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RE: Before You Do This...

in #raiblocks7 years ago

Yea I dunno if its a good luck charm, but I'd say that around the time that I started watching Cryptovestor and his other vids is around the time I started doing really well in my crypto portfolio to the point in which I was able to diversify my funds beyond my initial investment and spread to multiple exchanges and wallets.

I've learned to set stop losses for all my crypto coins and while there were the few times where I got whiptailed out of the coin, most of the time when my stop losses are triggered I was able to avoid a 50-80% further drop in price, thus ensuring for example that when I was up $1000 going to bed that I woke up with at least $600-$800 still without having it drop to $100 gain or even worse losses.

I think the key to "gambling" with crypto is to not bet more than you are willing to lose like everyone says, and to diversify your funds and not go all out on that one random coin that is not in the top 100. Right now I'm just making random bets here and there on some of the lower cap altcoins while keeping my main in ETH/LTC.

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That's the name of the game. If you are "gambling" on cryptos then you want to be playing the role of the Casino, not the Gambler. The house always wins. With a proper system that provides a positive expectancy and a set of trading rules that take emotions out of the equation, you can be the casino.

I gentleman I've interacted with a good bit though social media named Richard Weissman wrote a good book about just that called "Trade Like a Casino: Find Your Edge, Manage Risk, and Win Like the House". It's a fairly technical read, but I would highly recommend it.