Yesterday I was asked by a member on Steemit to give some trading advice on Steemspeak chat. He was wondering if this was a good time to buy alt coins.
I don't have a crystal ball. But this is how I see it. And it's pretty simple.
I'm holders of coins, I don't day trade (anymore).
Again these are more own thoughts.
Also, but this should be pretty clear to everyone right now, please never invest more than you are willing to lose.
For as long as the Bitcoin uptrend remains the alt coins will be in the red. The Bitcoin uptrend is very strong and we are in unknown waters.
Everybody who says they know where Bitcoin is going this time doesn't know.
The longer this uptrend lasts the redder the alts will become as more and more alt holders move into Bitcoin to ride the uptrend.
Nobody knows where the Bitcoin top will be this time. Could be now, could be in weeks (or more)
Once the reversal comes it won't be you who is out the door the fastest. (or who is buying alts the fastest)
Never try to guess the top or the bottom.
Take some Bitcoin profits in this uptrend.
Alts
Never invest in something you don't understand.
If you think you can make easy money (buying low, selling high) in crypto markets you will get burned. (emphasis on easy)
If you want to invest in alt coins this is a good time. Red is good when you want to invest and hold for a long time.
Select projects you think have good fundamentals. Do your own research ALWAYS. Never listen to others. Including me.
You can't mix day trading with long-term holding with the same coin. Pick one or the other. The mindset that is required for day trading (no emotions) doesn't mix with long-term holding (believing in a project).
I wouldn't buy the alt coins you want all at once. I would buy them gradually. It adverts risk. This is how I always did it. It also prevents you from having to guess a bottom/top.
Follow Me @exyle
Bitcoin SwC Poker, download and use affiliate code: Blazin8888!
Excellent and sage advice. I believe it was one of the Rothschild's that said, "Buy when there's blood in the streets, even if it's your own." Simple meaning, the best time to buy is when everyone else is selling. Even if your personal investments are taking on water, but you believe in it long term, adding to your position is the smart long term play.
Being pretty new to crypto, but long in the tooth in the stock market, I've seen some pretty crazy moves over the years, (namely Netflix and Amazon) where all the fundamentals went out the window and your entry points on a correction just didn't materialize and you missed out on big gains, but the volatility was nothing like what I've been seeing with BTC. Your advice on gradual buying and just dollar cost averaging into any coin is excellent advice.
If I've learned one thing about markets, anything that can happen will happen. I have a feeling it's going to be one helluva ride and hopefully Steem is right in the thick of it! Have a great day man!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
2017 has been a crazy ride in crypto. I'm sure there is more to come!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Most of the time I invest for the long term now. Day trading is just too stressful for me and I'd rather make a couple of investments, sit back and relax rather than constantly looking at graphs and waiting for the next dip.
It seems like despite the fact people are dumping bitcoin they are converting it to fiat rather than putting it into altcoins. It may just be a matter of time but it seems like we may have a bloodbath for a couple of days.
Bitcoin may have reached its new ATH and roof and now let's see what the new floor for bitcoin will be as people start to drain it. Some people are saying it may drop back to around $2500
I invested in PAY since I thought it was a bargain at $4.30 but if I waited a little longer I could've got it for around $4. Well I'll just have to hold but I'm sure the coin will do well.
Thanks for your tips and suggestions @exyle. It is always a good idea to know before hand about a coin and decide whether you are going to invest for the long term or just day trade.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
From my experience, it's usually better not to trade. Crypto in general seems to have slightly higher trading expenses compared to stocks. I believe the longer that BTC goes up without a correction the larger the correction will be when it comes. It would be a good idea to take some profits from BTC while the market is still rising.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Good advice! I agree on the day trading, it can be both time consuming (life consuming!) and risky especially in this BTC bear market.
For the moment I have been taking some funds out and holding in bitcoin because for the moment at least it is on the seemingly never ending up. It will be harder and harder to hold a significant amount the bigger it goes. Of course, if a correction comes as it no doubt we'll it will be a nasty surprise for some. I do like to think that even after a correction the general position will be up.
Hopefully!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I do think the general direction is up. But it will be bumpy.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I agree, speaking of which, it took a bit of a dive today!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I am in total agreement with your great advice...
Never invest more than you are willing to lose, buy them gradually and store for long term while taking profits in uptrend. Thanks @exyle ....
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Very sound advice. My take on BTC and alts is 3-fold. 1. BTC goes up a lot and alts go down (everyone rushing to BTC) 2. BTC is steady or goes up a bit, alts often go up a lot more (people are feeling confident in crypto and looking for value). 3. BTC goes down and alts go down more (flight to safety).
