A. Yes, I am most definitely looking to trade crypto-currencies in the near future. At the moment, I am still back-testing and forward testing different cryptos until I am happy with the statistics and results.
As to what are the best crypto-currencies to trade? I would have to say the top 10 are listed by the highest coin market capitalisation.
Here are the top 10 crypto-currencies, according to market cap:
1. Bitcoin $140,069,516,400
2. Ethereum $26,643,368,859
3. XRP $16,778,731,492
4. Bitcoin Cash $7,219,021,424
5. EOS $5,723,711,811
6. Litecoin $5,682,376,201
7. Binance Coin $4,041,468,532
8. Tether $2,851,605,714
9. Stellar $2,614,357,858
10. Cardano $2,151,288,124
Note: I only look at crypto-currencies that have a coin market capitalisation of at least $2 billion. This way I know there’ll be high volume, more trends and less chance of the crypto-currency crashing all of a sudden.
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Q. "I was reading in a trading forum that someone profits on a weekly basis trading the Cable lately with the events that are taking place with Brexit. I'd like to know what is ‘Cable’? How did it come about? And can I trade it if I have a Forex account?"
A. ‘Cable’ is in fact a currency pair, which means yes you can trade it on your Forex account.
In short, ‘Cable’ is a nickname for the Great British pound/US dollar (GBP/USD) currency pair.
The name 'Cable' originated in the mid-1800s as the currency rate was, at the time, transmitted via a translantic cable. Its name since then has been kept.
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Q. “Hi Timon, just following up on your article you sent around the end of April 2019, about having a 60% win rate. If I have a 60% win rate trading system does this mean I'll win six out of every ten trades?”
A. I have to stop you there and say no. However, I don’t want you to feel disheartened with your trading just yet.
You’ll need to remember three things about whenever you calculate statistics and win rates with each trading system.
1. The past data that you have gathered does NOT necessarily guarantee the exact same results for the future. The reason why is because the markets always act with an erratic and an unpredictable nature as new transactions are taking place every day.
Some years, your win rate might be a bit lower than the previous year. And other years, you’ll find your win rate to be higher.
2. If you’ve found that your system has proven to have an average 60% win rate, this means ‘over-time’ you have banked 60% of profitable trades, while you’ve taken 40% of losing trades.
For example… Let’s say your track-record has shown that you’ve taken 100 trades in total with 60 being winning trades and 40 being losing trades.
How do you know which 60 out of those 100 trades have been winners?
The answer is that you don't. You could lose the first 40 trades in a row and win the remaining 60%. That would still give you a 60% win rate system.
3. Your track record is more of a guideline for what your future may hold.
I have to say that the more trades you back-test over a longer period of time, means you’ll have a better indication on how your trading performance should pan out in the future.
So, if you have back-tested a trading system over the last, let’s say, 20 years then you’ll have a better likelihood for your system to continue to have around a 60% win rate system in the medium to long term.
If you have any other trading questions, I'll always be happy to answer them. You can email email@example.com
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Analyst, Red Hot Storm Trader