Reasons why you should NOT trade cryptocurrencies
Member Since Jan 25, 2010
1360 posts
Nov 23, 2018 at 09:39
snapdragon1970 posted:
Only smart way to trade Bitcoin was at the start with an amount you can afford to lose same as any investment.
'Only smart way to trade Bitcoin was at the start...' Same as any ponzi scheme or HYIP.
'...with an amount you can afford to lose' Wise words: nothing is guaranteed in life except death and taxes.
'...same as any investment.' Cyptocurrency cannot be termed an 'investment' in the true sense of the word:
https://www.investopedia.com/terms/i/investment.asp (refer Investments and Speculation)
Member Since Jan 25, 2010
1360 posts
Nov 23, 2018 at 09:39
Bitcoin on the verge of sliding below $4,000 as crypto collapse resumes (Nov 20, 2018)
https://www.marketwatch.com/story/bitcoin-extends-plunge-drops-another-10-2018-11-20
Bitcoin below $5,000 as bloodbath continues (Nov 19, 2018)
https://www.marketwatch.com/story/bitcoin-skid-continues-hits-13-month-low-2018-11-19
Opinion: Victims of bitcoin insanity are quickly piling up (Nov 20, 2018)
https://www.marketwatch.com/story/victims-of-bitcoin-insanity-are-quickly-piling-up-2018-11-20
Fear, Loathing and Opportunity: How Crypto Traders Are Handling the Drop (Nov 21, 2018)
https://news.bitcoin.com/fear-loathing-and-opportunity-how-crypto-traders-are-handling-the-drop/
Crypto scam artist faces up to 20 years in prison (Nov 19,2018)
https://www.marketwatch.com/story/crypto-scam-artist-faces-up-to-20-years-in-prison-2018-11-19
Member Since Mar 02, 2017
50 posts
Nov 23, 2018 at 09:50
togr posted:BluePanther posted:togr posted:BluePanther posted:
'Left holding the bag':
https://en.m.wikipedia.org/wiki/Bagholder
Well BTC is still 4 times the value compared to MAR 2017
Well BTC has lost 70% since its high
You do not get it.
BTC has lost value this way more times and it always end up much stronger.
It is not wise to HODL something under 200 daily SMA. This line is the Aqueronte river in TA.
Trade safely... Remember, a high Drawdown means a high risk!
Member Since Sep 12, 2015
1948 posts
Nov 23, 2018 at 13:05
There are safer things to invest in ,why risk your money on Crypto , its kind of wishful thinking.
"They mistook leverage with genius".
Member Since Sep 12, 2015
1948 posts
Nov 23, 2018 at 13:10
BluePanther posted:snapdragon1970 posted:
Only smart way to trade Bitcoin was at the start with an amount you can afford to lose same as any investment.
'Only smart way to trade Bitcoin was at the start...' Same as any ponzi scheme or HYIP.
'...with an amount you can afford to lose' Wise words: nothing is guaranteed in life except death and taxes.
'...same as any investment.' Cyptocurrency cannot be termed an 'investment' in the true sense of the word:
https://www.investopedia.com/terms/i/investment.asp (refer Investments and Speculation)
Its actually worse than a Ponzi scheme.
"They mistook leverage with genius".
Member Since Jan 25, 2010
1360 posts
Nov 25, 2018 at 07:27
togr posted:
As BTC is such volatile instrument it can lose 75% of its value and recover.
I cannot tell if you are being sarcastic or serious. 😕
Member Since Nov 02, 2018
10 posts
Nov 25, 2018 at 07:38
Is 200 MA really that important? I have tried adding it to my charts and I never really see any resistance around it. That is for Forex not crypto though
Nov 25, 2018 at 07:56
snapdragon1970 posted:
There are safer things to invest in ,why risk your money on Crypto , its kind of wishful thinking.
Same feeling; I know many propels who are hanging on BTCUSD; they basically invested when the price was above 18000$.
