Cryptocurrency mega-thread

[Evolved1]

Alt Coin season not quite here yet.

We've had 4 and a half months of alt season in succession.

 

[Evolved1]

If you are not balls deep in $ASS you are doing it wrong friendsView attachment 1124826

Each to their own. I'm more of a Pube finance and Cumrocket fan.

 

[BACCS]

I've thought about it several times this year. When I'm confident with leverage trading and shorting, I may bite the bullet...just in time for the bear market.

I’ve got friends that have already done it. Sold their small business and have been full time crypto traders since the start of this year. Started trading early last year. Have you found any good tools to help with leverage trading and shorting? I was doing a bit of research into the Market Cipher tool, but seems quite expensive

 

[Bostonian]

We've had 4 and a half months of alt season in succession.

How so?

We've had a BTC and an ETH run, the third stage is the major alts starting to run.

 

[Evolved1]

I’ve got friends that have already done it. Sold their small business and have been full time crypto traders since the start of this year. Started trading early last year. Have you found any good tools to help with leverage trading and shorting? I was doing a bit of research into the Market Cipher tool, but seems quite expensive

I presume the same tools I'm using for trading will work well with shorting, but leverage trading is a different ballgame. My risk management skills aren't quite ready for it.

If you have a tradingview account, 'ATR trailing stops strategy' and 'supertrend' are respected algorithms. Both are free.

 

[Evolved1]

How so?

We've had a BTC and an ETH run, the third stage is the major alts starting to run.

BTC dominance is down from 73% to 45% since January, and many shitcoins have gone parabolic. Look at doge for example.

 

[Bostonian]

BTC dominance is down from 73% to 45% since January, and many shitcoins have gone parabolic. Look at doge for example.

BTC dominance down but it's ETH doing the majority of that. The ALT majors which I don't include ETH anymore haven't begun their major runs yet.

Shitcoins are a totally different thing. BTC and ETH don't really dictate if they go up and down like other functional coins.

 

[Evolved1]

BTC dominance down but it's ETH doing the majority of that. The ALT majors which I don't include ETH anymore haven't begun their major runs yet.

Shitcoins are a totally different thing. BTC and ETH don't really dictate if they go up and down like other functional coins.

If you mean the promised land of shitcoin runs reminiscient of late 2017, I think we need a vertical BTC run before that happens.

 

[Bostonian]

If you mean the promised land of shitcoin runs reminiscient of late 2017, I think we need a vertical BTC run before that happens.

Depends what you call shitcoins. I've seen some people referring to legit projects as s**t coins.

 

[Evolved1]

Depends what you call shitcoins. I've seen some people referring to legit projects as sh*t coins.

That's an argument I'd rather not get involved in. The only coin I want more of is bitcoin, and I buy alts (including scam tokens) to get more bitcoin.

 

[BACCS]

I presume the same tools I'm using for trading will work well with shorting, but leverage trading is a different ballgame. My risk management skills aren't quite ready for it.

If you have a tradingview account, 'ATR trailing stops strategy' and 'supertrend' are respected algorithms. Both are free.

What do you find better? Having a look at supertrend, seems pretty self explanatory. What’s the difference if Sell is purple vs red though?

 

[Evolved1]

What do you find better? Having a look at supertrend, seems pretty self explanatory. What’s the difference if Sell is purple vs red though?

I use several indicators, though it boils down to gut feel for the most part. No algorithm can process the amount of information a human brain can.

Spend time to digest charts, evaluate different strategies, and find a strategy that works for you. Some people like to dollar cost average, some follow algorithms, some ape, some buy meme coins, etc. There are many knowledgeable traders on yt and twitter to learn from.

 

[Evolved1]

BACCS Purple sell is the arrow?

Buy and sell signals are red and green lines.

 

[Bostonian]

The only coin I want more of is bitcoin, and I buy alts (including scam tokens) to get more bitcoin.

We're on the same page there. Do whatever you can to create that extra capital to own more BTC.

 

[burge13]

People talking about going full-time crypto trader after less than 2 years looking at it are completely delusional...

Pretty easy to make money in a bull market, how will you handle corrections?

 

[ash_1050]

People talking about going full-time crypto trader after less than 2 years looking at it are completely delusional...

Pretty easy to make money in a bull market, how will you handle corrections?

Centrelink?

