As we have a retarded amount of newbies that do not know what they actually do, I thought I write something for them. Way too many people lose money in a market where this is actually hard if you follow some guidelines.
I will post this post several times over the next few days, just so it reaches out to as many of the newbros as possible. This is Veeky Forums and even if the recent spurge of /pol/tards and wanna/b/s is somehow disgusting, some of the newbies seem to be actual okay guys.
Read it, understand it, try it. This is what will indeed make you money. I dont want to overly shill support-graphs and triangles as the holy grail of reading graphs (MACD, bollinger bands etc. are also important), but they help you to analyze and understand the history of the graph better. Also they often confirm themself through their broad usage alone. And it all boils down to probabilities and anticipation - not prediciting the future, because this is impossible.
After this, you need to take into account news & rumors. Buy the rumors, sell the news. It sounds easy (like it was in the case of DGB), but sometimes it is a bit harder to distinguish, as many things are bullshit and the devil is in the details. E.g. the minecraft-server of DGB: it was shilled as a big step from the supporters (always missing, that it was a 3rd party and not a big deal) and heavily under fud, when it was discovered that the 3rd party had a fucking link to a cracked version of minecraft on their site (again: never pointing out the fact that it was outside of the reach of DGB). I dont want to shill/fud DGB, it is just the most recent example.
After that, it is just a matter of practice. It all comes down to probabilities, beein able to cut losses, evaluate informations and not getting emotional.
Then you need a set of rules, e.g.: - set stop-limits every! fucking! time! you buy into something - dont buy at or near a new ATH (rarely goes well) - there WILL be a dip, even if it is only a small one - never buy, because you "might miss something" - always have a valid reason (and no, "Veeky Forums said its gonna moon" is not a valid one) - do your own research will help you to distinguish shills and opportunities - never rely on single platforms alone - reddit, twitter, bitcoin forums, Veeky Forums, blogs, news-sites etc. are very good as a whole, but normally kinda shity on their own (stay away from zerohedge tough - tinfoil alert) - never focus on a single currency alone; diversify in at least 2 time horizons (1-7 days short term (ST); 2-4 weeks mid term (MT); 1-12 months long term (LT)) and reevaluate them accordingly - never!!! daytrade with more than 5% of your funds per week/month, if you are not consistently in the greens with these 5% - if you are in a ugly situation (like having >50% of your stuff beeing stuck in a coin) and NOT in dire need of money: HOLD YOU FUCKER! The market is exploding and the burst of the bubble is months if not years away, you will at least get your money back, if you did not buy useless coins on small platforms like yobit - stay the fuck away from yobit - starters are fine with poloniex and bittrex
Jacob Lewis
Part 3/3
IMPORTANT! Stop-limit-orders are not a joke, they can literally save your ass! Set one at e.g. 95% of your entrance point/adjusted to the current price, when you are away from the computer or watching a movie etc. Yes, sometimes it is only a short bounce and you lose some money or profit, while the value goes bonkers afterwards - but most the time, it just prevents you from heavy losses or missing opportunities to sell your stuff at a good price, because you were sleeping/shitting/suffocating on a cheeto while wanking on your possible profits while selling on a ATH.
Now you could start to trade with e.g. an excel-sheet, where you insert the buy of a coin and a sale when you sold it. This is called "paper trading" and for just getting a feeling for it. Do this for some days, while you are learning the basics of analysis. Then start with small amounts - 10 dollar, maybe 50. If you are comfortable with that, pimp it up with stocking it up with the same amount per week or month. If you lose some, it wont hurt and if you gain some, it is a sense of achievement.
Which leds me to the last two advises, which are also the most important: NEVER EVER trade with money which you cannot afford to lose. 100k DGB wont make the landlord happy, even if it might spike up again and get you dem delicious gains, which could lead to homelessness faster than you can imagine. NEVER EVER lend money from relatives, friends, colleagues, banks, neighbours or the mafia just for trading cryptos. If you lose money, you not only put them in financial danger but also the relationship between you and them can get strained. No money on the world is it worth to risk or even strain your relationship to a loved one. Especially when we talk about the mob, you are in for a world of hurts if you want to tell them that "THE COINS WILL BE WORTH MORE NEXT WEEK, I SWEAR!!!" when they come to collect their money.
