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Reasons why you should NOT trade cryptocurrencies

AniLorak
Nov 29 2018 at 14:41
920 Posts
Crypto currency doesn’t mean only BTC. There have so many coins; so I think, there have a good future for crypto.

jamesgwyther
Nov 29 2018 at 14:48
289 Posts
Paquito posted:
Already got a strong bounce from BTC up $1000 in a couple of days. Could be the start of a rally up to $20,000 again.


Every time Bitcoin has a small rally someone says it is going to $20k again lol

Matt (BluePanther)
Nov 29 2018 at 14:48
1356 Posts
togr posted:
Once again - my last comment.
BTCUSD is at $4,000.
What does it mean? If you
bought at $20,000 and sold today you lost a lot.
bought at 1,000 and sold today you make a lot.
If you are holder than hodl.

Imagine selling it at 20,000 and buying e.g. XRP. That could make a lot of profit. yeah time machine - but that does apply even to physical asset like gold.
If you bought GOLD for 1,200 at JAN 2017 and sell today you get zero profit or loss:)
All assets price is changing. EUR drop a lot of value as well.
It is up to you to make profit at the end. Or accept small loss.


Amazing. I do not know what to say.
Great reason not to trade cryptocurrency?
Thanks for your contribution.

Matt (BluePanther)
Nov 29 2018 at 14:49
1356 Posts
togr posted:
Check this out BTW


Yeah, completely understand.
What goes up must come down... eventually.
Thanks!

Matt (BluePanther)
Nov 29 2018 at 14:49
1356 Posts
AniLorak posted:
Crypto currency doesn’t mean only BTC. There have so many coins; so I think, there have a good future for crypto.


The same with penny-stocks: so many they must all have a good future.
You had better invest in all of them.
A wise investment decision.

Matt (BluePanther)
Dec 02 2018 at 07:29
1356 Posts
Hunker down, crypto owners, the worst is yet to come: Fred Wilson (Nov 29, 2018)
https://www.marketwatch.com/story/hunker-down-crypto-owners-the-worst-is-yet-to-come-fred-wilson-2018-11-29?siteid=rss&rss=1


Bitcoin at odds with economic laws - Paul Donovan from UBS (Nov 29, 2018)
https://www.fxstreet.com/cryptocurrencies/news/bitcoin-at-odds-with-economic-laws-paul-donovan-from-ubs-201811290911


Whither Bitcoin? A Review of Past Cycles for the World’s Oldest Cryptocurrency (Nov 29, 2018)
https://www.fxstreet.com/cryptocurrencies/news/whither-bitcoin-a-review-of-past-cycles-for-the-worlds-oldest-cryptocurrency-201811291444


The wild fluctuations in value is not a desirable characteristic of a ubiquitous stable method of exchange.
The historical performance is more akin to 'pump-and-dumps' and/or ponzi schemes.

jamesgwyther
Dec 02 2018 at 07:30
289 Posts
Just trade it both ways :)

AmDiab
Dec 02 2018 at 07:31
718 Posts
BluePanther posted:
AniLorak posted:
Crypto currency doesn’t mean only BTC. There have so many coins; so I think, there have a good future for crypto.


The same with penny-stocks: so many they must all have a good future.
You had better invest in all of them.
A wise investment decision.


Yes; but I am more excited on crypto. Even I see, so many impressive new coins.

Matt (BluePanther)
Dec 03 2018 at 07:32
1356 Posts
Matt (BluePanther)
Dec 03 2018 at 07:33
1356 Posts
AmDiab posted:
Yes; but I am more excited on crypto. Even I see, so many impressive new coins.


What are you waiting for? Just buy it already!

