Topic: It's the easiest to trade when you aren't trading - page 5. (Read 712 times)

You have taken a good decision so far, but you were lucky enough. To be honest I am one of the losers who lost funds in day trading. Sadly I lost also in rarely trading as you said. Because I held a few fucking shitcoin. So I lost my portfolio more than 10X. It seems you have taken a real-time decision where I was failed. On the trading, I am really not lucky at all. I agree with your current decision as you sold Bitcoin. If bitcoin dump as your desired price then you will be lucky again. Although there is less possibility to drop 70%, there would be a big correction. Perhaps that time you would accumulate some Bitcoin. Anyway, best of luck to you.

Since you're investing on a long term basis, it sounds pretty much like investing to me instead of trading. I had some Bitcoin not a full one though when it was $6K back in July last year and I held but it's just too bad because I sold closer to $15K because I was thinking it would drop back when it gets closer to the 2017's all time high. Overtime, I have realized that long term investing is much better than short term trading since there's more profit potential when you invest long term.

Anything can happen in the crypto market, even if large companies and organizations enter the market, it can still collapse.
Companies are only looking for profits and they will leave as soon as they feel their profits are full, so people should be careful with their transactions.

Sounds great that you are really making off profits on  the way  that you do deal with the market but we know that not all does have that kind of patience when it comes to trading.

Majority will really be just doing active trading instead of holding and waiting for too long.Yes, the risk is way higher since you are playing with the waves but the amount of profit

that you can possible generate is more than on the amount that you had gained on holding for some time because basing on what you had elaborated then
its a long term process and not all could deal with that.

It will be easier and profitable if you are good at predicting the ATH and more importantly low-price as well.
I know that one of my friend did the same but he bought earlier rather waiting for catching the all time low of cycle. So, we must need to be good in predicting both ATH and low of cycle because when we are missing out either one of these then the level of profitability from this strategy will get reduced.

I'm just calculating how much I could have earned by this price level of bitcoin if I would have sold my bitcoins above $19k and might have bought back below $4k levels. That is definitely more than 4x than what I am holding till now.

It's a very good strategy, but it's not easy either. To be able to complete such a strategy requires a very high level of patience and good market research ability.
You are probably right, BTC's cycle is 4 years and every cycle after BTC will have a price higher than the peak of the previous time.

Sold today? Don't you think it is too early to sell your bitcoins? Because we are still in April month and it is highly expected that bull run will continue till December month. I am able to understand your target of getting back after 70% fall but it should be from final ATH and not from today's price levels.

I assume you just took decision too early because of bitcoin is already trading around huge price levels. But it is huge only for our eyes but for markets it is just 3x growth from previous cycle's ATH. Usually bitcoin markets will grow 10x from previous ATH after halving and also may grow 100x from previous cycle's low. So, I am afraid that you may stay away from enjoying for the remaining part of current bull run.

It seems that many people in this market have tactics like you
Because not everyone can be a successful everyday trader, keeping in the short or long term is probably the plausible tactic for everyone.

Outstanding spirit. But you have to know that it is hard for people to change their habits, especially when they have the faith of being rich with day trading. It is ironic that only people who trade less are the ones making money with trading. I do want to be as relaxing as you, but my current budget does not require me to do so. So I choose to week trade which is in the midst of day trade and long term trade. Surprisingly, I manage to have a decent consecutive profit over the past few months. Do not know whether it is because of my trading method or I am lucky during the uptrend

Last words, Congratulation on  your success. 95% traders lose their money and you are undoubtedly the best of the best

Interesting to see that you are doing what I do exactly. It's good that doing some trade is better than Holding tightly. But the trade need to be successful.

From my experience I want to say if we holding fund on exchange that give us a huge mental pressure all the time. But if you hold the coin in external personal wallet, This problem will increase and we will not be panicked when price start to goes down.

The bad things when I keep any coin in exchange....

1. I have to make some profit soon
2. All are pumping but my coin is not
3. Price checking is common things in this case
4. People are doing 2-3x in a day but I can not
5. My luck is bad always

at the end I see I panickly sell the coin and invest in another coin. First one start to pump again and second one start to go bellow again. So it give us double lose.