Carter Myers
In 2-3 weeks, if you got some money out of my suggestions - maybe drop me a beer, if this post helped you: 1CQF625V4t7b8tCLcSbzK4rhmp3L6g1Kyq
Or even better: treat yourself for a new game from steam which you can enjoy. Or take your dog to a walk in the park and get some icecream from your hard earned earnings. Or how about going to the cinema for the movie you wanted to see for real, not pirated in bad quality on the internet. There are many things out there to see - dont look at charts all day and dream about "lambos" or "moons". The small cash outs are what makes it worthwhile to do.
Luis Gonzalez
I am confused between stop-loss and stop limit orders.
If the current price of ETH is $320, and I want to automatically sell when it hits $290, would I place a stop limit or a stop loss or a market sell order?
Asher Cooper
So how do I start? Coinbase won't take my card and I feel strange linking my checking account to something I barely understand. Normal stocks I get but crypto? Can't find a decent source of info on this.
Aaron Reyes
Tfw didn't set a stop-limit-order and went from 1.2 BTC to 0.18 during an exam.
Jose Diaz
>Set your stop loss to 95% in a market this volatile Lol
More like Set your stop losses to 30% because if the entire market goes down over 70%, then you've got a problem.
David Anderson
if I set a stop loss at $50 when the actual price is $300, would my order be auto bought? I dont want to be ripped off
Hunter Cook
A "stop loss" means that when the price drops below a certain border, you will sell it to the next possible price (so into the next possible buyorder). So if the price drops below 1000 but the next buyorder is at 500, you will sell your stuff at 500. This is done with more liquid stuff, as then the difference between the trigger and the sell can be very low in this case. Would not recommend this with rarely traded commodities.
"Stop limit" is the "softer" option. After the price drops below the give price, you open up a sellorder at the price you gave before. So the price drops below 1000, the next buyorder is still 500 but now you open up a sellorder at e.g. 950.
Andrew Rodriguez
So, stop loss is what I would use to protect myself if the coin crashes?
Gavin Gutierrez
>do your own research
Can you provide us with some good sources? I really don't want to read this shit on twitter from some quasi Crypto prodigies.
Otherwise, I'm relatively new. Haven't lost any money yet, just holding eth and btc, maybe looking into buying some ark.
James Martinez
do NOT go on coinbase
go on gemini if you wanna buy
Aiden Flores
>if I set a stop loss at $50 when the actual price is $300, would my order be auto bought? I dont want to be ripped off
Yes, on most platforms (including polo and bittrex) you sell automatically into the next buyorder if this order is above your limit. Same if you accidentally type in a price too low - it will always go into the next free sellorder.
If you dont understand what cryptos are, you are in for many hours of research. You wont need to get the technological details, but understand the basic terminology - blockchain, PoW, PoS etc.. This way, you can at least basically understand what a new coin is, what it possibly can do, if it a shitcoin or something promissing, is someone fooling you out of your BTC etc. You also can do this on the run (like many did actually), but you need to expect to swallow some bad decisions. As long as you learn from them, this is no problem.
Regarding you problem with the card: Coinbase is well insured, so I see no problem giving them these informations. Otherwise you also can try bitstamp or bitcoin.de.
A 70% breakdown is quite rare, even in cryptoland. As long as you stick to bittrex/polo, I see no problem with that, as most stuff there has a high volume to deal with such problems.
Bentley Wright
>So, stop loss is what I would use to protect myself if the coin crashes? Crashes or shows signs of going down, yes.
>Can you provide us with some good sources? I really don't want to read this shit on twitter from some quasi Crypto prodigies.
