Topic: [ANN] 42-coin Development Discussion Thread - page 28. (Read 105251 times)

Have PM-ed you some further notes. It's impressive that you see the value of helping newcomers.

And 'averaging':

if a member has thoroughly analysed an established crypto, and is ready to commit some capital to mid- and long-term trading, then averaging is a valuable practice. It goes roughly like this (you have the notes):

One: you maintain a dual focus: cryptos overall and the crypto(s) you're trading.

Two: you trade according to your skills. For the less skilled, that's when the coin is 'flat' or gently rising (and I mean over months and months). The wisest thing you can do is to not trade.

Three: decide what your 'exchange-exposure risk' is -- that might be 0.1 Bitcoin or much more. And never let your total capital on that exchange get more than about ten percent over that mark -- NEVER!! And let me be clear here: this is an insight into surviving as a crypto geek/trader. For every Moon Lambo Guy you hear about, there were a hundred who lost their capital, and slunk away. So you are gonna make much less profit on the spikes ('cause you'll sell earlier, and never put too much coin on exchanges . . . ) But over time, you will thrive.

Four: as you puddle quietly along, withdraw amounts of both Bitcoin and 42. Remember, your Bitcoin is how you get 42 when the price is down! And mark the values of the 'packets' you withdraw.

Five: then, when/if the market drops out from under you, but you have a nice chunk of cheap 42 that you bought a year ago, you can calculate the average buy-in price:

10 Coin X at 10,000 sats each + 20 Coin X at 3,000 sats each = 30 Coin X at 5,333 each.

Suppose you just bought Coin X at 10,000 per. Then the market crashes to 5,300.  You don't have any coin on the exchange that you can even sell at a break-even price. "OMG OMG!! Panic panic!!" Nuh. You transfer the 20 on, and put the whole 30 up to sell at 5,334; sell 'em; get a chunk of Bitcoin; and keep trading.




 

I have a great teacher, hehe. Thank you IMZ for the lectures!

This is really high quality, Ucicha. Thanks for your effort. I posted it on the Telegram 42 thread.

I see we keep getting more members in our community, but I also see most of the new members are quite new to the whole crypto world, same as me, so I have decided to write something as a heads up from my short but intensive experience.

1. Use simple trading methods in the beginning.

Brief explanation of how to trade:
Buying: 42-coin price is going down (you get that info on coinmarketcap/ looking at exchanges)
a) you pick a currency (USD/BTC/ETH/etc.), and you "position" your BUY order close to the price it is at (example: 42 coin is dropping to 2BTC in price, you place your BUY order at, lets say at 1.95BTC)
b) and now you wait until it fills a.k.a. you BUY the coin

Selling: 42-coin price is going up (you get that info on coinmarketcap/ looking at exchanges)
a) you take some 42-coins you own, and you "position" your SELL order close to the price it is at (example: 42 coin is going up to 6BTC in price, you place your SELL order at, lets say  5.95BTC)
b) and now you wait until it fills a.k.a. you SELL the coin

2. When moving funds from wallet (and you should ALWAYS keep the majority of your funds in a "cold"/paper wallet, desktop wallet, AND it should be BACKED UP) make sure the network is up and the wallets are up on the exchange ( and NOT in maintenance mode or offline). Neglecting this could result in loss of your funds.
a) keep funds in a safe place (backed up on a USB stick or something else)

3. Test exchanges with a small transaction first. Since you can transfer very small amounts from your desktop wallet, do a small 0.00000050-0.00000100 42 coins transaction first and wait until it gets deposited.

4. Check the wallet and network status on the EXCHANGE. If its offline or in maintenance mode, wait for wallet status online, and only then proceed, again with a small test transaction first

5. Join all the communities. Telegram, Discord, forums, and participate

Lots of energy on the Telegram 42-Coin thread. Niiiiice.

I have been thinking of running a Trading 42 101. I have a bunch of notes I wrote for a guy on Telegram.

Most everyone on Planet Krypto is looking for a fast buck. But the steady money -- a lifetime as a trader -- lies in patience, particularly for a crypto like 42. Ask me to explain what 'hoovering' is!

Magnificent summer morning here -- got mustangs nearby.

Hi IMZ, i have been thinking about all you said, and am really trying to do my best, i followed your advice, and now am waiting on to see how all this will turn out. What i find hard is the fact no one is selling larger chunks, rather its all so scattered around and in "cold wallets". What is weird, i want to buy, put in a buy order and no one sells. then i buy some from the sell orders, and then 2 days later, new coins coming at so much lower than what i bought for... making the hunt for larger chunks that much more painful

Morning, Ucicha.

