The moves follow warnings by South Korean authorities that they might ban anonymous trading in cryptocurrencies and crack down on speculative trading. Regulators are seeking to prevent use of crypto currency trading for money laundering, tax evasion and other crimes.
I can’t find the tweet now, but just the other day I saw a guy posting about how he mortgaged his car, lost it all trading cryptos and his wife kicked him out. He was looking to get in on a “shit coin pump” aka where traders get together and buy like crazy to pump a penny-stock equivalent to the moon before dumping it on idiots. Not good. Do not be that guy.
Even if you’re a good trader, you’re not immune to this kind of mental insanity. If you think you are, that’s another magical belief. As I wrote this article, I made not one but two stupid BTC trades and busted out trying to catch today’s insane $600 a coin rally late.
Either way having got myself to a point where I no longer have to work a full-time job, time has become the most important thing to me, more important than money. Money is just a facilitator. As such my goal in life is to create as much free time as possible to pursue the things I want to do. As such I do not day trade for the following lifestyle reasons:
Simply put, whenever a user sends a certain amount of Bitcoins to another user, a third user verifies this transaction and publicly notates it in a ledger which is accessible by anyone. This ledger is called the “blockchain.” As time goes on, more and more users see the transaction in the blockchain and are able to verify it again. The more times each transaction is verified, the more secured it becomes.
Another problem is that you are John Henry battling the steam shovel. Very smart people have built very smart algo-trading bots. APIs on crypto exchanges make these very easy to create. Can you beat these little demons with just your “dog’s breakfast” in your head (as Vonnegut called it)? Recall how Cuban’s comments seem to have precipitated a bitcoin selloff a few days ago. Was that people reacting, or was that a thousand little algo-insects doing sentiment analysis on twitter? You wouldn’t be able to beat these creatures to the punch.
Well have no fear because the Buddha of Wall Street is here to help you with your dreams of crypto glory! Here’s my story: I was living in a one-room apartment and sleeping in my bathtub and now I fly my helicopter to work just because I hate traffic.
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Consider the maximum amount of money from your paycheck that you are willing to dedicate to cryptocurrency, and then stay within your limit. When news of “imminent price explosions” in some supposedly unknown altcoin comes onto your radar, stay vigilant and disciplined.
Margin Trading: You are allowed to use coins from peer-to-peer margin funding providers. This means, that you can borrow buying/selling power, but you need to allocate some funds (=margin) which won’t be accessible until you return the lent coins.
For longterm investors who are willing to actively safeguard their Bitcoin, owning the underlying is clearly the way to go, but prudent steps must be taken to mitigate the risk of Bitcoin theft and/or loss of private keys (i.e., diversifying holdings across wallet/storage types, using two-factor authentication and strong pass phrases).
#Trading Tip 28 November 2017: Buy Binance Coin $BNB. Trading volumes of cryptoassets are exploding. More Bitcoin is traded daily than Apple or Amazon stocks. How to leverage this phenomenon into trading profit? Binance Exchange is a new global exchange that has quickly entered the top 10 exchanges by trading volume, and rising. They issue their own utility coin.
Here’s how Robinhood Crypto works. You can instantly transfer up to $1000 from your connected bank account (more if you have a Gold membership), with additional funds coming over slower ACH transfer. For smaller traders, that could eliminate the annoying delays on other platforms that can make you miss a low price you want to buy up. The whole Crypto section of Robinhood is styled with an 80s Tron design to denote the 24-hour trading window, compared to its day and night themes for when traditional stock markets are open or closed.
Update: In late 2017 Kraken was temporarily unlisted here following extensive trading engine and UI issues. Thankfully, in January 2018 the website underwent a successful migration and all systems are now reported to be functioning to everyone’s satisfaction.
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Buy, sell, trade, store 30 cryptocurrencies, altcoins, tokens like Bitcoin (BTC) , Ethereum (ETH) , Ripple (XRP), Litecoin (LTC), Neo(NEO), Bitcoin Cash (BCC) and many more directly with Rupees (INR) in India.