Topic: Have you tried trading only to realize you should stick with mining? - page 2. (Read 1503 times)
November 15, 2017, 04:08:32 PM
trading is not for me too. It is best to mine a coin you trust and hold them.
November 15, 2017, 04:04:27 PM
I would have tripled my money by now if I had just bought BTC instead of buying mining gear.
November 15, 2017, 04:00:47 PM
Same happened here. Took my 12 ETH coins i've been holding and put into Bitcoin cash during that insane price rise, saw my profit rise about 2 grand over what i put in then went to sleep woke up next morning to see it had crashed and I lost $1000 of what i put in originally. Awful. But lesson learned you gotta skim what profits you can. The thought of "it may go higher" it always a nasty one that will lead you to lose money like I did.
Word of advice, never buy on the rise (unless it's very early), buy on the dips. Some basic trading tools will help you here. FOMO plays a big role in this too.
Also place stop orders to take the profit when you're not in front of your computer.
Yep exactly for short term profits those are great strategies.
I would also like to further add Fomo buying is okay also if you fully believe in the project and willing to wait long term. For example I fomo bought litecoin at $12 all time highs for that time frame when it went from $ 4 to $8 then to $12, This was right before segwit activation. Yes it did dip to $9 and could have got a better deal but at the end of the day it's currently at $64 and I still have those coins. Something just triggered in my head that it's a legit coin and it's okay to fomo buy when comming to that conclusion.
You never lost money if you never sale at a loss, Trading eth for bcc is like trading a porshe for a ferrari, Both are good investments but will win races at different time frames. And ya always best to put in fresh usd money instead of trading one coin for the other coin so you never lose position.
I bought BCH @ 0.20 on its first rise 2 months ago so I know about FOMO. Was on a winning streak as I bought early on the rise, sold right before the dip, did that again and then the 3rd time well it crashed like poop :-p. The problem is not so much to buy a coin you believe in when you trade, the problem is buying something when it's high up and getting stuck not being able to sell because you're not willing to take a loss. It's all a game of patience...
November 15, 2017, 01:43:00 PM
Same happened here. Took my 12 ETH coins i've been holding and put into Bitcoin cash during that insane price rise, saw my profit rise about 2 grand over what i put in then went to sleep woke up next morning to see it had crashed and I lost $1000 of what i put in originally. Awful. But lesson learned you gotta skim what profits you can. The thought of "it may go higher" it always a nasty one that will lead you to lose money like I did.
Word of advice, never buy on the rise (unless it's very early), buy on the dips. Some basic trading tools will help you here. FOMO plays a big role in this too.
Also place stop orders to take the profit when you're not in front of your computer.
Yep exactly for short term profits those are great strategies.
I would also like to further add Fomo buying is okay also if you fully believe in the project and willing to wait long term. For example I fomo bought litecoin at $12 all time highs for that time frame when it went from $ 4 to $8 then to $12, This was right before segwit activation. Yes it did dip to $9 and could have got a better deal but at the end of the day it's currently at $64 and I still have those coins. Something just triggered in my head that it's a legit coin and it's okay to fomo buy when comming to that conclusion.
You never lost money if you never sale at a loss, Trading eth for bcc is like trading a porshe for a ferrari, Both are good investments but will win races at different time frames. And ya always best to put in fresh usd money instead of trading one coin for the other coin so you never lose position.
November 15, 2017, 01:31:28 PM
Same happened here. Took my 12 ETH coins i've been holding and put into Bitcoin cash during that insane price rise, saw my profit rise about 2 grand over what i put in then went to sleep woke up next morning to see it had crashed and I lost $1000 of what i put in originally. Awful. But lesson learned you gotta skim what profits you can. The thought of "it may go higher" it always a nasty one that will lead you to lose money like I did.
Word of advice, never buy on the rise (unless it's very early), buy on the dips. Some basic trading tools will help you here. FOMO plays a big role in this too.
Also place stop orders to take the profit when you're not in front of your computer.
November 15, 2017, 10:38:42 AM
Mining and holding I believe actually makes more.money than actively trading if done correctly. Here are my reasons why.
Mining and holding pays off big time on tail end. 2-3 years. Traders will have most likely sold by then and miss a few Rally's.
Mining forces you to mine new coins on the cheap. Pro traders only buy in after price moves up and their market movement.
