[Finance] The cryptocurrency (Bitcoin etc) thread

[Berty23]

just done my first ever trade on etoro today !! ($120 on XRP) quite scary watching the movements. The moment you buy you are showing a loss because of the spread. started with 2.50loss and watched red after red after red (gulp) as the 2.50 quickly became 3.67 before a few greens appeared and slowly recover to 2.22 down as i just checked. have set a take profit of 1.25 (currently 0.99) - is expecting 25% gain an unrealistic goal? Also havent yet set a stop loss so would appreciate some input on what you guys do. Since im on risking $120 (and i lost more than that on one spin of a roulette wheel today!) i dont know whether i should bother with stop loss / panic sell and leave it there for the longer term? i guess this applies to the TP too? maybe its not worth taking with just $25+ profit??

Any guidance for a worried newbie would be appreciated

Don’t check it too often. It will send you mad! When you can take some profit.

 

[Albion Dan]

just done my first ever trade on etoro today !! ($120 on XRP) quite scary watching the movements. The moment you buy you are showing a loss because of the spread. started with 2.50loss and watched red after red after red (gulp) as the 2.50 quickly became 3.67 before a few greens appeared and slowly recover to 2.22 down as i just checked. have set a take profit of 1.25 (currently 0.99) - is expecting 25% gain an unrealistic goal? Also havent yet set a stop loss so would appreciate some input on what you guys do. Since im on risking $120 (and i lost more than that on one spin of a roulette wheel today!) i dont know whether i should bother with stop loss / panic sell and leave it there for the longer term? i guess this applies to the TP too? maybe its not worth taking with just $25+ profit??

Any guidance for a worried newbie would be appreciated

Mate it’s $120. Are you really bothered if you lose it all? Just leave it and check it in a weeks time and set an alarm where you want to cash out?

 

[giveusfalmerplease]

Mate it’s $120. Are you really bothered if you lose it all? Just leave it and check it in a weeks time and set an alarm where you want to cash out?

like u say its 120 but i'm planning doing more so yes 120 loss would be a acceptable loss but i wouldnt want to do that on all trades!. im looking to do this to replace my slot/casinos so would likely be doing frequent buying/selling rather than long-term, hence my question about stop loss/take profit percentages. I know it s 100% personal opinion and one person might happily take 10% profit whilst another might risk waiting it out for 25% or more, hence my question

 

[WhingForPresident]

just done my first ever trade on etoro today !! ($120 on XRP) quite scary watching the movements. The moment you buy you are showing a loss because of the spread. started with 2.50loss and watched red after red after red (gulp) as the 2.50 quickly became 3.67 before a few greens appeared and slowly recover to 2.22 down as i just checked. have set a take profit of 1.25 (currently 0.99) - is expecting 25% gain an unrealistic goal? Also havent yet set a stop loss so would appreciate some input on what you guys do. Since im on risking $120 (and i lost more than that on one spin of a roulette wheel today!) i dont know whether i should bother with stop loss / panic sell and leave it there for the longer term? i guess this applies to the TP too? maybe its not worth taking with just $25+ profit??

Any guidance for a worried newbie would be appreciated

r/cryptocurrency has a lot of useful tips and advice, it's a decent community. Most coins have their own subreddits as well which can be useful.

 

[Albion Dan]

like u say its 120 but i'm planning doing more so yes 120 loss would be a acceptable loss but i wouldnt want to do that on all trades!. im looking to do this to replace my slot/casinos so would likely be doing frequent buying/selling rather than long-term, hence my question about stop loss/take profit percentages. I know it s 100% personal opinion and one person might happily take 10% profit whilst another might risk waiting it out for 25% or more, hence my question

You won’t lose it all but with xrp they have a case with the SEC in the states. If they win or it gets settled as most believe then it’s likely to fly. If they lose then it will probably collapse.

 

[Djmiles]

I have $1k invested in an Ethereum ETF within my Tax Free account (Canada), so no more having to worry about capital gains. Topped up while the price dipped, am very confident it will be back up to $4,000 USD by early June.

 

[dwayne]

A monthly close over $44k would be MEGA bullish.

In a sane market yes.

Sent from my SM-G977N using Tapatalk

 

[knocky1]

What are the best trading platforms for ethereum and bitcoin? What are ball park commission rates?

 

[Marshy]

HODL strong people. Short term trading is a mugs game, you have to be very skilled to make profit.
Not so much at the moment but generally.

I have never sold one token/coin as yet. that may change over this bull run we shall see.

 

[knocky1]

HODL strong people. Short term trading is a mugs game, you have to be very skilled to make profit.
Not so much at the moment but generally.

I have never sold one token/coin as yet. that may change over this bull run we shall see.

I'd call it a bear market.

 

[Marshy]

I'd call it a bear market.

you would be wrong. Things are about to get interesting.

 

[Tyrone Biggums]

I'd call it a bear market.

Based on what?

 

[Tyrone Biggums]

 

[Lower West Stander]

Its not a bull or bear market. that is a long term definition

Its just a market where no one has a clue what's going on.

 

[CheeseRolls]

HODL strong people. Short term trading is a mugs game, you have to be very skilled to make profit.
Not so much at the moment but generally.

I have never sold one token/coin as yet. that may change over this bull run we shall see.

So what are you sitting on if you don't mind me asking?

 

[Justice]

like u say its 120 but i'm planning doing more so yes 120 loss would be a acceptable loss but i wouldnt want to do that on all trades!. im looking to do this to replace my slot/casinos so would likely be doing frequent buying/selling rather than long-term, hence my question about stop loss/take profit percentages. I know it s 100% personal opinion and one person might happily take 10% profit whilst another might risk waiting it out for 25% or more, hence my question

If this is your plan you need to find an edge in the market, I may hold a trade for 5 mins to two days max I like to get in and out and bank the profit. Saying that it took me ten years to find a consistently profitable edge. Good luck.

 

[Albion Dan]

If price stays below 21 weekly moving average (like it is now) for more than one weekly candle then there is a risk the indicators show that we are heading towards the end of the bull market. It has never had weekly candles close below in a bull market before. Pi Cycle top has also suggested its the end. However quite a few other models suggest continuation. We're at a crossroads. I think more likely we'll recover but certainly not taking anything for granted.

 

[Tyrone Biggums]

HODL strong people. Short term trading is a mugs game, you have to be very skilled to make profit.
Not so much at the moment but generally.

I have never sold one token/coin as yet. that may change over this bull run we shall see.

Exactly.

This is the beginning of the future of crypto in many ways.

The chain blocks that could be around for the next 10-20 years are still in their infancy at present.

Sit on some of these coins for 5-10 years and the returns could be very lucrative.

Some may disappear, but some will in the future the coins people new to crypto look back and wish they got on at $X amount.

I'm sitting on 80% of my portfolio and adding small amounts to those holds each time there is a down turn.

 

[knocky1]

you would be wrong. Things are about to get interesting.

Based on what?

A bear market is a 20%+ drop from a recent high sustained for a number of weeks. A bull market is a 20% plus rise from recent lows sustained over a number of weeks.

Of course cryptocurrency investors know everything and would claim this is a price correction as Bitcoin marches on to $100,000 by September.

 

[Tyrone Biggums]

One way for people to get good at crypto is to specialise in a specific sector of the crypto market.

It makes it much easier to stay on top of things is you only look for news and releases in one or two sectors.

If you're into gaming for example concentrate on that sector with a crossover of NFTs in the mix.

You'll end up having an edge in that market.