So, I'm curious, do you ever swap some of your BTC for quick profits? For me, I lean more toward holding Bitcoin and playing around with altcoins, but honestly, trading can still yield solid returns if you know what you're doing and have done your homework on the market.
I actually jumped into BTC trading because I saw a trading competition on one of the exchanges I use. I figured I’d try it out with a small part of my portfolio since it was all about user engagement. While I’m really into holding for the long haul, I guess I'll start trading now and then for some short-term gains. What got you into BTC trading and how long have you been at it?
This is not the right board for this topic because we have a trading board, so I would suggest that you move it to the trading board https://bitcointalk.org/index.php?board=8.0
I am not a good trader and for that reason, I only do spot trading once in a while. I traded last, during this bull run taking advantage of bitcoin volatile nature and Trump tariff saga, but after making a wrong move, I quitted.
Altcoin trading is generally good after any Bitcoin rally (15% or more), but some altcoin pairs, such as SOL/BTC and XRP/BTC, can perform better, even outside the altcoin index, when events related to these currencies occur, such as winning a court case, transitioning projects to blockchain, etc. In short, altcoin trading must be within a specific strategy and for a short period; otherwise, it is better to hold onto Bitcoin.
It is easier said than done. Most traders are losing. Most bitcoin holders are gaining as of today.
Just make sure you avoid using leverage. Also it is good to be very patient.
Everyone that is trading bitcoin are doing it for no two reasons than to make money from it.
I am both a trader and a holder, i do the two the same time, it all depends on whether the market is favorable for me to trade at a particular time or hold and wait till it becomes more profitable for trade, i cant just hold like that or go into trade without making observations on how the market is and know the necessary things to put in place before making any decision, i cant point out the specific time i started trading, but its not something far form the time i got to know about bitcoin and how to trade it.
First of all hope youre not having your bitcoin holdings on any exchange, if it is so please change the method of storage and go for a self custodial wallet.
As for trading I think they are majorly more traders today who are very good long term investors too, both can co-exist if you actually plan them well and have the patience.
Why I started trading was because ideally I wanted to actually have both fundamental and technical knowledge of bitcoin just to invest but when I started investing I saw that with my sufficient knowledge I can make short term profit from the market even during bearish periods without having to touch portfolio so I simply started trading.
I am not a day trader as others do, I most of the time swing trade and only day trade trades if there is a quick fundamental change, my risk management is never to get funds from my bitcoin holdings for trading but I usually use my trading profits if I have to add more bitcoin to my holdings.
The market regularly provides an opportunity to increase the number of bitcoins in your wallet, provided that you know how to trade. And when the BTC price approaches the resistance level, in most cases the trader sells his position in order to buy back from the support level.
Like others, I have two agendas with my portfolio. One is for active trading and the other is for long-term holding. The reason is in the short term, we know the market is actively doing price movement every time, so traders grab the opportunity as they can to make a quick flip of an assets if you are still actively looking with the market so instead just watching how they move why not take trades and make profits. In long term we know there's a top coins already existed on the market and we do often trust them reason why we keep holding such as the Bitcoin which every time the market dump its a good opportunity to buy and after the bull run is the bear market people grab the chance to accumulate as they can.
If you've been a holder, be sure to stay patient about your intentions because the results from your day trading can ruin your long term plans, sudden loss in your short term trading can trigger you selling off your held BTC for the purpose of recovering back your lost funds thereby leaving you swimming in confusion and loosing more funds especially in future trading.
If you are diverting your focus to trading BTC daily and also doing holding, then I'll urge you to create different trading accounts for different purposes, let failure on each account doesn't terminate and ruin other account so as to maintain the steady flow of both profits and losses in the accounts.
Actually I do not trade daily but instead take advantage on days when ive studied its price movements.To avoid risk, my BTC holdings is left untouched.
There are many people who call themselves traders and are self-certified, ready for the market even when they are not ready for it. They are enticed by the prospects of increasing the number of bitcoins in their wallets because from their own assessment they are now good traders even without the sufficient results that is consistent enough to show for it. They learn the hard lesson which is, it is better to hold bitcoins as a way to increase the number of bitcoins in your wallet, than to try trading when you are not good enough.
