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/biz/ - Business & Finance

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25728954 No.25728954 [Reply] [Original]

Is trading (swinging) cryptocurrencies a meme? Or is it better to just hold?

>> No.25729011

It depends

>> No.25729066

Short-term movement of crpyto is mostly pure randomness. If it was possible to make money daytrading you'd be hearing about a lot more people doing it.

The only reliable way to make money is to find a project you believe in and hold it for 3-5 years.

>> No.25729069
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25729069

>>25728954
Nobody ever made money just holding. Swing constantly and you'll get a feel for it and improve. The only way to make it is to start now.

>> No.25729073

>>25729011
This, do you have 400k, and will make it with bitcoin's inevitable x10? Buy and Hodl. But if you've just got a few thousand swinging is probably a better idea than putting it on some shitcoin and hoping it does a x1000

>> No.25730265

>>25728954
Its pretty simple but hard for most people.
Buy when red sell when green , thats all there is to it,people are not eager to wait and get scared easily and sell at a loss.

>> No.25730312

>ifunny

>> No.25730386

>>25728954
If you make big but rare swings (like, you sell on 2017-2018, rebought in 2019, sell now in 2021) then it makes sense.
But if you just buy not on the ATH moments and hodl it will work well too.

>> No.25731449

>>25730265
it’s not that simple

>> No.25731474

>>25728954
it's said to be literally one of the most stressful jobs on earth. it'll drive you insane then lose all of your money. unless you're a maths phd writing bots HODL is the only sensible way.

>> No.25731479
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25731479

>>25728954
Hold stonks

>> No.25731646

>>25728954
Swinging with size. Hold if you have less than 6 figures.

>> No.25731669

>>25728954
while we at it - why swing at all when you can use futures? Or is it considered swinging too?

>> No.25731704

>>25728954
People don't like swinging here because it actually takes skill rather than holding onto a bunch of shitcoins and getting lucky with a 50x
If you're going to actively trade you need to actually research and read a lot of books about it but most people don't want to do that

>> No.25731711

>>25728954
It can be stressful. Always needing something to go up or come down. Then the cunt takes off on you and you have to decide what you're going to do. I was making good gains swinging link until it jumped a couple of bucks.

>> No.25731753

>>25731474
Honestly I think it would drive math phds even more insane. From what I can tell the market doesn't follow some logical pattern. Most bots are making money by exploiting inefficient markets instead of the market itself.

>> No.25732467

swinging is a meme, do you know exactly what the market is going to do? Of course you don't, you are gambling.

There are specific instances you can predict the market when there are lots of euphoria and a coin is in price discovery and it is almost a sure thing. This to me is different to swinging. GRT when it had its huge pump months ago and in the first few days when Uni was released are examples. When there is lots of euphoria like this you can dump a lot into a coin and make lots of money but you have to be very disciplined to dump it at the right time. The trick is to sell once it becomes clear the top is in, you will never be able to time it exactly thought but this is okay

>> No.25732610

>>25731753
>market doesn't follow some logical pattern
this
immagine believing to model randomness
KEK

>> No.25732652

any good discord group to join for trading?

>> No.25732671

>>25732610
Idk maybe it wouldnt be impossible.
Just have an AI analyze tweets and see what normies want to invest in.

>> No.25732705

I've honestly just been putting about 1 to 2% of my net worth into low market cap alts shilled on here (I don't do research, I've never read a whitepaper other than the BTC one, I don't understand the graphs and shit) and if one goes 50 or 100x, almost always at least one does, I make a nice profit
Been doing this for a while now, not rich, but much better off than I was before I started, call it brainlet trading

>> No.25733740

>>25731479
so you make it when you are already braindead?

>> No.25733754

>>25731669
Yes but Futures are way riskier depending on leverage.

>> No.25733853

>>25728954
It's a form of gambling, plus in some countries you can get your bank account suspended when they find out you're crypto trading.

>> No.25733965

>>25732705
Based. Same as me. Started with $1500 usd. Now have 10x. No white papers, no research. I invest based on memes on a mongolian basket weaving forum.

>> No.25734014

>>25733853
who tf does that

>> No.25734167

>>25734014
Some of the Euro countries.
It makes sense, considering the current banking policies.
Banks need money to be traceable and origin of the funds to always be found. If you trade bitcoin, the bank doesn't really know where you've got the money from. So, there's not much reason to keep accounts for you. If you're trading smaller amounts, there's no point in maintaining accounts for someone who may potentially be a criminal (you can go to jail for getting $10 from phishing operations, for example). If you're trading higher amounts then it's especially risky for the bank.
Also, some banks close accounts for people who often withdraw cash and refuse to state the reason for the withdrawals.

>> No.25734219

>>25734167
dont believe any of this

>> No.25734223

>>25734219
ok

>> No.25734261

>>25734167
>>25734219

Eurofag here, can confirm.
Smaller banks have sent out emails to crypto traders saying if they do that shit again they're getting kicked off.
More modern banks are more lenient with this, or even condone in. I'm thinking of switching banks soon from my big corporate boomer bank to a more crypto and trade friendly one.

