Topic: How to escape loss as an altcoin trader - page 8. (Read 1176 times)
I'm not totally certain with their motives on selling their profit over bitcoin but it seems that it is a form of investment, on the other hand. Maybe it would be much better if they would sell it when bitcoin price is in its poor condition. I agree to your idea but trying different stuff would bring you more profit. And it is not bad though risky, nevertheless, you will just have to wait again or much better buy some btc once again then wait till market pumps up. In addition, buddy you always have to risk if you want to get better profit, so don't think that it is bad practice but a challenge for a new amazing feats.
My suggestion is to think of trading altcoins as the same as forex, you will not get dividends if you hold for too long and sometimes trust your gut when you want to exchange.
It seems that there are many altcoin traders that are keep experiencing losses due to the risks, I also trade some altcoins but the altcoins that I trade are the ones that have the highest market capitalization and also volume. I also love to trade altcoins that have good liquidity where I can exit and enter easily with good volume. For those experiencing losses due to trading altcoins, it is better if you will find the problem first. If you trading shitcoins then it us your problem it is better if you will trade altcoins that have high volume.
Oh yeah, I remembered doing this before. When i bought IOST and the price started to fall, i converted it to stable coin as USDT. At least, it saved me from big losses. Somehow, it's kinda effective. Especially when you can spot when will it dump before selling or looking at indicators before the market dumps. However, i dont do it now since I focused on bitcoin trading as swing trader.
I want to assume that there are few people, who make several profits from trading altcoins, but sell their profit to bitcoin, and then over time while holding bitcoin, it dumps and their profits dips alongside bitcoin.
Why not do it this way ?
Since you trade mostly in altcoins, as soon as your make your profits, sell them to stable coins or fiats, close that trade chapter.
If you are passionate about hodling bitcoin, always convert to usdt or other stable coins and be patient for a fair entry point. Because the market isn't running away
What do you think everyone ? is there a better pattern that can be practiced?
I am open to more suggestions.
Always profits isn't dips alongside Bitcoin, sometimes increase. 3 step before hold any Bitcoin or any stable coin. What was the market conditions, running condition and then guess for future. Bitcoin hit 13k USD, now in 6-7k USD, future could be pump. I suggest you to better stay in Bitcoin, at least until third halving. Why not do it this way ?
Since you trade mostly in altcoins, as soon as your make your profits, sell them to stable coins or fiats, close that trade chapter.
If you are passionate about hodling bitcoin, always convert to usdt or other stable coins and be patient for a fair entry point. Because the market isn't running away
What do you think everyone ? is there a better pattern that can be practiced?
I am open to more suggestions.
Many lost even their profits and capital out of greed, u do the people if which I was a victim to always sell thier profits and close the trading then use initial capital for another trading but hopefully a new coin not already traded. Most second entries of same coins do end up dumping on you. Let's learn to take profits
Why not do it this way ?
Since you trade mostly in altcoins, as soon as your make your profits, sell them to stable coins or fiats, close that trade chapter.
If you are passionate about hodling bitcoin, always convert to usdt or other stable coins and be patient for a fair entry point. Because the market isn't running away
What do you think everyone ? is there a better pattern that can be practiced?
I am open to more suggestions.
Your strategy is perfect. This is what I also do a few times that I have traded. Sell off and then convert to a stablecoin. I like to use Tether as my stablecoin of choice. Also, I can peg whatever token on buy order and allow it to trigger when price get there. Since you trade mostly in altcoins, as soon as your make your profits, sell them to stable coins or fiats, close that trade chapter.
If you are passionate about hodling bitcoin, always convert to usdt or other stable coins and be patient for a fair entry point. Because the market isn't running away
What do you think everyone ? is there a better pattern that can be practiced?
