[Daily Discussion] Friday, December 29, 2017 Bitcoin Markets |
- [Daily Discussion] Friday, December 29, 2017
- Seven Deadly Trading Mistakes That Every Rookie Makes
- Why should you should be trading for more Bitcoin & not more USD
- Buy and Hold 100 Crypto for 5 Years - Week 3 - $1410 Gained
- How many of you are day trading BTC?
- Cryptocurrency or Pokemon Quiz — Can you tell which one is which?
- Corporation friendly exchange?
- coingecko and kraken showing completely different prices
- Best anonymous exchanges: Shapeshift, Changelly, MorphToken, Flyp.me. Others?
- Kraken.com showing 0 trades in the last 15 minutes
- The BCH Arbitrage Blues
- Has anyone been able to withdraw USD from Cex.io to a USA account? Any way to do it?
- Does there exist an intra-exchange arbitrage opportunity?
- How do people make money with these fees trading?
- HITBTC trades Inside Best Bid/Offer
- Couldn't a "bank run" on Tether merely result in the price of Bitcoin skyrocketing?
- Bitcoin Korea?
- Wonky Trading Acronym Help
- Bittrex: Missing tag on XRP Deposit
| [Daily Discussion] Friday, December 29, 2017 Posted: 28 Dec 2017 08:06 PM PST Thread topics include, but are not limited to:
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| Seven Deadly Trading Mistakes That Every Rookie Makes Posted: 28 Dec 2017 08:11 PM PST So you've created a Coinbase account, bought your first fraction of a bitcoin and followed up with half a litecoin. You're now ready to become a cryptocurrency trader. You fire the lot over to an exchange where the first coin you purchase shoots up by 10% before you sell, smug in the knowledge that you've made it. Thanks to an inspired strategy of "Buy low, sell high", you're going all the way: the blue tick Twitter account, the audience of newbs hanging on your every call and the obligatory meme car in the driveway. It was all shaping up so well, until you went and committed one of the following rookie mistakes… Trading's Deadliest Sins The following advice will be sneered at by more seasoned traders, but hand on heart, who can say they have never committed any of the following? The mark of a great trader lies in their ability to learn from their rookie mistakes. To become great, first you must become humble, and there's nothing more humbling than buying a pumped cryptocurrency at the top, bragging about the sick gains you're about to make and then getting rekt. Chasing P&Ds Watching a vertical green candle shoot skyward is one of the most pleasurable sights a trader can see – provided you bought at the bottom. If you don't have a horse in the race, however, the envy can be overwhelming. It's all too easy to FOMO hard and pile in with everything you've got. Occasionally it'll pay off; more often than not it'll leave you in a fetal position on the floor. A cryptocurrency suddenly rocketing in price isn't always a sign of a pump and dump scheme in place; positive news or promotion by a major influencer can also cause it to soar. It's important to understand why a coin is rapidly rising though before you buy in. Otherwise you risk getting rekt. Many novice cryptocurrency traders experiment with pump and dump groups that promise instant profits with zero effort. After getting burnt once or twice, most are shrewd enough to learn their lesson and pursue smarter trading strategies. Buying Into Illiquid Markets For your coin to go up in price, it needs to have someone else willing to buy it. The trouble with many emerging altcoins and many small exchanges is that they have extremely small order books. You may be convinced that Sprouts (SPRTS) is the future of cryptocurrency, but unless enough other traders share that sentiment, you risk being lumped with a coin that no one is willing to buy, or at least not at the price you're seeking. There's nothing wrong with buying a coin whose fundamentals you admire as a long-term hodl. In the short-term, however, these 'undiscovered gems' are susceptible to a lack of liquidity. Impatient traders, bored of waiting for the coin to rise, may be forced to sell for substantially less than they had hoped. Setting the Wrong Price Hands up if you've ever misread a zero when setting up a trade, set your sell order 10x too low and had your coins gleefully snapped up? When you're dealing with altcoins that are priced in fractions of a bitcoin, it's an easy mistake to make: you think you're setting a sell order for 0.0000457 BTC only to discover that you actually placed it at 0.00000457. Most exchanges will fill your order for the highest bid on the orderbook at the time, sparing your blushes. Some sites, however, such as Etherdelta, aren't so accommodating. Always double-check the buy or sell price you're setting before you hit the execute button. Sending the Wrong Coin to an Exchange Wallet If you've mistakenly sent bitcoin cash to a bitcoin wallet, don't bank on your exchange bailing you out. Some will, but the larger exchanges are unlikely to ride to the rescue. It's your responsibility to check before sending funds to an exchange wallet, as mistakes are almost impossible to rectify. Other rookie mistakes include sending ethereum tokens to an ethereum exchange wallet, or requesting mining pool rewards be paid straight to an exchange. Don't do that. Revenge Trading You're pissed because you backed out of buying a coin at the last moment and it then mooned. Or you bought a dead cert – an absolute banker – and it flopped. Angry, you pile everything you've got into the next coin in the green and try to ride that train to Profitville. In doing so, you're overexposing yourself and entering a market that you have failed to research. What are your entry and exit positions? Why is the coin rising in value? You have no idea, because you're acting on raw emotions. Revenge trading is the equivalent to catching your partner in the arms of another and then blindly throwing yourself at the first thing you can find to 'even the score'. 