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Reasons why you should NOT trade cryptocurrencies
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BluePanther

Member Since Jan 25, 2010  770 posts Matt (BluePanther) Dec 22 2017 at 15:19 (edited Dec 22 2017 at 15:46 )
“Op: a set of planned actions for a particular purpose.” ~ Merriam-Webster Dictionary

“You can’t solve a political problem with a financial product.” ~ Catherine Austin Fitts

This week Harry Blazer joins me for a Special Solari Report to discuss the dark side of the cryptocurrency revolution. Whether you choose to speculate in cryptocurrencies or not, make sure you understand their deeper nature as bubbles.


https://solari.com/blog/special-solari-report-bitcoin-the-op-with-harry-blazer/

https://www.capitolreader.com/sum/10211-masterswitch.pdf

https://solari.com/blog/bitcoin-101-with-sarah-wiesner/

What separates those who go under and those who rise above adversity is the strength of their will and their hunger for power. - 50 Cent
BluePanther

Member Since Jan 25, 2010  770 posts Matt (BluePanther) Dec 23 2017 at 03:12 (edited Dec 23 2017 at 03:29 )
PETER SCHIFF - Bitcoin may look profitable, this is a trap that you should never be fooled by - update 2017



Temporarily offline? Woops: can't offload the BTC while the price is high; losing money by the minute (poor BTC investors)







https://investivdaily.com/how-will-you-react-to-volatility
Investors usually hold through the downturn only to sell in capitulation and buy back in when things turn back to optimism which leads to terrible long term returns. Where are you now on the above chart and how does your emotional state influence your investing activities? It’s extremely important to have a clear strategy in place for when we see an increase in volatility as this will prevent you from making emotional decisions.

What separates those who go under and those who rise above adversity is the strength of their will and their hunger for power. - 50 Cent
BluePanther

Member Since Jan 25, 2010  770 posts Matt (BluePanther) Dec 23 2017 at 05:11
Bitcoin/Cryptocurrency is a Government Conspiracy (2017)



How the Bitcoin Bubble Will Pop

What separates those who go under and those who rise above adversity is the strength of their will and their hunger for power. - 50 Cent
johndoe2016

Member Since Mar 25, 2016  51 posts johndoe2016 Dec 23 2017 at 08:50
More than 95% of forex traders lose money trading forex

https://www.theforexguy.com/forex-traders-lose-money/

In some cases only 2% are profitable.

Who earns money on forex?

Banks and brokers.

Stop promoting forex it is a pure gamble, like a casino.

BluePanther

Member Since Jan 25, 2010  770 posts Matt (BluePanther) Dec 23 2017 at 13:22 (edited Dec 23 2017 at 13:51 )
@johndoe2016
The title of this thread is 'Reasons why you should NOT trade cryptocurrencies'.
I welcome your input on cryptocurrencies and why they are to be avoided.

There is another thread if you wish to promote cryptocurrencies, by Leo23:
https://www.myfxbook.com/community/general/trading-cryptocurrencies-bitcoinetherium-litecoin-etc/1513362,1

johndoe2016 posted:
Stop promoting forex it is a pure gamble, like a casino.

Please understand:
1. there is a big difference between cryptocurrencies and forex.
2. myfxbook is a forex community: I question why you are a member if you do not support forex trading.

johndoe2016 posted:
More than 95% of forex traders lose money trading forex
In some cases only 2% are profitable.

3. you seem to be part of the 2% that is profitable in forex trading (congratulations). Though it is most unfortunate that profitability does not endow intelligence. Why do you advertise your hypocrisy?

What separates those who go under and those who rise above adversity is the strength of their will and their hunger for power. - 50 Cent
Dove777

Member Since Sep 01, 2016  9 posts Dove777 Dec 24 2017 at 09:44
johndoe2016 posted:
 
'Without security, law and order there will be no international trades' - this is the old system.

Think about what you are saying if we replace currency with the internet

'Without security, law and order there will be no internet'. Computers can make transactions with no humans overseeing them. Think about how ridiculous it is when you want to advocate manual work rather than a robot doing it.

'Without a manual worker, there will be no cars being made' yet cars are being made with robots.

So the old system = fiat currency will of course push peoples boundaries since they will violently reject the new.

Not saying anything about the price about btc but talking about fiat currency vs digital currencies with a limited amount.

Also on this site people are invested in fx so they want btc to fail otherwise they would have to learn something new.

In the end if btc and other digital currencies win, fx fiat trading will disappear like all old forms. Blockbuster vs netflix etc. Napster vs the music industry that kept on rejecting the new.


The problem with your reasoning is the fallacious logic used.

No doubt that AI and robotics will replace manual activities in the future but that itself doesn't mean that cryptocurrencies will replace fiat currencies. That is a fallacy of equivocation.

mmltd

Member Since Aug 04, 2017  23 posts Money Management (mmltd) Dec 24 2017 at 09:47
johndoe2016 posted:
More than 95% of forex traders lose money trading forex

https://www.theforexguy.com/forex-traders-lose-money/

In some cases only 2% are profitable.

Who earns money on forex?

Banks and brokers.

Stop promoting forex it is a pure gamble, like a casino.


Every business is a gamble, unless you know what you are doing and are good at it. With the right skills, trading(forex, stocks, commodities) is actually one of the safest business opportunities out there.

Market is always right!
TrumpsForexHack

Member Since Nov 29, 2017  30 posts TrumpsForexHack Dec 24 2017 at 09:48
johndoe2016 posted:
More than 95% of forex traders lose money trading forex

https://www.theforexguy.com/forex-traders-lose-money/

In some cases only 2% are profitable.

Who earns money on forex?

Banks and brokers.

Stop promoting forex it is a pure gamble, like a casino.


 We should then focus on what the 2% know. Clearly the 2% don't invest and flip these currencies as we see on the charts day in and day out. It is only the retailers that buy/sell and hold for the big win but no one on wall street trades that way.

TrumpsForexHack

Member Since Nov 29, 2017  30 posts TrumpsForexHack Dec 24 2017 at 09:48
BluePanther posted:
Bitcoin/Cryptocurrency is a Government Conspiracy (2017)



How the Bitcoin Bubble Will Pop


 Nice videos. However, it doesn't change the fact that we can profit a lot 'trading' it!

I mainly sell bitcoin but it moves and has the same patterns as forex. Why not do it?



Attachments:

BluePanther

Member Since Jan 25, 2010  770 posts Matt (BluePanther) Dec 24 2017 at 18:12 (edited Dec 24 2017 at 18:30 )
TrumpsForexHack posted:
Nice videos. However, it doesn't change the fact that we can profit a lot 'trading' it!

I mainly sell bitcoin but it moves and has the same patterns as forex. Why not do it?




Agreed. Well done my friend. cool

I am unable to change the thread title from 'Reasons why you should NOT trade cryptocurrencies' to 'Reasons why you should NOT invest long-term in cryptocurrencies'

Indeed, it would be a more accurate title to this thread, and this is the purpose I intended. Cryptocurrency has volatility ten times higher than gold (so I heard somewhere) - if your broker permits it, trade the hell out of it! Just don't invest in it long-term (or rather, only invest money you can afford to lose - consider it lost already). cool

Thank you for your input!

PS. In addition to increasing margin requirements, IC Markets has 'Close Only' on BTCUSD positions.


What separates those who go under and those who rise above adversity is the strength of their will and their hunger for power. - 50 Cent
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