Would you like to see my first simulated trade scalping Ethereum after applying what I learned in the "5 Trades Money Machine" course because this might be useful for you if you are considering buying a course to learn crypto trading?
This is the fourth post about Dominik Boecker's new course: "The 5 Trades Money Machine."
Ten days ago I wrote a post to give my first impression starting the course and you might want to read that post: My First Impression of the "5 Trades Money Machine!"
I liked the course so much that I then decided to write a second and third post that you will enjoy reading here: How to Have a Successful Trader Mindset! - 5 Trades Money Machine! & Technical Analysis - 5 Trades Money Machine!
First, let's have this little disclaimer.
I am an affiliate with The 5 Trades Money Machine, and will earn a commission if you decide to buy the course using one of my links. I rarely promote affiliate products and do so only if I use and really like the product. Most of the time, I write only one article, but in this case, I want to share more about my experience with this course because I am very enthusiastic about it.
This is a course that is clear and easy to understand and perfect for beginners or people like me who have not been successful trading short term with methods like scalping.
I would have loved to take a course like this when I began in crypto two years ago. That's why I am recommending this online course if you want to learn scalping for daily profits.
Source of images: 5 Trades Money Machine's PDFs, with permission to share short snippets with you, and also Coinigy.com, with another disclaimer and affiliate link below.
I use Coinigy to look at charts and place trades, if you would like to try Coinigy, please use my referral link https://www.coinigy.com/?r=842aeb1c because if you purchase later on, I will receive a small commission that will help me pay for the tool every month.
Scalping Ethereum - 5 Trades Money Machine!
I already completed all the lectures of the course, but I am now at my second viewing because I really want all the info in that course to sink in. Like a lot of us, I already knew a share deal about cryptocurrency, but taking this course is like putting all the pieces of the puzzle together, especially for scalping, which I tried before unsuccessfully.
So, today I will talk about the "Scalping" lecture and the "Basic Strategies" module, which has three lectures in it.
Scalping is a trading style which involves trading on short time frames like one or five minutes with trades that can go from 10 minutes to 4 hours.
According to the authors of the course, scalping is one of their favorite and most profitable techniques of trading because it is easier to profit from small price movements. Scalping is believed to be a difficult trading techniques, but with this course, I can say all seems very easy.
This is a graphic from the manual in the course and this shows how you can profit with small up and down movements of a coin.
Success of this trading method depends on your knowledge of where to buy and sell, and also how to protect your capital and small profits you make along the way, which is explained in the next modules.
With scalping, your profit may be from 1% to 6% per trade, which is not a lot compared to the potential gains (or losses) when trading on several days, but doing this often means that you can grow your capital compounding your profit and putting it back for the next trades.
The next module in the course is "Basic Strategies" with 3 lectures:
- Support and resistance
- Buy and sell triggers
- Panic selling
I found these three lectures very important as they explain exactly how to trade with support and resistance, buy/sell triggers and panic selling. I will let you discover them in the course.
Understanding the trading indicators shown in the course and practicing the strategies is the key to profitable trading.
Today, I simulated a trade scalping Ethereum as an exercise and I felt in control for the first time, knowing my starting point, my goal or exit point, and where to have a stop loss.
I use Coinigy for charting and executing trades directly on the exchange, in this case Binance.
See the chart on Coinigy: https://www.coinigy.com/s/i/5bf397d8465a8/
I set up all the indicators as explained in the course and I found for Ethereum my entry point where you can see the blue up arrow. I used a Coinigy tool to see what a 2:1 Risk/Reward ratio would be like and saw where to place a hypothetical stop loss and where the target would be, which happened to be a resistance line.
The sell point was just on the resistance line up there where you see the blue down arrow. Between the entry and exit points, the temptation to exit when it went down a bit was there, but I was somehow quite certain it would reach that resistance line.
The potential profit with such a trade would have been 1.15%, which means trading $1,000 would have brought a profit of $11.5 and a new capital of $1,011 for the next trade.
The exit point was correct indeed because see what happened next.
See the chart on Coinigy: https://www.coinigy.com/s/i/5bf39cd3da151/
I will be simulating more trades this week to make sure I understand this trading strategy and I am looking forward to writing my next post about the "Stop Loss Strategies" of this course.
I am so excited now, and I'm sure you will be too, when you enroll in this course right now: http://pantika.us/5tmm
Would you like that I continue writing more posts about the "5 Trades Money Machine" course as I go through the last lectures?
If so, let me know in the comment section below.
I hope that you liked this post and that it will be useful for you if you are considering cryptocurrency trading.
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