How to escape loss as an altcoin trader - page 9.

Python Master

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Quote from: Ifemini on March 30, 2020, 07:23:14 AM

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.

When we have profits we should convert our coins to stable coins or fiat to keep revenue.
I have a strategy that you would love. Only for traders who can watch market carefully and continuously. It's for Altcoins/USDT trading pair. When you catch an increasing wave, find a good entry and get out when you have 5% profit. Wait for another trade and another wave. This type of trade will minimum your loss, it's very easy to take 5% in a bull waves of altcoins.

Saisher

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Quote from: Ifemini on March 30, 2020, 07:23:14 AM

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 good point trading now is all about exit and entry point since we already have a stable coin to rely on in case the market is dropping, I have a friend who actually does this, all you need is timing, you must be aware of the market condition, so you'll know the right move to exit and make an entry, we have a stable coin to rely on on those scenarios.

BChydro

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Quote from: Ifemini on March 30, 2020, 07:23:14 AM

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

If you are trading you usually convert into dollars or any stable currency before entering again, what is the big doubt here as that is how everyone is trading. I used to trade in alt coins when it was profitable and i usually convert them into bitcoin simply because that was my end goal to accumulate bitcoin but if you are trading bitcoin you usually look for a stable coin and wait for the right opportunity to invest back again.

mrdeposit

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Quote from: lobo13hf on April 03, 2020, 06:17:53 PM

Why is it possible? The fact that staying in USDT is much more safe rather than staying in cryptocurrency as it can be affected by the volatility of the coin itself. The only exchange sites that has fiat option are big exchange sites. I think that you must understand about the regulation that already applied when an exchange site tried to create fiat pair.

The USDT has more disadvantages which have not been explained here well. It is not easy to buy the fiat in the recession economic conditions due to the lack of fundamental background of stable altcoins. The USDT price has falt to $0.8 years ago and there is no guarantee this process will not repeat itself in the future.

lobo13hf

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Quote from: Mianae on April 03, 2020, 03:02:10 PM

Staying in USDT is not safe likewise staying in cryptocurrency when you're not actively trading. It's best you're an active trader, closing each trade on a daily basis on a pre-determined trade set up. Some exchange has option for fiat you can stay in fiat.

Why is it possible? The fact that staying in USDT is much more safe rather than staying in cryptocurrency as it can be affected by the volatility of the coin itself. The only exchange sites that has fiat option are big exchange sites. I think that you must understand about the regulation that already applied when an exchange site tried to create fiat pair.

bttmember

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Profit and loss are part and parcel of trading but the thing is you should be in profit by the end of the month, the world will never end if you make a loss or we can say that no one can be right always in the market it is just that average outcome should be positive.

QueenVera

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Totally depends on what your intentions are to trade in the first place, if you picked interest in trading altcoins just for profit then obviously converting your profits to fiat or stablecoin will be the best option but when you picked interest in trading altcoins to increase your bitcoin holding then selling them to bitcoin has to be your number one priority. You might think the market isn't going anywhere but just a sudden spike in price can make you miss the potential gains you would had recieve assuming you were hikdinytgise profit in bitcoin.

Finestream

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Escape means you'll stop? I guess most traders will just use stable coins to make to their safe when they are uncertain with their strategy in trading, but this applies to coins with good trading volume only or coins that are trading in good exchanges.

For short term traders, they usually do this, but for those who like long term, they just hold their coins and wait on the right timing of selling.
That's also my strategy so I can share it here.

jacafbiz

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Quote from: Ifemini on March 30, 2020, 07:23:14 AM

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.

There are reasons why traders prefer Bitcoin as their main denominator when trading and calculating their profit:

1. They believe the price of Bitcoin would go up against so why convert it to Dollar
2. Most Altcoins do not have liquidity in their USDT pairs.
3. The exchange fees of moving it to and fro from BTC to USDT erode the trades profit so prefer to keep it in BTC

kindbtc

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Your point is valid and i will add that if someone is just looking for daily profit in terms of usd then he/she should trade in usdt or other fiat backed coin pairs only, btc or eth pairs are my favourite just because i like to accumulate more and more btc and eth.

doctor877

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My utmost goal is to increase my Bitcoin as much as I can and I do it with trading if alts. It's easier especially when there are some crazy increase that brings big profit in a little while. I always have reserve funds to guide my trades if it's not favoring me.

Perfect35

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Quote from: Ifemini on March 30, 2020, 07:23:14 AM

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.

If you are bullish on a particular coin, most especially bitcoin, you do not need to run away or be afraid of holding your bitcoin. Yes, you have to be careful, but a good trader will only use USDT temporarily and not as a way of running away from loss. Bitcoin is the surest of all coins. I am never afraid of a continual trade with it. I am a proud holder of BTC any day at any time because most altcoins cannot be trusted.

Mianae

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Staying in USDT is not safe likewise staying in cryptocurrency when you're not actively trading. It's best you're an active trader, closing each trade on a daily basis on a pre-determined trade set up. Some exchange has option for fiat you can stay in fiat.

adzino

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Lol, that's not a very "smart" way to "escape" from losses catching up to you. Just trading your altcoin to a stable coin like USDT when you have reached your profit goal isn't the solution. Why would you even trade it to USDT in the first place? Wouldn't it be better if you convert it to fiat instead? Anyway, the solution you put forward is good only if you decide to never trade at all after reaching your profit goal. If you start trading again, you will have to invest your back back to altcoins and there will always be a chance to lose your investment.

crypto595

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There is no way to avoid loss occasionally when trading, if there was then it would be guaranteed profit and everybody would be doing it.
Although if you DYOR and pick projects with real potential then despite the risks you can make serios money.
For example TemTum is going to be announcing it's partnership with multiple nations to provide them with their blockchain as a backbone for their own stable national currencies.
once the announcements are made to the press, post-corona panic, I can see TEM going $1+

Teawhalee

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Different people with different trading pattern. But I can tell you that majority of people trade altcoins to grow their bitcoins holding. I believe any good trade will have a reserve in Fiat to buy more position if there is dip for good profit.

travwill

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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.

enhu

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Putting your money to USDT should have been done when BTC price was still $20k but then anyway, you still can do that every time the chart says its the peak and overbought. Somehow I was able to minimize my loss after holding some altcoins I thought would spike up since last year. Try day trading to get few bucks if you can, sadly it didn;t worked for me but for some I guess it works.

semobo

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Quote from: Ifemini on March 30, 2020, 07:23:14 AM

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.

Holding stable coins have risks so they choose to better decentralized cryptos which is trusted by most of the crypto community is bitcoin.

If you want to cash out the profits made then just move to fiat than stable coin unless you will trade them too often.

And you can't find a perfect entry point,so just make a decision when you enter into bitcoin about at what price they are going to sell at.

blockman

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It's a very much known strategy but you can't just tell everybody what to do. We are confident of holding bitcoin and let it move sideways or pump it on its own. We don't mind about using stable coins but if you're very delicate and sensitive with the value, you can do this again and again.
But, what if bitcoin rushes to increase and you missed it? there are circumstances that this happens.

Topic: How to escape loss as an altcoin trader - page 9. (Read 1187 times)