Mining when done on a large scale farm is very profitable. Most people don't see mining as profitable bc they only have a couple of video cards earning 2 bucks a day and see traders making that quick cash.
Mining diversify is important. Get GPU and asics. I've made 1 extra bitcoin on hashnest after selling three of my s9 hashpower.
Not saying mining is more profitable than trading but just letting others know that mining with lots of patience does pay off well and has given me coin price of 4x to 10x gain's of my electric cost to mine them.
I've seen pro traders do this full time as well as large mining farms go full time for financial independence.
Be good at both for the win. That what I want to do
Mining and holding pays off big time on tail end. 2-3 years. Traders will have most likely sold by then and miss a few Rally's.
Mining forces you to mine new coins on the cheap. Pro traders only buy in after price moves up and their market movement.
Mining when done on a large scale farm is very profitable. Most people don't see mining as profitable bc they only have a couple of video cards earning 2 bucks a day and see traders making that quick cash.
Mining diversify is important. Get GPU and asics. I've made 1 extra bitcoin on hashnest after selling three of my s9 hashpower.
Not saying mining is more profitable than trading but just letting others know that mining with lots of patience does pay off well and has given me coin price of 4x to 10x gain's of my electric cost to mine them.
I've seen pro traders do this full time as well as large mining farms go full time for financial independence.
Be good at both for the win. That what I want to do
November 15, 2017, 07:50:55 AM
If you don't have the patience or the courage to take the occasional loss then the trading it's not for you. Getting to know how to trade profitably is way harder than putting together a miner, but profits are bigger as well.
November 15, 2017, 07:49:12 AM
Interesting topic. Like most of post on here, I am on the mining side and a bit scared to try trading .... Very few people manage to get rich quick
November 15, 2017, 07:31:38 AM
Same happened here. Took my 12 ETH coins i've been holding and put into Bitcoin cash during that insane price rise, saw my profit rise about 2 grand over what i put in then went to sleep woke up next morning to see it had crashed and I lost $1000 of what i put in originally. Awful. But lesson learned you gotta skim what profits you can. The thought of "it may go higher" it always a nasty one that will lead you to lose money like I did.
November 15, 2017, 06:51:03 AM
Hi All,
I'm a pretty new miner and have been making some decent income from it. I tried trading recently because I thought that that was the natural thing to get into after mining. I was wrong. I don't have the patience or the grit to trade.
I was wondering: Have you tried trading only to realize you should stick with mining? How much did it cost you before you realized you're not meant to be a trader?
I'm a pretty new miner and have been making some decent income from it. I tried trading recently because I thought that that was the natural thing to get into after mining. I was wrong. I don't have the patience or the grit to trade.
I was wondering: Have you tried trading only to realize you should stick with mining? How much did it cost you before you realized you're not meant to be a trader?
There are times I feel like trading, but as you say, I too have no time to look at charts and follow the whole shazam all day long. Made a very profitable long trade with BCH this week-end though. But I mostly stick to mining as well and just try to sell some coins when they are high enough.
The volatility of cryptos means you'd have to watch the exchanges all day long to spot the right time to move. Too much panic sellers out there for the average Joe. Looking at my CMC app, there are days where I'm +1500$ and the next -2000 lol. What goes up goes down and comes back up. Just look at Signatum, made a 100% return over the last 7 days...
A good place to keep an eye on: cryptopanic.com
November 15, 2017, 06:24:33 AM
Yeah, while I have timed some of my sells pretty good, I am not a very good trader when trying to predict when to buy. I think for now I will stick to mining and when I send my coins to an exchange I am not usually in a hurry so I set the sell price to what I want. Sometimes it takes days or weeks to fill, but that is probably why I am more successful doing it that way than actively trying to trade the day to day fluctuations.
November 15, 2017, 04:51:09 AM
Hi All,
I'm a pretty new miner and have been making some decent income from it. I tried trading recently because I thought that that was the natural thing to get into after mining. I was wrong. I don't have the patience or the grit to trade.
I was wondering: Have you tried trading only to realize you should stick with mining? How much did it cost you before you realized you're not meant to be a trader?
I'm a pretty new miner and have been making some decent income from it. I tried trading recently because I thought that that was the natural thing to get into after mining. I was wrong. I don't have the patience or the grit to trade.
