Why I Don't Day Trade Cryptocurrencies or Simply "HODL"

Amazed anyone managed to import fiat into an exchange at this point well done guys you are all geniuses or something.

Hey Nick, first of all thanks a lot for your content, long time listener here.

I have a question that I've always struggled to understand. I understand the concept of buying bottoms, and that's exactly what I did the whole bear market averaging down. But now, on a bull market, and specially having a target at 100k, why do you only focus on adding in to your position on 30 – 40% corrections? One could have bought at 5 – 8k, but didn't because one waiting for a correction that only came much later to never re-visit those prices again, thus having lost the opportunity at such prices. To wait for exponential run ups to stop and correct when one is aiming at 100k seems weird to me. As we've seen several times already, TA of support and resistance doesn't seem to apply to exponential moves (at least in bitcoin). Exponential moves are based off of FOMO, meaning they can go on for longer than we might think or TA might tell us, and to ever revisit prices like 5-6k where wast expected a huge resistance back then, would mean a 100%+ correction that would signify the entering of a bear market once again.

So my question once again, given the history I've just explained, and talking about BTC here and not tradicional mature markets, why, if our Target is at least 70-100k, do we wait for 30-40% corrections to buy at way higher prices?

Note: not a trader here, so just trying to make sense of things myself and had this question.

I love these videos. Though the main idea isnt to make money a lot of people are in bitcoin simply for that. Investing/trading education is needed. Thanks!

I want REN to blast so we can finally see some of the mainstream crypto shillers begin to talk about it, in a serious way. It has a lot of potential because unlike many projects it isn't focused on marketing. If/When it hits top 50 coins and people like Datadash start to notice / read GitHub and whitepaper I'm hoping that it builds support and outperforms many of the coins up in the top 100 that frankly still have very little real world (proven) utility

Good positivity?

btc is going up.. I'll advice you invest now. The aid of an account manager is highly recommended too. You can get one on whatsapp :+1 (701) 289 2845 that's Dr Steven kov Gilbert's whatsapp platform he'll aid you make good profits in trading.

The best way to swing trade any market is to learn how to manage risk. basically every trade you enter needs to have a well-defined risk and a well-defined reward. If the risk-to-reward ratio is too large you don't take the trade. Once you establish this principle and you only take trades with acceptable reward-to-risk ratio, preferably greater than 10:1, and you set tight stops based on actual price volatility for strategies that allow it then you will be making money even if you lose half your trades.

pls about icx

There are few men who are expert in trading i count Mr Denis Law as one because of his unique trading strategy

https://youtu.be/4MRLd1Cgbdg?list=RDGMEMJQXQAmqrnmK1SEjY_rKBGAVMeIp74Mdbgs8

An interesting post but it needs to come with a similar conversation about when to exit the market even if that's just to preserve capital to get back in lower.

Hey this is the first time I am seeing you as in 2019, I see trading tips from 2017 of yours generally to get Acquainted with trading and its helded loads. I have not a tall managed to make money with cryptos…and one reason being I have not held it long enough… yup we can't predict when the market goes down, LTC I brought at 115 $ thinking it will hit the big numbers with this halving stuff, but it crashed. But I not sold any of the coins, holding it tight. BTC I jumped in to buy when it reached 9600, till then I was waiting for it to correct to 5000 to 6000 levels and it went till 13000 and againg fell to 9200… it just going too fast. I would have panicked and sold , but I thought lets hold, its big bullish this time, these volatile things should not deter us. I agree with you completely… I have actively started learning crypto trading like this year Feb, and now into analysys and following… I lost more money than gain, all I need to do was hold from Jan to May – June – BTC, LTC, BNB would have got profits. But can't beat ourselves up, have to learn and grow. Amazing videos with good trading wisdom.

Have you seen the cme gaps as apparently they always get filled, if history keeps then we have a gap fill to 8,500 ish. Then side ways to bullish. Not financial advice.

good video

What I don't like is when people tell you what they do after the fact!
Why not tell people when you buy. Otherwise it's pointless after the fact.
But sure I try the same.

Well done Nick. I hope many listen

When he says 80% correction, over what time period is that referring to?

turn your volume up. Can't hear you

Please cover ICON – it will go soon to moon ?? – lot is coming – for e.g.

1) The network will become decentralized in less than two months (upcoming node elections)

2) my-ID (digital ID) approved by the S. Korean govts. top financial regulator has entered the Innovative Financial Services and Regulations Sandbox

3) Fee 2.0 enables DApp operators to mitigate transaction fees allowing for users to enjoy free transactions

4) ICON cooperating with WeGO's (World Smart Cities Sustainable Organization). The Smart Cities initiative is full of use-case opportunities

I love your positive attitude for the future of bitcoin. could you explain why you think bitcoin will grow so much if and when it hits 20k again.

I'll HODL till it goes full throttle.

