Are You Still In Love with the Crypto Markets?
Find out more about my Online Video Forex Course
#455: Are You Still In Love with the Crypto Markets?
In this video:
00:26 – An Incredible Week in the Crypto Markets
00:57 – Billions wiped off the market in the last day
02:12 – 401k becomes the 301k in the US
02:40 – All is not lost
03:00 – We can buy and also sell Cryptos
04:23 – Are you looking for a good broker?
05:47 – Next week, how a client has made +6% gain in the week on the 15 minute charts
Are you still in love with the crypto markets, or has that love disappeared? What an interesting week it’s been. Let’s talk about this and more right now.
Hey traders, Andrew Mitchem here at the Forex Trading Coach, with video and podcast number 455.
An Incredible Week in the Crypto Markets
As a crypto trader, if you’re into cryptos, what a incredible week this has been. Probably not that great if you’re a traditional way of trading the crypto markets. I was going to be talking about short timeframe charts this week. We’ve had one of our clients taken 15 trades this week on the 15 minute charts, and he’s up over 6%. But I’m going to cover that next week because I really want to talk about cryptos being so topical right now.
Billions wiped off the market in the last day
So, what’s happened? Well, billions have been wiped off the crypto market just in the last few days. Ethereum has plunged by 20% in the last day, in the last 24 hours, 20%. Bitcoin in the last day is down 11%, and 200 billion has been wiped off the crypto market in the last day. 200 billion, with a B, dollars. Incredible. That’s just in the last day.
LUNA, it’s called ADA/USD, if you see it on your charts, it’s called LUNA. It’s down 99% in the last 48 hours. I’ve just looked at my charts. If you went back to the 5th of April of this year, just over a month ago, it was at $119, 5th of April. Today, 13th of May, it’s been as low as 0.001 of a dollar. I think that’s a 10th of 1 cent. So it’s gone from that on the 5th of April, $119, to today, 13th of May 2022, 0.001 of a dollar. That’s incredible.
401k becomes the 301k in the US
I’ve also read an article regarding the US Retirement Funds, called the 401(k), which they call it over there. I’ve seen people now calling it the 301(k), a bit of tongue in cheek, but the reason they’ve done that is because 7 trillion, with a T, $7 trillion has been wiped off the stock market just this year. And we’re not even in mid-May, so it’s not looking great, is it?
All is not lost
But as always, we try to find solutions to these things. It is not all doom and gloom if you learn to trade your cryptos or your other markets the way that we trade, and to trade them with the leverage through the Forex markets or through the Forex brokers. The reason for that is quite simple.
We can buy and also sell Cryptos
We can buy and we can sell. We can go long. We can go short. And we can do that on cryptos as well. So for example, if you saw Ethereum or Bitcoin or even LUNA dropping, and you saw a reason to take a short position or a sell, we can jump straight into the market, or a limit order, a stop order, whichever you want, but you can get into the market and you can sell that crypto.
And that is the difference with this, as opposed to going out there and mining, or going out there and spending what was last week about $46,000 for a Bitcoin. Today, it’s about 26,000, but you’re not actually going out there with that money or investing that amount of money. And you’re not with the traditional way, I say traditional, obviously cryptos are quite new, but with the way that most people trade cryptos is you’re out there just buying something hoping it’s going to go up. Not much good if you’ve bought LUNA at $119 about six weeks ago, and you thought, oh, I’ll just go and buy LUNA at $119. Let’s say you bought a hundred of them. Today, it’s worthless. But the ability to sell something that you’re not actually owning is what’s so different about the way that we trade and why we enjoy trading cryptos now that they’re available on a lot of these platforms.
Are you looking for a good broker?
Now, if you’re out there looking for a good broker that gives you the ability to trade cryptos and indices, commodities, and of course the Forex market, but to trade them in the way that we trade, I can highly recommend Blueberry Markets. But if you go to Blueberry Markets, go and choose and select their MT5 platform, because that has a lot more of the other non-Forex markets on it. I’ll put a link to Blueberry Markets on this video, post-podcast post, and you can go and check them out. Have a look, they’re a great broker, I’ve been with them for years and years. I’ve been with their MT5 platform now for quite a few months, really enjoying it, really enjoying the ability to trade these other markets as well. On different timeframe charts, you could trade say Bitcoin on a 15 minute timeframe chart through to a monthly timeframe chart, and everything in between. It’s really good to be able to do that on some of these charts, like 12 hour charts, which means you just need to look twice a day. Really good to do that.
So have a look at Blueberry Markets, MT5 allows you to trade those other markets. It’s a really good platform. And I hope that helps. Look, it’s not all doom and gloom out there. There are ways around these things, like with everything. Look at changing the way that you’re trading cryptos if you’re trading it like the more usual way of buying, holding, and hoping. There is far more to it than that, and we can help you with that.
Next week, how a client has made +6% gain in the week on the 15 minute charts
So this is Andrew Mitch here at the Forex Trading Coach, I’ll see you next time, next week, when I will be talking about how our clients made 6% trading the 15 minute timeframe charts this week, in only about an hour per day. I’ll see you next week. Bye for now.
Episode Title: #455: Are You Still In Love with the Crypto Markets?