5 tips to reduce your risk when trading bitcoins and altcoins

dharnamonitor

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Quote from: vibingpositively on February 16, 2018, 02:58:22 PM

While these are great tips sadly they are not performed by many participants in the market. I just found out that somebody I know had most of their net worth in XRB on Bitgrail and that got hacked a couple weeks back. Truly sucks but you gotta protect yourself in these crazy markets.

Oh? I'm not updated anymore, bitgrail got hacked? That's why we should save our coins on our own crypto wallets instead of exchange sites. The reality is that most of the people doesn't perform those tips because in the first place they don't have any idea what they should do, it happens when someone became an investor or trader without a prior or proper knowledge about those basic disciplines.

BitHodler

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Quote from: Altero on June 23, 2018, 03:04:10 AM

We don't know if you invested with Ripple will boom like that. How about if it won't, then you might regretting it.

XRP this year has experienced the best possible developments and announcements that they could possibly wish for, and it did absolutely nothing. People don't like that token or whatever category it is specified in.

Its centralized nature and insane (well over 50%) pre-mine are too much of an obstacle to discard. Another thing is that the trading volumes of XRP have been declining for a very long period of time, which is alarming.

If XRP ends up increasing then it will happen out of nothing and based on nothing. As easy as it will go up it will come down again. It's a horrible long term investment in my opinion.

coinbeach1

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Altero

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Quote from: Venn Harris on May 04, 2018, 07:29:25 AM

I made a great mistake in not buying Ethereum and Ripple in 2017 until 18 May. My mistake was Bitcoin Maximilism. I refused to have anything to do with Ethereum and Ripple because I didn’t like them. As a result I missed these returns. To sum up, I hope that guys will not make mistake like me! Grin

Isn't lucky for you then, people have their own choice. Even though you think that you are wrong but eventually you did also the right thing. We don't know if you invested with Ripple will boom like that. How about if it won't, then you might regretting it. A lot of thing possible to happen, we never loss our hope cause someday it might be your time.

harbin55

sr. member

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I think there is no way to reduced the risk since it always bear with our investments all time,
if there is only thing is to think briefly and make decision properly and well planned.

damsix

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like this you are promoting Telegram chanel group in this thread, but it does not matter because everyone has the right to write in this thread, as long as about Cryptocurrency Bitcoin and other Altcoins.

maybe I will add, do not be too greedy in trading Crypto because profit 10% one day alone is enough.

Venn Harris

newbie

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I made a great mistake in not buying Ethereum and Ripple in 2017 until 18 May. My mistake was Bitcoin Maximilism. I refused to have anything to do with Ethereum and Ripple because I didn’t like them. As a result I missed these returns. To sum up, I hope that guys will not make mistake like me! Grin

Caradoc Moore

newbie

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You should consider the volumes which indicate the liquidity of an asset. The greater the liquidity the easier it is to buy and sell, even when there is turmoil, and the lower the Bid-Offer spread and therefore the cost of trading. You want to avoid assets with tiny liquidity as when the shit hits the fan it will be costly to exit. Bitcoin has world-class liquidity. I run a crypoasset analysis site named Blocklink.info. Here is a screen-grab of the most liquid assets in the world.

BarbusseH

newbie

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Read all the news on the coin you are trading, learn their plans, prospects and problems. This can save you from unpleasant surprises.

carriebee

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Quote from: Gozie51 on April 28, 2018, 05:15:10 PM

Quote from: btc100k on February 16, 2018, 11:45:34 AM

4. Don't be a blind bull. ALL markets are cyclical. Don't be afraid of failures or failures on the market - this is where you can earn more money.

Any person that is afraid of failure, is already a failure from the beginning. This point above is very true. You don't expect the market to just go upwards all the time. It goes up and sometimes ,downwards.

That is very helpful don't be a blind bull which is most made a mistakes during trading. Conquer the challenge in the market this will makes you successful taking risks when investing. It is been noted that price went ups and down so we should expect it will happen all the time.

Gozie51

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Quote from: btc100k on February 16, 2018, 11:45:34 AM

4. Don't be a blind bull. ALL markets are cyclical. Don't be afraid of failures or failures on the market - this is where you can earn more money.

Any person that is afraid of failure, is already a failure from the beginning. This point above is very true. You don't expect the market to just go upwards all the time. It goes up and sometimes ,downwards.

futuret

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Quote from: Anatole Thompson on April 26, 2018, 05:36:02 AM

I want introduce you one tip. Trading volumes of cryptoassets are exploding. More Bitcoin is traded daily than Apple or Amazon stocks. How to leverage this phenomenon into trading profit? Binance Exchange is a new global exchange that has quickly entered the top 10 exchanges by trading volume, and rising. They issue their own utility coin.

