Losing money in crypto after about five years or so of experience with such assets defines a true crypto degenerate. That's where I fit in, along with a good friend of mine. I haven't lost much in trading, but I sure have my share of overall losses and failures.
I was talking with this guy on the phone a couple of days ago about leverage trading. I got into a telegram channel lately and there was a trading tip that got my attention, but I'm not "technical" when it comes to leverage trading and I had to ask him a few things before started pushing the buttons.
He still does it(leverage trading). He had his wins and he had his losses, but he's not a quitter. According to him, you can make some decent money out of scalping if disciplined enough. I would disagree with that though. I believe that you have to be far from just disciplined to make money in trading, but I would not downplay the importance of discipline in that regard.
I woke up today to a $17,500 BTC and a ton of mixed opinions on Twitter about the next move it is about to make. Some were already forecasting its fall to $14,000 - $15,000 soon after it fell from $18,000 while others say it's just a natural correction of an uptrend. I personally am not in any of the camps tbh.
I'm on the "I don't know side". Neither long nor short. I asked this question(long or short?) to my friend this morning as well and I still don't have an answer from him. Well, how the fuck do you expect to make money from trading if you don't know what the price is going to do next? I know about one way to nail that without getting in too much cluster and that's ridding the waves(four years cycles).
That simple, but it takes time. You can even go away from any chart for a year or so after you placed your bets and still be sure that you're a winner.
Who would have bet a couple of years ago that Trump would get into crypto(NFTs)? Well, here you have him selling some cards, in the form of NFTs that you can acquire by paying with cash or crypto. These NFTs can "win you the chance" to have dinner with him or even play golf on one of his golf courses.
That makes me long on crypto tbh, not the price fluctuations from one day to another, that and the new feature of metamask, available only to select US customers for now that lets Web3 users go from cash to ether via PayPal for a 1% fee. I was planning to write a post about "why crypto sucks" when it comes to on and off ramps between fiat and DeFi, but this news pretty much "burned that post".
I personally believe that although it might be possible for Bitcoin to go even lower than $15,700 in the next few weeks or so, by Q2 of 2023 we're out of the woods of the mighty old bear, no matter the recession, wars, and whatever we have on the table. I believe that the S&P500 will be in the same position. It's oftentimes good to pay attention to history but sometimes things got to change and old patterns come on that way of change too.
As I said, I'm neither long nor short on the price of Bitcoin but I sure am long on blockchain technology, Hive, crypto, and what these things are positively impacting. These ones make so much sense in our current fucked up society. What about you, though, are you long or short on the crypto market right now?
Thanks for your attention,
Adrian