Hi all! A few years ago I did part-time stock daytrading and really enjoyed it. Now I’ve entered the fascinating, ever-changing world of cryptocurrency trading.
The biggest difference between stocks and crypto is the volatility. Wow! Bitcoin can go down 700-1000 points in one day, and a couple of days later be back right up. It can be a trader’s dream, or a nightmare, if you don’t have appropriate stops and money management.
Chart patterns are the very same as stock trading, as well as the emotions behind the charts.
Just like stock traders, crypto traders may go from enthusiasm/greed/FOMO (Fear of Missing Out) that push prices upwards too fast, to despair and fear that can lead to drastic drops and panic selling.
Add short selling/covering and there’s a combustible mix for sure. Exhilarating! Profitable too, if you keep your emotions in check.
With that being said, here’s a limerick I wrote:
Bitcoin Lament
Mr. Tom Lee says crypto is here to stay
Though its volatility is turning our hair gray.
Bitcoin is such a drag
When it’s in a bear flag.
No worries; just hodl and sell at 100k!l
The biggest difference between stocks and crypto is the volatility. Wow! Bitcoin can go down 700-1000 points in one day, and a couple of days later be back right up. It can be a trader’s dream, or a nightmare, if you don’t have appropriate stops and money management.
Chart patterns are the very same as stock trading, as well as the emotions behind the charts.
Just like stock traders, crypto traders may go from enthusiasm/greed/FOMO (Fear of Missing Out) that push prices upwards too fast, to despair and fear that can lead to drastic drops and panic selling.
Add short selling/covering and there’s a combustible mix for sure. Exhilarating! Profitable too, if you keep your emotions in check.
With that being said, here’s a limerick I wrote:
Bitcoin Lament
Mr. Tom Lee says crypto is here to stay
Though its volatility is turning our hair gray.
Bitcoin is such a drag
When it’s in a bear flag.
No worries; just hodl and sell at 100k!l