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- #61
Well , ever since then, I am still training my mind to be discipline to always take profit when necessary. But I believe this will really works if I am a day trader because being a day trader is another great advantage.
A more profitable approach when investing in crypto currency
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Day trading also has its advantages and disadvantages. If you are able to devise a strategy you will probably be making a lot of profit on daily basis as a day trader. as a day trader your chances of losing a lot in cryptocurrency is minimal if you put the right money management practices in place.
A lot of people just go into cryptocurrency thinking that they are going to be making money in it forever but then they are always going to learn the hard way and then learn risk management.
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- Thread starter
- #64
I don't know any serious disadvantage of trading on daily basis , but I believe it offers a greater advantage than disadvantage because it will always force you to take profits on time and this is always very important in the life of every traders
when it comes to cryptocurrency investment, everybody have their own strategy like I have stated before. Some people are very much comfortable trading on daily basis and they are making profit from it and the same may not be a case for other people. Personally I trade but not all the time.
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- #66
But that was a general strategy. Day traders will always have to take profit on the same day and I believe this is likely to be one of the most profitable strategy in trading. If you are a trader , will you consider to be a day trader or weekly trader ?
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Like i stated before, everybody have their own strategy when it comes to cryptocurrency trading and Investment. Day trading may not be the most profitable strategy but there are people using it to make money. They also make losses also because when the cryptocurrency the bought is losing they will have to sell on losses.
Investing in cryptocurrency when other people are panicking and then selling it when other people are in your area is going to be the best advice anybody is going to give you.
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- #69
Apart from day trading , I don't think there is any other profitable strategy that can be used to trade the market , a lot of people who are not able to trade it everyday are those that are busy with work. If anyone have opportunity they will definitely want to be a day trader. It involved being on the screen for a long time.
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I have come across people who made a lot of money from cryptocurrency and what they said is that they are not interested in trading everyday because it is stressful and if you're not careful you can lose everything. Day trading requires a lot of discipline and consistency to make profit.
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- #71
So you mean that people can be making a lot of money by trading Weekly ? I was thinking this is risky , if that is very much profitable then why are some of the expert I know mostly day traders ?
the thing is that everybody have their own strategy. Some people prefer to trade on daily basis and if they make some profit they will take it and in my losses they will take it. It's all about personal decision and convictions.
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Doing your own research and having a long/short term strategy is also key as well. Most people go into the market without knowing what they want, they're just buying or selling based on popular market activity/movements which wouldn't help at all. These two are key as well for me.
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- #74
Yes I know everyone have their own trading strategy , but we were just trying to analyse to find out the one that is much more profitable. Anyway I have some people to ask this to get genuine answers offline.
I think those who invest during bear seasons make more money on cryptocurrency. That means long-term investment. if you calculate the number of people that have made more profit in cryptocurrency you will understand that they are long-term holders.
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- Thread starter
- #76
This is one of things I am trying to do , if I have to invest in cryptocurrency now , it will strictly be for long-term purposes. I don't have any intention of selling later after few months , sometimes long term purposes may be risky because another bear market will definitely comes in the future.
Me too, I am still waiting for the perfect opportunity in order to invest in my favourite cryptocurrencies. I want them to go down to understand so that I can be able to buy a lot of it.
The volatiliy in the market and the fluctuations that comes with the market trend are the dynamics that always make the cryptocurency trading very dynamic,and one really need to study the market very well before putting his investment in a particular coin.
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I think the best approach when investing in cryptocurrency you must have knowledge about the investment before starting, you have to do more research, so to understand the process.
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- #80
But all crypto are generally down, anyway the possibility of going down further has been predicted by some experts. We would wait. We hope everything works ad expected. Because the crypto space is completely unpredictable
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