What is Bitcoin?
Much like fiat money, bitcoin is an artifact and, as such, it is a new digital asset. Some believe that bitcoin “will replace gold and the USD as the global reserve currency” within 20 years. We’ll see.
Do we need a digital currency, or digital asset? Regular fiat money (dollars, yuans, etc.) seems to work just fine for most. But then again, fiat money suffers from inflation and is otherwise used by central authorities to keep tabs on their population.
That does not bode well for many. Inflation is eating away at savings, fiat money is confiscatable, and it is slow and expensive to transmit to family and friends across borders.
What will the future hold? Think about it, how did Luke Skywalker pay for fuel to power his spaceship out there? With gold or PayPal?
Profit from the Rise of Crypto
Bitcoin can be hodled, sodled, and/or traded on crypto exchanges for profit and loss. Go #crypto, #bitcoin.
NOT trying to sell you an exclusive membership to shill technical analysis or trade alerts or buy signals! This site is simply my journal, a shortlist of dos and donts, a growing knowledgebase for how to trade crypto, that sort of thing. Writing down what I learn really helps me avoid costly mistakes, see my progress and become a better trader (speculator).
Please know that I am far from being an expert and am no certified financial adviser. I am a speculator. I buy and sell positions, and I swing trade. And that is what I want you to do as well. Learn on this site and profit from the rise of bitcoin.
Basic and In-depth Content
All the basic explanations and guidance on this site are freely accessible. Why not, most can be found elsewhere in one way or another.
More in-depth studies and a discussion forum are tucked away behind a login. A lot of that prime content is still unfinished, so I am not pushing registration at this time. Once I am confident enough regarding it’s quality and all, I might just charge a handful of dollars per year for access – so as to keep out the spammers and shillers of boom and doom.
Is trading Cryptoassetss gambling?
Not so, IMHO. Roulette is gambling, yes. First, a gambler sets his or her mind on a number and puts money on it. Then the tiny ball rolls and falls into a numbered spot and the gambler, therefore, simply lives or dies by that random event of chance. Contrast that with poker. A speculator is dealt his or her cards first by chance, and only then does s/he makes up his or her mind. That is speculation because the player has some control after the random event (especially if you know what you are doing).
“Know when to hold ’em, know when to fold ’em, know when to walk away, know when to run.” Kenny Rogers in The Gambler
Likewise, trading crypto can be learnt.
As a novice, I got my start with bitcoin in 2013 on the now defunct Mt.Gox exchange, and restarted my trading on Coinbase in Winter of 2017. Coinbase is a simple, easy-to-use spot exchange and onramp to buying bitcoin and/or some altcoins.
Have I made some Money in the past while trading Bitcoin?
Yes, no big deal. Have I ever lost some money? Yes as well. Nobody makes money on every trade. Here’s why.
“Because I have a tendency to be overly optimistic and get overly excited about something that is too good to be true. Then I do not pay enough attention to the basics. Too many times did I believe that I deserve a break and great fortunes finally must be heading my way. FOMO (the Fear Of Missing Out) had gotten 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 professional trader’s life. These are what trip up beginning traders alike. Keeping emotions in check is key to doing much better! That, though, will take a bit of experience.
In any case, a few successful big trades will usually outdo the smaller, losing trades.
It’s a psychological Battleground
The digital currency market, like most any other financial asset market, is a psychological battleground.
Do you have what it takes? What does it take? Patience, patience, patience, some smarts, an analytical mind, and something totally different to balance out the unavoidable stress. A dog, a mate, friends, a real hobby. Something.
Oh yeah, and also join something like a crypto Meetup group in your locality and socialize with peers. That is, find a handful of normal folks who invest or trade like you so as not go alone and rather defenseless.
Manage Risks to avoid losing Money
You need not be a trading machine to be profitable. It’s OK to be on the sidelines and just watch. It’s OK to be in cash in your trading account, that is in USD or stable coin. It’s OK to wait for an opportune moment and then pounce. It’s OK to only make a handful of trades per year. Golden opportunities are not that plenty, but a few are always coming down the pike – trust me.
To start off with, be cautious and do not yet trade long or short on margins, that is with borrowed money. In my first year of trading, I did not buy with leverage or short the market. It’s OK to let others be heroes, daredevils, and trailblazers.
Do not ever “sell the farm” for crypto; but ease yourself into wealth.Are you ready?