i am not a professional advisor, you have to do your own research, but i can say that i have lost a lot and learn from past mistakes to get to where i am today
Crypto is not like forex, stocks or even options trading!
Let me tell you why crypto is the best!
BECAUSE you really don't need SL at all. I have TRIED all the 3 investments above and let me rank them in order of risk level
Forex (commodities included here)
Stocks
Crypto
Options (Not IQ options)
Trust me, you will NEED SL and TP in forex, most risky but a lot profit among all. And why i put options trading at last one? Its weekly and monthly profit where you get to RENT your stocks to buyers
, i made quite a profit but you need A LOT of $ to start and the profit you get is not much!Crypto ranks just nice, not very risky and you can get 100%+ profit, best investment vehicle so far!
Unless it's like last month where we have a WHOLE bloodbath month due to Bitcoin Gold Fork or you are FOMOing on a coin due to news, why i am telling you that stop loss is normally not needed?
Because by now, you should know that ONLY btc and maybe fundamental news can cause ALTs to crash hard! So whether BTC up or down doesn't concern me at all, it's just a small bloodbath. In fact, i don't even take a look at the BTC chart, it's just a waste of time unless there is a major event like BTG fork.
Those who want to profit from BTC, good luck
, also i don't see any benefits from shorting BTC at all.Now, look at my predictions on NOV 6 from my telegram channel https://t.me/cryptopedians, i also posted them on https://twitter.com/cryptopedians
https://steemit.com/bitcoin/@studio9/why-stop-loss-in-alts-is-not-needed-in-cryptocurrency-short-term
(in case you didn't know, BTC went up ATH from Nov 7 - 9)
https://steemit-production-imageproxy-thumbnail.s3.amazonaws.com/DQmWZooKDTzwGqoAr1hJ6eKuAianXT7kgBX85KsguBCcDCb_1680x8400
https://steemit-production-imageproxy-upload.s3.amazonaws.com/DQmUFGU8DAQUz3e3ajB8ZNR8yydqViYN6CgKoEzN1bXt3Ut
(Note that these 2 are just some of my signals, in fact, most of my signals went through small crash before going up)
When i was new to crypto trading, YES! i would have panic like some of you did now in my channel, and would have sold. But i learnt the hard way by losing so much that there is a trick to everything! So now, if there is a small crash, i will just take a quick look at it, that's all.
There will always be alot of haters who get jealous of my 95% accuracy predictions, who cares? haters gonna hate, because they always try to questions me. If you are smart, then don't follow my signals thats all
Till now, i am still learning and accepting criticism too, never letting my ego get in the way.
What do you guys think? Any comment is appreciated.
If you find quality in my work and signals, consider tipping me @ https://www.patreon.com/cryptopedians
For more information, go to https://steemit.com/bitcoin/@studio9/why-stop-loss-in-alts-is-not-needed-in-cryptocurrency-short-term