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Thread: Investing in crypto currencies

  1. #73
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    Quote Originally Posted by Refresh View Post
    I mean regular stock trading not cryotocurrency. Questtrade Ok?
    Oh sorry, I misunderstood.

    I only trade cryptos and don't use any software like E*Trade or Questrade so I can't provide any feedback.

  2. #74
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    Quote Originally Posted by hurrdurr View Post
    Shit I haven't been here in a while, happy to finally see a post I can relate too.

    Lots of weird misinformation and opinions here from what I read. Too many long winded posts to go through it all, but figured I'd drop my 2 cents here.

    I speak from both sides as I have two 9x 1080Ti rigs mining anything running the Equihash/Lyra2v2 algo, and I swing/long term trade as well.

    1) Mining makes sense if you pick the right equipment, know how to extract peak performance out of it and can keep it running 24/7 (more or less). But that's if you're into Proof-of-Work mining, there's Proof-of-Stake but you'll need to pony up some bucks and hold a ton of your chosen coin to earn anything.

    Both of my rigs have paid for themselves in ~4.5 months, payback would have been ~10 months (on conservative future pricing) but that's because I've been liquidating my coins at all-time-highs and rebuying back in at average lows using the spread to cover initial costs. This also includes power and all overhead... I've also been liquidating my coins for BTC at the right time to enter into the alt coin markets without using fiat currency, which has been a big bonus.

    2) Trading is extremely lucrative but you need to put in the a ton of effort to understand technical analysis, fundamental analysis, market economics and I'd say the most important factor: market psychology (because this market has so many dumbfucks entering every day).

    3) No exchange exposes your stop-loss limits lol. Stop-losses are very important, and are a key ingredient to proper risk management. No matter how good the confirmation is on your chart/fundamental signals, you should always know where you want to enter, exit and stop-loss before you even enter the trade.

    With that all being said I've learned what works/doesn't work and now have a custom dashboard running on Node.js, aggregating a ton of info that I can use for fundamental signals before it reaches the market. This has given me a great edge and allows me hit a fair amount of profitable trades. You can't be right 100% of the time though, and sometimes I misinterpret confirmation of signals, but that's why risk/exposure/money management is so important. All about discipline.

    I also don't fuck with shit coins, low market cap coins (< $5MM), or run around exposing myself to crazy risk. If you treat this like you would any other type of investing (risk/exposure management, money management, non-emotional trading, proper research, etc) you will do well. Lots of dumb money entering the markets right now for guys like me to take, and I don't see that stopping anytime soon. Gotta love the zero sum game of trading.

    If you have any questions I'd be more then happy to answer!
    I'm more of a long term holder, mostly because ive been busy with work and life. I was gonna ask which exchanges you use, but I see you already answered below. I'm set up for quadriga and Gemini. Neither of which lets you place a stop loss.

    I'd like to learn the trading aspect of thing, any where you recommend starting to learn?
    #RAM

  3. #75
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    Quote Originally Posted by Dieseldakota View Post
    I'm more of a long term holder, mostly because ive been busy with work and life. I was gonna ask which exchanges you use, but I see you already answered below. I'm set up for quadriga and Gemini. Neither of which lets you place a stop loss.

    I'd like to learn the trading aspect of thing, any where you recommend starting to learn?
    Quadriga and Gemini are only what I'd use for onboarding (fiat -> crypto), Quadriga is all I use for offboarding (crypto -> fiat). After onboarding just send your BTC or ETH to the exchange(s) of your choice and start trading.

    If you actually want to trade properly, using the exchanges I listed above is your best bet as you're going to be able to properly control your trades.

    As for trading, here's a few things to help get you started:

    Learning
    https://www.babypips.com/ (I know it's based around Forex but this is an excellent resource to get accustomed to the technical side)

    YouTube Channels
    https://www.youtube.com/channel/UC58...LTYtJ7Q4CqcOnw
    https://www.youtube.com/channel/UCcj...DTCGCa7G24faIQ
    https://www.youtube.com/channel/UCfW...hZk9qq5x00sb9w
    https://www.youtube.com/channel/UC1P...7oWp1u_UuRuQBA

    Get your feet wet with those and then just start searching and expanding on the topics you learn.

