₦airaland Forum

Bunsenbun:
I like how you think but why Bitc0in only?
From the market trend,Eith is clearly taking the market from betc.
Would be interested in the group too.I really need to learn how to trade futures Boss

It's simply because betece rules the market so I use it as the standard...

I trade alyts and trade them heavy. For me, if an alyt isn't performing better than betece, I'm better off in betece...

Regarding futures, my opinion is that you don't need it to make good money in crypt0. The market is volatile enough. Most think it'd maximize their profits... but nope... 70% will blow their account within the first 3 months of starting out...

Ibime:
It's got main net launch on August 31st. Don't know much about the token TBH but mainnet launch is a key milestone. Na small I put inside

Thanks... Quite close... might let the mainnet lauch pass before anything

Sol/bnb...

Is this giving me another chance?..
Strong bounce off the daily.... Even though it might rally higher this time, I'd still ease some into betece and bnb around the 0.2 mark....

Good thing about trading strong pairs when betece is ranging is that it helps one cut out the noise...and profits can be huge if timed well..

@ibime....
You had mentioned kava earlier.... What event does it have coming up.... It seems to be flirting with its ATH... I'm waiting for a weekly close to make a decision on it... Looks more juicy against betece

Ada/eith is getting to a level where I expect eith to make a move...

First chart is the weekly and second the monthly...
If I was in heavy in ada, I'd ease some out into eith at close to 0.01...
The way I see these things is that even if it takes that level, it'd likely comeback to flip it which will give a better risk defined entry

Haryoureendey4:
Get into crypto for trading and thanks for this thread and YouTube videos. Only thing i haven't learn is how to take profit reason i am asking the question.

As pato5 said, the common way of making money in crypt0 is buying low and selling high. You are the one who determines where you want to sell and whst percentage of your stash you want to

Haryoureendey4:
Pls house, i have been hearing take profit, take profit, take profit...

Pls how do you take profit?

Is it this way?
Buy coin "a" worth of 60k Naira, and ur money grow to 64k, remove 4k and keep 60k. Remember my coin reduces in digit too.
So this is my question...
If coin goes down to the to the initial amount u bought with 60k u have 56k as worth value.
So logically it's samething if u don't take ur 4k profit...Or is there something i am missing? Or that's not how to take profit?
Pls gurus in the house i need your breakdown

Thanks

First, the question you should ask yourself is why did you get into crypt0 and what was your target when you got in

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With the number of posts asking for what to trade or buy, I'm thinking of starting a thread focused on long-term investment in crypt0 mainly for those who trade size...

I believe with time, bitc0in would be worth hundreds of thousands and offer folks the opportunity to make life changing money

It seems most people here are chasing shadows and noise thinking they're making money... most want to convert 20k into 1 bitc0in overnight and might end up on a rollercoaster. A good number have no targets. They're only interested in the adrenaline pump forgetting the big picture and might sadly end up just being liquidity in the market. Sometimes it's sad, cos I see folks making mistakes we made in the days...

This isn't financial advise and I don't claim to be a guru... but it seems very few people here do see the bigger picture
Looking at the big picture, I believe that with time, bitc0in will ultimately trend up. If that happens, crypt0 would give me an opportunity to make life changing wealth. In this market, what ultimately matters is how much bitc0in you stash....

I've traded traditional markets and I've been happy to invest my money at 10% for a full year.... To many people here, that would say its senseless...but to each his own...


In my opinion, if one trades size, the focus should be on increasing your bitc0in stash.., protecting it...and only trade in a way to increase your it...

Ibime:
I done enter stables to await this options expiry tomorrow jare. After that, we will see where market landed and pick up from there. I believe it needed to stay above $48k for those options contracts expiry to fall in the bulls favour.

Personally, I think the weekly ema retest will come... But I don't think it's here yet....
I just think too many folks are expecting a dip... Also, a number of majors tested support as betece was.... E.g ada retesting 2.5.

Also, my experience with options expiry is that when too many people talk about it and expect volatility, then it's already priced it and nothing usually happens

Another clean chart to trade is ada/eith...

