Ninjastic
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Topic
Board Altcoin Discussion
Re: How to trade alt coins for a noob
by
drachman
on 25/05/2018, 04:07:47 UTC
Quote from: Driving my lambo to the m on May 10, 2018, 10:11:25 AM
Quote from: drachman on May 09, 2018, 11:01:16 PM
Quote from: Driving my lambo to the m on May 09, 2018, 09:19:46 PM
Hi, let's say I have an alt coin which is traded against ETH. I want to go to sleep and don't want to be caught out with a drastic price drop.  If I want to sell the coin at say 10c, how can I do this as I need to set my stop loss against the price of ETH....but what if ETH changes price overnight too
You're not understanding this correctly, if you buy an altcoin with ethereum the price that you should care about is the price of ethereum not the price of fiat, if you buy some coins for 1 ethereum and then you sell for 1.1 ethereum then you won your trade, in fact you got a very nice profit of 10%, it does not matter if the price of ethereum against fiat went down.

But if ETH was $100 and if if I have 1.1 ETH worth $110 which halves in value, I still have 1.1 ETH but it's now worth $55........so I lost some profit
I will say it again, you should care only about the price of ethereum, it is true that the price of ethereum can change after all it is a cryptocurrency like any other, however if you were to invest in a company and you used dollars you will care about the amount of dollars that you invested, if you invest in an ico and you invest ethereum the only parameter of whether your investment is doing well or not should be the amount of ethereum that you earn.