Listener for over 2 years. I’d recommend speaking to Cryptoface. He’s a YouTuber 2nd, trader first and has been helping me along and 800 or so other people trade with his eastern technical analysis. It’d be worth conversing with him in the future. If you do so, let him know I pointed you in his direction.

"You're afraid to buy the bottom" Mertens

One does not “simply” hodl nick lol.

This is excellent advice for regular people out there. Buying and selling based of min hourly or even daily charts will make your probe towards short term psychological instability and manipulations. It’s easier to drown out those noises on a long term weekly chart. I have used the same strategy that you’re preaching to people here and have done very well in my Roth and trading accounts through mainly equities. When we’re done with this bull market in 2-3 years, I would love to meet up with you in real life.

FinBrain Technologies has developed Deep Learning algorithms for modeling the future price movements of the financial assets, you can visit our website for more.

Hell Nick, if it's 12 mos plus, it's really investing, not trading.. So can a 1 year HODL make you rich, or relieve some financial stress? F-yea it can. I weathered the 2013-15 market by simply forgetting about what I had.. Came back to a nice little gain on some total shit coins. I'll remind all readers here who are new since 2017-18. You need to go onto ALL the exchanges you might use, just log-in, make sure you have any KYC done and ready, 2-FAuthentication set up.. because the exchanges were locking people out in 2017-18 who weren't current or hadn't logged in for many months. Change your passwords, etc… Be smart about this shit.

Bitcoin is pretty predictable tbh…just buy on daily support and sell near the swing high

I bought at 20k and Ill buy at 10k. What i wont't do is sell. I'll just keep making money working to off set it.

Great advice, you are a smart guy, and I dont mean that sarcastically

At what point do you cash out and pay for a pizza with your bitcoin?

good stuff thank you!

Totally agree great vid Nick. After 2 + years of losing it's time for a change in strategy. Funny how i decided that then watched your Video. great confirmation

Is the strategy of buying a little bitcoin once a day (rather than once a week) a sound one?

Cheers dude, great vid

DONT GO DOWN THE COMMENTS!! I SEE BOTS SPAMMING AN UNKNOWN FAKE PROJECT!!

Take profits as you go and you will never go broke! I don’t HODL personally

This is cycle will top at 80-100k.

Great Nicholas , I've been forced to do exactly what you just suggested …Many Thanks !

Thanks that help a newbiee getting rekett simples

DUSK made 14x if you HODLed just invest in projects with actual value

I get what your saying…but if you trade on a 1, 3, and 5 m…..its a breeze to make 10% a day. Also, I find long term trading to be hard….How do you know what it will do…what if BTC would have stopped at $6000…or $10,000, or $30,000……or you bought $3100 and it went up 70% you thought it would go up more and it retraced all the way under $3100. What about Link or Matic? Does it stop at 500% or 1000%? You never know. What a headache. So much easier to go find 20 different .5 – 2% in the markets. Not to mention these big swings TAKE SOOOOO LONG TO PLAY OUT. Even if you bought very bottom of BTC and sold the absolute top…it took 4 months. To 4x your money or a little more. 3% a day x 4 months compounded…$1000 to $34,000. $1000 from bottom to top is like $4500 or so. Betting on myself to make a minimum of 3% a day is a million times easier than catching the exact bottom and top of BTC. Or Any altcoin. Buying LTC would have been a bit different as $1000 would be worth $7000…..but still the $34000 beats it. You are right when you say its not as stressful…but trading tiny time frames is the most fun thing in life I've ever done…and paid me well all year.

thank you so much for your level-headed wisdom! I'm just a middle-class guy, I had been making really good money trading cryptos with my retirement and I was up quite a bit. Fast-forward a matter of weeks and I've lost a third of my long-term Holdings. I'm past the grief stage, but I will never ever get over my head on margin trading or anything else that I don't thoroughly understand in the future. I'm back to slowly saving and planning for the future and I actually feel better about it. Live and learn!

I trade 6hr ma crossings, have hodl bags for microcaps I got stuck holding, accumulate the alts I want, and stil have hodl bags for btc, eth, ltc

60-70 is where we should go. There will be over exuberance. We will slow at 90k as everyone doubts 100k. We will surpass 100k maybe to 110-120k. Your Uber driver will be talking about how he will get a lambo when bitcoin hits 1M. Bitcoin will crash to 50k. It will be proclaimed 'dead' once again. Then a final capitulation to 35k. Rinse and repeat, until market cap is a few Trillion.
Not financial advice.

Excellent advice …..keep up the voice of reason….

Well put. That's exactly my approach. The only thing missing, and it would be great if you can talk about it sometime, is how to determine when to exit. Thanks.

Lol. My purchases are at piggy bank level. Still, thank you for this video.

I have come to a similar conclusion and I do not have time to day or swing trade so this trading plan fits my trading habits. However I do move on the daily MACD with 50%. Once alt season begins I will quit work and focus on that for 2 to 3 weeks day trading alts.