He Makes $30k/Month With Crypto – Really?


#1

As a newbie, I’m trying to decide if the best strategy for gains is swing trading or long term holding.

Proponents of trading, such as the above, make it seem almost too easy to make huge gains in the market, utilizing technical analysis to trade alt coins. But is it really that easy?

I’ve heard figures saying that 90% of people lose out on trading. It also seems to me that just doing TA isn’t the answer. Before you even finished overlaying your fibonacci diagram the market could have taken huge swings (just look what happened yesterday).

Any thoughts/experiences are welcome!


#2

The money has to come from somewhere. Simply holding gives a much safer approach to earnings. Less risk in an already risky field.

If you start trading, you run the risk of being a contributor to this guy’s $30k monthly.

And if you don’t have 8-9 hours daily to research, communicate, analyze and trade, you won’t win. These guys spend their whole workday doing this, and you never hear the stories about the people that fail miserably…


#3

We will always share our fails here.


#4

I imagine some of us will, but many become embarrassed and don’t share that info.

Day trading crypto is a dangerous game, but if done right you can make some big profits. Big risk, big reward.


#5

There may be some but you also have to understand the point of this community and that is to educate so there may be some failures that have happened and some have been shared. @peter has shared many of his through his videos. The thing is that the more educated the community is the fewer large failures you have.

I have lost money trading not an overall loss but on specific trades, but it was nothing to write home about so i didn’t share. It was just a bad call on my part. I also am still holding some bags on about 5 different alt coins. I have no more than 0.01BTC in any give alt. Are you expecting every little loss like that to be shared or just the ones that “fail miserably”.


#6

Just like sports teams, you don’t see a celebration when they lose. Nor do we hear when our friends come back from Vegas saying “The vacation was great but we lost $900”. In the crypto trading field, I see so many people say “I made $x this month trading crypto, and you can too!” or “Here’s my method to double your money every week” because it gets attention. Rarely do I see things such as “Well, I lost 40% of my savings by trading” or “Took out a second mortgage on my house, looks like I gotta step out of the crypto game after these losses”.

I’m just trying to show the other side of the coin. If you think you can trade effectively due to mathematical and analytical insight, combined with a robust knowledge of the field, you might make some really good money. However, presenting that to the average Joe that they can make that money too causes me to become very skeptical of such claims.


#7

Day trading is addictive!!!


#8

Check out the ICO covesting.io, perfect for newbie traders that dont have a clue what they are doing with there money apart from throwing caution to the wind. Its a copytrading platform that is launching soon, it connects traders with a track record to people that want the gains but dont have the experience


#9

Gains and Losses are part of the Game


#10

It’s like anything you see on social media… Most people are only going to show you the highlights of their life and not the bad parts. I have made some gains on trades and I have made some loses on trades. What I have learned from here in the pub is if you’re going to make trades is to do it with only a small % of your portfolio. Get the trade done fast and only chase small % gains. If I can make 1-2% gains everyday on average I consider that successful.


#12

Set those goals before you trade and you’ll be set!


#13

Setting Goals is key to success. Holding to them is also very important. This keeps you from “feeling lucky” and playing into bigger risk after your goal has been met and losing it all on an emotionally driven trade.

I have learned this lesson first hand just last week trading LTC between Highs and Lows and was burnt twice in one day only to return back to the amount that i started with.

Best Lessons are learned the hard way, but for good reason.


#14

The goal is to make as much as possible. The hard thing is knowing when to pull the plug.

I have made mistakes already. Not so much losses as missed opportunities. Overtrading most likely.


#15

Make the goal learning and being disciplined with your new found knowledge. Everybody wants to be a superstar in crypto. Everyone wants to succeed and get those 1000%+ gains to the moon. But, success is completely subjective. Success is whatever you want it to be.

Every time I made a bad trade it gave me the opportunity to start over and learn something new.


#16

cant agree with you more man!!!


#17

Holding is great, day trading is even better at times. While i made some good profits i also lost almost all of those profits that i made just to be back to the amount i first started with but already with a coin being much higher in price and me not having as many coins as i did to begin with. For that moment i wish i would just HODL. Still cant forgive my self. But on the other hand is there a strategy to day trading with market manipulation and whales dumping or buying. It is unpredicted.


#18

Since this was brought back up, I’ll throw in my two cents. Blockchain is revolutionary, or at least the very beginning of a fantastic revolution. It would be better to not only hodl, but to find a coin that allows you to stake or host nodes that earn you passive income. For example, if you had the money and held massive amounts of an asset like NEO, you would earn enough in GAS to make more than the average American. You get the best of both worlds as a trader (income through crypto) and holding (growth via investments). Personally, I’m not nearly as good as Harry when it comes to day trading so I just hold.


#19

Yeah I’ve made some experimenting with trading since I got into crypto a month or so ago. And although I doubled my money I could have made more holding the right coins. I made good gains on IOTA, but then sold off OMG, NEO and LTC just before they took off.


#20

I sold off a good amount of LTC when it hit $126 thinking it may go back down to $100, yeah right that never happened. I think i will blame my self for the rest of the life with this decision lol