I think so too, often we see prices make our minds messed up with rising and falling prices, it will drain the mind to continue to see it regularly, just seeing it will make us think where the price is going, inevitably we have to analyze to find out, and that's not necessarily true. Therefore, constantly checking prices is not a good thing. You can - it can ruin the plans that you have made later. It is enough to look at the price when issues or news arise that can make it go up or down. If you are in top crypto, like Bitcoin. Don't worry about the price drop, because after a decrease, there will be an increase in price as well. Unless you are going to be trading your day on that day, you do need to see it on a chart. But as a holder who aims to invest in the long term, I don't think you need to worry too much for crypto like Bitcoin. If the price goes down, you just have to wait for the price to return to normal and the price will continue to rise over time. Moreover, you have prepared it before the halving, it will be very profitable. Indeed yes, patience and perseverance are required in both short and long term trading. And one more thing, staying calm in all situations that occur, it can make you think clearly to find a solution, the point must be mentally strong.

That's a good profit and congratulations on what you've achieved, waiting for that long isn't easy though.

It was folded the profit for how many times if you bought from the price of $14k and sold it at $60k, it's a wow!
That's how long time trading work and the same as you, I'm also waiting for the perfect time to invest and it might hard for us to tell when the price will dump since Bitcoin price was continuously rising up and there are big companies or institutions who invested and adopted Bitcoin, I think there's no way to down 70% from this current price.

It's really hard to predict when is the perfect time to reinvest, but if there's a chance that Bitcoin price will go down at least in a price of $40 below, probably that's a good sign to invest.

It depends, if you are good at long term trading then don't try to do other things which aren't working for you, just keep your own strategy and you will be in profits when you have enough patience. Day trading is easier too buy you lose too often which nullifies the profits you made from your previous trades.

Yep,day trading is difficult.Not everyone can become a successful day trader.
I'm not a day trader and I will never be.I'm more like a "short term HODLer"(I know it sounds absurd).
I HODL some BTC for a while,but when the market gets a little bit turbulent,I get anxious,so I sell my BTC,usually at the wrong time and for the wrong price.
This year,I'm going to stop caring about the price fluctuations and focus on gaining as much BTC as possible.
This is easier said than done. I will probably freak out again,if there's a price crash back to 30K USD.

You know what? I rarely check the price. I consider my psychology in trading, constant check of price makes me insane, so, rarely check and that's where I win. But I often read news around crypto and always consider the hot topics. You always have to be updated in crypto world or you'll regret it.

And... The harder you rise, the harder you fall and opposite.

Another working method is that you should trade with the money that you can hold for 4 years. Bitcoin will always reach it's all time high.

I think 70% correction is not possible to happen now because many big institutions already invested in bitcoin. Many buyers will be catching the dip before it reaches that point. I really don't know the reason how bitcoin increased and dropped that much in 2017, some say it was because of FOMO that it drove the price that high but they don't say what really caused it. Now with the current price of bitcoin, a 30% correction will be already huge so I hope it won't go higher than that when it happens.

It's quite an old trading strategy and seems to be one that works a while.

I remember at $3k the only thing I was certain of was that we'd reach $15k again (because we already had).

I actually predicted the coronavirus drop but moved my x btc@$4k order (disappoinringly).

How often do you check the charts? Id probably have an alert set for when we're oversold so I could sell my btc at the first peak (~58-62k instead). But profit is still profit. Do you make much off your fiat when you pull it out (interest wise - binance were offering 6% on euros a while ago)?

It sounds curious, yeah? But that's what I have been doing for years. I just hold my money in my wallet and rarely touch it. Once I was doing day trading but it was affecting me in a bad way, I wasn't sleeping, was always checking prices, was making bad decisions. You can easily earn and easily loss money in day trading, so this is what I did:
I was looking for prices very rarely, would wait and wait until there was serious corrections. For example, years ago after ATH 20K, price went down to 3K. I thought that was the great moment to buy btc and glad I did it. Then I didn't give a shit to whether it become 4K, 6K or etc, yeah it was double profit but still, I believed it would rise and whuola, it reached 14K after some times. I was thinking that it would reach all-time high but sold at 14K, then quite trading for months and only bought at 9K and waited for the halving period, glad I did that.

And recently, you know bitcoin become 40K, then 30K, yeah, I waited until 60K and sold all of my coins today Will price rise? Maybe but I'll wait for another great dip, at least for 70% fall. So, today is the end of my journey for a while.

Trade rarely, don't make it your only profit source and don't trade often. If you aren't whale, you can't impact the price, so, not your game - not your rules