As much as I dislike to say that is twitter quite a ok-ish source for informations on most coins. Usually quite fast (checking however is your part) and if you look out to block the biggest idiots, it is one possible source of informations. Blogs are usually a bit slower, but can provide you with more detailed informations. For the good ones however you usually need to pay a bit, as they dont give out their stuff for free. I dont want to make suggestions and I am not associated with them, but from what I had read from Cryptopatterns, they are quite solid. Need some basics in technical analysis to be fully effective, tough.
Otherwise I suggest to go a bit more social. As soon as you can sort out the idiots on Twitter, it is a good platform to get to know good traders and get into groups that share informations for free. Trading is rarely a one-man-show and 20 eyes see more than one.
Benjamin Lopez
Do you do that by setting a "Conditional" sell on Bittrex?
Brody Rogers
Thx user
Lincoln Murphy
Yes.
Isaiah Jackson
Should i move my crypto from coinbase to poloniex?
Kevin Adams
>TA
Nice. Got to teach those newbies how to be a retard.
Kayden Gutierrez
>Should i move my crypto from coinbase to poloniex?
Depends.
If you want to trade more than eth/ltc/btc, then there is no other way than to transfer it to exchanges like polo or bittrex. If you just want to hold and see how it devellops in a year or two, better get your own wallet.
Leo Reyes
Would you FUDders stop talking about this minecraft as something that boosted DGB? You seem to agree that it was fanmade, but DGB was mooning LOOOOONG after it was announce because of its technical capabilities and exposure. No one, except biz (who you think controls the markets) cared about the minecraft The minecraft was just a overrall gradual investor thing, and it if it actually does take off in someway, there will more to come. Also, you are forgetting it mooned 3 times after short dips. But i guess according to you, its muh minecraft rumor. The 4th moon was literally cause by citibank, which i have to give it to you, but lots of people were counting on them getting first, but they still placed as finalists
Btw, i can tell youre a newfag who only traded cryptos for a month.
>look, i wrote a wall of text of a coin i missed out on. Give me your btc!
You want to know who the real crypto millionaires are? People who bought and held btc, eth, and now dgb, which is why op wont post his actual blockfolio.
Jaxon Russell
shut the fuck up street shitter. no one wants your shitcoin.
Andrew Ross
And here we have the typical example of a tard that was out for fast money, got burned by buying DGB high, selling it low and joined the hordes of lost fudders that get easier triggered like a fat feminist on tumblr, just by the mentioning of "DGB".
Otherwise he is harmless, as long as you dont follow his advises.
Gavin Jackson
Part 5/5
Austin Fisher
And just a reminder that OP is a literal FUD trying to train newfags into getting newfags into believing DGB is a scam coin. Its basically the same tactic Americans did in WWI when teaching immigrants English. They would teach people sentences like, "The german is smelly". "German people are the root of all evil"
Its the same thing OP is doing; its subtle prejudice against a coin he never did any research in because he thought DGB mooned because of minecraft.
btw OP, you will never make anyone money, because ive already had people come up to me and said they made 20 k just by buying and holding DGB.
kys faget
Isaac Watson
How many wallets do I need? It seems I keep needing new wallets. I got waves when we were doing the NGR thing, I got myethwallet for eth and I got arkwallet for Ark. What is a good Bitcoin wallet and what am I missing? How many wallets do people maintain?
Cooper Long
Except i literally bought dgb below a 100 sats and i got many people to buy in this time too.
Also, what is with you in saying that the minecraft rumor burned people? Even if you bought in during the minecraft hype, that was when DGB was below a 1000 sats; YOU WOULD HAVE MADE MONEY. The only thing that people got burned on was citi bank thing, and that wasnt really a rumor. People were just expecting DGB to place first, but were finalists, which was pretty good anyway and shows good prospects for the coin.
And again OP, post you blockfolio if youre so confident in your investments. Because from i can tell, you think its ok just to shit on DGB and get away with it.
Zachary Rodriguez
Kuba? Is that you?
Luis Rodriguez
>post you blockfolio
To prove something I never stated? And again: I dont use blockfolio.