I am open to more suggestions.
being a trader you need to strengthen mentally, be patient, not greedy, not panic and can also observe the coin price chart in order to determine the right time to sell. it is not easy for us to take this part especially for ordinary people like me who have a lot to learn before taking action in trading.
it always sounds very interesting. but as a rule, the emotions of unexperienced people are stronger than they can imagine and therefore they lose a lot of money. therefore, I always say that if a person is not able and has not worked as a trader for at least 3-4 years, then he should not trade cryptocurrency 
a trader if you want to be successful in trading, you must at least understand how to do technical price analysis or use fundamental factors, there are many strategies such as trading arbitrage or waiting for signals in a telegram group.
what is clear is not just based on feeling alone but use existing support capabilities.
Those things are just basics that you need to learn as a trader, what actually will improve your skills in trading is your experience. what is clear is not just based on feeling alone but use existing support capabilities.
By observing the market being a trader, you will know its nature, how the market will move and that will help you make a wiser decision.
This market is very unpredictable to newbie but for people with experience, they know it very well, TA alone would not help us to succeed, its the experience that is a necessary tool also.
a trader if you want to be successful in trading, you must at least understand how to do technical price analysis or use fundamental factors, there are many strategies such as trading arbitrage or waiting for signals in a telegram group.
what is clear is not just based on feeling alone but use existing support capabilities.
what is clear is not just based on feeling alone but use existing support capabilities.
being a trader you need to strengthen mentally, be patient, not greedy, not panic and can also observe the coin price chart in order to determine the right time to sell. it is not easy for us to take this part especially for ordinary people like me who have a lot to learn before taking action in trading.
I want to assume that there are few people, who make several profits from trading altcoins, but sell their profit to bitcoin, and then over time while holding bitcoin, it dumps and their profits dips alongside bitcoin.
Why not do it this way ?
Since you trade mostly in altcoins, as soon as your make your profits, sell them to stable coins or fiats, close that trade chapter.
If you are passionate about hodling bitcoin, always convert to usdt or other stable coins and be patient for a fair entry point. Because the market isn't running away
What do you think everyone ? is there a better pattern that can be practiced?
I am open to more suggestions.
You have a very nice advise but still we can not really ruleout the role of emotion and greed. This two play significant roles in trading. It does not matter the coins or assets you are trading but what matter is the strategy and how you were able to build confidence in trading without fear or greed. Why not do it this way ?
Since you trade mostly in altcoins, as soon as your make your profits, sell them to stable coins or fiats, close that trade chapter.
If you are passionate about hodling bitcoin, always convert to usdt or other stable coins and be patient for a fair entry point. Because the market isn't running away
What do you think everyone ? is there a better pattern that can be practiced?
I am open to more suggestions.
Not as easy as you say, a trader always takes risks and there is no right way to avoid losses in trading. but basically is buying low and selling when prices are high, that's all you can possibly do when trading and to find a safe point possible by converting in the form of stable coins such as USDT or USDC.
It still won't escape or reduce losses but I'm saying this is still one of the best ways at this time (especially active traders) to be able to calculate profit and loss for certainty in a trading portfolio by exchanging profits with other altcoins.
Some traders are still overcome by the desire that to get more profits must have more capital by using the results of the previous profits entirely in one type of altcoin so they can not determine which initial capital and which profits they get during that period.
Some traders are still overcome by the desire that to get more profits must have more capital by using the results of the previous profits entirely in one type of altcoin so they can not determine which initial capital and which profits they get during that period.
This is because most of the time when you convert your Altcoins into bitcoin the price sometimes rises and you will earn a decent amount of income as well. But when you convert it to stable coins the price stays and if the price of bitcoin increases the price of stable coins doesn't move. Many investors are not moved by this kind of risk, even though they already know the outcome of their assets when the bitcoin price has fallen, they still convert their Altcoins to bitcoin because Bitcoin price will recover at any time.
