Using BTC only for Trading? - page 3.

wxa7115

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Quote from: worldtraveller321 on June 30, 2021, 07:03:25 AM

Your thoughts on this. Do you think one can be successful just day trading on BTC only vs the other coins/tokens? thanks

You can be profitable if you just trade bitcoin against other coins, in fact this is something that many traders do, there is jut one problem, it seems you want to be a day trader and I will be honest with you day trading is by far the hardest way to trade the markets, so my question is have you tried to trade bitcoin on longer time frames and have you been successful doing it?

If the answer to that is no whether because you have not tried it or because you have failed to become profitable then you need stop and take your time before you try day trading, day trading is only for those that know the market inside out and they can apply their strategy in a blink of an eye, if you do not have that then you will become a loser relatively quickly if you try to day trade.

Raflesia

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I said only whales can do it through BTC because they play more btc than other traders, honestly I can't do that even though it can be said to be low risk because with stablecoins and for me with some altcoins what I do can bring me receive more rewards like Shiba INU which yesterday took advantage of it, so not only btc but altcoins also play a role so I don't think about risks because everything has a risk.

Many traders are afraid of altcoins because large disposals in an instant have no value at all, I think this is a big risk but what can I believe with some of the altcoins above can provide great rewards with low capitalists but once pumped into further profits his.

xSkylarx

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Quote from: worldtraveller321 on June 30, 2021, 07:03:25 AM

Your thoughts on this. Do you think one can be successful just day trading on BTC only vs the other coins/tokens? thanks

I prefer trading altcoins that really has a real project not like those memecoins or dog-related coins where it is only driven by hype. Trading good altcoins like bnb, eth, ada, matic, etc. will give you more profit compare to trading bitcoin. Altcoin's potential to double in short-term is easy to achieve, just look at bnb at the start of this year. If you can only afford to have a small capital, trading altcoins is alot better than bitcoin. If you trade bitcoin, you won't feel your profit if your capital is not thst big.

janggernaut

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I'm using BTC and Stablecoin, such like USDT & BUSD. Buy some promising altcoin with those coins whatever which lower. If the price crash on bitcoin, i will use bitcoin, but if bitcoin crash, i will use stablecoin. It's simple as that

cabron

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BTC/Stablecoin indeed. If your sell position isn't filled, you can always look at the chart to see if the price had reached its peak and decide to sell. If it's yet not, you hold them as your next option. Holding while the price dips below your buy price is stressful. This is why I want to sell as much as possible as long as I can take profit and know there is a higher chance of dips later, I can adjust the selling price.

Hypnosis00

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I use BTC/BUSD trading more often, sometimes I change it depending on the market situation. The good thing about using stable coins is safer than using volatile coins as a trading pair to BTC.
Using Bitcoin alone is profitable but sometimes it makes you bored and while waiting for the place order to get filled, you can do a trade to other coin/s. If you have a huge capital, it is much better to use 2-3 coins for trading where you can really maximize your time when you are at your computer. That is exactly how we wisely spend our time.

taufik123

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Only by trading Bitcoin can people be successful and have many advantages, it depends on how to trade, conduct price analysis and trade with discipline. BTC is the most valuable coin right now, holding bitcoin has more potential than holding altcoins like shiba inu, which have a higher risk of losing value quickly. Bitcoin is the main reference for the price of other altcoins. So just trading using BTC and stablecoins, it is enough to make one successful and earn a lot of profit.

shield132

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If you read meaningless reddit posts about Shibu, please ignore them. Shibu is really high risk - high reward coin, it gained 30 000% since it's launch but in reality, I think these coins have zero value and are driven for no reason like Dogecoin.

In bitcoin trading, if you want to increase your profits, you can use Futures trading and use more than 1x leverage. For example, if you use 10x leverage and bitcoin increased in price by 1%, then you'll profit will be 10% of your capital instead of one but keep in mind that 1% decline means 10% loss too.

You can also use leveraged tokens trading for lower risk compared to futures trading (I mean liquidation).

