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Covesting (COV) is a crypto trading platform currently in development. The core concept is to enable mirror trading, which is the practice of copying a more experienced/successful traders investment strategies.
Just figured I'd take some time out for newbs, and intermediates that trade a lot and keep getting rekt, or simply want to improve and haven't read much yet re psychology and or modeling after great traders.
DCA'ing in/out: Let's say you have a few bitcoin, want to invest into something that's growing fast. Your instincts are going to want to BUY BUY BUY as you see a big candle growing. Even though you know it's going to correct because it's flying, don't just dump it all in at once (unless serious news has hit, and you know it's going to xfold, you'll spot those over time). It's usually best to get into something in chunks over time. Say xx% over x days (or hours in our case as crypto is crazy volatile, a dip is just around the corner most times, so is a spike). Same when you exit, don't just dump on market in full. Set sell orders as it grows in chunks (unless you have a small amount, but big holders getting out with 10+ btc can move a chart/candle and make much less if you just dump it all, maximize your profits).
StopLosses: Finally, the exchanges are all adding great features to the orderbooks. Stop losses are great but can also rek you. Let's say you bought into something for $1. You give yourself a 20%-30% stop loss. So if it goes down to $.80 you get half out, if it hits $.70 you take more out, while you keep your eye on the reversal and hopefully get back in at a lower rate, or if it keeps tanking you might score big/double coins before the reversal - OR simply stay out and avoid a 90% drop due to an unforeseen). WealthPreservationPractices are important for traders of all levels, don't get rekt no matter what.
The bad part about stoplosses are that if it drops to $.80, and goes just below it only to reverse and shoot back up - you're stuck buying in at a higher rate. I've had stop losses going down in 20% increments and buy orders 10% below each in succession and it has worked at times too. You can be creative with how you set these up.
TIME. This one is a bitch. How many times have you exited a position only to look at that coin a week later and go "faaaaaaak! it moon'd!"? :). I've had it happen dozens of times over the years. TIME is on your side, if you're in the red, just chill. Don't move coins around too often chasing highs, chase lows instead or just chill. The whole eco-system is getting billions thrown into it. No matter what coin you choose (well, not total shitcoins), you're going to make money over TIME. New coins are very volatile and can be scary but I've seen the cycles be the same each time for coins with potential, they alllllll fly and most beat BTC's rise (aka for bitcoin to 5x it has to hit 100K, for TNB to 5x it has to hit $.50, translated to a marketcap TNB needs wayyyyy less to do this). Learn to love TIME and being idle by design, it's lucrative.
ALL IN?! While this is the way to make the most if you can manage to stay in profit lanes, it's also the scariest in your feagreed cycles. Yeah I've done it, yeah I've x folded and yeah I've gotten rekt. It's best to diversify however there are times that I still get tempted and cave to throw everything I can at something and be patient with it. The times I got too scared and bounced, yep you guessed it, should have just chilled, it moon'd x time later.
Psyche: You're playing both with and against others. You want to get in before them, and get out before them. However you are not them, they might be pro daytraders just getting in/out, you might be a mid-term hodler or riding the waves but staying in over time waiting for your x fold.. Staring at charts all day everyday counting your dollhairs is extremely taxing on your well being. You have to pretend you're a computer, you have to pretend TIME doesn't affect you. You have to put all the other coins that are mooning to the side and not be emotional about any of it. This is a business you're running (or at least look at it that way), and the only enemy is your own brain giving you signals of feagreed. The market is backwards until you get it - chase lows not highs, when you think you should be buying more because it's mooning, you should probably be selling. When you think you should be freaking the fuck out because it's smashing downwards, you should be happy and buying more as you DCA'd in/out :).
TA: Nice charts, how did you draw those lines? What does it mean? Technical Analysis works much better in other markets that are slower, less unpredictable, and have a lot of history behind them (even then it's just a BIT more predictable than 50/50 guessing). Charts in crypto are looked at as a cancer and are wrong way more than they are right. However the absolute basics still stand - most pennant formations do have a reaction, most fractals do indeed repeat just more randomly as this asset class is still going through discovery, growth, variable change at any moment, and nobody has a fukn clue where it ends or how. Yes I would take the time to learn TA basics at least, and see how right/wrong they can be - by then you'll also have your own formula and best practices. This asset class operates on news/events 90%, 10% traditional TA. Stay close to the social circles online/chats/forums/reddit/etc. and you'll do better than any TA re your reaction time and execution getting in/out of stuff.
Hyper, short, mid, longs: Basically, I have my portfolio spread out over a few categories. Coins I'm holding for the long haul (yrs), coins I'm holding for mid-term (weeks to months), coins I'm trading every few days, and at times hyper trading jumping lane to lane throughout the day (most times I break even or am up, rarely down but it's stressful and over time can be pointless vs spreading investments evenly and sitting/wating). The %'s are long term hold are biggest positions, and shorter we go the less % I use. Daytrading 10-20% most times, and the odd big chunk on something that's doing a great run.
BITCOIN vs the rest: Rather known/obvious, but if you're trading BTC against others, you're trading a volatile appreciating asset against another volatile appreciating asset. You're hoping your coin grows faster than BTC basically. If you invested with USD/FIAT then you're laughing and appreciating in value quickly.. When BTC goes for a run, most people drop their alts and run with it, then jump back into their alts (some alts suffer more than others, some run with btc too). When BTC takes a dip, that's when magic happens for a handful of alts doing xxx% to x,xxx% in days/a week or two...
Feel free to dop a comment, question, etc. Been here since 2013, have seen it all, have done well. To TNB hitting $1 in the near! :)
Hi guys. I was wondering if there is an app or platform where I can practice trading crypto? Having flexible graphing functionality that can go down to hour scales is one of the features I need it to have though. Tradingview doesn't seem to let me do paper money trades. Thanks for the suggestions :) Edit: bonus points for platforms that let me simultaneously test multiple strategies on one crypto
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idap.io + Wanchain: Aligned visions and partnership.
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Practice Crypto Trading. June 2, 2020 June 2, 2020 by admin. Did you know that you can practice trading cryptocurrencies without owning any or even having an exchange account? This is possible with these 4 trading apps that let you practice with paper money (virtual money). The #1 crypto trading simulator, trusted by over 150,000+ users in 200 countries. Our partners include 30 leading cryptocurrency companies like TradingView, BRD Wallet, OKCoin. Risk-free. No deposits. No investment required. Test out your crypto trading strategies and learn which perform the best without any risk of losing money. The Crypto Cradle Trading Strategy Craig reminds us that the “cradle zone” is the zone in which the price should start to catch our attention… It doesn’t always mean that we should place a trade, but whether it’s an upward trend or a downward trend, it must be in the cradle zone where we see convergence between the price trend and the Theoretical paper trading is so 2017. Whether you are a new or experienced trader, Crypto Parrot is the cryptocurrency simulator where you can engage with the market and practice your strategies before moving on to the real deal. There is no safer and easier way to learn. Back-test a crypto day trading strategy; If you would like to learn how to trade crypto, then the next step is to find a crypto exchange that supports paper trading crypto assets to practice on the live charts. Frequently Asked Questions
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