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Trading cryptocurrency - in stock markets charting, Elliot wave don't really work as well (or not easy to use), you're trading against hyper experienced investo
by meric 9y ago
Trading cryptocurrency - in stock markets charting, Elliot wave don't really work as well (or not easy to use), you're trading against hyper experienced investors. In Bitcoin, ethereum, there is broad participation by less experienced investors and speculators, and there is much more emotions in the chart. It makes technical analysis very easy, because the patterns are obvious, easy to spot, much less likely to be manufactured. The transaction fees are also low allowing small positions. So when I see an opportunity I just put $500. Next thing you know I'm up $200 and I cash it out. One more thing is if I'm ever wrong, cryptocurrency is in a bull market, and the position would always get rescued as long as I am patient. Of course I do have discipline and do cut my losses. Transaction costs is cheap, and opportunities are frequent, so it's easy emotionally to do it. I have a few grand this year which is nice.
I do have a lot of money in stocks and with those I don't do nearly as well but clearly I learned enough to make a quid or two in crypto markets.
- calpas 9y agoHello meric, where can I learn to trade cryptocurrency? Do you have any advices for learning?
- meric 9y agoI'd suggest getting an account and put in $500 you can afford to lose and start by googling for stock chart price and volume patterns and explanations and understand the idea behind them and evaluate whether the current crypto price and volume patterns match or not. And if so, what is your best guess for the next move? Have a read at Mr. Livermore's texts they are immensely useful.
- calpas 9y agoAlright thank you for your answer dude! :)
- asidiali 9y agoHi calpas - founder of Cryptonnect.com here. Feel free to reach out to us for help on how to get started investing, trading, and learning more about crypto. Contact info is on the site.
- calpas 9y agoHey asidiali, I registered :)
- random_comment 9y agoHello, I don't trade crypto and I never will. I'll give you one tip. Look at a graph of bitcoin, litecoin etc. that extends past the last bubble and collapse and ask yourself if you are willing to eat those kinds of losses if they occur again. https://99bitcoins.com/wp-content/uploads/2014/02/bitcoin-market-value-chart.png https://99bitcoins.com/wp-content/uploads/2014/02/bitcoin-ma...
- avianbc 9y agoLooks like your link is broken due to some hotlink prevention stuff. :(
- random_comment 9y agoThat's a shame. Good news is that any graph of bitcoin's historical price over the last 6 years will serve just as well :)
- meric 9y agoYes, if the purpose is to make money as opposed to learning or for fun, I agree it's better to ride the trend. :)
- random_comment 9y ago> I agree it's better to ride the trend. :) I think you haven't looked at a 6 year graph if you think the 'trend' is only ever going up. The point of my post was to highlight the risk of (another) crash.
- nicholas73 9y agoCan you short sell bitcoin?
- remarkEon 9y agoYes. I haven't done it myself but it's possible on several exchanges.
- whoisjamiec 9y agoHow much have you made since March with bitcoin?