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Pump and dump. My experience

Discussion in 'General Discussion' started by Arpit, Oct 13, 2018.

  1. Arpit

    Arpit Moderator Premium Member

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    I tried pump and dump trading in my initial days.

    From my own experience, I'd say try to tell you to stay away. If not, be very very cautious.
    20sec and I lost $350. I took a risk of around $800 and that's what happened. More than 40% loss.

    Basically it is all algorithms trading. Humans are very slow in front of them. By the time you hit the buttons, your money is gone.
    It is basically the people who are doing or promoting the pump, themselves dumping. They have the sell order where you place the buy.
    The group members take the price upwards. Newbies loose ultimately.

    Be very careful!

    What's your experience?
     
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  2. MoonWalk

    MoonWalk Scholar

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    Yup, no way to beat AI
     
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  3. Arpit

    Arpit Moderator Premium Member

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    Absolutely! You gotta beat algos with algos only! No other way
     
  4. Cryptocointrade.com

    Cryptocointrade.com Contributor

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    Yes, but remember that the algos are written by humans. So you only need to beat humans (still). Soon are the algos written by AI I guess ;)
     
  5. GuardianofCrypto

    GuardianofCrypto Master of Trolls Staff Member Super Admin

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    The admins promoting the pump and dump schemes have already invested days, weeks, or months before that.
    Once they create FOMO in people, they'll sell into the buy orders when the books are stacked.
    The only way to protect yourself is to set stop-limit sell orders.
     
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  6. Michael55

    Michael55 Contributor

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    This is like casino. Too much risky.
     
  7. MoonWalk

    MoonWalk Scholar

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    Very much like gambling lol
     
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  8. Penguin

    Penguin Beginner

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    there are actually now hundreds of companies who specialise in using the bots to pump and dump, using information propaganda tactics over scales of weeks, or months as a previous poster has suggested, it's truly disturbing how it works to be honest in this space; but no different in the relatively micro chasm, to how most of the global trade works i suppose, but to do it on your own, well is silly, it takes a coordinated and sophisticated system that takes months to develop
     
  9. WCDCOIN

    WCDCOIN Contributor

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    I am not into these things: you'll be very cautious about joining them.
    Anyway, thanks for sharing your experience with us
     
  10. MoonWalk

    MoonWalk Scholar

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    Bots sometimes dump everyone coins and pumps the owners coins, this has happened several times on binance lol
     
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