9 times out of 10 it'll all end in tears. The more you can disassociate your emotions from your trading, the better you'll become. Overtrading Just as too many cooks spoil the broth, too many trades spoil your gains. It's an easy trap to fall into, and one that every novice trader makes. You buy a coin and wake up the next day to find it's risen by 20%. Better sell, right, and cash in your profit? Not necessarily. As the mantra goes "Cut your losses and let your winners run". Selling an asset simply because it is in profit is a simplistic trading strategy that's liable to rob you of some of your greatest gains. There's nothing more frustrating than selling a coin at a modest profit only to watch it appreciate 10x. Overtrading to collect minuscule gains will also see an increasing amount of your assets eaten up by exchange fees. Overconfidence On a hunch, you buy a coin and watch it double in price over the course of the next week. You repeat the process with another coin and the same thing happens. You are the bomb. You're the man. Everything you touch turns to gold. On a roll, you pile into your next pick, which you can just sense is ready to moon. And then…and then it dumps. What happened? You got cocky, that's what. A little self-belief is healthy; it's what empowers traders to go against the flow and make their own decisions. Overconfidence, on the other hand, is a surefire recipe for disaster. That's when you disregard the warning signs, buoyed by a sense of invincibility. Eliminating these seven deadly mistakes doesn't mean you qualify as a professional cryptocurrency trader; that's still years away, characterized by late nights and early mornings spent staring at screens and mastering charts. Cut out the rookie errors though and you might just survive long enough to become a pro. [link] [comments]  |
| Why should you should be trading for more Bitcoin & not more USD Posted: 28 Dec 2017 07:53 PM PST This is a constant thought I keep seeing on the Crypto community, I quite don't understand the hate on wanting to make more USD and not just pile up Bitcoin. Could anyone explain why is this? I'm open to any answers & opinions. Thank You! [link] [comments]  |
| Buy and Hold 100 Crypto for 5 Years - Week 3 - $1410 Gained Posted: 29 Dec 2017 04:57 AM PST It's the 3rd week since the experiment started and I'm really impressed by the result, the overall gain is of $1,410.99 USD (141.1%). Bitcoin (BTC) price continues to ride a rollercoaster this week and just bounced back at $14,851.00 USD. Let's talk about our Top 5 cryptocurrencies. For the second week in a row, the best overall gainer is Verge (XVG), when I bought it 3 weeks ago, the price was as low as 0.00792891 USD and it's now 0.16364615 USD, a major gain of 1963.92 %. It's been another incredible week for Verge, many big investors jumped in, seeing a big potential and waiting for the release of Wraith Protocol. Sunerok, the main Developer of Verge confirmed that it will be released before the end of 2017, so we should have the big news really soon. Exciting times ahead! Tron (TRX) still sitting in the second position and hasn't disappointed. The protocol source code has just been released and the roomers about new big exchanges implementing it made it a stable gain for our experiment. I bought 2500 TRX at 10.04 USD, worth now 91.98 USD, a gain of %816.43. Ripple (XRP) is on a continues rise. The price just broke the $1.50 USD wall and it took the 3rd spot on coinmarketcap. With 100k readers on Reddit, it's community is getting stronger everyday and pushing this crypto its highest so far. Qtum (QTUM) getting a trader position in the Asian market is doing wonders, bringing us a gain of 364.00 % On the 5th spot, we have a new entry the DigiByte (DGB). When we bought it 3 weeks ago with 9.62 USD we received 679.95 (DGB) and now the total is worth 41.93 USD. Another impressive 335.84 % gain. Profit of the week in USD: $1,410.99 Profit of the week in BTC: 0.10 BTC Top 5 cryptocurrencies so far : Verge (XVG) +1963.92 % , from $9.62 to $198.55 Tron (TRX) +816.43 % , from $10.04 to $91.98 Ripple (XRP) +513.22 % , from $9.75 to $59.78 Qtum (QTUM) +364.00 % , from $9.77 to $45.34 Digibyte (DGB) +335.84 % , from $9.62 to $41.93 Link to the blog : [link] [comments]  |
