RE: How do I collect Free Coins? How can anyone grow a small account?

[goldmandefender]

Thank you Luc! Your entire strategy makes sense for me except for two questions I believe you have not answered:

1. How do you decide when to sell? You speak a lot of bases, and broken bases, and bounces, but not about resistance or when you choose to get out.

2. Why do you want free coins and not free money that won't depreciate greatly in value over time? Why spend years making free coins that might all lose value some day, when you could keep making money and storing that instead?

Thank you!

Comments

[tiengtinh]

Hi goldmandefender, I would like to answer your 2 questions:

1. I believe Luc've already answered this question. You sell when you're in profit. That's it! Be no greedy, take profit when you have it, and enjoy the play! That is the mindset. As for the actual practice, to be safe, you sell just under the base you're playing. Or, you can read the story of the chart to see how normally this chart would bounce. Does it normally bounce higher than base or just barely touch? How high the bounce normally happen? You play accordingly, the chart tells all. Ah, and remember to layer your sells out, and play the bounces.

2. It's the "free coin" mindset. Because it's FREE coins, we don't street over it. Luc says it better, this is Luc's answer from the Slack, enjoy!:

The problem is not mathematical its mindset.. In order to not feel fear or greed (emotions that kill traders) you have to be able to separate investments from trading.. If I told you that if you sweep some old guys step each morning some mornings he would open his door and give you $10 and sometimes he would give you $50 and some mornings he wouldnt give you anything but then some mornings he would give you $5,000 .. would you keep sweeping? its not costing you anything to sweep... Your not losing anything.. So you may aswell keep sweeping, even if for a week he doesnt open his door and toss out $5... Your account will only keep growing, because it doesnt cost you anything to keep sweeping.. Its the same here.. You have a function/exercise to preform everyday.. you cannot predict the future.. You dont know if the coin your "sweeping" (trading) will go up or down longterm.. but you create free coins, and thats your function (thats sweeping)... Sometimes they go up and you get paid, and sometimes they go down and you keep sweeping.. But you cannot think of those free coins as money, until they take off upwards (they are just free, they didnt cost you anything).. Because when they do run up, then you can't sweep, you can only receive payment... The point is to avoid Fear and Greed from clouding your judgement you have to separate your investment from your trading... Your account balance is whats in FIAT if thats your base curency or your balance could be whats in BTC if thats your base currency.. and all other coins that you are holding long term are free ones that you have created from trading. (you cannot predict what will happen with those, only you know that you will get paid handsomely from most of them)

[marvinberton]

Man! I thought I was a huge fan! :)))