My nephew is trying to get my sister into crypto. I'm of one mind but would love to hear feedback. Bad idea? Good idea?

@Jezibaba As a long time Forex and crypto trader and the author of a crypto trading bot I have a couple pieces of advice:

1. Never trade money you can’t afford to lose.
2. Avoid NFTs. They’re all scams.
3. You can make money trading crypto but it’s gambling. Crypto isn’t money (yet).

@ScionAltera so 1 maks sense. 2 I agree with. 3. She would not likely be trading it at all. So let's say as an investment??

@Jezibaba Historically “HODL” has been a really good strategy and it may continue to be. But if the bottom falls out it will be very fast. So use a platform where you can set a “stop loss” order and sell automatically if it drops too far. You don’t want to be the one holding the bag after everyone else bails out.

@ScionAltera Since I know very little about it, does it trade like stocks?

@Jezibaba Yeah, it’s similar to stocks especially in the USA because brokers don’t allow margin trading anymore (so you can’t short). The difference is stocks have a lot more fundamental information about the companies. Forex and crypto are driven heavily by the news. The order types are the same as you’d get with stocks or forex.

@ScionAltera perfect. Thank you. That I can handle when talking to her. I appreciate the help.

@ScionAltera can you program them only for hypotheticals for tracking while learning and how would I be able to compile the data?

@Jezibaba I think you're talking about paper trading? Where you analyze the data and pretend to trade but never submit a real order? Almost every bot I've seen has a mode like that so you can test your theory and see what your results would be like, including the one I wrote.

@ScionAltera that's what I'm asking exactly. Mind if I ask what you wrote them in?

@Jezibaba I wrote mine in Java, but it hasn't been updated in awhile. The strategy it uses relies on being able to short, and US regulations currently prevent that so I'm kind of dead in the water for the time being.

github.com/agonyforge/arbitrad

@ScionAltera I read that Java was one of the two so I wanted to see if you were one and you are. I am now looking into to brokers. I appreciate all the help and I'll probably be bugging you again soon.

@Jezibaba NodeJS is pretty popular these days too. I've been a software engineer writing Java for 20 years so that's why I went with it for my bot. Nowadays at work I do some of both.

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@ScionAltera would you consider writing one in NodeJS eventually? Or is Java adequate?

@Jezibaba I like Java better so I'll probably stick with it for hobby projects like that. NodeJS pays the bills these days though. :)

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