Again: relax my friend, DGB is just a good example for many things newbies did wrong the last week. I never stated that DGB is a shitcoin. In fact I even still hold some DGB because they are obvisouls a good coin to hold for the next couple of months or even til 2018.
How about I replace "DGB" with "ABC"? Will you be happy then?
Colton Jenkins
>I'm too stupid to recognize patterns therefore it's impossible for everyone to recognize patterns
Bentley Collins
Linking your checking account is a security measure. They will place two small deposits in your account, and then you need to confirm how much they gave you to prove that it is your account.
Jeremiah Ross
Seems like I'm the first to do this, but whatever. Thank you OP, for taking the time to offer some advice for the noobs.
Now one thing I don't understand, >dont buy at or near a new ATH How would you know if the ATH is the actual ATH? Say ETH gets to $500. But keeps steadily increasing to 520, 550, 600, 800, etc. Just ignore the massive growth for the sake of the argument. How do you decide to buy or not? And when? You could buy and a crash will come in 5 minutes, or you could wait and it'll end up $1000. How do you do this properly?
Easton Anderson
Youre damn straight you change your own example, my dood.
And its not a good example, because your facts are literally wrong. Have you not read what ive stated here ???
it explains clearly why saying MUH MINECRAFT is wrong and comes off as FUDding.
Angel Rogers
Where did the newbie help go. pls stop argue and answer my dumb question
Parker Jenkins
>How would you know if the ATH is the actual ATH?
When you have a coin that reached 1000 for the first time but was going down afterwards, you have an ATH. At some point in time, the coin will try again to breach 1000 - but buying in at e.g. 990 might be risky, as the panic that sets in if the target is not reached, will usually dump the coin further down than it was in between these two attempts.
On a bull market like cryptos, if you invested in a coin and then see it breaching an ATH, growing further and further, it is wise to adjust the stop limit - order accordingly.
An example: You buy at 50, ATH is 100 - stop limit is 45. You go to bed - during this time, the price rises to 120. After you see the rise, you are happy and adjust the stop limit to 110, as you still see potential The next night it rises to 190 and you set the stop limit to 180, as you think that it might break the 200 this night. But it wont do this, it slowly declines to 150 and stays there for the next weeks, but you still sold at 180, as the stop limit kicked in.
Brayden Hill
What is wrong with coinbase?
Liam Howard
What coins have high ROI? I will give you some money if I hit it big.
Justin Martin
Why is it better to buy from Gemini over Coinbase? Fees?
Adrian Thompson
it "shuts down for maintenance" literally every time there is a dip/dump/crash
I am 3 weeks in and still havent been verified by kraken. sent the support tickets and everything
Noah Sanchez
He means don't buy at $500 then. Look at what happened to all the people who bought at the recent ATH. They are shitting up the board with their crying. You might get lucky and it might keep going, but it could also correct after a huge moon. Sometimes you miss out. It's not a science, it's a game. You want to maximize your potential earnings while minimizing your potential losses. There's no way to know the future, you're just playing the odds.
Jeremiah Cooper
doing god's work OP; what you laid out is common sense but we're all emotional beings with vague concepts and reliance on luck or succumbing to herd mentality all too oftenly FOMO is strong but user must be stronger
Hudson Cook
>How many wallets do I need? It seems I keep needing new wallets. I got waves when we were doing the NGR thing, I got myethwallet for eth and I got arkwallet for Ark. What is a good Bitcoin wallet and what am I missing? How many wallets do people maintain?
You need as many wallets as you need, when you want to store them yourself. There are multi-currency wallets, but this is a personal issue which is good in a own thread. I personally only store BTC and LTC on my own, the rest is stored in the exchanges, as I would go crazy to transfer everything back and forth.
I think I wrote it not as clear as I would have liked or you might have misunderstood me. To be clear: I like DGB. I hold them and I think, they have a solid product which will in the end climb up to close to $1 per coin. In fact the Digimarine-pic is the product of a friend of mine.