Things are not looking good with Binance lately so I would advise to not sell out coin during the dips at least. This is the only risk in the world of crypto currencies, selling out a coin when it is falling down due to lack of trust and huge fear. Risk can be only mitigated if a person has a good knowledge of this industry and a very patient nature. Without this, staying here can become really tough.

soza_01

newbie

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Merit: 0

I want introduce you one tip. Trading volumes of cryptoassets are exploding. More Bitcoin is traded daily than Apple or Amazon stocks. How to leverage this phenomenon into trading profit? Binance Exchange is a new global exchange that has quickly entered the top 10 exchanges by trading volume, and rising. They issue their own utility coin.

Anatole Thompson

newbie

Activity: 35

Merit: 0

I want introduce you one tip. Trading volumes of cryptoassets are exploding. More Bitcoin is traded daily than Apple or Amazon stocks. How to leverage this phenomenon into trading profit? Binance Exchange is a new global exchange that has quickly entered the top 10 exchanges by trading volume, and rising. They issue their own utility coin.

baconlike

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Thank you very much for the 5 tips you have put out, but if there are specific examples for each tip would be better. I am new to the crypto market. So many words I have not really understood. But I like the most is your fifth opinion, we should not put all the eggs in the same basket. Distributing them will reduce the risk in business.

coolws

member

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First, thank you for your tips. From my point of view, just collect news or related information as much as you can, alts often get influenced quickly according to the News. then keep the basic method: buy low and sell high as possible as you can. Last not also important, do not borrow money for trading.

Clark05

sr. member

Activity: 1274

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This thread is very helpful to us and for sure newbie that who wants to start trade can apply this when it's start trading. Not only for newbie but also for the expert or successful trader that's want to add this information or knowledge. Thank you brcause you create this thread for us. But the number 1 tips for me to reduce risk is to making a research to prevent losing money because if you do that you can choose a right coin.

bitcoinrays

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Quote from: Tynovten_ on February 17, 2018, 02:48:53 AM

I really like point 3, I often read the thread where he bet his property and in the end he lost and became stress, it's very bad and feel sorry and I can only give him the spirit.

Yeah, it makes a lot of sense and I have really seen people who have done that before and then they ended up messing it all up. Some even go to the extent of seeking out for loans to trade. Sure, for a good trader the seeking out for loan is not bad if you know what you are doing and you can assure yourself of getting good profit, but for someone who really does not have a good idea, that would be a bad one.

expless

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Quote from: vibingpositively on February 16, 2018, 02:58:22 PM

While these are great tips sadly they are not performed by many participants in the market. I just found out that somebody I know had most of their net worth in XRB on Bitgrail and that got hacked a couple weeks back. Truly sucks but you gotta protect yourself in these crazy markets.

Normally, you would not expect everyone to do exactly that and which is the reason we end up having a lot of people in the market who are always busy trading without strategies because they thought they can do it without having some knowledge on trading. It is not about reading charts, or making use of TA or indicators to make decisions; it is to know some basic things like what the OP has mentioned to trade effectively and safely.

zeaderza

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Quote from: BartS on February 16, 2018, 02:47:05 PM

Quote from: btc100k on February 16, 2018, 11:45:34 AM

1. Have a clear target and a clear stop loss
Remember: trading doesn’t need emotions; only reason and rationality. And you just can’t ignore discipline.

2. Sometimes it’s better to take a small percent profit per position (especially during the bear market). Yes, you will need to make more positions for significant gains, but the guarantees of the success will be much higher. The truth is that the best traders in the world aim for small and consistent profits. They know this is the only way to success.

3. Do not trade with money that you need for living expenses. This is called "risk capital" for a reason.

4. Don't be a blind bull. ALL markets are cyclical. Don't be afraid of failures or failures on the market - this is where you can earn more money.

5. Don’t go for one coin, but invest in multiple currencies. That way you’ll spread the risk. In our CryptoMaker Premium channel we post 3-6 actual signals daily – just pick any several coins you prefer and invest. Happy trading!

Most of the advice is solid but I disagree with the fifth point specializing in a few markets or even in one is better, there are many nuisances in the markets that can make the price to go in one direction or the other and the more you trade in a market the more you know it, so trying to trade too many coins is a mistake in my opinion especially when the profits you can get with bitcoin trading are already some of the biggest profits you can get in almost any market.

I would not fully disagree with the last point in a way. Normally, except I am just extra sure of a market, I do not go more than 2% of what I have as my capital as that helps me to spread a lot of risk and then know that even if I stop loss, it would not be affecting my total asset much compared to the profit I will end up having if I end up hitting my sell target. However, based on the way he said it and based on what you have said, I slightly agree with you on just trading so many coins can have some effect trying to monitor them all at once.

Topic: 5 tips to reduce your risk when trading bitcoins and altcoins (Read 533 times)