Also been looking at bnb/cake or bnb/bake as I've notice they both move after a bnb rally....

Any other pairs folks here trade?

Sol breaking out....

I'm quite heavy on trading pairs... You're likely to make much more and unnecessary stress is taken from you.

Sol/bnb has been a hidden gem.

Unfortunately, I didn't fully partake of this move as I've said multiple times here...

So far, there's been a good bounce on the daily....

The weekly chart (2nd) looks clean... I'd be taking profits from sol into bnb on this rally when the time is ripe....

jedisco:
I'm largely still in position... Placed some loose stop on a few coins that have moved...

Yesterday's candle finish was a mixed one- it closed sbove the area of resistance for the last 3 days which is good but I don't like the long wick to the upside...

If bitc0in fails to finish above that level today, then it'd be sensible to expect some pullback...

I still have fiat aside and ready to buy, but I don't think the massive selloff everyone is expecting is imminent just yet.... A pullback isn't necessarily bad for alyts as we've seen... It usually gives them room to breakout on recovery....

Generally, they say low volume comes before a big move- but it's worth noting what volume profile youre using

Wasn't too interested in closing certain positions e.g sol and bnb before the dip as I suspected they'd bounce back quicker than expected.....

Bitc0in is at the first area of interest. Which is the daily support (1st)...got into some alyt positions at that ema..

This is the 3rd test of that support in a short period and I wouldn't be bidding the 4th if it happens soon.

A loss of the daily support, should eventually bring a retest of the weekly support at around 41k now.... It's very likely bitc0in will eventually retest the weekly support... I believe what happens at that retest would signifying if this bullrun will continue or not

Elsueno:
The only time I will sell my BeTC is when it goes below $17k, cause thats where I bought it sha . Can't sell large chunk of my EiTH because I staked it on EiTH 2.0..... Though I bought it when it was cheap.


I think my favourite color is red except on US stock market

Good stuff... I like this.. seeing the big picture
Fact is that you're likely to end up with much more profit and less stress than most traders

On yesterday's close, most majors seemed to have flipped their daily support which is a good thing....

Also, some of the micros I've mentioned earlier retraced to entry targets... Got into a number.... Will now wait and watch

murphyrichy:
Oga good morning, plz how can I place stop loss on coins, Am using bi.nance

Best way is to watch a youtube video... It'd be difficult to explain in writing

Ibime:
@ Jedisco,

With this low volume, are you starting to get cautious or you still have a decent allocation in the market?

I'm largely still in position... Placed some loose stop on a few coins that have moved...

Yesterday's candle finish was a mixed one- it closed sbove the area of resistance for the last 3 days which is good but I don't like the long wick to the upside...

If bitc0in fails to finish above that level today, then it'd be sensible to expect some pullback...

I still have fiat aside and ready to buy, but I don't think the massive selloff everyone is expecting is imminent just yet.... A pullback isn't necessarily bad for alyts as we've seen... It usually gives them room to breakout on recovery....

Generally, they say low volume comes before a big move- but it's worth noting what volume profile youre using

ositadima1:
Export deficit is d main issue and not the other way round, it is the reason CBN deviced parallel markets in the first place as a way to ease pressure on our reserves while allowing essential users access to cheaper rates. But, like most things in Nija, it is subject to exploitation.

This is same argument given to defend petrol subsidy. People going for pilgrimage, studies and medical attention abroad are hardly essential. If CBN wants to support manufacturers, they can pay salaries their workers or give then tax holidays... What they're doing is like trying to fill a basket with water and complaining the basket isn't filled cos the tap isn't flowing well... At no point in the history of this nation has that dichotomy not led to thesame endpoint.

I want to point out that, unlike dollars that have d full backing of d USA economy crypt0s don't, they are purely speculative instruments. If USA or some other influential country decide to block bitc0in, maybe because terrorist use it or some other reasons, ur crypt0s will go to zero or close to zero so fast u wouldn't be able to pull out ur money.

