Coinfire Clan Report ②
If you go into the rumor of a ‘money copier’, you will lose a hundred battles.
“Getting started with chart analysis”
Park, 30, who started investing in cryptocurrency in 2017, owed 400 million won in two months. He borrowed a loan from the bank and threw away all the money he invested. Park remembered that time, “I was blinded by greed when I saw that the first 5 million I invested had grown to 20 million won overnight.”
Sitting in a pile of debt, Park stopped trading coins and concentrated on chart study for two years. Mr. Park, who mainly studied ‘sideways’ trading, which repeats ups and downs, entered the coin market in 2020. This time, he made more than 10 billion earned by trading futures, where he is betting on a down market in collateral without a loan. In January last year, he closed the logistics business he was running and declared ‘Fire’.
The coin fire people agreed to “study the charts first” for those considering investing in cryptocurrency. You have to look at past charts and set your own investment principles. They warned that due to the highly volatile nature of the coin market, if you move according to the position without standards, you will fall into a vicious cycle of ‘gaining a little and losing a lot’. This means that you must stick strictly to the profit and loss line you set and the timing of the trading.
Park said, “The stock market operates for about 6 hours from 9:00 am to 3:30 pm in the normal market, while the coin market runs 24 hours. It’s going to happen,” he said. .
It is also important to get information through online communities or YouTube. Mo Kwak (30), who got a lot of information from ‘Reddit’, a foreign cryptocurrency community, said, “When I read over 100 other people’s analysis articles, I gradually develop my own ‘eyes’ to see the market.”
Coin Fires tended to invest heavily in coins with high trading volume to reduce investment risk. Seven out of 12 Coinfires were only invested in Bitcoin and Ethereum, known as ‘big coins’. Among the other five, only one responded that “they invested more than 10% of assets other than large coins.” Kim (31), who made a profit of 3.2 billion won with 3 million won while maintaining the share of bitcoin and Ethereum assets at 50%, said, “The smaller the size of the transaction, the more difficult and dangerous the chart analysis. ”
Reporter Lee Kwang-sik [email protected]