This is a bit of a rant post so I guess some people may not like it.
Crypto traders generally seem to lack maturity and real world smarts. Obviously this isn't everyone, there's some really smooth operators out there.
What seems to set apart the smooth operators and the others is that the good guys have a background in old world trading being it people like @bulleth with his forex or @choogirl with her commodities. Personally I'm somewhere in between, I'm a crap old world trader, but I have the vision of the bigger picture to make smart predictions and summaries about the Crypto world.
An example of an immature statement to me: The other day, someone came to me and was like "MAN, Steem is pumping HARD today" I hadn't looked at a chart all morning so I jumped onto Delta and had a squizz expecting to see Steem sitting at like $15. Sadly I was once again disappointed, it was at $6. Still down $2 from the start of the week. The poor little turd got an earful, i did try to explain to him that a) he was a moron, and b) we're still in negative territory for the week. I don't think the poor guy understood, all he was mubbling was "moon, lambo, rockets" in some kind of psycopathic or satanistic chant.
People new to the game need to look at a much bigger picture. Seeing a crypto jump 10% in an hour is nothing to get a boner about. To sustain that 10% over 7days is much more interesting.
Crypto pumps and dumps repeatedly, old school share trading views really aren't valid.
So, I'm sorry if I've offended anyone calling them immature, I'm not saying anyone is physically immature as a person, but the Crypto mind set is still so young that the Mindset is immature and new players in this relm need to chillax and let it all mature before getting all hyped up.
Totally agree! Just made a little table illustrating the gain needed to get back to the start after a given decline (that's something some do not consider):
oh thats an awesome table!!! Do you mind if I use that in a post? I'll source it back to you of course.
thanks! yeah sure use it, no problem!
I think the terms people use just don’t work for describing the time period. For a day trade a one day jump is a big deal, for someone shorting it’s anything from a blimp on the radar to a signal to help base future predictions, and for a long term trader it’s nothing. In my opinion neither of you is wrong you’re just trading over different time periods.
Most people who invest in cryptocurrency dont understand the philosophy behind this new technology. crypto currency was made to give back power to the individual by cutting out third parties like banks. When you understand this fundamental premise of cryptocurrency and blockchain technology you're sure to make smarter decisions in the crypto world.
Nice post. Most of the guys that are new to crypto will probably do much better if they wouldn't trade at all. Just pick some coins with potential and let them sit there.
Or if you really want to trade just do it with a small amount of money in the beginning just to get a better feel for it.