The reason of why Bitcoin is good for trading (for me) - page 7.

irhact

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Quote from: Dr.Osh on May 25, 2023, 01:26:44 AM

well, that is the advantage of bitcoin, that you don't have to worry about your investment. I also often do this. however, I thought the same thing for popular altcoins, not to mention that they are cheaper than bitcoin. so, I sometimes combine my investment with several altcoins. however, personally, I only use altcoins for the short term, and bitcoin for the long term. However, the risk of bitcoin is smaller than that of altcoins, but I feel that with a small capital, the profit is not too big.

Altcoins shouldn't be left unmonitored because they can collapse or get low trading volumes anytime. For example Binance exchange has been delisting some tokens and this has caused their price to fall. If you held those altcoins and didn't monitor them to know when you should take profits or sell to avoid further losses, you'll always lose from the market. Only Bitcoin can be left years without monitoring and still be profitable.

Don't invest in altcoins because they seem cheaper than Bitcoin, there are so many reasons why a coin or tokens is having a low price. Some of the reasons could be because the supply of the project is too much like with most of the memecoins that are been launched.

Kadal Ijo

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Before getting to know crypto trading I had been trading on forex for almost 3 years so when I saw price fluctuations in crypto I would not use large amounts of money, the reason for moving from forex trading to crypto trading was because the profit potential was huge compared to forex trading, like us know that fluctuations in forex trading prices are very small so if we trade with small capital it will be difficult to profit.

awik p

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bitcoin is the most difficult coin to manipulate, so it is more feasible for short-term trading, actually not only bitcoin but there are several altcoins that are also worthy of trading or even investing. for example, we can see a new project where suddenly the price skyrocketed and suddenly the price dumped, then how do we do an analysis on it, while support and resistance seem unable to be used as a reference for price action

Dr.Osh

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well, that is the advantage of bitcoin, that you don't have to worry about your investment. I also often do this. however, I thought the same thing for popular altcoins, not to mention that they are cheaper than bitcoin. so, I sometimes combine my investment with several altcoins. however, personally, I only use altcoins for the short term, and bitcoin for the long term. However, the risk of bitcoin is smaller than that of altcoins, but I feel that with a small capital, the profit is not too big.

goaldigger

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Quote from: cydrix on May 24, 2023, 10:42:05 AM

The volatility you trade typically affects the price of bitcoin. In other words, you never trade according to the rules; instead, you only do so when a few candles are in the red. However, I'm not sure how long you'll continue to succeed in trading this method. Because if you want to trade, you should first acquire a sufficient level of trading understanding. You will never benefit from trading based on these presumptions about the state of the market. Don't just rely on your own ideas; study something, gather a sufficient amount of ideas, and then invest. Only then will you notice that trading is successful for you.

This is not an actice trading for me, hence a big chance for him to make profit as he is planning to sell next bull run. If OP decides to trade actively then that is the time for him to master technical analysis because trading works with that strategy. If OP want’s to deal with volatility he should be more informed that Bitcoin can also go against the trend and there’s a tendency to lose money. Trading requires a lot of time for your analysis, there should be no rush when making profit, perfect timing should be observe.

tjtonmoy

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Quote from: Plaguedeath on May 16, 2023, 04:44:58 AM

Is there anyone like me here? Cheesy

You will find many like you here. I guess they do the same. But the trading is a really fun thing if you take the right approach. But I won't recommend you to do so as it contains risks that can make all your asset go poof.
If you like to buy, sell in BTC/USDT pair, then just start doing DCA. If you don't know about it, then let me explain. Dollar Cost Average aka DCA is a process where you put a fixed amount of money after certain period of time despite the market price. This time could be hours, days, weeks etc. And the amount is up to you. That way, you will make a good profit in the long run. You can learn more about DCA on the internet. Do your own research before doing anything.

wajik-tempe

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There may be individuals who trade completely on emotion and instinct without using charts, candlesticks, or market research; nonetheless, this strategy is often seen as dangerous and speculative. Without a plan or grasp of market dynamics, trading can result in huge financial losses. Successful trading frequently necessitates a mix of elements, such as market knowledge, chart and indicator analysis, risk management approaches, and discipline. Before engaging in speculative activities, it is important to understand about trading methods, technical analysis, and risk management.