Vali12
Dec 03 2018 at 09:39
2 Posts
On my mind, cryptocurrency is a good chance for earn money only if person is a very expirienced, spent a lot of time observing it's lifecycle. So, if person is a beginner, it's better to start with something easier on demo account.

jayjoh
Dec 03 2018 at 12:33
10 Posts
i agree. crypto's are highly volatile, newbie cannot handle it but it isn't easy to trade for an experienced person as well. predictions go wrong all the time. like i predicted that by the end of the year maybe the price will have some rise, but i was wrong. so i won't say you shouldn't trade but you should have a very wide risk margin.

vontogr (togr)
Dec 03 2018 at 12:35
4862 Posts
jayjoh posted:
i agree. crypto's are highly volatile, newbie cannot handle it but it isn't easy to trade for an experienced person as well. predictions go wrong all the time. like i predicted that by the end of the year maybe the price will have some rise, but i was wrong. so i won't say you shouldn't trade but you should have a very wide risk margin.


There are more cryptos to trade than just BTCUSD
While BTCUSD is had dropped a lot there are other interesting pairs where you can still buy

Matt (BluePanther)
Dec 03 2018 at 13:22
1356 Posts
togr posted:
jayjoh posted:
i agree. crypto's are highly volatile, newbie cannot handle it but it isn't easy to trade for an experienced person as well. predictions go wrong all the time. like i predicted that by the end of the year maybe the price will have some rise, but i was wrong. so i won't say you shouldn't trade but you should have a very wide risk margin.


There are more cryptos to trade than just BTCUSD
While BTCUSD is had dropped a lot there are other interesting pairs where you can still buy


@jayjoh:
1. The entire market has dropped more than 80%:
https://www.cnbc.com/2018/11/23/cryptocurrencies-have-shed-almost-700-billion-since-january-peak.html

2. 80% of new ICOs fail:
https://www.investopedia.com/news/80-icos-are-scams-report/

jamesgwyther
Dec 04 2018 at 07:33
289 Posts
If people are comfortable trading it then there is no reason why they shouldn't.

Vali12
Dec 04 2018 at 09:33
2 Posts
Guys, how do you think, what is the difference in dependencies of currency and cryptocurrence markets?

Matt (BluePanther)
Dec 04 2018 at 10:53
1356 Posts
jamesgwyther posted:
If people are comfortable trading it then there is no reason why they shouldn't.


Of course. Trade it if you want to.

This thread is NOT A DISCUSSION.
This thread is simply a collection of negative reasons that traders should consider before they pursue crypto.

Matt (BluePanther)
Dec 04 2018 at 10:57
1356 Posts
jamesgwyther posted:
If people are comfortable trading it then there is no reason why they shouldn't.


BluePanther posted:
This thread is in response to Leo23's discussion: 'Trading the cryptocurrencies Bitcoin,Etherium, Litecoin etc....'
https://www.myfxbook.com/community/general/trading-cryptocurrencies-bitcoinetherium-litecoin-etc/1513362,1

I am blocked and unable to post in his thread, but I would like to share some important information related to cryptocurrencies that all investors/traders should be made aware of prior to their foray into this new market.

My only questions are:
- Is this another case of Tulip-mania?
- Does Leo23 have a vested interest in garnering support for investment interest in cryptocurrencies?

Here is an important article I think the community should read to get a better understanding of recent growth in cryptocurrency demand (specifically BTC):

https://protradingresearch.com/2017/12/14/one-bank-believes-it-found-the-identity-of-who-is-propping-up-the-bitcoin-market/

Sharing (information) is caring. 😎 Feel welcome to share your personal and professional opinion on cryptocurrencys, especially if Leo23 has blocked you from his thread. Please backup all opinions with evidence where possible. Unfounded opinions, posts contrary to generally-accepted social norms of respect, and posts in breach of myfxbook's Terms of Use are deemed inappropriate and may be reported.

Full disclosure: I have invested $0 in cryptocurrencies, and have 0 intention to do so any time soon. The phenomenal gains are the only reason it has caught my curiosity. I will continue to trade 'normal' forex only TYVM.

Amancio
Dec 04 2018 at 10:58
10 Posts
jamesgwyther posted:
If people are comfortable trading it then there is no reason why they shouldn't.


To right, Crypto is high risk and speculative. I people understand that then why not trade it. I have just bought $1000 in BTC, sure it may fall to zero but I can live with that. If price goes back up to $20000 then that is awesome. Worth the risk for me (but not necessarily for others)

Matt (BluePanther)
Dec 04 2018 at 12:31
1356 Posts
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