 

[burge13]

I thought the plan was to make millions now in the crypto bull market then in a month or so you won't have to worry about fu** all ever again .
As it is in the conventional market I am getting richer really really slowly.I will be fu**en loaded in about 90 years the way II am going.

I genuinely hope everyone who gets in, strikes it rich, and retires

But we know the type of person this market attracts. These people will ride their measly investment to 15, 20, 30 bags and rather than sell they'll ride it all the way back down. Probably 'buying the dip' all the way down compounding their loss then finally give up disillusioned by investing...

 

[Bostonian]

I'm more looking forward to the bearish market than the bull run this time around.

 

[thedreadpirateroberts]

with eth going bonkers you really need to be looking in to projects with l2 scaling sollutions etc. cant stress enough of actually investing in coins that have actual use and reason. so many ppl atm just jumping in expecting to to become an instant millionare. doesnt happy. only thing is great for providing liquidity to the market for the rest of us.

 

[owen87]

At what point do you take profit?

For example;

I bought some AION a while back.

Sold most of it, enough to cover my initial outlay + 10% from memory.

Therefore I now have 'free' AION.

It's currently up about 100% from when I started.

Do I take that profit, or, do I free carry it long-term and see if it does a DOGE where it gains 20,000% or something silly?

By take profit, I mean just sell back in to BTC really.

Note: The money I spend on crypto has no real necessity in my daily life, so I don't need to take anything out of it, more the game of seeing some long-term returns / entertainment / become a crypto billionaire and buy my Lamborghini(s).

 

[burge13]

with eth going bonkers you really need to be looking in to projects with l2 scaling sollutions etc. cant stress enough of actually investing in coins that have actual use and reason. so many ppl atm just jumping in expecting to to become an instant millionare. doesnt happy. only thing is great for providing liquidity to the market for the rest of us.

How many projects have an actual reason though?

Some are being used, there's great betting stuff around but why the need for a token (there isn't any). ZedRun looks like a cool concept but no reason this wouldn't work with fiat just the same if not better (as an example of something that is used but why does it need a token. Funfair probably another from memory)

Some stuff using blockchain to automate is great but again, no need for its own coin.

 

[BACCS]

We're on the same page there. Do whatever you can to create that extra capital to own more BTC.

I’m going big on ETH, wouldn’t be surprised if it surpassed BTC market cap eventually. This is coming from a complete noob though, but I have a lot of faith in the ETH tech.

 

[BACCS]

How many projects have an actual reason though?

Some are being used, there's great betting stuff around but why the need for a token (there isn't any). ZedRun looks like a cool concept but no reason this wouldn't work with fiat just the same if not better (as an example of something that is used but why does it need a token. Funfair probably another from memory)

Some stuff using blockchain to automate is great but again, no need for its own coin.

A lot of companies are getting around the smart contract tech

 

[BACCS]

I sold out of Doge and Shiba today, might buy in again if any upward trends start. Basically broke even with both and turned them into ETH, no biggy.

 

[Shupe]

At what point do you take profit?

For example;

I bought some AION a while back.

Sold most of it, enough to cover my initial outlay + 10% from memory.

Therefore I now have 'free' AION.

It's currently up about 100% from when I started.

Do I take that profit, or, do I free carry it long-term and see if it does a DOGE where it gains 20,000% or something silly?

By take profit, I mean just sell back in to BTC really.

Note: The money I spend on crypto has no real necessity in my daily life, so I don't need to take anything out of it, more the game of seeing some long-term returns / entertainment / become a crypto billionaire and buy my Lamborghini(s).

Depends on your strategy, risk tolerance etc.

Are you conservative, or more of a gambler? I have different strategies depending on the coin/token I'm invested in.

For the lower caps, there's more risk, thus I generally have a more conservative strategy (I potentially lose gains, but hey, nobody went broke taking profit). For the higher caps, I'm a bit more aggressive, confident in what I'm invested and can happily HODL through a dip or correction.

Lower MC - Sell 50% at 100% gain. This removes initial profit essentially leaving a free bag. I'll then take 10% every 50% past that. Do this a few times, then leave a moon bag and forget about it.

Higher MC - Sell 33% at 200% gain. Sell 10% every 50% past that, as above.

Some I'll HODL for a long time, unsure about profit taking yet. For me, these are ADA, LUNA, ETH.