Hi everyone. How you all been? I hope you're trading successfully and your pocket's full of money.
I've been in bitcoin and altcoin trading market for near a year, and I've read some useful tips here and there. I feel like it's time for me to start studying more advanced sources like good e-books or internet articles, etc...; that help me understand the market and altcoin trading strategies better.
I'm specially interested in:
- Learning how can someone read the market and predict the price changes. Specially, finding a good exit point is important! You see guys, many people would have predicted ethereum's price increase a year ago, but even if I was one of those lucky people I would have sold my ETH when it became 2-3 USDs, so I would have missed its 50x price pump much sooner than it happened, and it's the same thing with any other coin, which makes big profit impossible. It bothers me a lot!
- With lower priority, I want to become good in swing trading and gaining profit of a fast huge pump, like with ETC a few days ago. Like, how can we detect if the price pumps further, or if it's about to dump and it's time to sell and get out.
- Any other good reads that you can suggest, I don't care if it's about trading in general (like forex) or it's about technical analysis. If it's good and helps improve alt trading skills I'll read it, and doesn't matter if it's a large book. I'm a bookworm.
You see, I have good friends who suggest me good trades and all, but I guess when it's your own analysis and hard work that made you do a good trade, then you will enjoy it a lot more, don't you?
Thanks in advance.
I like to think of myself as a pretty successful trader. Never made huge money but I made huge %s..
I don't think any kind of chart analysis applies to crypto trading. Maybe pay attention to double tops and corrections in uptrends, and corrections in downtrends.. But I'm talking you are currently watching the 1 minute chart and see it happen real time on the books..
Forget about any news or promises/roadmaps etc.. You want to stare at the charts looking for momentum..
Momentum and hype drive prices, nothing else matters. People panic buy and panic sell..
Stare at the charts/books to see the momentum, stare at the trollbox for the hype/fud..
The trollbox is an extremely useful tool, all tips and info comes from the trollbox. Everything you need..
But in the trollbox its not about what they say, its about their motives for why they are saying what they are saying.. You have to figure out what they are thinking and focus on WHY they want you to think what they are saying is true. What are they doing that makes them want you to believe what they say?
Nobody is going to tell you to buy before they buy, nobody is going to tell you to dump before they dump.. They may be honest while their locked into a position and waiting, maybe not, but when they want you to buy it's because they want it to raise before they sell or they want you to buy so they can sell and vise versa..
VERY very useful..
"If I had any more BTC I'd buy into that wall before its gone" MEANS "My sell order is just under that resistance and I want you to buy it"
"It's dumping, it's going to go through that 4k sat buywall" MEANS "I have a buy just above that 4k sat support trying to catch the falling knife"
Stare at them books untill you get an instinct for that momentum.. 40 hours a week staring at those books. learn to feel how that support comes in and moves a market or how to get your buys in the right spot to catch that falling knife for a dead cat bounce..
Good luck..
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