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Trading around other Traders / Using Traders Hype
🕑 Added 2021-09-08 11:17:37 +0000 UTCWhat does that mean?
Trading around other Traders means making trading moves based on the idea to sell to other Traders or not buying something because other Traders are already pushing the prices.
Another very underrated concept which I used a lot the last 3 years and which saved me some good coins over the year! This concept also follows the idea to sell in the hype.
How to do it and what are the benefits
There are four main ways to do it.
1st – Buying before other people bought. This will be part of many guides, but buying before other people is something, I started to love in FIFA 19. You can already do it similarly with the Webapp Investing into meta cards for the short-term rise. That’s also buying before other people but for this concept, we focus on Traders and not the casual players.
2nd – Buying after other people bought. Another very, very good way to get an idea of the market and do something different than other people. From what I learned over the past years, sometimes it's not smart to be the first guy to invest or buying something. There were many cases with multiple buy windows and you can easily fall into an opportunity cost trap if you buy too early. The idea is to wait for another dip and reduce the hold time while getting the same profit as the people who bought earlier.
3rd – Selling before other people are selling. It's not uncommon to end up in a situation with many Traders holding the same cards. Selling before everyone else is a great way to escape any panic and getting out smoothly. This is something I also really love doing, its very common for the Trading Community to hold a trade for the last hour and then just crash the market with loads of listings.
4th – Not buying at all. Something can be too inflated, the risk/reward can be not worth it or we have better options on the market. I personally really liked this one a lot, I skipped many things other people did and I managed to get on other stuff much earlier thanks to that.
All of this is a bit tough to know if you are not part of the community or just starting to trade because you don’t know if people are really buying or just talking about it. It also doesn’t make much sense to skip everything or look for long-term investments on every single trade. That’s why I gave this concept two stars as it needs a better understanding.
Luckily you got me, I'm around in the community and I can give some insights about what other traders are planning and what they are telling to the followers. Any useful information will be redirected to you through the Daily Updates!
Maybe this is all a bit too much theory, but the next guides are built on this. You will get what I mean when we are talking about other stuff like OTW Trading or TOTW Hype etc.
Summary
- Avoid doing the same as everyone else
- Buy before, buy after, sell before, or don’t buy at all are the most common options
