Hi, in today’s live training session, in reply to questions from member Jennifer, I started with the subject of crypto, NFT tokens, and where I think the crypto market is going to end up.
Last year when Bitcoin was at $8130 when beta members joined me in my crypto site launch I was warned by a long-term member that I was headed down a dangerous path and it would all end in tears with a “Tulip Bubble”. If you are not familiar with the term here is an explanation from Investopedia
As our portfolio is currently up over 660% in less than 12 months then clearly I disagreed & persisted! Could the crypto markets end in tears? Of course, but if you know what you are doing. Know when to get in and out and only invest in projects that have a real-world use that is faster, cheaper, more flexible than a current method I believe that you can navigate anything that is thrown at you.
Having said that I did look at the current craze of NFT (Non-Fungible Tokens). That sector quite probably will crash and burn, but there is money to be made on the way up.
Crypto in 2021?
I am convinced that this year will be as equally profitable. I think that once Bitcoin hits $100.000 then it will quite probably drop 30% (again) and very quickly which will scare off a lot of rookie traders and investors. I believe at that point there could well be a correction in most tokens and some will definitely drop dramatically. After the storm, the stronger projects, including BTC will march on.
I have recently started trading crypto as well as investing. When the boom ends then there will still be profits to be had from trading smaller projects. Best of all I use my M2 method exactly the same way as I do for forex so its a win-win 🙂
Some of my basic rules for trading crypto:
- Do NOT under any circumstances use leverage to trade you will lose all of your accounts and more, guaranteed!
- Only trade with the trend. Its a bull market: only buy
- Only buy when the trade has the potential to make at least 35% profit
- Only buy into coins & projects that have a real-world use as I do not use stops (no leverage means you don’t need them)
- Have a plan to retake profits, bank it all, take out the original stake, 80% of the profit? Your call
- DO not get married to a trade, crypto does go up extremely quickly!
- Only risk money you can afford to lose
I showed a lot of pairs that I have taken/placed trades for using a variety of entry and exit strategies.
My Euro/Nzd balance from last week is currently was over 220 pips in profit, it pulled back and I have moved my stop nearer to the current price.
My Aud Head & Shoulders trade from Sunday is +45 pips and I hope to move my stop to entry this evening if possible
My Nzd Cad has fired and is currently stuck a few pips in profit
We also looked at Pierre’s Earth & Sky setups, so a busy time!
Here are some of the NFT websites I showed in the video. Here are a couple of articles that try to explain it:
Here are some of the sites selling digital images and “virtual land” for tens of $1000’s.
I really “don’t get it” but then again I felt the same way about Bitcoin a few years ago, so I might be wrong again 🙂
If you want to know why I am heavily invested in Crypto and why I am convinced there are life-changing gains to be won, check out the Crypto mini course here:
Non-members will have to sign up to view