TheUltraElite

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OP is doing the long term game of buying low and selling high, it is safe and easy to manage for a busy individual who has a job that usually takes up the day hours. It is also the method told to newbies as a starting off attempt in the exchange and their trading journey.

Keeping focus on a BTC/Stablecoin pair essentially means using fiat to buy/sell it, this is advantageous than using another altcoin which might be influenced by its secondary markets against other crypto. Although this choice will vary among other users based on the acceptance of stablecoins among the community.

I think most of the long term traders would agree with the OP but maybe not on the stablecoin part.

cydrix

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The volatility you trade typically affects the price of bitcoin. In other words, you never trade according to the rules; instead, you only do so when a few candles are in the red. However, I'm not sure how long you'll continue to succeed in trading this method. Because if you want to trade, you should first acquire a sufficient level of trading understanding. You will never benefit from trading based on these presumptions about the state of the market. Don't just rely on your own ideas; study something, gather a sufficient amount of ideas, and then invest. Only then will you notice that trading is successful for you.

monineklutak

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Quote from: justdimin on May 24, 2023, 04:23:46 AM

Quote from: pawanjain on May 21, 2023, 11:45:00 AM

Quote from: Plaguedeath on May 16, 2023, 04:44:58 AM

First of all I'm not a real trader, but I like to trade to earn small amount profit.

I only use BTC/USDT pair because USDT make me easier to determine how much my coins worth after trade and most liquid stable coin, the reason why I choose BTC is I don't need to worry about it when my trading goes wrong. So if I bought Bitcoin at the peak and the price keep decreasing, I will not sell it, but I will wait for the next super cycle where Bitcoin usually break new ATH.

Keep in mind I never learn about chart, candlestick, trend etc, all of my decision come from my mood and instinct. No stop limit, no follow any signal, no watching my PC for 24/7 etc, just directly buy and sell.

Is there anyone like me here? Cheesy

That's not called trading but gambling. You are basically gambling without knowing which side the price should go.
Although I don't recommend this kind of trading, it's good to know you are willing to hold such a long time of "next super cycle".
Most people panic sell at times of high volatility and using stop loss is a must when trading. So I would advise you to start using stop losses soon.

I think stop loss is important when you are trading that is true, but when you are making quick trades, trades that you open up and close in a single day, should not have stop loss anyway. Because, if you are doing that then it means you should be able to not lose much anyway, people who trade daily are already on top of the market and when they see a movement they should be able to move manually without a trouble.

However, if they are focusing on how they could build something that will be a long term approach then they can consider stop loss. For example I am a long term investor, I do not personally have stop loss but I would understand people who do. That is how they should be considering it and then it may make more sense.

Yes, after all, every trader or investor has their own strategy and it should be like that,
they have to know what to do and need to apply stop loss or not,
what is clear is that each person has his own decision and is responsible for his decision.

justdimin

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Quote from: pawanjain on May 21, 2023, 11:45:00 AM

Quote from: Plaguedeath on May 16, 2023, 04:44:58 AM

First of all I'm not a real trader, but I like to trade to earn small amount profit.

I only use BTC/USDT pair because USDT make me easier to determine how much my coins worth after trade and most liquid stable coin, the reason why I choose BTC is I don't need to worry about it when my trading goes wrong. So if I bought Bitcoin at the peak and the price keep decreasing, I will not sell it, but I will wait for the next super cycle where Bitcoin usually break new ATH.

Keep in mind I never learn about chart, candlestick, trend etc, all of my decision come from my mood and instinct. No stop limit, no follow any signal, no watching my PC for 24/7 etc, just directly buy and sell.

Is there anyone like me here? Cheesy

That's not called trading but gambling. You are basically gambling without knowing which side the price should go.
Although I don't recommend this kind of trading, it's good to know you are willing to hold such a long time of "next super cycle".
Most people panic sell at times of high volatility and using stop loss is a must when trading. So I would advise you to start using stop losses soon.

I think stop loss is important when you are trading that is true, but when you are making quick trades, trades that you open up and close in a single day, should not have stop loss anyway. Because, if you are doing that then it means you should be able to not lose much anyway, people who trade daily are already on top of the market and when they see a movement they should be able to move manually without a trouble.