So the best time to invest in alts is when BTC is steady or rising gradually. We seem to be in a phase now like #1 where people are rushing back into BTC due to optimism over SegWit / scalability / conflict resolved.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Very nice tips and suggestions @exyle sir, you are absolutely spot on that when the bitcoin is moving in the uptrend all the alts are in red and it's great time to buy some and hold them for a long term. i like to add one more trading tip into this article and that is "don't put all your eggs in one basket".
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Nice! You should contact @wolfofpoloniex He's a boss when it comes to trading. I love following him on Twitter.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Good advice! I also think people are overoptimistic about their ability to analyse the markets. Most people are wrong most of the time:)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Very good advice @exyle but best of all never invest more than you can lose. I no longer trade I am not worth for that, whenever I bought something it went down and whenever I sold it went up, only some times perhaps by divine force I made something from trading. :P
The best profit I made was investing in hardware mostly GPU and Hard disc but electricity price and taxes are insane, also some PoS coins did very well for me.
Now I only hold a very small number of coins just because I think they will do well in the long run.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you sir @exyle. It was a great advice. I am sure everyone here would learn something from this advice. I am implementing it with my own research and knowledge. Bitcoin is booming right now and altcoins will fall until Bitcoin is rising. So, the best case scenario would be to accumulate some altcoins right with small percentage and try to buy in dips because eventually they would rise for sure. Most alt coins actually broke their all time lowest price. So, I would suggest everyone to buy in dips and take the full advantage of this opputunity.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This is some sound and pragmatic advice. Especially relevant and often overlooked is what you stated: "The mindset that is required for day trading (no emotions) doesn't mix with long-term holding (believing in a project).
Very well put. In fact, emotions is the death of trading in general.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
"Never invest in something you don't understand" thi was the first advice that I've got from the person who is teaching me to trade.
I don't know much about the trading World but I find it very interesting. But I'm still in the part of reading and studing....not Trading yet.
Thank you for your post...
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks exyle, I tend to unload my bitcoin around major elections. Brexit, Trump and Frexit. Thinking the German Elections are the next spike in Bitcoin. Is Merkle a lock? Bitcoin is behaving like Gold used too, as a safety trade when "fear" is high. upvoted and followed.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@exyle,
You are absolutely correct, this time we can't predict which peak will hold BTC. It might me 4800, 5000, 5200, 5500 or 10000! Who knows, but BTC and ALT means two sides of a seesaw.
If one up, other will be down. So if we have a long term planning on ALT then we might be in a good profit. So, I am waiting to buy more ALTs while it's bleeding, and I will stay with top notch coins only. Won't and hate to risk my funds for nothing!
Thanks for sharing your experiences with steem community and really appreciate your effort as well.
Cheers~
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Your experience is what we want from you. If you keep sharing your feelings this should be good. I trust you, partly because you are not authoritative in your position. No. Crystal ball... no problem!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
thank you for saying that.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hey @exyle! Good advice. Especially the part about
I'm surprised you didn't put the standard " this is not meant to be taken as financial advice" etc,etc. BTW, how's the work out going?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Great tips , I agree. Buy low and sell high, avoid greed. Long term holding on good coins is also great. Buy steem and power up
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks for sharing! I've learned a lesson!👍
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Nice post!!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Lovely photography .You deserve for vote.Please check my blog.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
thank you, sir.
your advice.
감사합니다. 평안하세요.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks @exyle! Awesome advice.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
key takeaway: BET MORE!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That is one the Best Advice one can Get thanks for sharing :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think soon we see that someone Takes profit.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Very good advice.. Especially not to spend more than you are prepared to lose.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Nice post. Thanks for the info
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@exyle - Sire, this is a very useful post for most of us. I am an altcoin lover too. So decided to resteem your post. Thank you Sire.
+W+
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you so much for the valuable advices.Yes we should take risks only when we are familier with their terms and conditions. Other wise, we fall to bottom. Thanks, as you know everything but you answer all things very beautifuly.This is art of an intelligent people. Have a great time friend, Happy steeming.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you @exyle! It's never enough of hearing the best rules of investing (not only cryptos but any trading). I'll follow you to keep my trading soul in peace and quiet :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Very good advice.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Didn't know that you understand trading so well. I should ask you for an advice later heh! :d
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you so much , your advises is so helpful for a newbies in crypto like me:)
thank you for sharing your experience with us
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Trading is a full-time job so you'll have to decide if it will make sense to do it anyway. We all have to remember that cryptos are not like stocks and the right ones will help keep your lights on once the system has collapsed.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit