How to trade alt coins for a noob | Bitcointalksearch.org

drachman

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Quote from: Driving my lambo to the m on May 10, 2018, 06:11:25 AM

Quote from: drachman on May 09, 2018, 07:01:16 PM

Quote from: Driving my lambo to the m on May 09, 2018, 05:19:46 PM

Hi, let's say I have an alt coin which is traded against ETH. I want to go to sleep and don't want to be caught out with a drastic price drop. If I want to sell the coin at say 10c, how can I do this as I need to set my stop loss against the price of ETH....but what if ETH changes price overnight too

You're not understanding this correctly, if you buy an altcoin with ethereum the price that you should care about is the price of ethereum not the price of fiat, if you buy some coins for 1 ethereum and then you sell for 1.1 ethereum then you won your trade, in fact you got a very nice profit of 10%, it does not matter if the price of ethereum against fiat went down.

But if ETH was $100 and if if I have 1.1 ETH worth $110 which halves in value, I still have 1.1 ETH but it's now worth $55........so I lost some profit

I will say it again, you should care only about the price of ethereum, it is true that the price of ethereum can change after all it is a cryptocurrency like any other, however if you were to invest in a company and you used dollars you will care about the amount of dollars that you invested, if you invest in an ico and you invest ethereum the only parameter of whether your investment is doing well or not should be the amount of ethereum that you earn.

asteria

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Quote from: Jaycee99 on May 09, 2018, 07:05:19 PM

Quote from: Driving my lambo to the m on May 09, 2018, 05:19:46 PM

Hi, let's say I have an alt coin which is traded against ETH. I want to go to sleep and don't want to be caught out with a drastic price drop. If I want to sell the coin at say 10c, how can I do this as I need to set my stop loss against the price of ETH....but what if ETH changes price overnight too

1. You should atleast wait for Ethereum value increase it can help you. Why? Because of the fee something even you have extra ETH the the fee is deducted on the eth you hold

2. like I said in number make sure you already have an ETH because you will pay for an fee

Wait, I do have follow up question. When will you say that I should exchange the token?

Driving my lambo to the m

newbie

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Quote from: askmecrypto on May 09, 2018, 06:56:32 PM

Quote from: Driving my lambo to the m on May 09, 2018, 05:19:46 PM

Hi, let's say I have an alt coin which is traded against ETH. I want to go to sleep and don't want to be caught out with a drastic price drop. If I want to sell the coin at say 10c, how can I do this as I need to set my stop loss against the price of ETH....but what if ETH changes price overnight too

First thing in crypto is that you have to change your mindset from gains in FIAT to gains in crypto (BTC/ETH value).

I seriously dont understand when people are trading on coin-coin pairs, why they even consider FIAT value in the end.

Now, the simplest answer is start using stop losses.
In your scenario, in case ETH starts mooning, it is very obvious that the Trading Pair ALT will start loosing and thats why you use the concept of stop loss so that you are saved from the massive drops in ETH values for the ALT you are trading.

Else, Go and Trade on exchanges that provide FIAT-Coin trading.

But I buy ETH to trade for an alt coin. When I trade said alt coin for ETH and ETH goes down before I cash out, I'm at a loss. So surely FIAT is the banchmamark as I want to cash out for profit

Driving my lambo to the m

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Quote from: drachman on May 09, 2018, 07:01:16 PM

Quote from: Driving my lambo to the m on May 09, 2018, 05:19:46 PM

Hi, let's say I have an alt coin which is traded against ETH. I want to go to sleep and don't want to be caught out with a drastic price drop. If I want to sell the coin at say 10c, how can I do this as I need to set my stop loss against the price of ETH....but what if ETH changes price overnight too

You're not understanding this correctly, if you buy an altcoin with ethereum the price that you should care about is the price of ethereum not the price of fiat, if you buy some coins for 1 ethereum and then you sell for 1.1 ethereum then you won your trade, in fact you got a very nice profit of 10%, it does not matter if the price of ethereum against fiat went down.
[/quote

But if ETH was $100 and if if I have 1.1 ETH worth $110 which halves in value, I still have 1.1 ETH but it's now worth $55........so I lost some profit

Driving my lambo to the m

newbie

Activity: 4

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Quote from: Bttzed03 on May 09, 2018, 06:37:18 PM

Quote from: Driving my lambo to the m on May 09, 2018, 05:19:46 PM

Hi, let's say I have an alt coin which is traded against ETH. I want to go to sleep and don't want to be caught out with a drastic price drop. If I want to sell the coin at say 10c, how can I do this as I need to set my stop loss against the price of ETH....but what if ETH changes price overnight too

I am not sure I got your question correctly. Are you concern that if your stop loss was hit and then the price rose again higher than your purchase price? IF that happens, you just have to move on to the next trade.
[/quote
]

Jaycee99

sr. member

Activity: 1036

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Quote from: Driving my lambo to the m on May 09, 2018, 05:19:46 PM

Hi, let's say I have an alt coin which is traded against ETH. I want to go to sleep and don't want to be caught out with a drastic price drop. If I want to sell the coin at say 10c, how can I do this as I need to set my stop loss against the price of ETH....but what if ETH changes price overnight too