There are also some altcoins that increase 2x, 3x and even more when bitcoin rises, for example let's take BNB and Matic (they depend on Ethereum's price but in overall, Eth follows BTC too). BNB is a great for low risk - high reward because the CEO does everything to make this coin top, so, great back!
And Matic, just see the charts, this coin is doing unbelievably well.

jossiel

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Every trading strategy has its potential to grow and if you think that this suits your way, you're likely to get a success from it. What you have to do is get to know what you're doing.

And if you're already good with btc/stable coins pairs and if you're focusing on it for the meantime. That's fine, as long as you're executing your trades properly, that's all that matters.

The Cryptovator

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Trading and holding, I am doing both. To be honest, Bitcoin using mostly for trading. We can't ignore that truth although Bitcoin was created as a peer-to-peer decentralized cryptocurrency. For me, I don't trust any altcoin for holding a long time. Because I learned from my past mistakes. An altcoin is just for trading, if you are a good trader then you may increase your portfolio by trading Bitcoin with alts or stable coins. If you are increasing BTC or holding it, means it will be the same forever. Doesn't matter in USD value. But holding altcoin means you would lose everything. Even Bitcoin recover quickly, some altcoins never would be recover.

Yogee

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Quote from: Kong Hey Pakboy on June 30, 2021, 08:27:38 AM

Quote from: Yogee on June 30, 2021, 07:51:49 AM

The advantage of trading BTC only is the fact that it's less manipulated by pumps and dumps since it has the highest trading volume.

Are you for real? Bitcoin not being manipulated that much? I don't think so, let me give you some example: Elon Musk tweets, whales making waves, and China FUD are some that I can think of in terms of manipulating the prices.

It's either you have a poor reading comprehension or you are ignorant of manipulations done on coins or tokens with small trading volume. I said "less manipulated by pumps and dumps" and I even mentioned the reason why. Comment again if you still do not understand that.

indo1

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I think it's more fitting than having to use btc for payment, because bitcoin is very unstable as a means of payment, I think that's also the reason the government banned it at this time, but thanks to the strong bitcoin community, btc is perfect for investment.

swiftbits

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Quote from: crwth on June 30, 2021, 12:02:46 PM

Quote from: worldtraveller321 on June 30, 2021, 07:03:25 AM

Vs holding an unstable alt coin such as something like Shibu Inu or some of those other alt coins that could disappear or dump lots within a day or a few hours. Also have no value in long term to hold an alt coin?

Be careful in trading meme coins. You can easily lose more than half of your capital if you have traded the wrong timing.

Right! These meme coins out there don't have any use case, traders will eventually sell once they reach their profit goals
Then it will be dumped and become less valuable, with a low chance of climbing back.

I still preferred getting out of our comfort zone; try risking small for a day trade on other coins.
Widen your connections. Some traders out there share some great insights.

Imran232

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In my opinion trading is the only option where we can generate profit no matter marker going up or not. Now you may Ask how much people can generate profit like that. We always give a simple answer like expert traders. Now here is the best point we know that no one becomes expert traders in a day or he/she can't get expertism from there mother baby bump. So then what is answer if you ask those expert traders about there journey then you will get a simple answer only lose amout now made me expert traders today. Yes in everyone’s journey always a tough journey if the person can overcome with those bad time and follow his strategy then its a gurantee he will get his goal. He can be get a experienced experts crown. Thank you.

crwth

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Quote from: worldtraveller321 on June 30, 2021, 07:03:25 AM

I ask for those who just use Bitcoin for trades?
Do you think just focusing on Bitcoin to do trades back and forth using Stablecoins such as USDC etc a good focus?

I believe you should ask yourself first what you want to accumulate before anything else. Is it USDC or BTC? Or are you just going to hedge every time the price is going a different way?

Quote from: worldtraveller321 on June 30, 2021, 07:03:25 AM

So if you put yourself in a Buy position and the sell position does not happen. Just being left holding that BTC is a safe position regardless.

That's what some traders are doing. They are putting their way with pairs that they don't mind holding for the long term. They don't care about short-term paper losses, they only care about what's going to happen in the long run.