I was wondering: Have you tried trading only to realize you should stick with mining? How much did it cost you before you realized you're not meant to be a trader?
Luckily, not much. I don't have time to watch charts all day, so mining is a great (mostly) passive way to be a part of this circus.
I've always been curious about trading bots, but I'm skeptical at the same time.
ohh man trading bots are awesome, BUT here is the thing, that's if you find a good one but that's easier said than done. I happen to be in the right place right time and got in while the project was still really early, turned out I found a really good one even made my btc back that I spent on it, but I'm one person, btw the one I use I believe is advertised here on bitcointalk somewhere he has a post up that talks about it and explains it, etc.
November 14, 2017, 05:12:05 PM
Tried, and found it easier than mining, so no I mostly stick with trading 
November 14, 2017, 05:01:31 PM
Mining is a race, to find the next hash, trading is about patience, whether you go short or long, this takes time and obedience to observe the markets, try not to follow the crowd, for the FOMO is strong with them, this can incite an early, or late click and thereby easily loose when ahead.
November 14, 2017, 02:42:11 PM
I just mine and wait and only sell on parabolic moves. Buy more gpu's, rinse and repeat.
This strategy works great for me. Very passive income and doesn't stress me out or take much of my time.
This strategy works great for me. Very passive income and doesn't stress me out or take much of my time.
November 14, 2017, 01:36:54 PM
ha, ha.!
exchanges! this is a disaster for some unprepared people! you may loose all you have mined there within seconds!
so you have to be extra careful! I just sell there what I have mined, cause it is really dangerous to play.
you do not have power as big whales have and that means you can't control what is going on there.
Yes, you are right, we do not have any power and control. exchanges! this is a disaster for some unprepared people! you may loose all you have mined there within seconds!
so you have to be extra careful! I just sell there what I have mined, cause it is really dangerous to play.
you do not have power as big whales have and that means you can't control what is going on there.
We are common miners and some times traders.
We are just trying to do something new and interesting. And can earn on this.
That is right. I trade the coins I mine.
November 14, 2017, 11:54:14 AM
ha, ha.!
exchanges! this is a disaster for some unprepared people! you may loose all you have mined there within seconds!
so you have to be extra careful! I just sell there what I have mined, cause it is really dangerous to play.
you do not have power as big whales have and that means you can't control what is going on there.
Yes, you are right, we do not have any power and control. exchanges! this is a disaster for some unprepared people! you may loose all you have mined there within seconds!
so you have to be extra careful! I just sell there what I have mined, cause it is really dangerous to play.
you do not have power as big whales have and that means you can't control what is going on there.
We are common miners and some times traders.
We are just trying to do something new and interesting. And can earn on this.
November 14, 2017, 03:35:25 AM
In mining you do research and then implement
In trading, you need to learn first, you need to learn constantly, and you need to have patience and you also have to learn to do nothing, just sit on your hands. And learn meanwhile
In trading, you need to learn first, you need to learn constantly, and you need to have patience and you also have to learn to do nothing, just sit on your hands. And learn meanwhile
November 14, 2017, 01:18:56 AM
ha, ha.!
exchanges! this is a disaster for some unprepared people! you may loose all you have mined there within seconds!
so you have to be extra careful! I just sell there what I have mined, cause it is really dangerous to play.
you do not have power as big whales have and that means you can't control what is going on there.
exchanges! this is a disaster for some unprepared people! you may loose all you have mined there within seconds!
so you have to be extra careful! I just sell there what I have mined, cause it is really dangerous to play.
you do not have power as big whales have and that means you can't control what is going on there.
That makes a lot of sense. I'm really glad to hear everyones perspectives. One of my close friends told me that you have to trade to make money faster. I tried trading and lost money and learned my lesson. It's really nice to hear from you guys that trading is not for everyone and that some of us should stick to mining.
November 14, 2017, 01:01:23 AM
ha, ha.!
exchanges! this is a disaster for some unprepared people! you may loose all you have mined there within seconds!
so you have to be extra careful! I just sell there what I have mined, cause it is really dangerous to play.
you do not have power as big whales have and that means you can't control what is going on there.
exchanges! this is a disaster for some unprepared people! you may loose all you have mined there within seconds!
so you have to be extra careful! I just sell there what I have mined, cause it is really dangerous to play.
you do not have power as big whales have and that means you can't control what is going on there.
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