- Prologue Hello!
Thanks for taking your time to read my post, opinionating my self with people in the same interests I'm at is my ultimate goal at the moment.
I've been in the crypto world for quite a while now, but only using Bitcoin in order to avoid inflation and facilitate my country's FIAT currency exchange with USD. My country's inflation rate is one of the most high in the world, lets leave it at that.
Before you continue, keep in mind that English is not my native language. If there's something you don't understand or if I'm a using a term incorrectly, please let me know.Until I couple of days ago, on which I decided to start learning about crypto trading. I've no experience in trading what so ever.
My forte is data, I'm a developer working in the field of data for a couple of years now, so data gathering, visualization and a bit of analysis are in my toolset. Now, the downside is that I'm a neophyte when it comes to Technical Analysis, but I've been reading and learning about it, and I'm eager to be better at it.
- My financesNow, my starting investment value is very low, at
0.0003 BTC or
10 USD at the moment (Which I feel is perfect for learning, as losing doesn't hurt so bad), I've read everywhere to not to wage what you're not comfortable to lose, now, I'm not comfortable on losing any amount, since every USD in my country has value, but this is the amount I'm most comfortable on losing.
The exchange rate I chose to deposit this investment is Binance. After doing this I realized it was an impulsive choice, since I didn't know that the exchange you choose affects ones plan in some way or another, I chose Binance because it was the largest market I could find.
- My scouting plan:I read that for small investments, is best to invest in coins with low market cap, since these coins have more growth potential (Confirm?), so my scouting plan relies on scraping the following data of all coins with BTC pairs in Binance and a Market Cap no less than 50M but not greater than 250M:
Data scraped every hour:[/b]
- 24H Volume
Market Cap
Price
Rich list transactions
Other data scraped once:FCSAS Rating -if exists-
Price/volume historical data
My plan is to gather all this data to track accumulation and distribution, and in order to filter out coins that may be worthless for my current plan.
- My current situation:At the moment I'm scraping data. My plan is to focus into small, constant profits, something like a day trading of sort. I don't want to hold my investments for too long since my investment itself is so small. Here's where my ignorance plays a huge role into my anxiety. I know that data and historical evaluation is important, but since I've almost zero experience with TA, I don't know where to begin building my plan. What should be my entry and exit strategies? What should be the sources I must be reading in order to opinionate my self better for my current plans? What do you think about my systems structure so far?
Please, share any type of tip or knowledge you think! You don't know how useful it is to talk to someone else about this,
thanks for reading my first post!