The crypt0 space is a rapidly evolving one. There's lots more in the space than a few popular coyns. Owning Bitc0in is very different from my point and wasn't what I was referring to.
To put things in perspective, comparing bitc0in to what I was referring to is like saying buying forex when traveling (or keeps) is equivalent to buying forex to trade in the US stock market. They are worlds apart. Stable coyns aren't volatile or speculative. Their value (as has been the case over the years) remains equivalent to the underlying fiat they're pegged to irrespective of what the larger market is doing.

It is not for everyone sha. But, with the right knowledge someone can get in at bottom or close to bottom and make it out with decent returns, then wait for d next bonanza when ever that might be.

Yeah....To each his own... There's no fixed rule to investing. If I see a good opportunity in the NSE, I'd take it provided there's some degree of stability in the naira

jedisco:
It's been a while I visited Crypt0 Twitter as I find it too distracting...

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This one lots of people are liking this post... Hehe...e be like say guys no want mk the coyn dip.... Relax guys.... The coyn will do what it would

clems88:
I viewed it in the morning and ignored it. To my surprise this evening I'm shocked

Playing micros are tricky... They are very volatile and if not well timed can leave one pants down... With them, I just set targets nd go to sleep

Rsr and ckb also look similar in betece and usdt.....

I'd stop here as most micros look similar

MBL..... I'd take this if it retraces to retest 0.01 with an initial target of 0.015... If it doesn't retrace, I'd let it be

Some micros I've got alerts on....

Bel... Would want a retest of 2.2 ish on usdt

Equally looks good in betece

NB...these are just based on the candle pattern.. haven't looked at other variables such as RSI yet

After the hype... PSG is approaching an area where I'd be interested again...

First is the weekly chart... After the arrowed ugly candle, I'm not in a hurry to get in without some confirmation... A dip to weekly support at 26 would be an entry I'd snipe...

On the daily, its currently holding unto support... If it holds this long enough, then it can rally from here... But then, I'd wait for some strength first

As people keep expecting a huge move, I wouldn't rule out betece ranging a bit...

Over the next few weeks, I think money will flow into micros... Alot of their charts look ready... So far so good, movement hasn't been bad

jedisco:
Nkn on its weekly close.... Expecting something close to the arrowed region

This wasn't a bad call... My targets still remain...
Played it with some of my betece stash.... Would likely take profits into betece than usd

It's been a while I visited Crypt0 Twitter as I find it too distracting... But its a good place to guage market sentiment....

Two things I noticed...

A lot of posts from influencers advising folks to book profits so they can buy the huge dip... While this isn't financial advise, we know sooner or later there'd be a significant dip...
That said, bitc0in has a way of doing it's thing... I wouldn't be surprised it pullsback to say 48k, regains 50k and holds it for a while and alyts rally.... When folks are then convinced that 50k has held and bitc0in is due to take 60k, it then nukes to clear folks out.. Except I'm guaging the market sentiment wrongly, but bitc0in rarely nukes when majority have booked profits and waiting to buy the dip... I'd be waiting for a daily close.
One thing I'm watching is that this rally hasn't really flowed into micros... Usually, they start picking up after majors are done....and this market has a way of completing its cycles...


The second thing is that too many posts expecting a doge rally.... While I have a doge pag nd also waiting... Doge doesn't go on it's ridiculous rallies when everyone is expecting it to.

Ruben225571:
E sweet no doubt for some of you” But we don’t necessarily need future trading to make money” that’s my point!!! My message is directly to the newbie!!! Tell them the advantage and high disadvantage too!!!

I never trade futures and I won’t “ still am making cool cash!!!

Can't echo this enough... I smiled the day someone here daring me to trade futures... Likely, the chap must still be new to future trading...

The best future traders I know wouldn't advise anyone to trade it.
Fact is most people do it outta greed and addiction and well over 90% lose in the lomg term.
I might understand trading it in slow moving assets like gold. Crypt0 is volatile enough to make huge sums if one goes about it sensibly...why add further risk

ositadima1:
The buying power of Naira will keep reducing as long as there is export deficit. Nigeria spends more dollars than it earns.