Quote from: worldtraveller321 on June 30, 2021, 07:03:25 AM

Vs holding an unstable alt coin such as something like Shibu Inu or some of those other alt coins that could disappear or dump lots within a day or a few hours. Also have no value in long term to hold an alt coin?

Be careful in trading meme coins. You can easily lose more than half of your capital if you have traded the wrong timing.

Shenzou

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Quote from: worldtraveller321 on June 30, 2021, 07:03:25 AM

For all of you who do trading in Cryptocurrency.

I ask for those who just use Bitcoin for trades?
Do you think just focusing on Bitcoin to do trades back and forth using Stablecoins such as USDC etc a good focus?

More less being a safe avenue in case you miss the sell off targets as markets change.

I am thinking yes we all know just holding BTC is always seen as something as value.

So if you put yourself in a Buy position and the sell position does not happen. Just being left holding that BTC is a safe position regardless.

Vs holding an unstable alt coin such as something like Shibu Inu or some of those other alt coins that could disappear or dump lots within a day or a few hours. Also have no value in long term to hold an alt coin?

Your thoughts on this. Do you think one can be successful just day trading on BTC only vs the other coins/tokens? thanks

Trading bitcoin is a lot more safer and also a lot more profitable than any other altcoin, altcoins seems to be easily manipulated yet people constatnly try to trade them in hopes of making good profit to the fact that the prices are a lot more cheaper but with that the prices can get affected really easily, but with bitcoin even if a couple of people with a large amount sell it won't affect it that much, bitcoin is high investment high profit trade.

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Quote from: worldtraveller321 on June 30, 2021, 07:03:25 AM

For all of you who do trading in Cryptocurrency.

I ask for those who just use Bitcoin for trades?
Do you think just focusing on Bitcoin to do trades back and forth using Stablecoins such as USDC etc a good focus?

More less being a safe avenue in case you miss the sell off targets as markets change.

I am thinking yes we all know just holding BTC is always seen as something as value.

So if you put yourself in a Buy position and the sell position does not happen. Just being left holding that BTC is a safe position regardless.

Vs holding an unstable alt coin such as something like Shibu Inu or some of those other alt coins that could disappear or dump lots within a day or a few hours. Also have no value in long term to hold an alt coin?

Your thoughts on this. Do you think one can be successful just day trading on BTC only vs the other coins/tokens? thanks

It depends on how you describe that success because if you focus on making money, it could be possible to make money from bitcoin trading.
Besides that, it will depend on how much money you use for trade because if you use bigger money to trade, you can make a big profit for daily trading, but that will depend on how good your skills.
The altcoin can help you make a profit besides bitcoin, but you need to search for more by analyzing to get the right coin.
If you only focus on bitcoin, I think that is enough to make a profit and make money.
You should choose for yourself.

mk4

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Trading solely bitcoin is low risk low reward (in contrast to the whole cryptocurrency space, of course). Trading altcoins, especially low-cap altcoins like Shiba Inu(like you said) is high risk high reward. Which type of risk:reward trades you should go for will totally depend on you.

NeuroticFish

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When I did trade, I traded certain altcoins vs Bitcoin, back and forth.
But @Yogee is right. Altcoins, especially those with lower volumes, can be (and are) much more manipulated than Bitcoin markets.
Also if something exceptionally good or bad happens on Bitcoin market, it's reflected automatically in the altcoins too, so if you trade altcoins vs dollar/stablecoins it may be even more complicated.

However, my advise is to trade the coins you know, those you are familiar with the development and whatever happens now in "their world", else you may get (easily) surprised by the price movements.

Kong Hey Pakboy

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Quote from: Yogee on June 30, 2021, 07:51:49 AM

The advantage of trading BTC only is the fact that it's less manipulated by pumps and dumps since it has the highest trading volume.

Are you for real? Bitcoin not being manipulated that much? I don't think so, let me give you some example: Elon Musk tweets, whales making waves, and China FUD are some that I can think of in terms of manipulating the prices. To OP, this should be moved to Trading Discussion, at the lower left of this thread you can see "Move Topic", you can click it and there you can choose where you want to move it.

Topic: Using BTC only for Trading? - page 3. (Read 554 times)