However, if they are focusing on how they could build something that will be a long term approach then they can consider stop loss. For example I am a long term investor, I do not personally have stop loss but I would understand people who do. That is how they should be considering it and then it may make more sense.

lalabotax

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Quote from: Plaguedeath on May 16, 2023, 04:44:58 AM

I only use BTC/USDT pair because USDT make me easier to determine how much my coins worth after trade and most liquid stable coin, the reason why I choose BTC is I don't need to worry about it when my trading goes wrong. So if I bought Bitcoin at the peak and the price keep decreasing, I will not sell it, but I will wait for the next super cycle where Bitcoin usually break new ATH.

This makes sense and at least, you already understand what you can do. So, don't force yourself to get involved in trading altcoins which might provide a higher risk. Bitcoin's volatility is actually high. In this case, trading for short terms might be good, if in the spot market, little by little. But not in futures trading or other types that use a leveraged system. Short term trading itself is still risky, but as long as we understand and can anticipate various things in trading, this won't be a big problem. To be sure, do what we can with a variety of considerations and analysis that is good enough.

Johnyz

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It’s more like a holding of Bitcoin and wait for the peak price before selling, not a real trader for me. You can also consider this as DCA since you don’t care much about its current price. Bitcoin seems to be a good one for long term and there’s no doubt about this, though if you could timing the market the better. Bitcoin will pump again, this is still the basis of cryptomarket, bull should come soon.

Issa56

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Quote from: Plaguedeath on May 16, 2023, 04:44:58 AM

First of all I'm not a real trader, but I like to trade to earn small amount profit.

I don't understand, you claim not to be a trader but you trade to make small profit, then what are you? If you are making big money or you are making small money, you are a trader and i don't know if their is another name for people that are making small amount of money in trading.

Quote from: Plaguedeath on May 16, 2023, 04:44:58 AM

I only use BTC/USDT pair because USDT make me easier to determine how much my coins worth after trade and most liquid stable coin, the reason why I choose BTC is I don't need to worry about it when my trading goes wrong. So if I bought Bitcoin at the peak and the price keep decreasing, I will not sell it, but I will wait for the next super cycle where Bitcoin usually break new ATH.

If you are using this strategy which you just mentioned above, then you are not a trader but a investor, as a trader even if you are trading bitcoin, then you will have to monitor the price movement, and you won't want your trade to go wrong. Let's assume as a trader, you bought bitcoin at $60k and you wanted to make little money before you exit the market, then your trade goes against you, a trader will look for a way to cut the trade so that the lost will be reduced, but a investor will keep on holding no matter how bitcoin dump. So you are a investor and not a trader.

Quote from: Plaguedeath on May 16, 2023, 04:44:58 AM

Keep in mind I never learn about chart, candlestick, trend etc, all of my decision come from my mood and instinct. No stop limit, no follow any signal, no watching my PC for 24/7 etc, just directly buy and sell.

Is there anyone like me here? Cheesy

I think am like you, whenever am accumulating bitcoin, I don't care about bitcoin price, I don't do any analysis, whenever am having extra money, I will just buy my bitcoin and send it to my wallet, I don't care if bitcoin will dump or if it will pump, I don't care about the news that people are spreading about bitcoin either positive or negative.

death69

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Whoa, buddy! I'm all giddy up to see you diving headfirst into the trading waters, all in the name of good ol' fun and fattening your wallet. Your game plan might raise an eyebrow or two, but who cares when it's hitting the sweet spot for you. The BTC/USDT duet is like the hot ticket item on the crypto market menu, owing to its liquid assets and the USDT's rock-steady demeanor. And of course, Bitcoin, being the crypto big shot, brings a hefty dose of faith and comfort to the table.

But allow me to put on the devil's advocate hat for a moment and toss an idea into the ring: How about beefing up your know-how reservoir? Getting a handle on chart patterns, the ups and downs of trends, and the cryptic candlestick formations might turbocharge your trading, even if you're not living life glued to a screen. Expertise isn't a prerequisite, but sprinkling a bit of knowledge can mean the difference between dodging a bullet and catching one.

Trading isn't all about tossing the coin and hoping for the best; it's about making calculated moves. And who knows, you might get a kick out of mastering a new skill!