Member Since Aug 27, 2017
994 posts
Nov 25, 2018 at 08:15
BluePanther posted:Bitcoin on the verge of sliding below $4,000 as crypto collapse resumes (Nov 20, 2018)
https://www.marketwatch.com/story/bitcoin-extends-plunge-drops-another-10-2018-11-20Bitcoin below $5,000 as bloodbath continues (Nov 19, 2018)
https://www.marketwatch.com/story/bitcoin-skid-continues-hits-13-month-low-2018-11-19Opinion: Victims of bitcoin insanity are quickly piling up (Nov 20, 2018)
https://www.marketwatch.com/story/victims-of-bitcoin-insanity-are-quickly-piling-up-2018-11-20Fear, Loathing and Opportunity: How Crypto Traders Are Handling the Drop (Nov 21, 2018)
https://news.bitcoin.com/fear-loathing-and-opportunity-how-crypto-traders-are-handling-the-drop/Crypto scam artist faces up to 20 years in prison (Nov 19,2018)
https://www.marketwatch.com/story/crypto-scam-artist-faces-up-to-20-years-in-prison-2018-11-19
No doubt, there have so many investors as well as traders, who lost huge capital by cryto currencies especially on BTCUSD.
Member Since Jan 25, 2010
1360 posts
Nov 27, 2018 at 08:01
AmDiab posted:snapdragon1970 posted:
There are safer things to invest in ,why risk your money on Crypto , its kind of wishful thinking.
Same feeling; I know many propels who are hanging on BTCUSD; they basically invested when the price was above 18000$.
Attachments:
Member Since Feb 22, 2011
4862 posts
Nov 27, 2018 at 21:47
BluePanther posted:You still not get itAmDiab posted:snapdragon1970 posted:
There are safer things to invest in ,why risk your money on Crypto , its kind of wishful thinking.
Same feeling; I know many propels who are hanging on BTCUSD; they basically invested when the price was above 18000$.
Last year in January you could have bought 1 BTC for 1,000 USD.
More precisely 966.19.
So even with the drop to $4,000 you could still have 300% profit....
Member Since Jan 25, 2010
1360 posts
Nov 28, 2018 at 07:50
togr posted:
You still not get it
Last year in January you could have bought 1 BTC for 1,000 USD.
More precisely 966.19.
So even with the drop to $4,000 you could still have 300% profit....
So go back to last year and buy some BTC.
I live in the real world and can't time travel.
Member Since Jan 25, 2010
1360 posts
Nov 28, 2018 at 07:50
togr posted:
You still not get it
Last year in January you could have bought 1 BTC for 1,000 USD.
More precisely 966.19.
So even with the drop to $4,000 you could still have 300% profit...
I still do not get your point.
The purpose of this thread is to better understand the risks involved with cryptocurrency, and why it is NOT a sound investment choice. So if a new trader is reading your post, how does that help them?
Sounds like subtle encouragement for them to buy BTC and HODL.
Sounds like you own some BTC yourself and are HODLing.
You need to disclose your conflict of interest.
Member Since Jan 25, 2010
1360 posts
Nov 28, 2018 at 07:53
togr posted:
You still not get it
Last year in January you could have bought 1 BTC for 1,000 USD.
More precisely 966.19.
So even with the drop to $4,000 you could still have 300% profit....
togr posted:
I did not say I am bullish.
I said there is no need to panic.
As BTC is such volatile instrument it can lose 75% of its value and recover.
Is this your point?
Your post would be better suited to the following thread:
https://www.myfxbook.com/community/general/trading-cryptocurrencies-bitcoinetherium-litecoin-etc/1513362,1
This thread is titled 'Reasons why you should NOT trade cryptocurrencies', and aims to 'share important information (especially th risks) related to cryptocurrencies that all investors/traders should be made aware of prior to their foray into this [emerging] market'.
Thank you for your contribution.
Member Since Jan 25, 2010
1360 posts
Nov 28, 2018 at 08:00
togr posted:togr posted:
And it gather 20,000% since its low :)
I did not say I am bullish.
I said there is no need to panic.
As BTC is such volatile instrument it can lose 75% of its value and recover.
You contradict yourself. Optimism toward recovery is 'bullish' to professional traders.