But let me be clear about what I wanted to say: I think that before the event, DGB was hyped way too much. Yes, with the minecraft-stuff too. Shills hyped the coin with overvalueing the minecraft-issue as something relevant (which it wasnt). A newbie is more likely inclined to believe something like "partnership with minecraft, BUY NOW IT IS GONNA MOON!!!!!" and buy near 2300. Thats why I wanted to point it out as a overvalued information with little relevance - aka "hype" - which a newbie should not fall for, as they then can end up with 100k DGB, bought at 2.3k for a month while the value is climbing up slowly.
Owen Carter
I see, sorry last noob questions.
So there are many exchanges: coinbase, kraken, gemini, poloniex, bittrex...
What is the general consensus on them?
>coinbase trade only btc,eth,ltc fdic insured stores most crypto in cold storage
I don't know much about the others. Also why are altcoins trades done by btc/eth-altcoin instead of fiat-altcoin like it is for btc/eth?
Connor Garcia
>What coins have high ROI? I will give you some money if I hit it big.
This depends on so many factors which can change so rapidly, it is nearly impossible to say.
But I will give a couple of suggestions: For the long run (3-5 months), you are secure with DGB. No shilling - they have a good product and will grow with time. For the medium term I would pick Litecoin - but this is also personal preference, considering that this coin can tank disturbances in cryptos quite well (and with 1st of august, we are running into some...) I also would look out for E-CurrencyCoin. I dont want to shill, but if they get their tracks on the road, they can easily climb up to 100 sats.
Ethan Perry
I dont know too much either, but: kraken is sued a lot internationally and has the lowest fees. some people say the api bugs out during high-volume times gemini is good for us customers aparently but verification takes long for that too I heard bad things about poloniex bittrex is something I may use for altcoins in the future, but still not sure
I think it is BTC/ETH=> altcoin because the altcoins are too small to stand on their own and the trading volume would be tiny
Adam Carter
I see, thanks you've been very helpful mate. Hope you moon very soon.
I like the interface of Poloniex more but love the chart in bittrex more than the one in polo. It is a personal preference, but I recommend every newbie polo and bittrex first. Also I never had any problems with coinbase, but I never bought BTC/LTC/ETH during stressed times, so I never ran into troubles. Valid critics tough, as this maintenance-stuff happened indeed quite often during crashes.
>Also why are altcoins trades done by btc/eth-altcoin instead of fiat-altcoin like it is for btc/eth?
Stability for the exchange and simplicity for everyone. We all can look at the BTC/fiat - ratio and have a simple consensus on everything. If every coin would have a dollar/alt - ratio, you would go crazy.
Samuel Lee
Also thanks everyone who is also answering questions. Thats the spirit I liked to see in Veeky Forums.
Landon Morales
Which crypto exchange would be best (USA) to actually get money? Sorry for the stupid question, but if I link it to my bank account and put money in, buy some crypto and then sell it, it would go into my bank account? Or would it stay in the exchange until i pulled it out (is that even possible).
Leo Myers
thank you for insightful info, hope you moon. :)
Nolan Brown
>Which crypto exchange would be best (USA) to actually get money? I am not from the USA so I cant help here
>then sell it, it would go into my bank account? When you sell the coins, the money stays on the exchange. Afterwards, you can withdraw the USD into your bank account.
Jace Martin
I am not from the US, so I have no experience in respect which exchange works best in the US.
The process of interaction between your bank and the exchange is no different than any other. You put some money in your bank account, transfer the money to the bank account of the exchange and then, you can buy crypto on the platform. Later, if you made some money (or not) you change the crypto on the platform into fiat again and then let it transfer back to your own bank account.
Gavin Miller
Thank you.
Levi Cooper
Thanks. Now where it says FIAT support, what does that mean? Since I'm from the USA I can only use the ones with USD?
Jaxson King
>Now where it says FIAT support, what does that mean?
I dont know what you mean, can you be a bit more specific?
Ah, it means that you can transfer fiat from the exchange to your bank account. Polo, bittrex and liqui cannot do that, gemini only in USD, kraken in USD as well as in EUR.
