Skysthelimit2021
Newbie
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Hi I’m new to trading and have a couple ‘k’to play around with I want to make fast money what’s my best bet and what’s the best cryptos I already know of xrp,btc,eth,bnb,lac is there any underdogs ?
Cryptos?
- Thread starter Skysthelimit2021
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Happy2trade
Junior member
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I have never traded these. I feel like they are too risky isnt it guys? Who knows whats gonna happen to them in future.
MasterOfCoin
Experienced member
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Unless you understand that cryptos are, fundamentally, an alternative, decentralized, medium for the exchange of value between crypto account holders, then don't even think about trading them.
If you do understand this, then seriously take into consideration the vast amounts of speculation on their value that is being carried out on a massive scale by those who don't.
Once you have fully grasped both of these things, it would be wise to seek information on impending regulation and legislation in your own jurisdiction before embarking on trading in crypto.
As to the future, all that said, crypto is here to stay.
Unlike fake fiat currency, it can't be stolen, confiscated, blocked, devalued, taxed or frozen by corrupt governments or their central banks. (However much they'd like to or legislate for) It's completely decentralized. There is no bank.
= No Overall Control.
Anyone, yes, anyone at all, with internet access and the use of a cheap smartphone can use it.
No poncy KYC, AML or other ba**saching checks required. Just click, install and you're good to go.
Of course, there's no protection either, so if you get scammed or lose the lot, tough.
If you want to free the world, use crypto. If you want to get rich quick, well, there are probably better ways to try.
You takes your money and you makes your choices.
Good Luck.
Happy2trade
Junior member
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- 7
Well thanks for that detailed explanation. That was quite helpful. Im gonna start studying about it soon.Unless you understand that cryptos are, fundamentally, an alternative, decentralized, medium for the exchange of value between crypto account holders, then don't even think about trading them.
If you do understand this, then seriously take into consideration the vast amounts of speculation on their value that is being carried out on a massive scale by those who don't.
Once you have fully grasped both of these things, it would be wise to seek information on impending regulation and legislation in your own jurisdiction before embarking on trading in crypto.
As to the future, all that said, crypto is here to stay.
Unlike fake fiat currency, it can't be stolen, confiscated, blocked, devalued, taxed or frozen by corrupt governments or their central banks. (However much they'd like to or legislate for) It's completely decentralized. There is no bank.
= No Overall Control.
Anyone, yes, anyone at all, with internet access and the use of a cheap smartphone can use it.
No poncy KYC, AML or other ba**saching checks required. Just click, install and you're good to go.
Of course, there's no protection either, so if you get scammed or lose the lot, tough.
If you want to free the world, use crypto. If you want to get rich quick, well, there are probably better ways to try.
You takes your money and you makes your choices.
Good Luck.
hatemypips
Established member
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- 697
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Did you consider Defi? It's very hot topic however it's better to wait till correction is over before starting to invest
a friend of mine is backing VRA 30% in 3 days he likes to invest large in the small coins and when they pump takes out investment and lets the rest ride
S
Smith2525
"I want to make fast money" haha. Go to the Casino
HeavLeighGill
Active member
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I understand that you’re looking to make quick money but crypto is risky and may not be the best way to go about it. It can be profitable but I’d suggest patience, otherwise you might lose your investment. You could play it safer and invest in something like EURUSD, unless you’re comfortable with taking the chance of possibly losing your deposit in exchange for the chance of making quick money.
Farm Yard Forex
Well-known member
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Be aware of the difference between get rich quick and get rich easy. You are looking at the latter which I'm afraid doesn't exist. Getting rich "quick" is often an event resulting from years of practice and work. And by quick you should be looking at a 5-10yr time frame. These people that are making a killing off of speculative cryptos have done so by gambling. You only ever hear about the success stories and not the vastly greater number of people who had their portfolios lose 90%+.
Do not invest on someone's opinion. You must learn how to analyze market and invest accordingly. I am wishing you all the very best.
Great advice right here!
Jungletrader
Active member
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Crypto is no different to other markets in the respect that the long game always wins out .
It's the get rich quick fallacy that traps new investors. Also don't buy the Highs ever !!
It's the get rich quick fallacy that traps new investors. Also don't buy the Highs ever !!
AliForexTalks
Member
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Cryptocurrency, like forex, carries a high level of risk. If a trader knows how to protect his gains and keep his losses modest, I believe he should never be discouraged from trying other markets. The ideal approach is to never risk more than you can afford to lose, and to never invest all of your money in one currency.
I agree you either want to be on a small timeframe scalping or hold really long term.
Just buy and hodl for the long term.