1. You should atleast wait for Ethereum value increase it can help you. Why? Because of the fee something even you have extra ETH the the fee is deducted on the eth you hold

2. like I said in number make sure you already have an ETH because you will pay for an fee

drachman

sr. member

Activity: 756

Merit: 252

Quote from: Driving my lambo to the m on May 09, 2018, 05:19:46 PM

Hi, let's say I have an alt coin which is traded against ETH. I want to go to sleep and don't want to be caught out with a drastic price drop. If I want to sell the coin at say 10c, how can I do this as I need to set my stop loss against the price of ETH....but what if ETH changes price overnight too

You're not understanding this correctly, if you buy an altcoin with ethereum the price that you should care about is the price of ethereum not the price of fiat, if you buy some coins for 1 ethereum and then you sell for 1.1 ethereum then you won your trade, in fact you got a very nice profit of 10%, it does not matter if the price of ethereum against fiat went down.

askmecrypto

full member

Activity: 406

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Quote from: Driving my lambo to the m on May 09, 2018, 05:19:46 PM

Hi, let's say I have an alt coin which is traded against ETH. I want to go to sleep and don't want to be caught out with a drastic price drop. If I want to sell the coin at say 10c, how can I do this as I need to set my stop loss against the price of ETH....but what if ETH changes price overnight too

First thing in crypto is that you have to change your mindset from gains in FIAT to gains in crypto (BTC/ETH value).

I seriously dont understand when people are trading on coin-coin pairs, why they even consider FIAT value in the end.

Now, the simplest answer is start using stop losses.
In your scenario, in case ETH starts mooning, it is very obvious that the Trading Pair ALT will start loosing and thats why you use the concept of stop loss so that you are saved from the massive drops in ETH values for the ALT you are trading.

Else, Go and Trade on exchanges that provide FIAT-Coin trading.

VeLa.RE

newbie

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What exchange are you using? Most of the exchanges allow you to set stop limits which allows you to sell at a specified price.

richaerich

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Quote from: Driving my lambo to the m on May 09, 2018, 05:19:46 PM

Hi, let's say I have an alt coin which is traded against ETH. I want to go to sleep and don't want to be caught out with a drastic price drop. If I want to sell the coin at say 10c, how can I do this as I need to set my stop loss against the price of ETH....but what if ETH changes price overnight too

you can set the price when you want to sell them, let's say you want to sell it at the price $800, then you can sell it in that price, whenever people see it and click buy, then you will get @$800 per coin, you don't have to sell it in the market's price

Usui-Kun

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Streamity Decentralized cryptocurrency exchange

You can never stop the price from changing, whatever time it is that you are concerned about. What to do is, set a goal inwhich you can be staisfied about. It will decrease the stress of missing out and actually makes you feel satisfied. These little goals will make you learn on how to handle risks properly.

Psynthax

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Quote from: Driving my lambo to the m on May 09, 2018, 05:19:46 PM

Hi, let's say I have an alt coin which is traded against ETH. I want to go to sleep and don't want to be caught out with a drastic price drop. If I want to sell the coin at say 10c, how can I do this as I need to set my stop loss against the price of ETH....but what if ETH changes price overnight too

If you are using bot and you can try to put buy and sell. But that's very risky consider binance's case has started from the 3rd software party just like trading bot.
And i guess if the price of ethereum will have changed over night and then if you are going to sleep and then you will have another chance soon.

Bttzed03

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Quote from: Driving my lambo to the m on May 09, 2018, 05:19:46 PM

Hi, let's say I have an alt coin which is traded against ETH. I want to go to sleep and don't want to be caught out with a drastic price drop. If I want to sell the coin at say 10c, how can I do this as I need to set my stop loss against the price of ETH....but what if ETH changes price overnight too

I am not sure I got your question correctly. Are you concern that if your stop loss was hit and then the price rose again higher than your purchase price? IF that happens, you just have to move on to the next trade.

paxmao

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Do not die for Putin

Quote from: Driving my lambo to the m on May 09, 2018, 05:19:46 PM

Hi, let's say I have an alt coin which is traded against ETH. I want to go to sleep and don't want to be caught out with a drastic price drop. If I want to sell the coin at say 10c, how can I do this as I need to set my stop loss against the price of ETH....but what if ETH changes price overnight too

Some exchanges offer you stop-loss orders. With these you can set and order in that will be executed if the price goes under a certain price. It is very similar to the ones used in stocks trading.

RicardoRicky

newbie

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I think you should wait if the ETH decrease happens overnight until ETH rises and recovers as soon as you sell it.

Driving my lambo to the m

newbie

Activity: 4

Merit: 0

Hi, let's say I have an alt coin which is traded against ETH. I want to go to sleep and don't want to be caught out with a drastic price drop. If I want to sell the coin at say 10c, how can I do this as I need to set my stop loss against the price of ETH....but what if ETH changes price overnight too

Topic: How to trade alt coins for a noob (Read 174 times)