Yes you are correct – right now there is no hard wallet that can hold every coin. As for checking if a coin is based on ERC-20 tech, I don’t know of a fast way to do this, I normally just google individually, but there is probably a database out there somewhere. Happy trading amigo!
My current favorite book on trading is the super simple Top 10 Trading Setups: How to Find them, When to Trade Them, How to Make Money with Them. Like all trading books, I prefer the paper copy, as opposed to the Kindle edition, as the chart pictures are easier to see.
Alright, you asked for it, here’s a VERY BASIC breakdown of some of my top picks for 2018, these are just my opinions, this is not financial advice. Always do your own research. I am not responsible if you lose your house.
Another reason many choose Bitcoin over traditional stocks and fiat currencies is because of its fantastic volatility. To a long term investor, volatility might be a bad idea and promotes instability. However, day to day traders can benefit enormously with the amount of volatility which is seen in Bitcoin every day. We are all aware of the reason for this volatility as well, as all new currencies experience it. This is especially true when knowledge of the currency is low alongside the relatively low network effect. But this doesn’t mean the currency is bound to fail, and all it means is that Bitcoin needs more time to mature. For a day to day trader, those are golden words.
I believe that the volatility creates a great opportunity for trading crypotcurrency that may not exists in the future. That’s why I want an experienced traded who was/is successful at day-trading to answer that question.
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Not all the coins we expect and we predict will go up every day. Fighting in the crypto world also has a challenge like this, just as we trade in the real world. Sometimes we sell, and sometimes do not sell. So, we’ll get profit when we are lucky.
I love your excitement.. As for books, unfortunately there mostly all garbage and ihave read a ton of trading books. Nothing like learning direct from a fulltime trader who makes his living in the markets. Especially if that trader isn’t trying to sell you anything. The best people to learn from are those who don’t want anything from you because they are already successful on there own. I make plenty of money trading, I’m just happy to help others in my spare time 🙂
When he talks about how a market might take weeks or months to play out, in the parallel universe of crypto trading, that could play out in days. We literally just saw the market crash out 40%, going full bear, and then recover in two days to new heights. That’s how fast it moves.
I came to my senses on 18 May, 2017 when I underwent an epiphany. I then made a new (self-imposed) rule : broadly track the Top 10 cryptoassets in my portfolio, regardless of my opinion about their individual merits.
Don’t be greedy. No one ever lost money taking a profit. As a coin begins to grow, the greed inside us grows along with it. If a coin increases by 30%, why not consider taking profit? Even if goals are set to 40% or 50%, you should at least pull out some of the profit on the way up in case a coin doesn’t reach the goal. If you wait too long or try to get out at a higher point, you risk losing profit you already earned or even turning that profit into a loss. Get into the habit of taking profits and scouting for re-entry if you want to continue reaping potential profits.
A total of $1.6 billion have been globally raised via ICOs already, but as I mentioned, ICOs were recently banned in China, so the Securities and Exchange Commission (SEC) is receiving immense pressure to propose similar rules to regulate the ICO phenomenon as well. So any US-based companies planning their ICO might want to reconsider. You can find a comprehensive list of upcoming ICOs on CoinSchedule.com, although I recommend that you look but don’t touch. Now it not the time for ICOs.
Keep in mind that there are sometimes very smart people behind it that try to push the envelope of what is done till that moment but in the end, the unit in one way or another relates to the value of other established currency, which is the format all currencies are following
Why? Because the people that didn’t cash out during the pump (called “bag holders”) don’t want to sell their coin at the bottom, at a much lower price. It goes without saying that if the price of a coin you’ve bought moves upward quickly, it’s best to cash out, back into Bitcoin. And If it’s a good coin that you want to invest in for the long term, make sure you buy back in after a dump. Sometimes it is better to focus on accumulating good coins rather than making more Bitcoin, because a good coin will always rise again.
The most reliable exchange I’ve found is Bittrex.com. There are other exchanges: some are good, some are bad, some have been shut down already — the Mt. Gox scandal might ring a bell. Some people are discouraged from cryptocurrency altogether when there’s news of an exchange getting shut down or coins being stolen, but I see all of this as a right of passage for any new market that is still in its infancy. I find it very encouraging that most of these shady exchanges have been terminated and their CEOs have been doxxed and sued to hell.
This form was an attempt at creating a decentralized digital currency system to replace the heavily restricted Icelandic currency known as krona. The use of Bitcoin in Iceland is also very restricted. This is part of the reason why Baldur Odinsson, a pseudonym of an unknown entity, created Auroracoin. This coin was launched in 2014 and uses Scrypt as a hash algorithm and POW for transaction authentication. The creator of Auroracoin attempted to boost the knowledge of Auroracoin amongst the general public and increase its network effect by distributing 50% of all generated Auroracoins to the population of Iceland. This action was dubbed the “airdrop.” The airdrop was delivered in three phases, after each phase the value of Auroracoin was drastically decreased and after the final stage all remaining Aurora coins were burned by sending them to a non-existing address labeled “AURburnAURburnAURburnAURburn7eS4Rf.” Since April of 2015 and the previous destruction of pre-mined Auroracoin, the value of each coin has stabilized and has been on the rise.
