What is Bitcoin?
Bitcoin is a new digital currency. Do we need a new digital currency? No, perhaps not. Regular fiat money (dollars, yuans, etc.) seems to work just fine for most. But then again, money is controlled by central authorities and that does not work well enough for many. There is inflation eating away at your savings, your money is confiscatable, and it is slow and expensive to transmit to family and friends across borders. Yes, we can have a long discussion about all of that.
This site is more about looking at Bitcoin as a new financial asset class, perhaps replacing or complementing gold as a standard of value. Think about it, what did Luke Skywalker use to pay for expensive fuel to power his spaceship out there? Pesos?
As a financial asset, Bitcoin can be invested in, hodled, sodled, and/or traded for profit and loss.
Will you be ready by the time Bitcoin recovers – for the next bull market?
#bitcoin #btc – yes, bitcoin and altcoins are a bit beaten up at the moment – we’ve been in a bear market since early 2018. Mind you, bull and bear markets come and go in cycles. This is not the first time that bitcoin is down. Folks who bought bitcoins just a few years ago do not regret their foresight and patience!
Newbies don’t know much about digital currency and have not invested in or traded any stocks or digital currency ever. Beginners may have a 401(k) account and/or already dabbled with buying this stock or that exchange-traded fund (ETF). Novices may even have purchased bitcoins or altcoins and may wonder what now.
NOT selling you an expensive membership to get trading alerts and signals!
I’ll stick with the essentials and relate, free of charge, my own cognition of the basics of technical indicators, chart patterns, and candlestick analysis. Sure, you can buy old textbooks on technical analysis for stocks, subscribe to one of a bewildering and expensive line of trading secrets websites, or read indiscriminately on Investopedia to learn investing in or trading cryptocurrencies like bitcoin and altcoins. All good, but perhaps not that necessary – not right away.
Buying into these resources may not be the best first step for newbies, beginners or novices. Our explanations of strategies, market indicators, chart patterns and candlestick analysis are essential enough to get you going, as well as detailed enough to keep you going into the next bull market in crypto. Think of using this site as a stepping stone or road map to your success.
NEW – Discussion Forums – NEW
Signup for a FREE account to join our bitcoin and altcoin forums and participate in our community forums and discuss all things cryptocurrency, like bitcoin and altcoins, and ICOs. On this site, we are not trying to one-up each other or pump coins. Instead, we want to help each other by sharing ideas, strategy details and more.
It is important to NOT lose a lot of money.
In volatile markets like digital currency, the question some investors care most about is not where to find the biggest gains, but how to avoid the worst losses.
Yes, money does not grow on trees. I do not have enough of it to make all my dreams come true, and neither do you (most likely). The chance of making a quick buck or two by investing in bitcoins or altcoins is very tempting to say the least. A few have made riches, yet a great many folks have lost a lot more money in the financial markets than they made. That sorry fate, I believe, can be avoided and this site is trying to help with that.
Have I made some money in the past while trading?
Yes. Enough for a lambo? No. I wanted a motorcycle and I got one. No big deal. Admittedly, when it came to putting my money into the crypto market in November 2017 and starting to trade, I knew little. Having had invested for decades (going long and hodling, not trading) in my 401(K) plan proved little compared to the rigors required for profitably trading crypto.
Have I lost some money in the past trading? Well, yes. Why was that? Read on.
“Because I have a tendency to be overly optimistic and get over excited about something that is too good to be true. Then I do not pay enough attention to the basics. Too many times I believe that I deserve a break and fortunes finally must be heading my way. FOMO (the Fear Of Missing Out) gets the better of me on many occasions. Sometimes I am greedy and I want it all so badly.”
I say all that only to make my case in point. The above mentioned realities are ever so persistent in many a trader’s life. These are what trip up beginning investors and traders alike. Keeping these realities in check is key to doing much better for anyone!
In any case, this communal website is also my journal. Writing down what I learnt really helps me see my progress and become a better trader. Yes, I am still far from being an expert or professional myself.
Can you make money in digital currency investing/trading?
Yes. A whole lot? Possibly, sometimes. A little, right now? Sure, most anytime!
Get $10 of free Bitcoin when you open an account at Coinbase and buy or sell at least $100 of digital currency.
Bitcoin is not in a confirmed uptrend at the moment (March 2018). It’s most recent halcyon time was late in 2017. However, the crypto space appears to be headed towards lower volatility as regulation and a focus on fundamentals are helping lessen speculation. Increasing support by traditional trading platforms and the participation of other established enterprises also helps bring legitimacy to crypto activities, which ultimately should reduce the impact of heavyweight speculators like hedge funds and inspire retail investor confidence.
The answer also needs to be put into the context of whether you fit the profile of an investor or trader. There are institutional investors and traders, and there are retail investors and traders – that sort of thing. I am a modest retail investor/trader, and you probably are then as well. We are the little guys or gals. The ones who typically get snookered by the biggies. But joining together on this online community makes us more competitive.
The digital currency market, like most any other asset market, is a psychological battleground.
A good read: Intentional Stance
As participants, we have a set of powerful tools at our disposal. Besides out trusted community, there are also market indicators and technical analysis (TA).
Investing is about evaluating probabilities. Nobody knows if a cryptocurrency is going up or down for sure – or if it even lasts for a few more years. There are no certainties, just news and probabilities. Market indicators can be technical, sentiment, or economic, but their purpose is to give us insights into market direction. You may have heard folks talk about or quote from technical analysis. Technical analysis then tries to make sense out of these market indicators and guides our investment or trade action. I do pay attention to the TA of other investors/traders/analysts about digital assets like bitcoin. But it is literally a bit like listening to the weather report on a TV news channel.
Yet without technical analysis you might only know the fundamental insight that there will be more sunshine in Summer, sort of. Especially investing in or trading digital currency requires that one has and employs strategies. It is a cardinal rule for all investors or traders, regardless. Strategies most likely incorporate insights from TA.
Always keep this thought in mind: AVOID LOSING MONEY.
It’s OK to not be invested, to be out or on the sidelines for a while. It’s OK to be in cash in your trading account, that is in USD or a stable coin. It’s OK to wait for an opportune moment and only then pounce. Golden opportunities are not that plenty, but there are more coming down the pike – trust me.
As a beginner, be extra cautious at least for a few years. No kidding. It’s OK to let others be daredevils, blaze the trails, risk it all or make it happen. Do not ever sell the farm, but ease yourself into wealth. Being an early adopter is good enough. There is plenty of money to be made as such.
Newbies and Beginners
So, this site sounds a bit bearish or hawkish in tone. That is because there are not enough voices of caution out there in cryptoland. There are plenty of naysayers – but they are of a different kind of mindset and we are not one of them. No, we may be bullish in the long run and bearish in the short, but we are not naysayers.
Please join our site by setting up a free account. You’ll find easy-to-understand tutorials. This community site offers private messaging and forums with discussions for multiple topics. This is very helpful for beginning investors and traders. You will be able to chat with someone – for a second opinion, sort of – before clicking that fateful BUY or SELL button on a crypto exchange.
If you are an experienced digital currency or token investor/trader, this is your chance to join this site and support a newbie or beginner, young or mature, to make his or her dream come true.
P.S. – Newbies, take it from the pros!
“It is much better to make 3 or 4 trades each year and make large profits, than it is to try and make 100 to 200 trades a year and be wrong half the time, and finally end up with a net loss. Let your rule be to – GO WITH THE MAIN TREND, AND NEVER BUCK IT.”