Profitable day today even though I didn't participate in many trades. I'm reluctant to get into trades that only offer 5% gains. The strategy i've been forging so far has been to buy big on panic sells that will profit 20% or more. Preferably 40%-100%.
I'm always amazed how these panic sells bounce back constantly. That's what attracts me to this trading method. Consistency. No need to crazy indicators everywhere. Just panics.
The only downside is that these trades can be hard to find, and most of the work involves finding a hot trade in action.
I'm getting quite confident in trading, now easily dropping $100 into a trade because I trust the charts. Now I need to work on finding these panic sells more efficiently.
Current I use the market scanner I posted in Trading Day Five, and I scroll through my favourites list on Coinigy to find coins with 1 BTC or higher volume with a panic.
I always trade on 1 hour charts, but i'd like to get into trading on 30 or 15 minute charts, very quickly, with 10% profit margins ideally, or more.
One thing I learned today is how to read momentum in the order book. And how to also read momentum in volume.
It's a beautiful thing when the chart describes what to do.
Bitcoin was being wonky so I moved my BTC to USDT for the moment to try and catch it at a lower price.
Anyhow, here's the data for the day:
Current BTC Value:
10 960
Began the trading day with:
0.0273 BTC
$297 USD
Ended the trading day with:
0.0304 BTC
$329 USD
Total Profit:
0.0031 BTC
$34 USD
ROI:
11.3%
The Trades:
SBC:
C: 1216 at 0.00001149
S: 1216 at 0.00001160
As this trade went over night, I just wanted to get out of it. Patience would have paid off a little bit, but I wanted to use the bitcoin elsewhere.
NMS:
B: 11 at 0.00047001, 30 at 0.00033, 37.5 at 0.00037019
S: 10 at 0.00039997, 20 at 0.000435, 15.5 at 0.00040967, 34 at 0.0004106,
This was a fun trade, and a huge learning experience. This sucker kept bouncing up and down, and was a textbook example of how powerful this trading style is. I would do two things differently next time. First thing is I would trade the bounces more actively, have a bunch more little trades going on. It was bouncing up and down frequently. The other thing I would do is hold some coins to sell at a higher price later on.
There's day six. If I was more experienced I would have made more money. I'm working my way up every day, getting better and better. I wonder what's in store for trading tomorrow.