LifeFuel Crypto trading megathread

[Mr. Ponzi]

IMPORTANT: I know many are skeptical about this market, let's not make this a debate thread. I want a 'safe space' to discuss daily trading, if other are interested as well. I have a little bit of cash on a exchange and it's a good cope for my LDAR lifestyle to do some minimal movements and speculations.

Anyway here is what I noticed today. There was some talk on twitter about a possible merger between ethereum and zcash(ZEC), which is probably why zcash is one of the few coins that got a little pump since yesterday, while the others tanked.
Looking at the charts it seems like zcash's price is driven up precisely by a large ZEC/ETH trade going on in Lbank exchange (btw I can't find anything online about this exchange .. ???).
https://coinmarketcap.com/currencies/zcash/#markets
I'll remain parked in ZEC for the time being.

 

[Fontaine]

Two rules in crypto trading:
- don't trade.
- buy when the atmosphere on crypto subreddits is suicidal, sell when it's euphoric and narcissistic.

Never fails.

 

[Mr. Ponzi]

don't trade.

That's good advice. I trade very little, but so far it has proved to be at the right time, although I'm by no means denying the role of 'luck' in this. There are a few moments that can be successfully speculated once in a while.

 

[Unwanted]

@Henry de Montherlant is knowledgeable about crypto trading

I just started, I got all my advice from him

 

[Mr. Ponzi]

@Henry de Montherlant is knowledgeable about crypto trading

@Henry de Montherlant join the fun!
I've been in crypto for quite a while as well (since before the hype). A lot of randomness, but maybe we can brainstorm a few good moves once in a while.

I just started

Never too late!

 

[It's All Genetics]

Fiat is inferior, and governments are scrambling to put more band aids on every problem.

 

[Mr. Ponzi]

Fiat is inferior, and governments are scrambling to put more band aids on every problem.

I agree. I'm just afraid that they have too much power and can mess up the ecosystem with price manipulation.

 

[Vodaccenu]

How to get started?

 

[Weed]

I wish I could predict a future bro
My mom lost £1000 because she panicked when I told her to HODL, Just what the fuck, would've been 1k in profit.

 

[Mr. Ponzi]

How to get started?

You create an account on an exchange and pass KYC (know your customer) phase, submitting a photo of your ID or whatever they ask for. Then you buy some crypto, probably by making a transfer from your bank account to the exchange. Then you just buy and sell whatever you want.
You might also want to consider paying taxes if you cash out, depending on your country, I don't know much about that though.

 

[Vodaccenu]

You create an account on an exchange and pass KYC (know your customer) phase, submitting a photo of your ID or whatever they ask for. Then you buy some crypto, probably by making a transfer from your bank account to the exchange. Then you just buy and sell whatever you want.
You might also want to consider paying taxes if you cash out, depending on your country, I don't know much about that though.

alright any crypto to look out for?

 

[Mr. Ponzi]

alright any crypto to look out for?

If you have some background in software or engineering(actually even if you don't), I would highly recommend to spend some time actually understanding how it works. Andreas Antonopoulos is probably the best at explaining it, you can find his talks you youtube. If I were just starting now, I would probably just park in Bitcoin (maybe put say 20% in Ethereum) while I get used to the ecosystem, the mentality in the space, the trends etc. A few smart people to follow on twitter: Vitalik Buterin(the guy who invented Ethereum), Vlad Zamfir, Peter Todd, Oleg Andreev and Erik Vorhees.
Miscellaneous: I would also read some Nicholas Taleb, he wrote about the randomness of the markets, I think he's a good read. 'The Black Swan' or 'Fooled by randomness' are good books, or just follow him on Twitter.
I would also advice against wild uninformed speculation, at least at first. But if this thread gains some traction and we actually manage to observe some smart moves, eh, why not. A little bit of speculation once in a while might be worth it. But it's good to get familiar with the system by yourself at first, so you can think for yourself any move you might make.

 

[Henry de Montherlant]

Two rules in crypto trading:
- don't trade.
- buy when the atmosphere on crypto subreddits is suicidal, sell when it's euphoric and narcissistic.

Never fails.

That's HODL philosophy rather than rules of crypto trading though.

I agree that day trading is suicide (I talk from "experience" lmao), but swing trading can work really nice. I didn't bother to do it during these last month because of uni work (which I regret now), but the bear canal structure of the krach on a weekly scale was relatively neat and predictable tbh.

A lot of randomness, but maybe we can brainstorm a few good moves once in a while.

Tbh. What happened on ripple some days ago was really crazy. I thought the whales would eventually switch on other cryptos/shitcoins during the dump to pump something else, but apparently it's not happening.

@Henry de Montherlant is knowledgeable about crypto trading

I just started, I got all my advice from him

Well, it's not that much tbh.