Nov 28, 2018 at 12:11
BluePanther posted:togr posted:
You still not get it
Last year in January you could have bought 1 BTC for 1,000 USD.
More precisely 966.19.
So even with the drop to $4,000 you could still have 300% profit....
So go back to last year and buy some BTC.
I live in the real world and can't time travel.
Very good point. BTC is just risky as hell. It is perfect for hindsight traders but trading it in real time is totally different
Member Since Feb 22, 2011
4862 posts
Nov 28, 2018 at 12:47
BluePanther posted:I was replying to your sentence.togr posted:
You still not get it
Last year in January you could have bought 1 BTC for 1,000 USD.
More precisely 966.19.
So even with the drop to $4,000 you could still have 300% profit....togr posted:
I did not say I am bullish.
I said there is no need to panic.
As BTC is such volatile instrument it can lose 75% of its value and recover.
Is this your point?
Your post would be better suited to the following thread:
https://www.myfxbook.com/community/general/trading-cryptocurrencies-bitcoinetherium-litecoin-etc/1513362,1
This thread is titled 'Reasons why you should NOT trade cryptocurrencies', and aims to 'share important information (especially th risks) related to cryptocurrencies that all investors/traders should be made aware of prior to their foray into this [emerging] market'.
Thank you for your contribution.
...Gonna be awkward seeing relatives again this holiday season if you convinced them to buy crypto last year...
The point is if you bought BTC last year for 1,000 and sell today for 4,000 you still make 300% profit.
Do not try to make my answers reply to something else.
Nov 28, 2018 at 13:57
PinUpGal posted:BluePanther posted:togr posted:
You still not get it
Last year in January you could have bought 1 BTC for 1,000 USD.
More precisely 966.19.
So even with the drop to $4,000 you could still have 300% profit....
So go back to last year and buy some BTC.
I live in the real world and can't time travel.
Very good point. BTC is just risky as hell. It is perfect for hindsight traders but trading it in real time is totally different
I gauss the price should be stable around 1.5-2K USD in near future.
Member Since Jan 25, 2010
1360 posts
Nov 28, 2018 at 14:34
BluePanther posted:
'Left holding the bag':
https://en.m.wikipedia.org/wiki/Bagholder
togr posted:
Well BTC is still 4 times the value compared to MAR 2017
togr posted:
You do not get it.
BTC has lost value this way more times and it always end up much stronger.
togr posted:
And it gather 20,000% since its low :)
togr posted:
I did not say I am bullish.
I said there is no need to panic.
As BTC is such volatile instrument it can lose 75% of its value and recover.
togr posted:
You still not get it
Last year in January you could have bought 1 BTC for 1,000 USD.
More precisely 966.19.
So even with the drop to $4,000 you could still have 300% profit....
I only see circular logic here: 'BTC will recover its losses because it has done so in the past.'
Ever heard the disclaimer: 'Past performance is no guarantee of future performance'?
Or consider why martingales always fail.
Markets do not follow such a creed, and BTC is no different.
Member Since Feb 22, 2011
4862 posts
Nov 28, 2018 at 14:35
BluePanther posted:Nope.BluePanther posted:
'Left holding the bag':
https://en.m.wikipedia.org/wiki/Bagholdertogr posted:
Well BTC is still 4 times the value compared to MAR 2017togr posted:
You do not get it.
BTC has lost value this way more times and it always end up much stronger.togr posted:
And it gather 20,000% since its low :)togr posted:
I did not say I am bullish.
I said there is no need to panic.
As BTC is such volatile instrument it can lose 75% of its value and recover.togr posted:
You still not get it
Last year in January you could have bought 1 BTC for 1,000 USD.
More precisely 966.19.
So even with the drop to $4,000 you could still have 300% profit....
I only see circular logic here: 'BTC will recover its losses because it has done so in the past.'
Ever heard the disclaimer: 'Past performance is no guarantee of future performance'?
Or consider why martingales always fail.
Markets do not follow such a creed, and BTC is no different.
My point is that even BTCUSD drops to 4,000 you still make money if you buy it cheaper.
Whatever.
