market is still at it's infancy.The only thing that might work is your educated guess. It worked for me: I lost about 50% of my stack daytrading last year. Evertime I had the feeling I could time the market, I was wrong. It's almost like gambling: The first few times you'll win and you think you are that lucky ******** who knows how things work. Remember it's far more difficult to take small gains than to accept big losses. That's how human psychology works: I you lose, you will try everything to get your money back, and that's the moment your investing skills will be conflicting with your emotions.

I've learned my lessons:

*1: shouldn't have invested in crypto during Bullmarket

*2: shouldn't have been dragged away on FOMO

*3: shouldn't have tried to understand trading this market because of it's infancy

*4: I should have stepped into crypto in 2014.But at that time it was to shady for me to get in (whish i did)

*5: put a limit to your investments, only invest the part you are willing to lose

*6: Hodl and ride the crypto waves. Great chance you will win over time, and less stress.

*7: post silly pic's and gifs on The Zerpening to keep up the spirit:D

*8: If you can't handle the crypto stress, sell, get back your sanity and grow Avocado's or Pot. 

Edited by DutchPanda

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