Topic: Short term traders should read this - page 2. (Read 590 times)

So it's not advices about earning money from cryptocurrency investing, it is advice how to control your feelings and how to do risk managment.
I think that if someone sees  that his feelings take control of his mind during investments then he should be stop with trading as it's the most dangerous thing that could be happened to him.
Trading should be done based on analyse only, involving 0 feelings.

Well said bro. The thing is that I hardly try to even trade altcoins when bitcoin is in a downtrend, whether in the short term or in the long run until there is a clear indication of it trying to make a move upward outside that trend. The altcoin market is somehow centered on bitcoin movement and this is one thing that one really need to take into consideration first before making any attempt to trade any of them.

Yes, people who have experience will make use of this dumps but people who don't have experience should better stay away from the market because within a fraction of second the price will change. So we have to be very accurate to keep sell order and buy order in order to make profits.

That is pretty much a very good advice right now, most especially when a lot of uncertainty is surrounding bitcoin and personally, I am holding just very few coins now until I see the trend fully changing.

Most of the altcoins are showing sign of recovery though and looking like they really want to bounce, but with the whole level of uncertainty in the market, it is a hard one to really gamble. Let's just see how things will be turning out pretty soon with bitcoin which seems to be knocking on lower doors.

these are mostly for altcoin trading and very little for bitcoin.

you can't give this as a general advice. someone may have $10 and what you say is true for them but someone else may have $10000 and this advice is terrible for them. it may be better for the second guy to invest little by little. in fact it is best to set multiple buy orders and buy slowly.
additionally when you talk about altcoins buying while they are dropping is very bad because their drops usually don't stop because it is a pump and DUMP.
and finally stop loss won't work for this market, specially if you place it at 3-5%. it is mandatory to use it but it is different here and each coin needs its own percentage.

again you can not generalize this either.
some shitcoins get pumped 200% in less than 6 hours. getting out at 5% is not being greedy it is called being unfamiliar with the market.
in some other cases some other shitcoins can't even be pumped 5% so not getting out is dumb!

this is vague at best.
what alts? what is cheap? just because some altcoin got dumped doesn't mean it is "cheap"...

i disagree with this completely. altcoins are not good for "portfolios" look at the market and see all of them in red right now that bitcoin is in red! some of them more than others.
dividing your money is not going to give you any benefits here.

Some good Advice for short term trader.It is easy to get 5-10% Profit in btc trading, because the fluctuation between 100- 500$ every day.
If you are greedy,you will lose some coins.When you find some crash in a market, use that valuable time to get huge bitcoin with less dollars.

Mature planning I agree with your word,short term trade does't need greed enough to take 3% or 5% profit.Short term trading should always be active in the market with confusion in it,thanks for creating this thread for all trade dude.

A. This is the most basic advice everyone should follow, especially with an extremely shaky market like bitcoin. For most newbies, they tend to overcommit into investing and placing all of their bankroll in a single coin, which is plain wrong. Diversification is still king these days even though it will give you a lot of things to look after.
B. This, I think depends highly on the situation. When there's still room for maximizing one's profits, they should take that opportunity or exploit whatever it is. Even a 1-3% additional gain is important nowadays, especially if it can be claimed safe.
C. I call this one 'liquid assets' since you can deploy them whenever you want them to be and you can move them at will without any hassle and/or whatnot.
D. Same point as letter A, though risk management also includes what coin are you holding and its present market conditions etc. etc.

I agree with point A, we need to split our money into one or more order buy and sell so we can have more money to buy if the price is down again.
point B, I think we can earn 5% with easy because I see from this month, the increase of the price is more than 5% and we can see there a lot of coins that could increase higher. point C, I agree with this so we can prepare for a market crash if this is happening so we can buy the coins at the lower price. point D, we need to diversify for many coins so we can have a chance to make a profit from many coins and for new people, I think it is better to hold under 10 coins in their account so they don't have to confuse to check for each coin.

Cryptocurrency markets are always volatile and have been since inception. The tips you provided are essential and every self-proclaimed trader has to have them all before trading, however, one very important thing is missing - Research. Most amateur traders depend on trade value to determine their trading, they don't look out for prospective 'innings' with alts, and therefore miss out on huge opportunities.

Tips are good but not always correct.
If I listen to that advice, I will often lose, because the price fluctuates more than that every day.
Greed does not necessarily mean a percentage of 5% or 15%, but not expected to rise much more than expected.
Good advice but with the crash of the price, the whole market is falling at the same pace.
The smart trader knows which currency will rise and can buy in large quantities and sell quickly to make the most gains

Well all the points that were raised should actually be pretty basic already. Day trades offer more risk to hodlers since you're exposed to a lot more volatility and market movement compared to simply holding your coins.

Such an awesome advised and your right it's very volatile this year compared to past years and your guide will help other trader to won't buy 100% of your money I always do this buy low buy only 25% of my savings going to bitcoin for my own investment and the other remaining I buy bitcoin when the price will decrease more. So that I could get the maximum profit when the price increases even just 5% to 15%.

Greediness is one of the reasons why other traders lose in trading and I think if you put your funds to other coins the result is the same because every time the price increases the other coins also increase this is just what I notice these days and there are sometimes coins that the price stuck. So staying in bitcoin could reduce the risk to lose in trading.

Very good trading advice for the newcomers, i would just add that you should not get emotional, dont attach to coin or token.
In the end 98 percent of current projects will fail, trade it while it goes

It is really useful for the short term traders. But most of the traders are already know this facts so it will help to beginners. But new traders are expecting promising platform so they don't find the 3 to 8 coin in first attempt. May this advice will useful for the future investors but I am not recommended to short term trading is more risky investment.

I agree with what you posted and that should be every traders mantra when trading specially letter B. Always plan your exit and stick to it. This is one reason why short term traders shifts to long term traders because even when they already hit their target and they felt that market is still bullish and might gain more profit, they still hold until they get a surprise of their life when everyone starts to dump.

It's actually just common sense.

I however don't like diversifying crypto assets since that only works against you in case things doesn't go to plan. People quite often think it's a must, but I don't see it like that and never done so.

You have to deal with all variables applying to different coins, because different coins means different markets and different background developments. Altcoins aren't fundamentally stable or well developed, so it's a risk.

Just having Bitcoin means less stress, less potentially negative variables, less severe corrections (they go up hard but also come down hard), and so forth. Chasing high returns has never been an option for me.

When investing, even if its short term or long term,  you should forget the one who makes everyone lose, the greedyness. The more you want to have money,  the more you regret it later on. Short term is most probably short earned so dont lose temper and be patient.

This post belongs to the "Trading discussion" forum board.I don`t have the mentality to conduct day trading.
Every time the altcoin and token prices go down I just freak out.
It`s a good list anyway.It would be helpful for the newbies.

I'd say this is really a good tip indeed. For most traders, your (B) options is the most important as far as I know. If traders don't exit in time and still thinks that they can still make profits, however, for unseen reasons the market suddenly shifts, I'm sure that you will hear them regretting their decision not exiting in time because they suffer losses. Also if I may one, if you have exit strategy, you might as well have entry strategy as well. Wait for the price to bottom before entering the market.