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Showing 5 of 5 results by jeffinjapan
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Board Trading Discussion
Re: Trading sucks, I'll just hold my coins
by
jeffinjapan
on 21/02/2018, 03:51:43 UTC
Yesterday I just lost 1.8k USD, maybe in USA or in West Europe that's doesn't much, but here in my shitty country that's a f* big amount of money. Here the minimum wage is ~ 300 USD / month. So that's like 6 month of work if I cut my bread and water and live on air. Half of my saving were other investments, but anyways... I'm feeling shitty right now. Oh, and I break my laptop. So yeah, that's another - 500 usd.

I though I can trade. Buy low, sell high. Sounds good, doesn't work.

Looking at the charts and candle sticks and watching old bitcoin values, and huge spikes (pump, I saw here how people uses the pump word, daaaamn...) I was... yeah, I can totally do that. I'll just buy when it's low, and sell it when it reaches the top. Well, I was wrong. You can't see the future, otherwise everyone would be a millionaire. That would be true if you would have a delorean from '85 with Emmett Brown and Marty Mcfly and you could f* travel in future and see the PUMPS!!!1

So anyone who will read this message (noobs like me) if you don't have any trading experience, don't do it. There are expert traders who know how this market works, when to buy and when to sell. Don't assume your skills by watching youtube videos and reading "daily indexes and predictions" of how the price will rise or go down by shitty sites. That's just dumb. You don't know what's gonna happen. Maybe a little bit of luck, or I don't know.

So yeah, from now on, I'll just leave the trading area for experts and I will invest in bitcoin by buying every 2 week or monthly and saving into my wallet. And one day (I hope so) the price will rise and I will buy for my self a delorean.

Cheers!

Understandable how you feel, but don't give up! Hodl 60-70% of your coins and trade/fish (or do both) with the remaining. Start slow and go for small 1-3% gains daily, all the while compounding your profits, which will be small at first, especially with a small trading account, but within half a year can be huge.

Spend a bit of money on some day trading/TA courses and educate yourself. Or just bootstrap it and find what you need for free on youtube.

The fact is...many people have made a LOT of money day trading and there is absolutely no reason you can't either....or me....or anyone!
Post
Topic
Board Trading Discussion
Re: Hold or Trade - Which is Better?
by
jeffinjapan
on 21/02/2018, 03:42:22 UTC
I plan on doing both. I have some BTC, ETH & XRP stored in my hard wallet and have these coins as well as some other alts on Binance. I am going to day trade BTC/JPN at my local exchange as well as use BTC for bait at all those fishing holes on Binance!

I will of course continue to buy BTC & ETH to stash away on my hard wallet.

I'm still working on my strategy but this is where I'm at right now...just getting started, basically.
Post
Topic
Board Beginners & Help
Re: A question about how currency pairs work...
by
jeffinjapan
on 21/02/2018, 03:34:53 UTC
I know this is really a dumb question but for me...not so much. I can't, for some reason, completely wrap my head around how currency pairs work in the crypto world, or any other world!

Here goes:

I want to trade the BTC/JPN pair. I want to buy BTC and later sell it for JPN. I live in Japan so I want to accumulate as much fiat currency as possible. In order to initial my trade do I also need to have JPN in my account. Currently I only have BTC.

Or will I need to sell my BTC for JPN and then begin trading the BTC/JPN pair?

For some reason...I just can't visualize how this all works.

Can someone explain this to me or point me in the direction that can?

I can't really say much about the specifics for JPN currency, but here in the US.. you can sign up for an exchange like GDAX/coinbase and transfer BTC there to sell it to withdraw to USD.. you don't necessarily have to buy the USD on that exchange to transfer it to bank account (provided you pass KYC procedures and pay for the fees... if for some reason you need to have JPN currency on exchange to sell, then just buy a stack at whatever price and sell that BTC stack along with the BTC stack you already have later...

On GDAX BTC/USD pair you can for example have 10 bitcoin and 100,000 dollars on the same pair, and having USD for example wouldn't automatically transfer it to your account so you can park it as a placeholder until you wanted to buy with USD at a later date.

the BTC/JPN pair should work both ways however, switching one for the other over and over if youre doing it on an actual exchange instead of some instant "sell now" or "buy now" built into the site as automated...

To answer your question directly you "SHOULD" be able to hodl btc on the exchange until the price reaches a certain price and then sell it to JPN.. you should then have JPN parked on the exchange to either move to withdrawal into a bank account or rebuy BTC at a better price as a day trade.. its hard to imagine the limitations youre describing on an exchange unless its some sort of automated "cash out to bank" by hitting a button and its not really a 2way exchange. 

Thanks for your response. I understand and know already what you explained but I was just curious if I needed to have yen in my exchange account to begin day trading BTC/JPN. I think what I need to do is to sell my BTC that I currently have for JPN and then begin my day trading journey with the BTC/JPN.

I do appreciate your help.
Post
Topic
Board Beginners & Help
A question about how currency pairs work...
by
jeffinjapan
on 21/02/2018, 02:47:11 UTC
I know this is really a dumb question but for me...not so much. I can't, for some reason, completely wrap my head around how currency pairs work in the crypto world, or any other world!

Here goes:

I want to trade the BTC/JPN pair. I want to buy BTC and later sell it for JPN. I live in Japan so I want to accumulate as much fiat currency as possible. In order to initial my trade do I also need to have JPN in my account. Currently I only have BTC.

Or will I need to sell my BTC for JPN and then begin trading the BTC/JPN pair?

For some reason...I just can't visualize how this all works.

Can someone explain this to me or point me in the direction that can?
Post
Topic
Board Bitcoin Discussion
Re: Is holding bitcoin Greedy?
by
jeffinjapan
on 24/11/2017, 03:55:56 UTC
Not greedy at all. A smart plan in my opinion.