Been discussing trading with several devs. Wanna make my position clear:

pump and dump damages coins. Wash trading damages coins. In the long run.

But the diligent 'core' members of a community can and should 'make the market' on as many exchanges as they reasonably can. It's good for the coin. It's good for those market-makers.

And now you understand my interest in p2p trades: over time, that 'core' can create a sorta OTC thang, making considerable chunks of coin available at 'wholesale' prices -- don't laugh, IndiaMikeZulu has successfully done this.

i made an Nova Exchange account, and got it verified, all under 30minutes in my case. Starting trades there soon. so far so good.

Hi,

just wanted to write something since i see it as a positive thing all together. So i have been using Livecoin and one of the deposits was slow on coming to my balance. So i opened a ticket on Livecoin, and 1) got a response almost immediately and 2) it was sorted by the technical team in some 5 minutes. I must say it was a pleasant experience.

it might seem like im only promoting Livecoin, but i would like to assure you that is not the case. Cryptopia went down, so i switched with all reservations possible since i have always thought of Livecoin as "scammy" due to the "lacking in professionalism of the home page because of the blonde haired guy pointing nowhere". So i did the transition step by step and it was great since the confirmations for deposits are only 8x, and Lasergun doing a great job making the funds available for PC wallets pretty much on the first 1-2 confirmations.

now i am glad i did it while the price is still so low

Most of my 42 (0.1)  is gone with Cryptopia plus one bitcoin in other alt coins.. not nice, keep your coins in your pc wallet! 

Which ones are insured? I didn't know there was such a thing.

[/quote]

Heck. Call me old school: don't store coin on exchanges
[/quote]

Heck. Call me old school: don't store coin on exchanges

Only for bitcoin is Coinbase... I don;t know of others ..

Which ones are insured? I didn't know there was such a thing.

its always best to store 42-coin locally and use the exchanges for trading.. I don't like the idea to store money(crypto's) ON ANY EXCHANGE!! due to the lack of being insured in case of thief..  Example say you have an wallet on any exchanges and like before You had a wallet on Cryptsy, Gox, Crytpoia, ect, ect and hope you can access your funds after the crash..  You should store 4 copies of your wallet.dat file. Enable pass phrase on your wallet without encrypt wallet is what I recommend , encrypting wallet is good only if its on your laptop  and  the laptop is portable which you can misplace . My experience is that any backups made without using the wallet backup features screws up any backups you use from a third party or your own methods of backing up.   Just using passphrase issues a lock on the dat file it self and ease , you can make multi-copies that are secured with a passphrase and have multi- wallets mining (of different currency) on the same server. keep a copy on a flash drive and bury it underground or store it at a  safety box at a bank  knowing it has a very long password that you can remember.  Only store your crypto's at exchanges that are insured or otherwise store them locally and run your wallet 24/7 on a old laptop and starting mining on a cheap power saving device. the extra copies you made can be easily transfer if you every need to reinstall. using a passphrase ensures your safety from cyber thief. !!!

Great report, Ucicha.

EDIT: got a tiny bit of 42 onto Live Coin. Really looking forward to seeing how it goes.



EDIT EDIT: I am slowly getting up to speed:

Nova? Will report later this week.

XBTS: I have a pinch of Bitcoin on it. We actually half a half a dozen pairs on XBTS -- but no volume at all. Let's stick with BTC-42.

Live Coin: I have my 2FA set up, and a little Bitcoin and 42 in orders. Don't forget, camper, there's a ETH-42 pair here.

Update: managed to put my account on Livecoin to use, i would like to confirm the exchange works just fine (has some minor GUI details i would like to change, but thats just me)
Used 42 and BTC, working great.

Wow!!!

The Cryptopia attack has been resumed -- same hackers.

And this means our strategy is good: forget about Topia for now, and focus on everything else.

Thanks for that, Ucicha.

I will be on-line later this week. Want to trade on Nova and Live Coin and XBTS.

Ya got to love the enthusiasm of Some Guy on Nova. S/he got a smidge of 42 up for sale at 6503.9 Btc.

I recall that the bots on Live Coin were a pest. Any one got any experience of this?

For those switching to Livecoin for 42 trade: check which wallets are online before making a deposit to start trading. I will post when i get an answer from support about the deposit and wallet status. Little remark: EOS wallet offline for a week or more now. Rest seems fine.