    Market Info
    https://coinmarketcap.com
    http://spir.ai/

    Charting
    https://www.coinigy.com

    Fundamental Analysis
    Google the fuck out of everything.
    Facebook groups.
    Get Telegram so you can not only join TA groups, but follow whatever crypto you're interest ins official group.
    https://tweetdeck.twitter.com/ for basic market data aggregation.
    https://trends.google.com/trends/


    Quick Tips
    Don't use any indicators to start. Learn how to read a chart purely on price action and volume. There's a lot of good YouTube videos on this. Also, here's a candlestick cheatsheet that really helped me when I started:

    13bars.jpg

    Get the basics down and then start looking at as many charts as you can. The more you look at the charts the more you'll get a grasp for what's going on (you'll be able to spot signals, which you can confirm

    Let me know if you have any specific questions, it can be a bit overwhelming. There's a lot more to this but this is a good primer I'd say.

  4. #76
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    Quote Originally Posted by hurrdurr View Post
    Quadriga and Gemini are only what I'd use for onboarding (fiat -> crypto), Quadriga is all I use for offboarding (crypto -> fiat). After onboarding just send your BTC or ETH to the exchange(s) of your choice and start trading.

    If you actually want to trade properly, using the exchanges I listed above is your best bet as you're going to be able to properly control your trades.

    As for trading, here's a few things to help get you started:

    Learning
    https://www.babypips.com/ (I know it's based around Forex but this is an excellent resource to get accustomed to the technical side)

    YouTube Channels
    https://www.youtube.com/channel/UC58...LTYtJ7Q4CqcOnw
    https://www.youtube.com/channel/UCcj...DTCGCa7G24faIQ
    https://www.youtube.com/channel/UCfW...hZk9qq5x00sb9w
    https://www.youtube.com/channel/UC1P...7oWp1u_UuRuQBA

    Get your feet wet with those and then just start searching and expanding on the topics you learn.

    Market Info
    https://coinmarketcap.com
    http://spir.ai/

    Charting
    https://www.coinigy.com

    Fundamental Analysis
    Google the fuck out of everything.
    Facebook groups.
    Get Telegram so you can not only join TA groups, but follow whatever crypto you're interest ins official group.
    https://tweetdeck.twitter.com/ for basic market data aggregation.
    https://trends.google.com/trends/


    Quick Tips
    Don't use any indicators to start. Learn how to read a chart purely on price action and volume. There's a lot of good YouTube videos on this. Also, here's a candlestick cheatsheet that really helped me when I started:

    13bars.jpg

    Get the basics down and then start looking at as many charts as you can. The more you look at the charts the more you'll get a grasp for what's going on (you'll be able to spot signals, which you can confirm

    Let me know if you have any specific questions, it can be a bit overwhelming. There's a lot more to this but this is a good primer I'd say.
    Thanks I'll start digging through some of that material. I've done a lot of chart watching on cryptowatch, but I've never tried to analyze or pick up on any indicators.
    #RAM

  5. #77
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    Another question hurrdurr
    Have you research how the taxes on gains are made in Canada?
    #RAM

  6. #78
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    XRP and Litecoin are supposed to be moving soon.


    Because speed limits, like fears, are often just illusions.

  7. #79
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    Quote Originally Posted by Dieseldakota View Post
    Another question hurrdurr
    Have you research how the taxes on gains are made in Canada?
    Any gains or losses are subject to the Income Tax Act (as per my accountant).

    Here's a decent article on the subject for you to wet your beak on: https://turbotax.intuit.ca/tips/how-...come-taxes-333

  8. #80
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    Quote Originally Posted by Dieseldakota View Post
    I'm more of a long term holder, mostly because ive been busy with work and life. I was gonna ask which exchanges you use, but I see you already answered below. I'm set up for quadriga and Gemini. Neither of which lets you place a stop loss.

    I'd like to learn the trading aspect of thing, any where you recommend starting to learn?

    Stockcharts.com has some good info too.

  9. #81
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    Quote Originally Posted by hurrdurr View Post
    Any gains or losses are subject to the Income Tax Act (as per my accountant).

    Here's a decent article on the subject for you to wet your beak on: https://turbotax.intuit.ca/tips/how-...come-taxes-333

    My understanding is that it's taxed as capital gains, so 50% of the gain is taxable. So if you make 100k, 50k is taxable as income.
    #RAM

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