If you are doing any active trading, set stop losses. For any coins not in your medium or long-term holds, always set stop losses. This is important for several reasons — the most obvious is mitigating your losses. But more importantly, you force yourself to decide on a point of acceptable loss, and because you now have a reference point, you are able to measure your effectiveness to keep or adjust for future trades. Sometimes, during a market dip, altcoins can plummet, and stop losses can lead to profitability by automatically selling for fiat that you can use to re-enter at lower prices.
Nearly a decade later, a web-based payment system was developed and is still used today — PayPal. By using money online, the idea of moving traditional currencies between different end users gained momentum. PayPal further established the web’s credibility as a powerful medium of sending/receiving currencies. Afterwards, many similar services such as e-Gold and WebMoney were developed.
I got fired 3 week ago and got into depression, one of my best friends is a crypto trader. Instead of feeling shitty he want to teach me everything about crypto and he said that might help me to understand the normal 9-6 job life is not the only way. here are the tips and resources he gave me:
All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against loss, in a down market. There is always the potential of losing money when you invest in securities, or other financial products. Investors should consider their investment objectives and risks carefully before investing.
On top of that, the cryptocurrency market travels at lightspeed compared to other markets. New coins enter the market on a daily basis (in 2016, there were about 550 different coins, today there are about 1,500), and each one has news every day. I’m not doubting your ability to consume and analyze news, but that level of information bombardment will always be more effectively consumed as a group. In these communities, you’ll see members link news and relevant articles about coins you’ve invested in and coins you’ve never heard of. The community will definitely expand your knowledge much faster than doing it all yourself.
Have Fun. Don’t just make your investment and sit and stare at charts all day. Connect with your fellow investors and share your thoughts and experiences. Put some passion and fun into your digital currency experience, and everyone wins. Life’s way too short to just sit back and fret; make your investment an enriching and enjoyable part of yours.
While these rules are by no means the only lessons you need, they’re definitely a great starting point. Sometimes, though, things are easier said than done, such as watching your portfolio value plummet and still having the iron willpower of resisting the sell button. One of the best solutions I’ve found to this was to join a community of like-minded cryptocurrency investors. Educated and smart crypto-traders, as well as the community members, will all be there to support your efforts and will be holding with you in the rough times.
And like equity trading, liquidity is a distinguishing feature of such markets, which means that an uptake in decentralization would likely lead to a higher concentration of trading on fewer exchanges. If we’re lucky, some smaller exchanges will merge, others will simply disappear.
The cryptocurrency market is insanely volatile in 2018. You can make a fortune in a moment and lose it in the next whether you trade Bitcoin, another coin, or the GBTC Bitcoin trust. Consider mitigating risks, hedging, and not “going long” with all your investable funds. TIP: If you trade only the top coins by market cap (that is coins like Bitcoin Ethereum), or GBTC, then the chances of losing everything overnight are slim (not impossible, but slim). Other cryptocurrencies are riskier (but can offer quick gains on a good day).
Hey Will. Thanks for the helpful guide! I’ve just gotten into crypto and found this info extremely useful. Just a question regarding how you keep your alt coins safe. As far as I can tell, you can’t keep many of these alt coins on a Trezor hard wallet, so do you just use something like My Ether Wallet instead? Cheers mate! Here’s to a cracking 2018!!
Q1 2018 Early bird registration & engagement with crypto communities Early engagement allows to better assess the community needs and plan a successful integration of tokens/coins into our platform.
The system was open source and peer to peer. The most important aspect of this is that there’s no central agency (like the government) that regulates or issues these cryptocurrencies or CryptoCurrencies Trading in general
Do you know what I wonder about almost every day I trade cryptocurrencies on exchanges? I wonder how they can survive in a highly competitive niche without providing the even most essential tools a trader needs to act professionally in the markets. Why is there no stop-loss option, Bittrex? Where are some proper analytics for my portfolio, Binance? Even the shadiest FX broker knows about the need for such features, and they would not even start without. OK, crypto is still young, I get it. In the search for a tool to compensate those crucial features, I met 3commas.io –…
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Measuring gains in BTC is the stupidest thing the crypto community does. Unless you legitimately believe BTC will be the future reserve currency of the world (it won’t be) there’s absolutely no reason to measure gains in BTC because it’s irrelevant.
Day trading is an instant profit you can earn 20$ or more doing this kind of trading. I do that techniques but i am a holder of token. In the other way you can do both way to earn half of your money is in investing and the other half use in day trading. You sure gain a lot of profit. More work more profit and dont forget the golden rule “Buy low sell High”