Trading Algorand: The Goal Is To Make Money, Not Be Right
A brief lesson on investing in Algorand or any instrument for that matter.
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“ Too the moon “ Insert rocket emoji but we don’t have the feature yet.
“Algorand to $5”
We all want to see Algorand as a double digital integer but why is that?
Let’s be honest it’s not so you can say look how much traction the ecosystem has got or how high it is up on the coin market cap…
Its because hopefully you would have cleaned up and made some money.
The point of this blog is that the goal of investing is to make money, not be right.
Fake gurus
As an experienced day trader for the best part of 4 years I can tell you know ones care if you bought BTC/USD at $2 or $200 , all we care is how much did you make?
Watch out for fake advisors who tell you they were early Bitcoin investors, I can guarantee they don’t have diamond hands, in reality they are much more likely to have a rusty tetanus ridden copper amputated hand.
Accept the problem
The issue you have is capital, I mean lack of.
You need ALGO/USD to go to $25 to even see a glimpse of “generational wealth”.
There’s only 17k wallets with over 10k Algorand in their wallets which is under $3k.
The goal is to make money, not be right, if you buy ALGO/USD at $0.20 and it goes to $0.40 — you have just doubled your money. But if you started with $3k you now have $6k… What green Lambo costs $6k? As a result you are going to try to run everything instead of taking profits.
This time it will be different.
I hear this time and time again.
You get a few days of heavy block buying coming into the market and you think it’s $2 time.
How many times does ALGO/USD’s price action actually go on to find new support and see a move up…rarely…
Swing trade ALGO/USD
AlgoDex or your CEX is perfect for trading this market, its actually got the most stunning price action of any market I have traded before. It ranges for months on end and you know that we aren’t getting a bull run anytime soon so sell highs…
I wont say how to trade or read markets as I know people are convinced their way is the best but I advise you to look at the market holistically. Where does price need to go facilitate trade?
If I were to buy $250m of ALGO, where could I get the size on, what’s the best level to do business at?
Then just trade around these levels taking the crumbs and profits quickly as price bounces around order blocks.
Easier said than done.
Think you have the best strategy for trading ALGO or can offer Tokenblogs readers some insight into the ecosystem? We would love to read about it. Start posting on blockchain today.
This article is a digital collectible that can be owned at Tokenblogs
