Advice from a CryptoTrader

Mohamed Habib said:

Thanks for posting those. Yeah it looks super simple, actually looks like you are trading based off an elliot wave rule: (ie. wave 4 shouldn't go past wave 1). Where would you set your stoploss, what if your strategy fails and price dumps below that horizontal line? 3-6% is what a good trader makes per day regardless of strategy

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Well, like I mentioned previously, I'm not an expert in EW and I stay away from even trying to define them as EW and I tend to suggest to people to stay away from those unless you actually read books on them and have a deep understanding of how the hell they work. Because it's very easy to look at the chart and say "oh yeah would've entered that trade because its this and that and would've made gazillion %" but that's just stupid. Hindsight is a bitch and I've seen countless people fail with these EW and other bullshit prediction makings, because of failure to accept their actual incompetence.

Now that I ranted a bit.... I have a very strict set of rules that I follow before entering trades. The ones I posted are examples and basic gist of what I look for in a trade. But essentially, if I don't see a perfect line that I KNOW that will bounce, I don't enter. I'd rather not have a trade at all than a loss. First when I did played it very risky, my usual play was either market sell at 2.5% loss if the coin is literally plummeting to death or buy lower a bit more and then a bit more and then a bit more if I see another support that might hold. In the latter example I usually break even with fees taken into account. I did have horrible trades while I was learning, but the biggest loss was probably like 5-6% on full port, which was about a week of my work going to shit at that point.

Also, since I trade BTC against ALTS, I tend to look at BTC price action a lot. And one of the reasons I no longer do this full time is that BTC price is unpredictable and most of the TAs are bullshit and it's being manipulated heavily and naturally alts get affected by that as well.

I hope that helps and sorry for a little rant there

yup, that is exactly why i only go in when i get a STRONG signal or a high probability trade. I go for max 3% gain and try to get out in 15 mins because this market is unpredictable and you are only garunteed to make money if you play the bounces.