Some like it , some hated it. For me it depends if the price action and signs are clear, if not I just stay away. We don't have to trade every single pair all the time. Spreading too thin also affect your focus to watch "too many eggs" at one time. When market turns and suddenly your portfolio turns red (small individual loss when aggregate becomes big), one is likely to panic and react irrationally.
If you have a handful that you can manage, then it is easier. It is all about emotional control. Like they say, when the sun is out, one can looks cool with his shade on. It is when storms and blizzards come, that is the real test of a trader. Do you suffer from anxiety, fear and sabotage your own account ?
Haha, I have been there and I can tell you is no fun especially when you thought you are ready and pump in real money into your accounts. After a period of no loss , you think you are a STAR, a player of sort and you become arrogant. Don't be like me, learnt from my bad mistakes.
Trade safely.
Komen
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Thank you , Mr Market
Komen
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a false breakout , it went back into the channel. likely to go back the lower channel or 1180 price zone before seeing a rebound. Trade safely
It depends on your strategy, risk management and objectives, really.
For eg. I trade XRPUSD as I discovered I was late into Bitcoin after it went ballistic towards 15000 level. I still like bitcoin but reduce my exposure.
FYI, I do not hold for long term as in buy and hold/forget due to its volatility and I am uncertain about its future.
So, short term trading suits me better.
Next, the CFD brokers are important , I am using IG here in SG where they have only 3 pairs, BCHUSD, BTCUSD and ETHUSD. So, I have to find other brokers to complement.
Are you trading CFD or buying directly from the exchange? And if the latter, which one ?
eyan72293
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@dchua1969, I myself, have done a similar approach. BTC, in my opinion isn't as forever as people might think. I believe ETH has some of the most real world applications.
I am buying straight from an exchange, Bittrex is the one I use. It is pretty simple to use, and I haven't come across anything I do not like in regards to it. At the moment, I am trading about 6 alt coins. SC, XDN, XVG,NAV, PAY, RDD. (PAY hasn't been good to me recently lol)
dchua1969
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@eyan72293, thanks for the reply. Wow, I prefer something simpler and find the process of buying from an exchange too cumbersome with all these wallets and security and what have you on the hacking.
CFD is much straight forward, much like forex which I have been trading. What I observe is there is no broker that offers all cryptocurrencies CFD, some here some there which makes it troublesome to have so many brokers.
Technically, I am not competent on cryptocurrencies and its usage. I merely rely on my charting skills to tell me what to do - buy, sell or wait.
Best of luck to you !
eyan72293
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@dchua1969, Wow, nice to hear a different perspective.