>> No.25734336

>>25729066
Exactly this.
Even that silly old rich boomer buffet says "time in" beats "timing".

>> No.25734349

>>25734261
banks dont give a fuck where you make money from. What banks have a problem is the practice of your average crypto gainer:
>get money from crypto trading
>dont report for taxes
>government notices you have a bunch of money out of nowhere
>now bank has waste time cooperating with the government over your tax fraud

>> No.25734376

>>25734167
got any example?

>> No.25734378
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25734378

>>25734349

>> No.25734406

>>25734349
There are regulations in place.
If a bank is caught with untaxed money, it means that the bank helped the person to avoid the taxes, and the banks doesn't want to pay the fines for that.
The regulator comes to you and says that you helped this person with tax evasion and fines you.
Next time, you're going to put a load of annoying but necessary checks so that you avoid getting fined, and that includes suspending some of the accounts.

>>25734376
Examples as in?

>> No.25734502

>>25734406
Countries and banks that done what you told.
Only thing I can find is problems related to taxes and hidden crypto gains.

>> No.25734509

>>25729069
>Nobody ever made money just holding.
Except for every single person who had held bitcoin ever

>> No.25734785

>>25729069
>>25729073
>>25731704
What is some recommended reading anons? Thank you.

>> No.25734815

>>25728954
It isn't, but you'll have to develop your own strategy. This could take quite some time and you will incur many losses unless you are quite lucky.

>> No.25734847

>>25732705
>>25733965
How do you anons gauge what is pajeet and what is legit? I fell for the GRT and LCX shills...do you anons pull out your profit and move on to another shitcoin once you realise profits or do you hodl? Thank you anons.

>> No.25735011

>>25734785
also interested.

>> No.25735065

>>25734785
implying anyone in /biz/ has read theory of any sorts, apart from googling what common terms mean

>> No.25735072

>>25734785
technical analysis using multiple timeframes by brian shannon
understanding price action by bob volman

>> No.25735097

>>25735072
Thanks anon. Have you red them personally, have they helped you trade with profit?

>> No.25735106

>>25734167
bs

>> No.25735160

>>25728954
I held 80$ of eth and sold it to make 300$. Then I used that 300$ to try futures trading, I made 200$ the first day, Then I lost 200$ the next, then I lost the rest on the third day. It's all luck, you cannot predict the market unless you have insider info. The only exception is if it is close to hitting a huge wall like 40k for BTC. Unfortunately I was asleep during that and missed the dump... If you want to try trading, its only worth it with futures, just set a little bit of profit aside and see if you're lucky, if you lose if you lose, if you win... don't get cocky it was just luck.

>> No.25735161

>>25728954
It’s 100% a meme, timing and fomo’ing and fees will rape you. Literally just hold BTC and ETH and sell 50-80% when it reaches a price point you’re comfortable wil

>> No.25735231

hodl is the only way. If you want to gamble then go to a casino.

>> No.25735333

>>25734847
I asked the same question back then.
I lost money in the process as you may or may not have done with grt and lcx (won't comment on both projects), but learned the hard way basically.
I got "lurk moar" as an answer, wasn't satisfied with it, but it's unironically the best answer there is. You'll either get it eventually or you won't.

>> No.25735363

>>25734502
I'm not gonna share that.

>> No.25735411

>>25735097
they're what i read before i even started trying to trade, recommended to me by someone who is much, better at this game than i'll ever be
just use $100 and measure your performance in % and only increase it when you have a track record of success. don't lose a bunch of money like retards here do

>> No.25735418
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25735418

I doubled my investment by swing trading, I'm down 15% holding.

>> No.25735421

>>25728954
I actively day trade on 3-5x leverage ...learning it for a few days now

I missed several opportunities where I could have sold the coin for good profit but I kept hodling hoping price will go slightly more higher because I got greed disease ..... and then coin price drops too fast back to prices where i bought it. started with $150, lost out around $350 in profits which I could have had if I had sold it earlier. But basically each and every time my TA Analysis was right, the coin did go up in price after I bought it.

Now I just need to teach myself to sell sooner as soon as I get a bit of profit

Day trading is only worth it if you trade minimum with a $1000 or even $5000 ... For $5000 with leverage of 3 to 5x, fat profits can be made from crypto markets daily, minimum $500 per day, more is possible easily

>> No.25735438

>>25735418
tell us how you did it, i desperatly need to make a 100% because i owe money i lost on grt

>> No.25735566

>>25735421
>
Day trading is only worth it if you trade minimum with a $1000 or even $5000 ... For $5000 with leverage of 3 to 5x, fat profits can be made from crypto markets daily, minimum $500 per day, more is possible easily

It's also equally possible to lose $500 per day

>> No.25735620

>>25735438
I made a killing on GRT, I bought as early as I could when it got listed, got in at 1c5 and sold at 4c, I didn't sell the top because I was waiting for a big bounce that never came.
I also bought LCX and held from 01c to 04c, same, didn't sell the top but still made a bunch of money, honestly just check what's going up, but never buy if a wick is half the size of the candle or more.
I bought XLM at 19c and am still holding, similarly I rode the HBAR pump and am still holding hoping for a breakout.