Ian Walker
As this is a newbie thread, someone mind dropping a link to somewhere I can find out crypto terminology?
Jonathan Lewis
i keep in the exchange. The one time I got a wallet, my computer died
Then what would be the point of even using the other exchanges if you can't put the money into your bank account after selling?
Colton Powell
I'm losing small deposits going into bittrex, is this normal? I lost .04 eth transferring from a laptop's wallet into bittrex, and 900 doge transferring from coinexchange.io into bittrex. Do they just eat small deposits?
I also lost .78 waves, but they have that message you need waves to receive waves which I didn't understand at the time, so I'm not counting that.
Henry Roberts
Thank you based user for teaching us noobs. I really appreciate it and I assume a lot of others do as well.
Cameron Hernandez
This. God bless OP, God bless all helpful Veeky Forumsbros. And if you don't believe in god, may the memecoin markets moon you.
Christian Robinson
The other exchanges have coins that the fiat-exchanges not have.
This is one advantage of bittrex for example - they have a shitload of coins for exchange.
Kevin Parker
>Do they just eat small deposits?
Every coin has a transaction fee, no way around it. The exchange platforms usually take a bit more tough.
Liam Watson
Okay, so they have more alt coins to trade, but how would you actually see a profit from this if you can't liquidate it? Sorry I don't understand.
Austin Reyes
There's much more than just a fee disappearing. It's all of it.
I'm thinking of trying to use the respective blockchain explorers to find my transactions but I'm a little foggy here. The eth was on a jaxx wallet, and then the security flaw came out so I decided to get rid of jaxx. I sent the eth to bittrex, saw one confirmation in jaxx and decided that was good enough and deleted the program. That was 3 days ago, the eth hasn't gotten to bittrex, and I don't have my wallet address because I deleted the program.
I sent doge to bittrex to get ammo with, got like $2.50 worth of ammo that doubled into $5, so I sold and sent it back to bittrex last night, but it never got there. Can you even find out the addresses exchanges use? How would I track these transactions?
Also, I checked for windows restore points, and all of them are gone. It's usually a good indicator you have something nasty living on your computer, so I did a scan with malwarebytes and another with MSE that turned up clean. What the fuck, over?
Juan Smith
seconding this
say you have 5k worth of DGB on a trade like bittrex that doesn't liquidate into fiat--how do you turn that 5k into 5k USD?
Matthew Rodriguez
You are welcome. Not religious, but I appreciate your wishes and wish you the same.
I changed the initial post for the next time - no more DGB in the explanations next time. Cheers brother, I think we might not be so different.
Michael Morris
>sent doge to bittrex to get ammo with *should read sent doge from bittrex to coinexchange.io, oops
Thomas Ward
What's a good alternative to Coinbase? It doesn't work in my country.
I was thinking Bittrex.
Connor Peterson
I also would like to know.
Adam Powell
You trade it for btc and sell that for fiat.
Luke Wright
do I have to buy BTC before I can buy altcoins? Im looking at poloniex and my options to purchase ripple are BTC, ETH, XMR, and USDT, I want to say USDT is united states dollars but the T is throwing me and I cant find confirmation on the site.
Owen Hall
Question: can I make a conditional buy order on Coinbase? I want to buy BTC and ETH, but I feel like they may fall further in value. My bank account is linked.
If I can't, is there an exchange where I CAN make a conditional buy using bank account/debit card?
Matthew Price
...
Lincoln Butler
Keep in mind that Bittrex has a minimum deposit requirement for Ethereum. If you sent an amount too small, it's still there, just send more so that you meet the requirement.
Anthony Lopez
Do they? I didn't know that, thanks.
Parker Gutierrez
>There's much more than just a fee disappearing. It's all of it. With jaxx I unfortunately cannot help you, as I dont use it.
Regarding the exchange-fuckup: even tough it never happened to me, I heard quite some from disappearing coins between exchanges. It would be best to write a ticket in both exchanges. Best case it got somehow stuck on their side, worst case it is lost. I am a bit puzzled what the problem might be tough, as this never happened to me so far.
