Posts tagged Strategy
We Need to Talk About Crypto Trading: A Cautionary Tale

During a recent webinar I held, I created a poll asking how trading was going, with options from making good money to losing lots of money. There were a handful who have lost a lot, and I asked them to get in touch if they wanted to discuss it. A few people messaged me, some of whom have lost tens of thousands of pounds, one who had dropped hundreds of thousands, so I thought it would be good to write a cautionary post about investing in crypto.

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Don't Buy the Dip, Buy the Correction

If you want to trade on stock, forex or CFD platforms, there are checks in place to ensure you know what you are doing and you understand that risks when trading. With gambling websites, they have controls to ensure when you are losing money fast that you can't bet anymore. Crypto doesn't have this; new investors can enter the market, sold on the dream of getting rich and invest into things they don't understand.

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What to do in your first 3 months as a Bitcoin/Crypto trader

So one of your mates keeps telling you how much they have made with Bitcoin and you have decided to enter the world of Crypto trading.

I understand it can be a daunting experience, it was for me, so I have written this guide to help you get started. My assumption is that you are here for one reason, to make money. You have heard about the incredible returns from Bitcoin and other Cryptocurrencies but please be warned, this is not a get rich quick scheme, there are significant gains to be made, but the markets are incredibly risky. Yes, there are many people making good money but there are also people losing money too, sometimes scary amounts.

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Blindly holding isn't a crypto strategy - you need an exit point

The reason I am writing this article is that holding on its own is not a strategy; you need an exit point. Okay, so one day Bitcoin and even other cryptocurrencies may become global payment methods, and you won't ever need to convert back to Fiat, but this may be a long way off. That said, even Bitcoin isn't a great payment method at the moment as some transactions can take an hour. Who wants to wait an hour for a pint down the pub while waiting for a transaction to confirm? And anyway, if you are buying beer you are not holding, you are spending. Even in this scenario, you have an exit strategy; your exit strategy is to use Bitcoin as a currency.

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