Post
Topic
Board Altcoin Discussion
Re: How to escape loss as an altcoin trader
by
Iyanu14
on 08/04/2020, 07:16:44 UTC
I want to assume that there are few people, who make several profits from trading altcoins, but sell their profit to bitcoin, and then over time while holding bitcoin, it dumps and their profits dips alongside bitcoin.

Why not do it this way ?
Since you trade mostly in altcoins, as soon as your make your profits, sell them to stable coins or fiats, close that trade chapter.

If you are passionate about hodling bitcoin, always convert to usdt or other stable coins and be patient for a fair entry point. Because the market isn't running away

What do you think everyone ? is there a better pattern that can be practiced?

I am open to more suggestions.

It is almost impossible to avoid loss totally in trading, loss is part of risks taken in trading.  What I could have said is mitigating loss as a trader.  Loss can definitely be reduced to the nearest minimum by taken some precautions and through experience.
1.  Don't be greedy: once you get some gain from that investment, it's OK. Don't wait until everything is forfeited
2.  Don't put your whole eggs in one basket.  Spread your potential loss or risks across investments and not just one.