In respect with the IT, I would you to go to a specialist. Especially when dealing with cryptos, you should always keep the device clean.
Which makes me think about 2FA - will add it on the text now.
Blake Russell
Bump. Help
Ethan Morris
Both my machines are dual-booted, I think I'm going to switch to the ubuntu for this stuff. I mine eth with my main windows machine though. I'll have to look for a good nvidia gpu miner for linux.
Xavier Jenkins
Any recommendations on where to learn about mining? My rig is pretty good.
Eli Ortiz
>Question: can I make a conditional buy order on Coinbase?
If you log in with your coinbase account on gdax.com, you have some more options. I dont know if a conditional buy is possible tough.
Luis Richardson
I'll check it out, thanks.
Jackson Sanchez
Try gemini or bitsquare.io. Which country are you from?
Jace Clark
Well, in this respect I guess you are already better in IT than I am. Sorry that I cannot help you, maybe someone else in a forum is better suited to do that. Good luck to get back your stuff.
Dylan Myers
Serbia
Well Gemini is out, I just tried.
What's wrong with Bittrex though?
Owen Turner
Thanks.
I found the most info on ethereum.org's forum. Make sure you get the right miner for your gpu, amd and nvidia cards take different mining programs. I'm getting 0.1 eth a week with a gtx1070 and using dwarfpool. There are a lot of pools, which are groups of miners you join up with to spread out the block rewards, as solo mining with a single gpu would probably take you a year to find a single block on your own, but 1000 gpus find more blocks, and give 1/1000th to all the gpus each time, just to use a round number for example.
Henry Fisher
Is this like a multi-currency address, or do we have to figure out what to deposit to you? You didn't state what address it is.
Jaxson Green
>What's wrong with Bittrex though? I thought you need to exchange fiat into crypto? Bittrex is cool, but cannot do that.
You rather want us to lose 5% than take the bounce and sell at a higher price point? Why? Genuine question btw.
Jace White
>You rather want us to lose 5% than take the bounce and sell at a higher price point? Why?
You also can use 90% or 85%, it does not matter. The stop limit is something you do as a precaution against a collapse, when you are not able to react to the collapse.
Lets say that after today your LTC is at 110 dollars, after you bought them for 100. You are tired, you want to go to bed. And you believe it will rise further during the night, but you also want to protect a share of the the profit you gained today. So you set a stop limit which is triggered at 105. You go to sleep.
Now there are 4 options of what might happen:
a) price explodes, stop limit is not touched Yay, even more gains the next day
b) price goes sideways It might or might have not triggered your stop limit, but you can buy back in at around the same price like yesterday anyways.
c) price crashes to 80 It touches your stop limit and you gain 5 dollars in profit - the next day it is below your entry point and without the stop limit you either had to take a loss or wait for it to spike. With stop limit however you made small profit, with what you can buy the dip and make even more money.
d) price touches your stop limit and goes bonkers Only bad situation where you made a small profit and lose the prospect of getting more. Happens rarely, when you do your job with the technical analysis well.
Just to be clear on this side: the stop limit is a tool for precaution. It limits your risk and that is all that is to do when dealing with stocks and cryptos: limiting risks and cutting possible risks short.
Sebastian Brown
Or how about you just don't make bad investments you virgin looser.
Brayden Flores
>than take the bounce
Addition: you can take the bounce with a stop limit order. You just need to adjust how big the bounce can be - a stop limit at 30% of the value is sometimes okay, but with most cryptos it is way too low. I had a good experience with anything in between 85% and 95%.
It is so the market cannot catch you with your pants down. It gives you the opportunity to catch your pants and jump out of the window with what you had in your bag already, while you only lose peanuts on the way out.
Oliver Hughes
this was a fantastic explanation, could you also explain stop loss like you just explained stop limit?
William Jones
>Or how about you just don't make bad investments you virgin looser.