>> No.25735677

>>25735566
>It's also equally possible to lose $500 per day

Yes if you don't do TA very well. Also if you are unsure if price will go down or up, first enter with 1/10th amount in a 10x leverage market ... and price goes down, DCA buy several times as price makes its way down. .. it can only go down so much .... say -30% max .... from then on it's going up ... sell at a profit or to escape trade with no loss

>> No.25736214

>>25735363
Ok. Care to tell why?
Doesn't seems like a secret thing.

>> No.25736558

>>25734349
>Banks don't give a fuck where you make money from
This
Westpac in oz recently caught laundering money for pedo human trafficking whilst ANZ bank debanks carbon emitters.
It's a farce.

>> No.25736938

>>25735097
Thanks anon

>> No.25736967

>>25735333
Thanks anon, lurk moar exactly

>> No.25736996

>>25731711
Swingie linkie gets the rope. I also swung link a couple of times, majorly regretted it once

>> No.25737001

I made most of my money swing trading but both have massive merits and neither form of trading is 'better' than the other

>> No.25737094

>>25728954

meme

>> No.25737095

>>25734847
>I lost money on GRT.
Literally impossible unless you bought at ATH, and if you bought at ATH then you’re not doing what anon said.

>> No.25737096

>>25728954
I bought my first crypto a week ago, CELR, below 0.005. I went to biz, saw a thread about CELR and that's it. Didn't even read anything in the thread. And now it's up over 60%. $6k profit in one week.

But I will probably have less than $1k left in another week or two. I was born to lose.

>> No.25737122

>>25734167
You write like a reddit nigger

>> No.25737580

>>25728954
If you have the discipline and mastered patience and self control, it is a great way to make money.

>> No.25737721

>>25736214
If it's not secret, then google it.

>>25737122
Ok

>> No.25737768

>>25728954
I know a guy who does this and he is a millionaire. Spends all day on binance, but he has been trading for like 20 years and knows what he is doing

>> No.25738405

Holding is basically trading but in a very large time frame

>> No.25738429

>>25738405
My fucking sides

>> No.25738495

>>25728954
It's literally the same as forex. And people day trade there . You just have to practice with like 5 currencies. Then you can grow that to 7 , then 10. And trade within that group. Since crypto is very volitile 10 sound be fine

>> No.25738503

>>25728954

It’s worth it if you’re not greedy and impatient.

Remember that a 2x is the same as 10 1.1x’s, and in a stable market like November coins fluctuate at least 5-10% almost daily.

5% of £5000 is still £250 (little bit less after fees) which is still like a weeks worth of minimum wage work for just pressing a couple buttons and setting some alerts. I doubled my investment last month from a bunch of small BAND swings.

>> No.25738630

>>25738495
No, cryptos are a different category.
Even online brokers that are after your money differentiate between cryptos and forex.

>> No.25738889

>>25731711
>>25736996
YEP link is the only thing i cant swing, its unbelievably unpredictable

>> No.25738925

>>25737721
I thought. But now I'll keep an eye on it.

>> No.25739991

>>25731474
There is so much noise in cryptos that it is very hard to predict how they will move. T Math PhD drop out

>> No.25740203

>>25731479
>yea anon! you have to save 75% of your income until the best years of your life are long gone but you'll definitely make it and become a "millionaire" XDd!!1
>also you WILL HAVE TO wageslave from the moment you can buy a beer until your organs start to fail but conservative investing is obviously superior to all that speculation and gambling :) !!!
Boomers and their "investing" horseshit ought to be gassed.

>> No.25740731

>>25738405
this is absolutely true, all buying and selling is trading

>> No.25740794

>>25728954
Forex is better for day trading because there is no bottom and a lot more liquidity.

>> No.25740810

>>25738889
it's probably not that it's unpredictable, it's that you're more emotionally invested. For me anyway, I like swinging but trying to swing link stresses me the fuck out because eventually there would come a day when I sell too early and it's gone forever. Don't need to worry about that when swinging all the other garbage

>> No.25740857

>>25740794
>there is no bottom

you mean risk of it going to zero or what?

>> No.25741141

>>25728954
>Is trading (swinging) cryptocurrencies a meme? Or is it better to just hold?

Hodling bitcoin: yes
Hodling other cryptos: no
trading: with other funds, ok, unless you are consistently losing

>> No.25741557
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25741557

>>25740857
Install backstop.exe to your reasoning stack and you will be good to go little buddy