This is an exercise for everybody who is new to trading and trading cryptoassets in particular. You may want to try this before you bet your house.
It's very simple:
To be continued...
P.S. This exercise won't work if you just do it on paper. You will need to use actual money to buy actual Bitcoin. But please, be sensible when choosing the size of your investment. Remember, you might loose it all.
It's very simple:
- You take some money that you can afford to lose. However the amount should be substantial enough that losing it would hurt you - if only a little.
- You put that money on your cryptocurrency exchange of choice.
- You wait. Should price reach the green area in the chart within the next four weeks, you go all in and buy Bitcoin for the whole amount you deposited.
To be continued...
P.S. This exercise won't work if you just do it on paper. You will need to use actual money to buy actual Bitcoin. But please, be sensible when choosing the size of your investment. Remember, you might loose it all.
Comment:
And of course it is possible that price will never reach the green area in the chart. In this case, the exercise is canceled.
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Darn, I really should have drawn the box a tad higher. Anyway, the panic is still in full swing. I hope you have your money in place. Are you ready to buy?
Comment:
There we go. Price is about to enter the zone. It's up to you at what level you want to pull the trigger on this one. (You may also want to execute multiple buys at various levels.) But remember: All in, you buy for the whole amount you set aside.
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Price has entered the rectangle and shot out again. Did you execute the trade? If not you may get yet another chance soon.
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Here's your next chance:
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The market took its time, but there you go:
Here's your chance.