SHARE YOUR EXPERIENCE (PROFITED OR DUMPED IN LOSE)
A warm welcome to you all, crypto trading can be challenging not minding a trending trading travailing phenomenon that happens very often. Of course, Cryptocurrency pumps and dumping. Having been hit once or twice (I can't really place count) personally from numerous altcoin hypes and buzz which eventually got dumped to the extent nothing decent like breaking even or recovering of cost other than losses. I am bringing this difficult topic for our consideration & deliberation.
For the few who don’t know how the pump and dump works, but have either experienced it in one way or another during the course of your trading, it’s fairly straight forward. They are also illegal in the market, though are helping to promote coins that ordinarily won't see the face of sun but are inherently shitcoins.
Pump and dump scams (group) involve two groups of people. First there are the traders who artificially increase the price of a coin by promoting or endorsing it. They’ve spent several minutes, hours or even days buying up cheap coins, only to sell off at pumped price and when they are ready to dump them, they build up the buzz.
As buzz, & hype around the coin gains momentum, trading volume increases and the coins value goes up, people rushes in for a buy. You are both the pump and dumper. Once the coin hits a desired price these scam players sell all their coins, and people begin to panic sell, dumping their coins on the market and sending the price plummeting on the latest buyers.
Once these scam players are out, a panic sell begins, and this is when the dumping process happens. The price is no longer climbing the volume is down, and people start realizing their own sell orders aren’t getting filled. Panic sellers will sell below the market value just to get out, and this can send the coin’s value crashing to the floor.
HOW TO BENEFIT FROM IT?
The trick is to spot out a coin at its lowest trading price and buy, then place your ASK price order preferably 30-40% increase. But then, how to spot this kind of coin is the headache, if you know please kindly contribute.
We need to make some profit this Crypto trading trying time where virtually all coins are in RED, except those pumped coins.
This is why I buy & hold while buying lower if possible. You just check up on your coins everyday, throughout the day and you will see area's to profit(shares off the top). Shares off the top if your long-term that is! @Bittrex ALLDAY ;)
Bittrex is great but one needs to practically spot out low volume coins with pumped tendency. This can be very devastatingly challenging but at the same time possible.
Am glad you are here, we can share off tips.
meep
Yeah right
meep
Nice
Thank you, have you ever gained from a pump and dump group?
Good knowledge
Hope you have a positive testimony on the topic?
Hmm.....food for thought.
Thumbs up
I really appreciate your pictures that illustrate the ideas @bitdude
Sometimes, pictures speaks volumes
Never participated in pump and dump, I view it as gambling that is rigged. Nice writeup
Yeah! It's pure gambling but even at that, sometimes one can profit from gambling.
Yeah, the people who stands a better chance are the organisers. Some few participants do also make money, but the chances are small
I have lose several timea in this pump and dump coins...
Sorry dear, actually greed is the real cause don't put on yourself.
It's part of the life of a crypto trader, losing. Ps: crypto trading is in its nascent stage. With time, it will develop fully into all profitable venture. By then, most of us must've become BILLIONAIRES in USD
Even though all going down im still HODLing on to almost all.
Nice to see you here bitdude! Voted & commented~ Cheers and see you around too
Seriously I am dying to see a screenshot of your baggies! I am guessing it'll filled with great coins that will turn you into billionaire before this year runs off.
Am also following you, guess you will return the favour too