Be careful with crypt0s, most professional investors put only a small portion of their investments in crypt0.

One secrete, If u had entered the stock market when most stocks hit their lowest early last year, u would have beat the current devaluation. The NSE is know to do such bonanza every once in a while.

Cutting the deficit would sure help. But having such arbitrage between both rates would make cutting that deficit impossible... Both rates have to be merged before any progress can be made...

The crypt0 space is a rapidly evolving one with lots of offerings that rival usual banking systems... Most of the forex remittance into the country today is done via crypt0. When CBN introduced certain bottlenecks, it backfired and they ended up making more folks in diaspora resort to using crypt0 backed means to send back forex as it's easier, safer, and cheaper.
That said, holding stable coins is very different from trading volatile coyns... My concern with stable coyns would be more of protecting my account against breach and not volatility...


Regarding the NSE, while there are a few bright stars, it's not a market that interests me at present... Its all share index is currently a little above half of what it was 14 years ago. I'd struggle to find a weaker market worldwide. Before I invest in a market, I want to be sure it's one that has been trending up with time... My focus would then be on finding the bright stars in that market... It's like comparing property investment in Lagos/Abuja and Borno because one or two spots in Borno are appreciating in value

Chuky7:
Please could you share again.

Like I said I'm new here. would value your opinion.

In summary, these were my views...

Few years back, I liquidated most cash based naira investments into the usd.

My reasons were...There has been no time in history (over 40yrs) that there were 2 different exchange rates with a significant gap between them that the naira did not continue to devalue. A 25% difference between the two rates as we've had recently effectively means that by simply holding the dollar, one is likely to outperform most naira based cash investments... This has remained true for the majority of the last decade...
As I don't have access to cheap forex or a business to actively transfer the cost to customers, I was left with two options... One is watching the buying power of my naira reduce while I bear the brunt of subsidizing forex for the few rich... The second option was to keep some of my savings in forex pending when CBN merged both rates

How...
The hassles of a dom account or holding hard forex is too much. I opted to convert into crypt0 stable coins. These are crypt0 coins whose value is pegged to a known currency (mainly usd) and their price is effectively non volatile... When I did this, one could directly buy such coyns on exchanges with the naira. Now the way to do that is using the peer to peer (similar to an escrow) scheme run my most exchanges which is safe if you know what you're doing. The good thing is that both buying and selling is done at the prevailing market rate. After getting such coyns, I can decide what to do... I can decide to stake them (similar to fixed deposit) with interest rates of about 7% apr or transfer them out and keep in a wallet pending when I want to sell back into naira


Finally, while I hope the naira regains stability so this inflation can abate... What I wouldn't do is impoverish myself so that a few rich can feed fat. The CBN has actively introduced alot of measures last week trying to combat the forex disparity. Though I believe they're completely missing the point, but lets see how the market responds to these measures...

Ibime:
Matic provides a scaling solution for Eth and the Indian founders work hand in hand with Vitallik on scaling solutions. Na why Vitallik gave $1.5bln to India Covid crisis sef. It's been pumping after ETH consistently for 6 months, and it's said it may solve the gas fee issue for ETH.

ETC pumps with ETH by association but ETC biggest push comes from the ADA guys. If you recall, Charles Hoskinson and the ADA guys are co-founders of ETH (now ETC) and they refused to fork it into ETH when it got hacked, stating that code is law and the code shouldn't be changed because of the hack. Charles Hoskinson is the biggest holder of ETC as things stand and his company IOHK is like the custodial company for driving ETC developments including their treasury systems

Good stuff...
Hope eith breaksout so the rest of the market can respond

Ibime:
Man I can't get rid of that bag before main net launch regardless. Two pumps in 2 days each of 40% and 70% in the lead up to test nets have taught me to hold ADA before an upcoming event. I will sell it the day before the launch.

What day is the launch?

For now, it seems like ada is pulling the market up... A selloff on ada would cause a market wide selloff