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Showing 8 of 8 results by TurboAMG
Post
Topic
Board Marketplace (Altcoins)
Topic OP
Having trouble understanding relationship between BTC price and Alt prices.
by
TurboAMG
on 18/05/2020, 14:13:51 UTC
I am having trouble understanding how profit works on Altcoins. If I buy an Altcoin at a certain BTC price when BTC is high but then BTC plummets and the coin goes up or down how does the profit work? Do you profit at all when BTC goes down regardless of what you purchased the Altcoin for?
Post
Topic
Board Trading Discussion
Re: New to trading
by
TurboAMG
on 16/05/2020, 15:02:57 UTC
Thank you all for your great advice here. I have a lot to learn about trading and what to do to start making profit but I think it will be fun to educate myself on these topics. Hope to be able to come back on here to talk about my success in the future.  Cheesy
Post
Topic
Board Trading Discussion
Re: New to trading
by
TurboAMG
on 15/05/2020, 21:49:21 UTC
Based on how you currently described your situation my guess is what you are trying to say is if averaging down with cryptocurrency is possible? If that is what you are asking the question is it depends on you. Are you willing to take a paper loss and still continue to buy the same asset for a better margin of safety? If you are you can average down right now and hold Bitcoin at a loss temporarily. Keep in mind that this is really not a common method since people tend to the what is best which is shorting the crypto asset which aside from giving you some profit you will also buy them at a cheaper price with a bigger capital from your gain. If you have the ability to short crypto assets right now I would recommend you on doing that.

I am prepared to ride it out with a few crypto's and Bitcoin at this point as times are looking more positive than they have been lately. I'm trying to flip my Neo and buy back in in as well

Well if you are prepared to ride it out based from your findings you gave in the OP I'm afraid that's a bad way of analyzing price predicting, you are more speculating rather than do any kind of analyzing itself. Just like how people predicted that Bitcoin will FOMO just because of the halving, and we all have witness that nothing spectacular has happened. This is just one example of one kind of event doesn't lead into some price action that's why you should not always stick one event and assume it will benefit the price.

Well, the reason I am sticking with it is because I trust in Neo. I did sell some earlier today which was a good move and I am currently waiting on a dip. I have been trying to get better on reading the charts too though but I don't know how helpful they can really be as Bitcoin itself and obviously Altcoins are so volatile. I've been trying to find trends but have been unsuccessful  Undecided Undecided
Post
Topic
Board Trading Discussion
Re: New to trading
by
TurboAMG
on 15/05/2020, 16:43:38 UTC
Hello All,

I was hoping to get some advice as I am brand new to crypto and trading. So if I have bought an Altcoin or bitcoin at a higher price than it is now should I sell and buy the dip or does crypto not work like that? I am trying to find the best way to start making small profits.

Any help is appreciated.

Based on how you currently described your situation my guess is what you are trying to say is if averaging down with cryptocurrency is possible? If that is what you are asking the question is it depends on you. Are you willing to take a paper loss and still continue to buy the same asset for a better margin of safety? If you are you can average down right now and hold Bitcoin at a loss temporarily. Keep in mind that this is really not a common method since people tend to the what is best which is shorting the crypto asset which aside from giving you some profit you will also buy them at a cheaper price with a bigger capital from your gain. If you have the ability to short crypto assets right now I would recommend you on doing that.

I am prepared to ride it out with a few crypto's and Bitcoin at this point as times are looking more positive than they have been lately. I'm trying to flip my Neo and buy back in in as well
Post
Topic
Board Trading Discussion
Re: New to trading
by
TurboAMG
on 15/05/2020, 16:33:39 UTC

users who says buy the dip are the ones who accumulate coins every time the price dips. rule of thumb is to sell your coins for a higher price. higher from the price where you bought it for you to profit which is why most are just waiting for price pumps before selling. you can also do the same, it keeps you waiting but usually it won't take weeks for prices to spike or dip for more than 2%.



Ok thank you. Does this same principal apply to the price of Bitcoin as well?

its the basics. if you bought an altcoin for 0.00001BTC it has to be more than 0.00001BTC when you sell this altcoin otherwise youre not accumulating BTC. same applies for USD price. buying the coin for $1 and selling it for more than $1.  

you will only have to learn when to buy because it doesn't look that easy as it may sound. some of us will teaches you the bottom or at every dip. but how to learn which is the bottom and the dip. RSI is actually a good indicator to use for this.

NEO is a good project to invest. profitable for long term because it gives GAS if you stake NEO.

https://i.imgur.com/EDgTCUY.png

there is a chance for the coin to drop to $7 if it retrace back to retracement line 75 and its RSI says the price is over bought which is could go down to $7.
don't think of it as a real analysis from a pro, this is base to my analysis alone. but once the RSI reaches to its lowest like the green line i draw, that would be the bottom of it and that means a good time to buy more NEO.

damn! what did i eat to day.

Thanks so much for showing me this! I honestly had no idea what RSI was before now lol! This really helps to determine when to sell. I'm going to take some time to make sure that I properly understand how the chart works as well. CryptoCompare seems to have a good one.
Post
Topic
Board Trading Discussion
Re: New to trading
by
TurboAMG
on 15/05/2020, 14:52:31 UTC
It depends on some of factors.

1. Are you actually day trading? or making a short term trade?
2. Why did you buy that coin in the first place?
3. If you bought a certain coin at a higher price and the price lowers then you sell, well, that's automatically a loss. Sure, you can buy when it dips, but what if it dips lower? The point is, we can't guarantee where the prices will go.

Ultimately, if you're new to trading, prepare to initially have LOTS of losses. If you're not willing to do a lot of reading and research and if you're not willing to risk your money at the start of your trading journey as it's almost guarantee for you to lose money in the beginning, then maybe think twice with your plans.

Not to discourage you though, just to keep things realistic, and so you wouldn't be surprised if you aren't doing well at the start.

P.S. Most traders lose money.

I initially started trading in late 2018 and put a couple hundred into Bitoin and some Alts. I then let the chips fall where they may and didn't look back into Crypto up until a few months ago. I currently still hold some Neo and Bitcoin. I chose Neo because I like their roadmap and think they can be something in the future. Even though I am not BRAND new, there is still a lot for me to learn regarding day trading which I have only attempted a few times and, as you say, have lost plenty. I don't have too much left in crypto so I am very comfortable trading at this point as even if I lose it all it's not a huge deal for me.
Post
Topic
Board Trading Discussion
Re: New to trading
by
TurboAMG
on 15/05/2020, 14:36:12 UTC

users who says buy the dip are the ones who accumulate coins every time the price dips. rule of thumb is to sell your coins for a higher price. higher from the price where you bought it for you to profit which is why most are just waiting for price pumps before selling. you can also do the same, it keeps you waiting but usually it won't take weeks for prices to spike or dip for more than 2%.



Ok thank you. Does this same principal apply to the price of Bitcoin as well?
Post
Topic
Board Trading Discussion
Topic OP
New to trading
by
TurboAMG
on 15/05/2020, 14:06:54 UTC
Hello All,

I was hoping to get some advice as I am brand new to crypto and trading. So if I have bought an Altcoin or bitcoin at a higher price than it is now should I sell and buy the dip or does crypto not work like that? I am trying to find the best way to start making small profits.

Any help is appreciated.