However, I think you can get an edge somehow being vigilant of just the trading history everyday. When you see a lot of "sells" coming in, you know that thing is likely to continue selling for a while. Same thing when you see a lot of "buys".
Seems to simple, but it's so true. At the very least the buys indicate that if you buy now, you (very probably) would be able to see 1% higher, doing some profit.
This seems to good to be true. I saw a random youtube video with a guy (who didn’t come off as someone I would take advice from) advocating this strategy of basically watching candlestick charts irt and selling when prices are dropping and buying when they increase. Is anyone here practicing this successfully?
You've listed some decent points, but personally I think it's heavily depends on what kind of trading you're planning on doing, shortterm(daytrading) vs long term trading(hodling). Personally I think the points you stated(a,b,c) are more towards longterm trading. When doing short term trading, I think it depends alot on hype/publicity/shills of a certain cryptocurrency. Let's use NEO(NEO) and Bitquence(BQX) as an example. They've been kinda steady on a low price in the past, but then alot of people on Facebook groups and on Reddit started shilling on these coins weeks to months ago, guess what happened? They skyrocketed, since everyone got too excited with the prices and started buying. This is also a perfect example of FOMO or "fear of missing out".
That’s a good point and one I wanted to incorporate in OP but left out to keep it simple.
Initially I set out to just buy and hold BTC and ETH (+1 year unless they come crashing down) but digging deeper into the crypto space I am now curious about trading in any time frame (I have the time).
What are the rules of thumb in terms of time intervals when people talk about short/long-term trading?
Nice examples. I looked up NEO and looking at the graph from the launch of the coin, the sudden increase is even clearer.
How do you handle a scenario like that? Say you notice a coin getting a lot of hype months after going steady and prices increase slightly – do you buy in even if you don’t believe in long term prospects but just to ride the ‘pump’ and sell before the 'dump'?
On FOMO: When/how do you decide that you are late for the party?
All you said are well and good. I just want to add though that in crypto all that ta is only a small part in cryptotrading. Since this is a market where fud and hype prevails, you can also consider feeling the mood of the market. If you see some coins getting some hype or suddenly get much attention here in bitcointalk, it will probably pump.
This mainly applies to short-term trading, correct? Hence mjglqw’s post above.
it sounds like your background is live poker?
Actually 99% of my poker career was online
. 6-10 max cash, then HU cash and lastly a short period of playing Spin’n’Gos.
i would focus first and foremost on learning classical charting techniques and range expansion. i highly recommend looking into bollinger bands. good luck.
Nice. Do you have any recommendations for a good book/resource for learning about this?
I have had the titles below recommended already:
“Top 10 Trading Setups: How to Find them, When to Trade them, How to Make Money with them” - by Ivaylo Ivanov
“Encyclopedia of Chart Patterns”- Thomas Bulkowski
Does anyone know these books?
Thanks all for the inputs. Much appreciated.