From originally trading a bit of Bitcoin portfolio, it will gradually become trading most or all your Bitcoin portfolio. From spot trading, it will continue and expand to leverage trading and futures trading. From good with investment, to trading a bit of capital, then all capital, and from less risky trading (Spot) to high risky trading (leverages or futures), your trading results and also ending will be very terrible.
If you do this, in future you will have a question like "What made me or you to stop trading your BTC?"
Yes, and I just started a few weeks ago.
Back then, I'm just solely holding my Bitcoins until I decided to up my risk a notch and trade my Bitcoin holdings. Of course, I'm not doing it on futures, but I'm just doing it on spot. I'm only Spot trading using my Bitcoin holdings because in that way, the risk is lower and I don't care about huge profits, but only small gains.
I wonder what's the exchange you're saying where there's a competition on it. I mean if it's only on spot then you can participate, but don't expect too much with these competitions. Remember that there are many traders out there and some of them have huge capital. I'm pretty sure they're the ones that will get the most amount of prize.
I frequently traded on leverage, I liked the fact that it's still pretty volatile and the recent flash dump has been nothing but an opportunity for me, as a result, the price went up to $80k and beyond again.
For anyone that opened long leveraged position when people were in fear, you're more likely to be in big profit by now.
Another thing is the fact that with BTC the market is so liquid. Basically you got combination of big liquidity and volatility, best combination ever for perpetual trading and the fact that it's open 24h.
I don't think these reasons are enough to get me going and keep trading bitcoin despite also holding.
No, I don't trade my Bitcoin portfolio because it is my personal investment. If I want to trade, I will use other money that I don't use. But if you want to use your Bitcoin portfolio, that will be up to you. No one will force you to keep your Bitcoin portfolio for the long term.
But you need to be responsible in trading because you know loss and profit can happen anytime. So you don't have to complain to anyone including the market.
I started trading Bitcoin because I want to try to make a profit and keep the money or use it for my own needs. That will give additional money to me.
Old forex trader here. I started seeing BTC being advertised. New exchanges. My first real one (there were many that didn't even need proper accounts) was Bittrex around 2016. Attracted me because no KYC necessary.
Made some BTC, and then idiotically traded POS coins mainly and lost it all because they went to zero or got delisted lol.
These days I actively tell people not to trade
I started that way and went ahead and quit after like a couple of months. Was absolutely stressful with how I went ahead and looked at the market every 5, 10 minutes lol, even at work! After that I quit trading like a year. Coming back I just went ahead and DCA'ed lol. Though I guess if you count some times where I just played around with a small amount whenever the market is really hyper active, then I guess I'm still trading. Outside of that it's just pure DCA.
And what reason other than getting rich really when starting to trade BTC?
I have a trade portfolio and a hodl portfolio. I never move my hodl positions unless there is an emergency. I make my trades during sharp market movements. It is because during these times the next market move is more predictable for me. For example, If the markets moved 15% down in the last 24% hours, it looks way oversold to me. Ill take my chances and long it. It is too boring when the markets move flat. I dont do anything then, only watch.
There is nothing wrong with trading bitcoin as long as you know what you are going to do in trading, because what is bad is that we trade when we know nothing about trading.
I started trading because I knew that it would really add a source of income to me if I correctly execute what I learned and studied in trading.
And I often do it in futures but lately I don't often do activity trade in futures because it is a bit difficult to read the market. But when I see that I am satisfied that the market is normal again, that is when I will again do trading activity to obtain profit.
Start trading to make more money is the most common answer, why would anyone else trade bitcoin? But the way we all start is different, like for me while it was all about making money, it was also about learning technology too, because I didn't know this was even possible, a money that is all online, so it was interesting, and I wanted more of it, but I also wanted to learn how it all works.
Bitcoin may sound very easy and common today because everyone knows and heard about it, but if you go back 10 years, even more than 10 years, then you reach when I first started, it has been 12-13 years, and back then not many people talked about bitcoin so it was something special for me, and it didn't end up being that important.