| How many of you are day trading BTC? Posted: 28 Dec 2017 10:39 PM PST Watching the GDAX trading in my browser all day long (yes, I spend a lot of time on my computer) and seeing the wild swings from $13K to $15K. I'm not doing this myself but it seems it would be very easy to trade the swings and accumulate quite a stash. But, admittedly, I'm a noob. What am I missing? Surely it can't be that easy. Thanks for any feedback. [link] [comments]  |
| Cryptocurrency or Pokemon Quiz — Can you tell which one is which? Posted: 29 Dec 2017 09:40 AM PST |
| Corporation friendly exchange? Posted: 29 Dec 2017 09:31 AM PST I have been looking for an exchange with a reasonable policy for corporate accounts, i.e. Without a nightmarish process of verification requiring countless documents that makes it very hard for small corporations to comply in good faith. Do you know of any? Recommend any? [link] [comments]  |
| coingecko and kraken showing completely different prices Posted: 29 Dec 2017 09:28 AM PST this is probably/definitely a rookie question but the price of Ripple on Kraken and Bitstamp is $1.68 at present. On Coingecko and coinmarketcap is $1.85. Why is this? What is the actual price? [link] [comments]  |
| Best anonymous exchanges: Shapeshift, Changelly, MorphToken, Flyp.me. Others? Posted: 29 Dec 2017 09:13 AM PST So far, the list of these instant, anonymous exchanges ... i.e., ones that require no-registration and are (relatively) instant include: Are there any others that are trusted (i.e., that are not scams)? [link] [comments]  |
| Kraken.com showing 0 trades in the last 15 minutes Posted: 29 Dec 2017 03:03 AM PST Has anyone seen the price change or any trades occur on Kraken.com the the last 15 minutes? [link] [comments]  |
| Posted: 29 Dec 2017 07:00 AM PST Just sharing this as a fun little aside. So I run mostly arb strategies. As most people know, in order to do arb "right" you need to hold coins on each exchange so you're not leaving yourself up to risk of a big price swing while you wait for a transfer. Well when GDAX added BCH, I had to pick up a few extra BCH to serve as arb inventory there. I didn't even buy at the absurd top and I'm down 28% on those coins, more than I'll make in six month's worth of using them to run arb, haha. Crypto giveth, crypto taketh away. :-) May your trading go better than my BCH! [link] [comments]  |
| Has anyone been able to withdraw USD from Cex.io to a USA account? Any way to do it? Posted: 28 Dec 2017 11:46 PM PST Bank transfer, Mastercard, and Visa are not supported for accounts based in the United States. This seems to be a huge white elephant problem. How can I get USD to a USA account? After seeing only negative reviews for Cryptocapital.co (and I mean only negative reviews: horror stories of losing over 10k because of them), I cannot in good faith use them, and evidently I cannot use my visa card or my bank account. How do I get my money out of cex.io? Does anyone at all know any way around it? [link] [comments]  |
| Does there exist an intra-exchange arbitrage opportunity? Posted: 28 Dec 2017 08:33 PM PST Hi guys, I was wondering if it's worth the effort to code up a bot to make risk free arbitrage gains within a single exchange. I'm talking about the loops that exist on a single exchange, for example ltc->eth->btc->ltc. [link] [comments]  |
| How do people make money with these fees trading? Posted: 28 Dec 2017 09:54 PM PST Sorry for the noob question, I am extremely new. I have heard of people saying it was easy to make 1-2% gains per day and make money and it was better than chasing those big gains of 10% plus. Binance has 10% fees and I don't understand how can people make short term money with 1-2% gains trading per day. Could someone help me understand what am I missing? I already lost some money so I'm just trying to learn. I apologize again for the newbie question, thank you all. [link] [comments]  |
| HITBTC trades Inside Best Bid/Offer Posted: 28 Dec 2017 01:22 PM PST I constantly see trades on HITBTC at prices which are inside the Bid/Offer spread. Example: best bid is $1,00, best offer is $2.00. The time & sales will show tons of trades taking place at $1.50, $1.65, etc. I dont see any hidden order types available through HitBtc - so what gives? Is it just some people have much faster API bots? [link] [comments]  |
| Couldn't a "bank run" on Tether merely result in the price of Bitcoin skyrocketing? Posted: 28 Dec 2017 08:36 PM PST And it would be impossible to differentiate between positive price action? I do worry [link] [comments]  |
| Posted: 28 Dec 2017 06:48 PM PST Why does everyone keep talking about Korea when speculating prices? Is there a correlation? Nice answers please, I'm genuinely trying to learn here. [link] [comments]  |
| Posted: 28 Dec 2017 04:44 PM PST Hey folks, somewhat newbie. I have searched the Googles and can find nothing about some wonky acronyms I'm seeing tossed around on twitter. A resource or explanation would be much appreciated. They include: B-ST SB-LT SB-ST ASB-LT [link] [comments]  |
| Bittrex: Missing tag on XRP Deposit Posted: 28 Dec 2017 01:38 PM PST I forgot to add the tag to an XRP deposit that I made to my Bittrex XRP wallet. Has anyone had any luck getting one of these resolved? If so, what was the time frame? Thanks! [link] [comments]  |
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