[Daily Discussion] Wednesday, July 31, 2019 Bitcoin Markets |
- [Daily Discussion] Wednesday, July 31, 2019
- [Altcoin Discussion] Wednesday, July 31, 2019
- The resumption of the Bitcoin rally on the eve of halving is already on the threshold
- How to Make Trading Your Full-Time Career: Tips From a 7 Figure Trader
| [Daily Discussion] Wednesday, July 31, 2019 Posted: 30 Jul 2019 09:05 PM PDT Thread topics include, but are not limited to:
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| [Altcoin Discussion] Wednesday, July 31, 2019 Posted: 30 Jul 2019 09:06 PM PDT Thread topics include, but are not limited to:
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| The resumption of the Bitcoin rally on the eve of halving is already on the threshold Posted: 31 Jul 2019 09:36 AM PDT Despite the recent fall of Bitcoin prices by 33%, the situation on the market looks optimistic in the medium to long term, the CoinDesk analyst Omkar Godbole believes. According to his observations, the three-day chart moving averages (MA) with periods of 50 and 100 formed the so-called "Golden cross", which is clearly a bullish signal. This intersection is observed for the first time since the beginning of February 2016. The previous intersection of these MA took place on February 3, 2016, six months before the second halving in the history of Bitcoin. After that, the bull rally accelerated and in December 2017, the price of digital gold reached an absolute maximum near the $20,000 mark. The third halving should take place in May 2020, that is, in less than a year. It will reduce the amount of regular emission, and thus, making the first cryptocurrency more scarce. A decrease in the market supply of an asset with constant or growing demand is known to inevitably push the price up. Investors' optimistic expectations are likely to push the price to new heights in the medium term. Also, according to the efficient market hypothesis, history repeats itself. Thus, the retest of the heights reached at the end of 2017 is likely only a matter of time. BTC is currently trading around $10,000, which is 31.55% below the June high at $13,880. The bearish pattern of falling highs is still relevant. The downward slope of the 5-and 10-day MA is also not encouraging. Bearish moods also find expression in RSI indicators, which are currently below 50. On the other hand, the decline in the values of this indicator has slowed significantly, indicating some easing of pressure from sellers. This hypothesis, in particular, is confirmed by the short stay of the price below the $9400 mark — buyers quickly won back the lost positions. Thus, a psychological retest of $10,000 may be just around the corner. However, to get free from the clutches of bears, the price must overcome the level of $11,120, corresponding to the last falling maximum. Earlier, Sebastian Sinclair expressed the opinion that in the short term bears control the situation on the market, as the price of Bitcoin is held below MA 50 on the daily chart. Also, for those who want to learn a little more about what Halving is, we have an article on our blog: https://blog.swapspace.co/2019/07/18/what-is-halving/ [link] [comments]  |
| How to Make Trading Your Full-Time Career: Tips From a 7 Figure Trader Posted: 30 Jul 2019 09:20 PM PDT Hi r/BitcoinMarkets my name is Brad, I run the website taughtu where we post a new article or interview every Friday. Last week we were fortunate enough to feature an article from a very good trader and friend of mine I wanted to share it with you all. Hope it helps! How to Make Trading Your Full-Time Career: Tips From a 7 Figure Trader ------------------------------------------------------- Where to start? How to become a trader? How long does it take? What type of trader should I become? How hard is it to become a full-time trader? I can't even begin to explain how many times these questions have been asked to me over the past few years in conversation with friends, family and even new traders. I've had numerous jobs in the private sector in which the path to the top is quite clearly defined; You start at the bottom (after some sort of formal education), after a few years of hard work you become manager and then slowly progress to the top after many hours of "working for the man". The beauty about trading is that there is no generic path that anyone takes to become a full-time trader. Personally, I've met people from all walks of life from university graduates, former professional athletes, people from traditional blue-collar jobs and the list goes on. There is no common feature I've noticed within the industry so in terms of what does it take to become a full-time trader? In my mind, it comes down to the sheer will power to succeed as a trader. Finding Your Trading Style Having attended university and studied Economics/statistics, my "edge" lies in the fact that I'm extremely competent with numbers and understand probabilities better than the average individual. It's very important to recognize early on what type of traits you have in life that give you an advantage over everyone else in the market. Are you a person that has a very fine eye for detail? Are you good at long term strategy games? Do you have quick reflexes? Are you a patient person? These personality traits may be your biggest advantage without you even being aware of it. Work with the traits that come naturally and don't conform to what your twitter idol says about how you should trade. There are an unlimited amount of ways to trade the market so find what feels natural to yourself. Mindset I've recently seen all these "Youtube traders" that show off their Lamborghini's, nice watches and penthouse views overlooking the beach. These guys aren't traders, they are marketers, that are feeding their lifestyle off people who believe trading is a way to get rich quick. If you want to lose all your money within a month, then these are the guys to follow. The people that are actually making money trading are the ones that are locked away in a room for 15+ hours a day grinding away at work and trying their best to figure out how to trade. It blows my mind that attitude/mindset barley gets talked about with new traders. In all honesty, I believe that mindset is single-handedly the most important thing to get right when starting out as a trader. You WILL get beaten, you WILL get burnt, you WILL go through rough patches as a new trade, this has happened to every successful trader so don't think you are alone. You must come into the trading space with an attitude to learn, trading is an art form that takes time to perfect, even once you believe you have perfected it, markets will change, and you will have to re-adapt. Now If I'm being totally honest my mindset/goals don't even revolve around dollars/coins anymore, my goals revolve around being the best trader I can possibly be and maximizing each and every opportunity to the best of my ability, with this mindset, money will inevitably follow. Risk Management So I want to split this up into two different sections, Beginners and anything past intermediate, so find which part best suits you. Beginners SMALL SMALL SMALL. START SMALL. Hopefully by this point of the article you understand trading isn't a get rich quick scam, but something you must devote a lot of time and energy to. You WILL lose money when you first start out trading so do yourself a favor and either trade with a trial account or trade with a minuscule amount of money that you don't mind losing. In terms of trading risk management, make sure you understand what type of trading style you are using and manage risk depending on this. Don't overdo the leverage! Leverage is a marketing ploy to promote exchanges, so when an exchange states they offer 100x leverage, it doesn't mean you should be using that amount of leverage! Play safe out there and use protection (stop losses). Intermediate + You guys should already know how to appropriately manage risk and have the basics down, so, I just wanted to share one thing with you all. I see too many people get comfortable with doing "well" as a trader and becoming content with the amount of money they are making. Regardless of the reasoning, I'm under the belief that you should never be completely comfortable while trading or that's a sign that you are not pushing yourself to your upper limit. So long as you are a profitable trader my recommendation is to always be pushing more size and testing yourself. This doesn't mean do 10x your normal position size but size up accordingly whilst managing risk. Putting It All Together Trading is a pure meritocracy, where your performance is all in the numbers and there is no one to blame but yourself for the PnL on your screen. That's why I love trading over any traditional job where you are stuck next to the useless person you work with having to pick up slack. If you really want to escape that rat race and are really willing to put in the effort to become a full time trader, I wish you the best of luck and hopefully you too can make it! Hopefully you've learnt a thing or two whilst reading this article and I've helped at least one of you out there in your trading! (This was a guest post from Glimmery, make sure to give him a follow and let us know if you'd like to see a part two). - Find more at taughtu.com [link] [comments]  |
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