Episode Transcript
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Speaker 1 (00:00):
Today, I want to share with you how you can
invest in the crypto market wisely using a proven trading strategy.
So let's talk about that and more.
Speaker 2 (00:09):
Right now, Hey.
Speaker 1 (00:20):
The Forest Traders is Andrew Mitcham here at the Forest
Trading Coach with video podcast number six hundred and seven.
So today we're actually not talking about forux, We're going
to be talking about cryptos. You see, there's so many
people out there jumping on the bandwagon of buying cryptos,
and unfortunately most people don't really know what they're doing.
The trouble is that is buying cryptos or coins because
(00:42):
of that whole pomo of the fear of missing out.
And a classic example of that is just a few
weeks ago, I was talking to a friend of mine
and she said, look, Andrew, I've gone and bought some bitcoin.
I said, fantastic, But why did you buy bitcoin when
it was almost like it's near all time high so
far it was up close to one hundred and twenty
(01:03):
four thousand US dollars and you know that so far
has been the highest it's ever got to. And she said, oh, well,
I've just got some money through the sale of a property.
And I thought I'd buy some bitcoin, you know, I
don't want to miss out, and I think it's going
to go higher and higher. And I said, well, okay, look,
if you're willing to hold it for you know, months, years,
it could still well be an okay decision. But here's
(01:26):
the issue that I find with so many people is
they are not buying a crypto for a particular reason.
They're buying bitcoin because they know bitcoin and everybody says
it's going to go to two hundred thousand, and so
you're buying it thinking it's going to go up. Probably
not a great way of doing it, and there's probably
other things you can do to make that decision better. Now,
(01:49):
add it on top of this, if you don't live
in the US and you're buying it in equivalent of
another currency. For me and my friend who is New
Zealand dollars right now, the New Zealand you dollar rate
is really really terrible for us because the US is
strong and the New Zealand is weak. And therefore, if
you're buying an equivalent in US dollars, you've got a
double whammy. You've got the let's say bitcoin at almost
(02:12):
an all time high, and you've got the New Zealand
US dollar rate at very low rates, so you're getting
smashed on both sides. It's costing you a lot of
money in your local currency to go and buy already
a high value product such as bitcoin. Now take this
back to how we trade and how we can help you.
There's a few things you can do because we trade
(02:34):
cryptos using my proven forest strategy in exactly the same
way as we'd trade let's say the euro US dollar,
and what we're using is technical analysis, and you can
apply some very simple, basic once you know what you're doing,
technical analysis to make your crypto decisions better. So let's
stick with our example of buying bitcoin. Instead of just
(02:56):
randomly buying bitcoin at today's price, you could in instead
use some good technical knowledge and wait for a pullback
and then a bullish opportunity to go long again and
buy it at a lower and better price. Wouldn't that
be a simple and good idea. Why would you not
want to buy something at a lower and better price
(03:17):
than it is like today when it potentially could be
quite high.
Speaker 2 (03:20):
So you could do that.
Speaker 1 (03:21):
If your long term perspective is Bitcoin's going to be
heading up, and you see that on longer term charts
such as like let's say monthly charts, you just simply
wait for pullbacks and then you could potentially buy again.
Or the other thing you can do is it heads
up towards these all time highs or breaks them and
starts pulling back. What's to say you couldn't just sell
some and wait for it to pull back, so profit
(03:42):
on those moves, wait for it to pull back, and
then look for bullish action and then buy it again.
So that's Bitcoin covered. And of course the other thing
you could do is avoid Bitcoin altogether. Why don't you
use your skills and your technical knowledge and your chart
skills to look at other cryptos, other coins, but maybe
at historical lows, and they've pulled back from some highs
(04:04):
and they are a great over sold chart, and there's
a great opportunity to see them reverse again, and you
could be like buying them in the sense, let's say,
instead of the hundreds of thousands of dollars.
Speaker 2 (04:16):
Like you would with bitcoin.
Speaker 1 (04:18):
So don't just stick to bitcoin, bit or ethereum because
they're the ones that everybody knows. Why don't you look
at something that's pulled back and it might be as
an example, ten cents and its historical price is a dollar.
Well if it's ten cents and it rises to twenty,
well haven't you done quite well out of that? You know,
And you could do these, look at these other charts.
You don't just have to stick to the main ones.
(04:40):
And so I would use a combination of those skills
and the beauty is of what we do. It can
be traded on any market of course cryptos as we
just mentioned, and of course foraks by other markets as well.
So if you'd like to find out how we do
this and how we can help you to invest in cryptos,
and that's what you want to do with a little
(05:00):
bit more skill and probability behind you, rather than just
randomly buying something. So have a look at my new
thirty minute on demand masterclasses set thirty minutes aside, Jump
onto it, watch it and you're going to learn a
lot about how we trade, including on the cryptos, and
how you can do exactly the same. If you like
to book a call with the team or myself, there's
a link here as well. And if you're out there
(05:21):
looking for a really good broker to trade the cryptos
on and foracs and metals, and commodities and in disease.
Up a link here to Blueberry Markets. Select their empty
five trading platform and you'll have a huge array of
cryptos available for you to trade as well, and you
can use their charts of course to make your trading
decisions and to look for those pullbacks or those over
(05:42):
sold cryptos that we've just talked about. So I'll put
a link to Blueberry Markets here, and any questions you
have please send me an email Andrew at the first
Trading Coach dot com or leave a comment if you're watching,
and I'll see this time next week.
Speaker 2 (05:55):
Bye for now.