Hey guys! I have some new tips today after a whole day of day-trading!
I realise that I've missed a few of these "daily" updates, and for that I'm sorry! Hopefully I'll be a bit more regular but no promises as exams are coming up soon!! Also, the "My Tips!" section largely the same each week. Whenever I change a tip or add a new tip in, I'll make sure to indicate it!
The overall market
Pretty bad day of red today, however BNB and Steem is looking pretty green, and the only two coins I'm holding right now!!
Steem Price
Nice rally today again, took some profits and bought back a bit lower, making about 35 Steem today!
My Predictions
We're having a few days of ups and downs, thus mostly sideways trading. This is nice for swing/day traders but sadly I've been too busy lately to actually do that as I've had a lot of assignments to do. However, I reckon we'll be seeing ATHs soon with June and July generally being quite bullish for crypto.
"I anticipate Steem falling to around 0.00035btc before rebounding up, at lowest I reckon 0.00034btc. There's a lot that's in the works for Steem and a lot to suggest that we are quite bullish still. Due to this, I've actually been adding more of my portfolio into Steem! Hopefully we'll be hitting $10 dollars soon. In fact, I believe that we can hit $10 by the end of June provided that the SMTs work well and gets the attention that they deserve, and the overall crypto market can stay healthy. "
That was said a few days ago, Steem did in fact reach 0.000348btc and has rebounded nicely to around 0.00038btc!
I'm expecting 0.0004btc soon! When SMTs come out, I'm expecting a massive moon!!
Note: I am not a financial adviser nor trained in economics
My Tips!
DON'T FORGET TO TAKE PROFITS! Especially now in a bull market!
This was my mistake. I felt on top of the world when my portfolio went x100 in less than 6 months but I only withdrew about 3 times my initial investment... before things started going to shit. Since then I've withdrawn around 10 times my initial investment altogether, which is not bad but could of been a lot better if I wasn't so greedy.
I recommend taking out your capital asap and withdrawing a bit every time you hit a personal goal, for example withdraw 1-2% of total every time you go up 50% from last target or something, set objective targets or else you're never gonna take profits and you'll get burnt like I did...
Don't give in to FOMO or panic + little story
Even at the worst of times, think rationally. For example, my previous largest holdings COSS took a massive hit, dropping around 40% within hours. I sold and soon regretted it, but didn't buy back in due to FOMO, I waited. Not before long, I bought back in at a profit (in terms of COSS), and bought more and more and eventually had around 35% more COSS than I started, then COSS went back up and I sold all of my COSS again. However, even after I sold it kept going back up but I didn't buy back in to FOMO,I waited and today if I buy back in I'd have around 25% more COSS than I had before. I sold near the bottom, bought again at the bottom and then sold again way before the peak. Although my profit wasn't maximal, it was around 15% of my capital and I was very happy with that in a day!
My Exact Day Trading Technique (from my day trading story here)
I'm 18 years old, first year uni and never really tried learning technical analysis, so I trade BY FEEL. What do I mean by by feel? As in I sell when I think it's right and I buy when I think it's right. As for buying, I'm not afraid to buy Steem and see it keep falling, however what I am afraid of is selling Steem and never seeing it fall back down, so I trade very conservatively. What does that mean?
I examine the market very closely, I try to look for patterns and when the momentum is coming to a halt, I'll try to sell then. I'm also constantly putting up a couple hundred Steem for sale about 1-2% above market price, depending on where the big sell walls are in case someone market buys up, I can quickly get my sell order filled and put in a buy order for an instantly 1-2% profit, which could be a few Steem depending on how much gets filled and what the profit margins were.
As soon as I start to sell, I keep selling. This means I sell maybe 5% of my total stack, and keep going up. For example, let's say I sell at 0.0003720BTC (which we'll refer to as 3720), I'll watch the market and if it reaches around 3760-3770 and momentum is slowing down, I'll put up a sell order. This bring my average sell price up. If it keeps going up and approaches 3800, I'll put a sell order around 3790. However, it didn't reach this price and prices started tanking. As soon as it reaches around 3730 I bought back half of it, and when it reaches 3690 I bought back another half so I was fulled loaded on Steem again. If it keeps falling that's mine, my job here is already done as I had already made a few Steem. I repeated this process for the day.