Nrcewker

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Crypto trading is defined as when you trade crypto assets frequently to make profits from it. And if we see this definition then Bitcoins definitely not suits here. Bitcoins are good for long term investment. In trading of cryptos you trade one specific crypto with other to make necessary profits. But bitcoins are very rare. So it won’t be wise decision to sell these coins for other trash coins. When you invest in Bitcoin, make sure to invest it for long term, else no use.

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Quote from: Plaguedeath on May 16, 2023, 04:44:58 AM

I only use BTC/USDT pair because USDT make me easier to determine how much my coins worth after trade and most liquid stable coin, the reason why I choose BTC is I don't need to worry about it when my trading goes wrong. So if I bought Bitcoin at the peak and the price keep decreasing, I will not sell it, but I will wait for the next super cycle where Bitcoin usually break new ATH.
(....)

This is the common reason which I also agree with.
Bitcoin is the highest market cap cryptocurrency, I believe that other cryptocurrencies are just correlated to Bitcoin's price. So instead trading to these altcoins, why not just trade Bitcoin, Bitcoin got more high trading volume (more traders are trading this peer).

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Quote from: Plaguedeath on May 16, 2023, 04:44:58 AM

First of all I'm not a real trader, but I like to trade to earn small amount profit.

I only use BTC/USDT pair because USDT make me easier to determine how much my coins worth after trade and most liquid stable coin, the reason why I choose BTC is I don't need to worry about it when my trading goes wrong. So if I bought Bitcoin at the peak and the price keep decreasing, I will not sell it, but I will wait for the next super cycle where Bitcoin usually break new ATH.

Keep in mind I never learn about chart, candlestick, trend etc, all of my decision come from my mood and instinct. No stop limit, no follow any signal, no watching my PC for 24/7 etc, just directly buy and sell.

Is there anyone like me here? Cheesy

That's not called trading but gambling. You are basically gambling without knowing which side the price should go.
Although I don't recommend this kind of trading, it's good to know you are willing to hold such a long time of "next super cycle".
Most people panic sell at times of high volatility and using stop loss is a must when trading. So I would advise you to start using stop losses soon.

jrrsparkles

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Quote from: Plaguedeath on May 16, 2023, 04:44:58 AM

First of all I'm not a real trader, but I like to trade to earn small amount profit.

I only use BTC/USDT pair because USDT make me easier to determine how much my coins worth after trade and most liquid stable coin, the reason why I choose BTC is I don't need to worry about it when my trading goes wrong. So if I bought Bitcoin at the peak and the price keep decreasing, I will not sell it, but I will wait for the next super cycle where Bitcoin usually break new ATH.

Keep in mind I never learn about chart, candlestick, trend etc, all of my decision come from my mood and instinct. No stop limit, no follow any signal, no watching my PC for 24/7 etc, just directly buy and sell.

Is there anyone like me here? Cheesy

You are a trader too because you have the intention of selling bitcoin back when price increases so that you can bag some profits. This strategy is often less risky than other forms of trading, such as day trading, as it allows for fluctuations in the market that may occur in the short-term. With long-term trading, traders are better able to ride out the market's volatility and generate returns over a longer period of time. Ultimately, the success of long-term trading depends on various factors, including market trends, risk management strategies, and the individual trader's goals and experience. Since you're good at HODLing then nothing is going to stop you from making profits with your investment.

Ultegra134

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Quote from: Questat on May 17, 2023, 05:34:45 PM

I've also been doing that OP when I was new in the market, I was thinking about security and profit assurance as well. But as we gain more experience and market engagement, I've found out that using altcoins for trading is even more profitable compared to Bitcoin, however, the risk is too high as well which is not recommended for low-risk appetite.

But I would say that if you are already contented with what happened to you, I think placing yourselves in your comfort zone is very important in trading. However, I will still encourage you to try altcoins as well.

Altcoins also yielded greater profits when I used to trade a few years ago. I'm stuck with bitcoin holding now. However, the OP doesn't like that he's actively trading but mostly trying to take advantage of opportunities created during a bear market or generally when it's more volatile than usual and holding till he can sell at a profit. Traders are actively conducting transactions, holding on to the wrong trade might cost them more money than selling at a loss. This is why there are so many tools to assist you when trading (stop loss, etc.). Anyway, we're free to do what we please and what we believe works best for us.

Topic: The reason of why Bitcoin is good for trading (for me) - page 7. (Read 1429 times)