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To escape or reduce losses, you need volume. And this important indicator has to be taken into account at beginnings when you want to trade or invest with any altcoins. With low volume, you are facing challenges to take profits and in worse situation more difficult to cut losses.Im also an altcoin trader but im also using bitcoin and USDT as the main pair to trade every day.
Trading with USDT pairs will help to keep your balance stronger and less be affected by pumps of bitcoin. In many market conditions, when bitcoin pumps altcoins dump in Alt/BTC pairs but their prices increase with Alt/USDT pairs.What you are talking about is called profit-taking, but it is only indirectly associated with reduced losses in trading.
After all, in addition to taking profits, you may have unprofitable transactions and this is the very thing that will take the most money from you, more than market fluctuations.
I guess OP and others talked about both - profit-taking and lose-cutting (I could be wrong). In all of twos, good volume is vital no matter how volatile the market is if your coins don't have good volume you will get losses (from profits or from your loses) due to big gaps of price on exchanges.After all, in addition to taking profits, you may have unprofitable transactions and this is the very thing that will take the most money from you, more than market fluctuations.
In a nutshell, before investing, take a look at (in orders):
- Price trend (price history)
- Current price
- Regular volume (should be enough for escape - profit taking or loss-cutting).
I want to assume that there are few people, who make several profits from trading altcoins, but sell their profit to bitcoin, and then over time while holding bitcoin, it dumps and their profits dips alongside bitcoin.
Why not do it this way ?
Since you trade mostly in altcoins, as soon as your make your profits, sell them to stable coins or fiats, close that trade chapter.
If you are passionate about hodling bitcoin, always convert to usdt or other stable coins and be patient for a fair entry point. Because the market isn't running away
What do you think everyone ? is there a better pattern that can be practiced?
I am open to more suggestions.
Why not do it this way ?
Since you trade mostly in altcoins, as soon as your make your profits, sell them to stable coins or fiats, close that trade chapter.
If you are passionate about hodling bitcoin, always convert to usdt or other stable coins and be patient for a fair entry point. Because the market isn't running away
What do you think everyone ? is there a better pattern that can be practiced?
I am open to more suggestions.
Trade can not be sweet if there are no gains and losses. Hence, losses are inevitable as a trader. However, we just have to ensure that losses incired are minimal. As a trader one can still escape loss by shunning total greed. A lot of people or let me say traders are blinded by greed. This has led many traders to great losses. Therefore, if greed can be prevented such trade would be better safe.
As a trader there are limits to what you should do on your profit/loss statement. If you are keep losing with alts maybe there is something wrong with your style, having said that could result to more losses instead of gains. Altcoin is very risky and we must have extra careful in dealing with them on the market. Once you got profits, dont be greedy on not letting it go. Win is win, and we should be contended with the ROI we achieved. Most losers, loss more due to their greediness. Instead of selling they are holding to seek more profits. Not a good traits of a wise trader.
Since you trade mostly in altcoins, as soon as your make your profits, sell them to stable coins or fiats, close that trade chapter.
You need to keep one side of the trade fixed. Maybe USDT can be a reference for that. But I think this is what most people are doing and its nothing new.Quote
If you are passionate about hodling bitcoin, always convert to usdt or other stable coins and be patient for a fair entry point. Because the market isn't running away
Just one coin to convert to is enough. But this is going to be a bit problematic if you are changing like Altcoin>Bitcoin>USDT. Instead just sell the altcoin for USDT because its price is fixed. Then buy bitcoin when bitcoin's price against USD decreases. This micromanagement is essential to keep track and becoming tired of it will not help. 
Your idea is good for traders that already contented to their profit, converting it to fiat is like an exit point. But if you're going to trade again and want to hold a certain coin for long period I think bitcoin is the best option. I prefer to hold my converted alts in btc rather than a stable coin because holding btc is profitable as well, I have an option if I will stay my capital to btc or buy alts if I see an opportunity to take advantage the dip. Plus most alts are just following the price of btc so its easy to buy alts using this.
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