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Ripple XRP: Day Trade Or HODL Crypto? The False Economy Of Day Trading When You Suck

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PLEASE NOTE:

I AM NOT A FINANCIAL ADVISOR. THIS VIDEO REFLECTS MY OPINION ONLY. IT IS NOT TO BE CONSIDERED FINANCIAL ADVICE. PLEASE DO YOUR OWN RESEARCH BEFORE INVESTING YOUR MONEY.

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Resources:

Trading View
www.tradingview.com

Photo Credit:
https://www.nerdwallet.com/assets/blog/wp-content/uploads/2018/07/GettyImages-834792042-copy.jpg

Tags : cryptocryptocurrencyRipple XRP NewsxcurrentxpoolXPRxrapidXRP Newsxrpbtcxrpeurxrpusdxvia

10 Comments

  1. Agreed WMC, I'm a crypto HODL'r and I day trade forex but I will NOT day trade crypto, lol! Not financial advice but you can lose your shirt day trading crypto if you're not careful. Stay in profit family! XRP!

  2. Great video WMC-Taxes are the big driver – hold for at least a year and only pay long term capital gains tax. If you trade sooner than a year, you pay at your normal income tax level. I'm a HODL'R – at least a year.

  3. Interesting news from Gemini Capitol in NYC regarding loans secured by crypto assets:

    Bitcoin Cash (BCH) borrowing has dwindled to nearly zero as we called most of our outstanding loans prior to the hard fork on November 15th. Managing forks is a precarious process when lending digital assets, and though we define specific hash rate, liquidity, and market cap parameters for delivering a forked coin, both borrowers and lenders generally prefer avoiding carrying balance.

  4. Totally agree on day trading. Your illustration is very accurate. The way you outlined this shared the thinking and emotional arch of an uninitiated person who doesn’t understand any of the things that go into trading.

    I’ve been hobby trading and investing for about 20 years but I’m not a professional day trader. I’m steadily working toward that goal. Here is what I’ve learned over the years.

    These same people going through the emotional roller coaster of day trading could really do well but most won’t chose to take the lumps needed to really learn the craft and show consistent profit.

    It literally takes thousands of trades over years to learn.

    It takes study to understand the asset you’re trading. Is it just a run of the mill asset or something unique?

    It takes getting comfortable with enduring small losses when you’re wrong and holding longer to take larger profit when you’re right.

    It takes an understanding and application of risk/reward ratios that give you a numerical edge. This allows you to lose more trades than you win but still show a monthly profit on balance.

    It usually takes losing your entire stake once or twice to truly understand the risk/reward. It also takes the understanding that you will be wrong more often than you’re right.

    It takes identifying a fundamental and technical catalysts for every trade.

    It takes understanding the differences between day trading, intraday trading, swing trading, and investing (which is basically “buy and hold”).

    It takes planning of what you’re going to do in every case. If it goes exactly the way you thought it would. If it goes against you. When to exit because you were wrong. When to take profit. Etc… Etc…

    It takes real work.

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