Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency Trading => Topic started by: DanTalksCrypto on September 12, 2018, 10:49:32 PM
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Hi
I wanted to write a small piece about my experience day-trading since I switched my focus from moon shots and started listening to the folks at Voodoo Crypto: https://discord.gg/BN9P2tk (https://discord.gg/BN9P2tk)
Moon shots are great - who doesn't love making 10, 20, 50%+ on a single trade. But over time this just isn't going to work unless you have the best TA or insider info.
Instead, I've more recently been learning about day trading based on depth chart analysis. Picking coins with huge order books (+100 BTC buy/sell) and huge volume (+1,000 BTC in 24hrs) to avoid the manipulation from whales - getting the charts assessed by the team and trading off the fluctuations.
My aim is to make 1% in a day - that's super easy, especially with indicators suggesting which way the price will ebb and flow. An example chart is in the image below (it's ADA so don't hurt me if it isn't your favourite :D but it is the first one I grabbed, coins vary depending on what satisfies the criteria):
https://media.discordapp.net/attachments/457359982346633227/488851698664734721/unknown.png (https://media.discordapp.net/attachments/457359982346633227/488851698664734721/unknown.png)
I would put an order in for the easy buy range and sell when it hits yellow. Keep stop losses tight (1%) to avoid getting burned.
I now aim for 1% in a day and once I achieve that I'm done - come back tomorrow and do it all again. Compounded it adds up quickly, hopefully this time next year I'll have made a good decision.
Come and see the free charts in the discord above and say hello. Any suggestions/improvements on this strategy always welcome.
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Day trading is a tough ride, I have nowhere near enough experience to get involved. 1% margins leave virtually no room for error, and any profits can get wiped out almost instantly. Not saying the tactic is wrong, just that it is not for beginners (or the faint of heart). As you mentioned, stop losses are essential to protect your investment, and one thing that will do is remove the emotion from the investment, which is never a bad thing. Good luck.
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I now aim for 1% in a day and once I achieve that I'm done - come back tomorrow and do it all again. Compounded it adds up quickly, hopefully this time next year I'll have made a good decision.
1% is easy to achieve but still very risky for beginners. Do you have a video showing how to do this one?
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Day trading is a tough ride, I have nowhere near enough experience to get involved. 1% margins leave virtually no room for error, and any profits can get wiped out almost instantly. Not saying the tactic is wrong, just that it is not for beginners (or the faint of heart). As you mentioned, stop losses are essential to protect your investment, and one thing that will do is remove the emotion from the investment, which is never a bad thing. Good luck.
Thank you - appreciate the luck!
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I now aim for 1% in a day and once I achieve that I'm done - come back tomorrow and do it all again. Compounded it adds up quickly, hopefully this time next year I'll have made a good decision.
1% is easy to achieve but still very risky for beginners. Do you have a video showing how to do this one?
I don't actually - it's a good idea. On the Discord we do live calls etc which are good to watch and follow along. Hope to see you on there and we can catch-up? Talk you through some of it?