$10K into OMG - Stay tuned! πŸš€πŸš€πŸš€πŸš€πŸš€

omg
omisego

#837

I just sold 100 NEO today and bought OMG from it.

But ofcourse, when I sold my NEO for 0.054, Neo went up :triumph:


#838

@BitVIP, 'takes a lot of discipline to identify a losing position and cut it off. And maybe it comes back and you re-enter, and maybe it doesn’t. But the kind of of discipline you just executed will always pay out BIGLY if done consistently across time. Nice work! Gonna be a GREAT month because we’re systematic and we’ve got a plan.

Cut your losers fast and let your winners run (…and add!)


#839

But isnt this type of trading referred to as β€˜chasing candles’, which is something that the experienced traders here have advised against? Ive tried this so many times and ive discovered that it only pays off less than 50% of the time. In most cases the potential for compounding the original loss by selling out of a losing position to buy into another at its peak is extremely high. Im a noob at this but looking at the above chart wouldnt an experienced trader see a greater potential for gain from, in this case investing in NEO rather than OMG which has already made tremendous gains? I understand that people have different styles of trading but which in the long term is the most profitable?


#840

Yes. If NEO turns up it may well become a fabulous trade. Absolutely. Depends on your rules.

Ed Seykota gives an example in a silly story but it makes a point: Upon having a dinner guest over he he accidentally bumped a sharp knife and it flew through the air and fell directly on the guests foot. Ed asks, Why didn’t you move your foot? The guest replies, I was waiting for it to go back up. You see the point.

This is trend following. Higher prices beget higher prices; lower prices beget lower prices.

If you’re trying to hitch a ride north you would be foolish to stick your thumb out on the southbound onramp. Similarly, if you entered a northbound vehicle and they then started heading south you would be foolish to stay in. Just get out (cut losses) and get back on northbound.

Something to think about.


#841

This is some really horrible advice. Telling emotional traders to do bad emotional trades when they see the market go up or down. No, the proper strategy is to buy when something is dipping and hold it. Sell it if it goes up, not buy it at an all time high.

If something fundamental occurs which changes the nature of your investment then you sell it off. In the case of OMG and NEO, it’s very possible that NEO can double in a single day while OMG hovers around $12 for a while.

You’re telling solid investors to become swing traders.


#842

I’m not sure I would sell something that is down for something that has gone up already. NEO is in good deal territory. OMG is in possibly oversold territory.

Although I do like OMG a lot and plan to continue owning it for a long time to come.


#843

If they are emotional, they should not be trading. Period.

It sounds like your approach is fundamental (e.g. buy falling prices for value). That’s cool, it isn’t just not my approach.

But to allege that trend following is β€œsome really horrible advice.” So much wow…! Biggest and best names I know (AQR, Man Group, Winton…) are all trend following. Bill Dunn, Richard Donchian, Larry Hite, Tom Basso…I can list off more Billionaires who are 100% trend following than any other approach to trading.

If you’re fundamental in your approach that’s totally ok, but to call the basic tenants of Trend Following horrible advice… Come on now.


#844

I am a value investor. I attempt to buy low and sell never.

My strategy is based off the teachings for Benjamin Graham and Warren Buffet.

Trend following is nothing more than trading on emotions and likely buying high and freaking out when something dips, selling low. I don’t see this being an investment strategy that works more than a couple of lucky tries.

Research your purchase, believe in its fundamentals. Research its price characteristics. Buy at a good deal, when market sentiment is down.

Wait for correction and watch the price go up even if nothing positive has occurred.


#845

Major LOL :smile: Toooo Funny :clown_face: _in so many ways! :cowboy_hat_face::skull_and_crossbones: _


#846

Sounds like a plan, I’d double up on the one that is low in this case. I also bought some of OMG though hehe.


#847

You’re cute with your anecdotes, but there are also anecdotes like β€œa tornado can bring items that go up down and things that are going down up”. So just because an anecdote sounds good, doesn’t make it true :slight_smile:


#848

β€˜β€˜I also bought some of OMG though hehe.’’

You must carry your balls around in a wheel barrow, youre a braver man than me.


#849

Haha, that or I’m foolish :slight_smile: In my opinion you can look at if something is too high or not, but if you really believe that a coin will be worth double in 4 months I buy it.


#850

3 hours until Binance begins trading omg.


#851

Sold out a few coins to pumps up my OMG profile. Historically, new exchanges boost coin price through volume/sales, right? (I’m pretty new to the cryptogame!)


#852

There often is a strong correlation. Yes :), however, beware other nuances like areas of people wanting a place to dump too.


#853

Sweet. Let’s load up!


#854

so 2 more hours before omg hits the market on Binance? we expect to make a huge rise to the moon tonight?


#855

with binance opening the trade is it really going to make omg rise to the moon??


#856

Look what happen to civic when polo added it.