BitcoinShort
Should you trade Bitcoin?
It is sexy and attractive, I agree!
I mean what kind of a trader are you , if you are not in the game of trading Bitcoin or any other cryptocurrency? After all ,there are stories of people making millions out of it and the news that splashed across the media about how it is going to take over hard currency and all, how can anyone ignore it ?
Yeah, I know , Warren Buffet is not in it. Maybe, we can say it is fair since he does not need to take such risk since he is into value investment and this is not quite his cup of tea.
Undeniably, none of the posts received as much eyeballs from readers compared to this cryptocurrency product. It is top of the chart all the time when I logged in. It is so popular that if you are not in it, it is quite a loss of face.
I say again, unless you know what you are doing, have a clear strategy then bitcoin or other cryptocurrency trading is best to leave out of your portfolio. Unless you are into trading to get the sense of high, that heart-beating feeling of winning fast and big each time, I suggest you turn your attention off this product. It is for your own good, really.
While I do not have any statistical figure to support the winners and losers, I did a ground research on the traders who pm or emailed me, my circle of trading community and attending several cryptocurrency seminars by gurus out there, I can safely say, there are more losses than winners.
This day chart aims to show a few things :
1. After the peak, there is a clear trend - bearish bearish bearish (see dotted line )
2. Each successive support line is broken
3. Crazy returns , crazy losses - it was only in june that it hit a peak of 14,000 and in a short 6 month period, price has plunged down 50%. It is now in the descending channel and looks likely to continue.
Ask yourself this question - are you into trading to make money? If the answer is 100% yes, then re-readng my chart and analysis might help you to stay in the game longer. The one who is off the table may not return as he seeks time to recuperate his capital loss.
Hope is not a strategy if that is what you hope the price to recover from here and shoot up to the 10,000 mark. It is possible but looking at the chart now, I say the probability is slim. I rather missed the buying opportunity , to be ridiculed for missing the party, missed the train than to take this nerve-racking, heart stomping, hair pulling trade.
My intention is NOT to discredit cryptocurrency in any way nor sway readers not to trade this product but to educate the importance of risk management, having a clear objective and safe trading.
All the best , trade safely.
Never not be afraid - The Croods
I mean what kind of a trader are you , if you are not in the game of trading Bitcoin or any other cryptocurrency? After all ,there are stories of people making millions out of it and the news that splashed across the media about how it is going to take over hard currency and all, how can anyone ignore it ?
Yeah, I know , Warren Buffet is not in it. Maybe, we can say it is fair since he does not need to take such risk since he is into value investment and this is not quite his cup of tea.
Undeniably, none of the posts received as much eyeballs from readers compared to this cryptocurrency product. It is top of the chart all the time when I logged in. It is so popular that if you are not in it, it is quite a loss of face.
I say again, unless you know what you are doing, have a clear strategy then bitcoin or other cryptocurrency trading is best to leave out of your portfolio. Unless you are into trading to get the sense of high, that heart-beating feeling of winning fast and big each time, I suggest you turn your attention off this product. It is for your own good, really.
While I do not have any statistical figure to support the winners and losers, I did a ground research on the traders who pm or emailed me, my circle of trading community and attending several cryptocurrency seminars by gurus out there, I can safely say, there are more losses than winners.
This day chart aims to show a few things :
1. After the peak, there is a clear trend - bearish bearish bearish (see dotted line )
2. Each successive support line is broken
3. Crazy returns , crazy losses - it was only in june that it hit a peak of 14,000 and in a short 6 month period, price has plunged down 50%. It is now in the descending channel and looks likely to continue.
Ask yourself this question - are you into trading to make money? If the answer is 100% yes, then re-readng my chart and analysis might help you to stay in the game longer. The one who is off the table may not return as he seeks time to recuperate his capital loss.
Hope is not a strategy if that is what you hope the price to recover from here and shoot up to the 10,000 mark. It is possible but looking at the chart now, I say the probability is slim. I rather missed the buying opportunity , to be ridiculed for missing the party, missed the train than to take this nerve-racking, heart stomping, hair pulling trade.
My intention is NOT to discredit cryptocurrency in any way nor sway readers not to trade this product but to educate the importance of risk management, having a clear objective and safe trading.
All the best , trade safely.
Never not be afraid - The Croods
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