I’ve started the process of learning to trade and would love your inputs on this
What chart time frame/s and indicators would you guys use if your goal was to make two 1% trades everyday?
RSI being way oversold and I love my elliot waves and resistence/support lines those 3 to start with.
And which time frame do you usually use?
First off 1% isnt really something to aim for unless you are putting down huge numbers. Scalping for 2% and up is profitable if you are putting in a lot.
Longer time frames give you a better idea of overall trend. Short time frames in crypto dont really tell you anything because of the volatility. If you are looking for 1% then just pay attention to when it looks over sold on the rsi, look at you MACD and then pay attention to volume. Once volume enters you will acheive small percentages rather easily given how volatile it is. But if you are looking for just 1% and playing with large numbers then you have to take risk management seriously.
Alright thanks! and how would you check for volume increases ?
Whatever platform you use will display volume, either as a number to the side of your chart or bars underneath your chart.
2 hour and the 5 with a shifted ema and AO…and obviously candlesticks!
This is something I will pursue when I dont have to work full time,its been a bucket list challenge of mine for a while now to try and make 2 or 3 % a day…
WJust what I do not advice just a heads up
I use Coinigy have MACD, RSI and OBV save as my favorite chart. I start off with the 1 hour chart and then move to a 15min chart and the 3 min chart lokkining for divergences. On the coins I find with a lot of volume but no or few divergences I’ll put an alert 2% above and below curent value just to see if it’s going to move if fluctuate s a lot I’ll set at 5%. On the ones with nice divergences, I set alerts depending on movement if bearish I’ll put one about 3% higher than current asking price and then put 3 more alerts 2%, 5% and 7% lower than current value.
I then put 25-50% in a buy trade at 10-15% below current value it all depends on volatility of the coin. I’ve put bids in at 40% below or above the curent value if bullish and have caught some good gains that way. If a bullish market I reverse the alerts. Now I don’t ha e much just hit 2 Ethereum coins but I leave 25% out call it long term or emergency stock. If it goes vertical I have a little to catch the ride and sell on bullish pump. I the. Put 25% at 5% another 25% at 7-8% and the last 25% at 15-50% depends on volatility and fluctuations (how long is the tail and how many). I hope to get more coins soon so I can do this over more trading pairs.
Then I wait, get on with my life play games, read what at ever I only use the 3 indicators I can look and see the support and resistance lines easy enough. I will scroll in and inspect the divergences without using any tools and face it all indicators show you what the coin was doing nothing can predict what it will do. I will give this advice look at the trades watch for pump and dumps if it’s not moving and there are 300k trades to buy listed just wait I will get very volatile shortly and most likely end up dropping 10-30% in the next 12-36 hours. If have coin to spare I usually set a bid at about 20% lower that the largest bid and I’d i have coin to sell I put a bid in about 15% higher than curent value they drive the price up to sell cause a panic which drops the floor out of the coin value than they buy back in big usually doubling their money so I try to join in on their riches. So this is just what I do I’ve made more than I’ve lost so far I guesstimate I’m sitting at a 90-93% success rate. Actually 99% because other than an oops misses a zero in that bid, I have made about 50% of the trades that I could have made profit on. I’ve just waited till the price recovered or dropped to where I could break even or make a little profit on my poor choices. I look for different pairs I bought bit coin with EOS but now the rate plummeted, so I sold the EOS for Ethereum because I was able to make x amount of profit. Just an example not an actual trade I made. Just remember indicators and tools are nice but they just tell you what the coin has done not what it will do. Keep an eye on different new outlets see what’s happening anything that affects the confidence in crypto will affect the price. Bad new it will go down no matter how bullish it is, good news and it will go up might take a while but it does go up. Good news is always harder to believe than bad news. Check out you tube thee are some very good videos trading. Didn’t mean to get so long winded on you but 90% of people trading fail 10% of the ones who are successful actually make big money so 1 in 100 will make it big in trading. So the more people understand the risks and tools the better chance they have. Typing on my iPad sorry about the typos screen is cracked so don’t always get the letter I pressed.
Thanks a lot for the insight! but I’ll have to re-read this in the morning when I’m not tired lol