BK's Boss Method For Trading Crypto?

[od1]

Hi all,

I'm wondering about BK's Boss Method for trading crypto: https://www.youtube.com/watch?v=8vyyGehyLGQ

Any thoughts, opinions, etc. on it?

Someone said this in the comments, "Just realise that MA charting methods ONLY work when a market is trending (moving mainly up or down - not making significant highs and lows - hills and valleys). Be warned."

So is he saying that Moving Average Charting Methods work when the market is moving up or down, but just not making significant jumps up or down within shorter windows of time? And is this because they're taking averages of larger lengths of time to compose the charts, so they can't track large jumps within shorter time windows appropriately?

I don't know much about reading charts at all. And I've only invested in crypto, but haven't traded before, so I'm trying to figure out if it's something I want to try.

Thanks.

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[Ginseng]

You're correct in your assumption. Moving averages give a more general trend of the market. Having quick price jumps will muddy the results on an MA chart, and won't really reflect the day to day volatility of price as much (imo). However, you can be a day trader basing your strategy off of MA charts, you just have to know what to look for. It looks like the guy in your video encourages buying on MA crossovers, which is a valid strategy.

If you're getting into charting, you should open a free Tradingview account, and mess around with the things on that site. You could try that guy's strategy if you'd like, or there are hundreds of other indicators you can use. Either way, knowing how to read a chart will help you make more money in the long run. 

[od1]

Hi Ginseng,

Thanks for your reply. My understanding is that this guy BK only (or primarily) trades coins on the front page of CoinMarketCap.com. I saw that in another thread here, sticking to the top 10 coins was recommended to start with. Is that advisable to begin with?

And maybe to start with I'll try a Trading Simulator. Bsai.io looks interesting, because they have contests that pay for real. Any other suggestions on Trading Simulators?

I did set up a chart with Trading View, by following these instructions: https://youtu.be/u6neDuhpxXQ

In terms of buying and selling, my understanding is that you want to buy when the White Line (MA 7) goes above the Blue Line (MA 77), and sell when the White Line goes below the Blue Line.

So I'd want to create an Alert like this, correct? https://i.imgur.com/mJ9SJlK.jpg

One thing I'm not clear on is the right setting for the Alert Frequency Options.

And how often do you check the charts to see what's going on; daily, multiple times per day, etc.?

Also, with this Moving Average Crossovers Method, is there a way to determine how much to put into each coin you want to trade? Or do you buy all the coins you want to trade in equal amounts?

Thanks!

[fernandoclause]

Hi all,

I'm wondering about BK's Boss Method for trading crypto: https://www.youtube.com/watch?v=8vyyGehyLGQ

Any thoughts, opinions, etc. on it?

Someone said this in the comments, "Just realise that MA charting methods ONLY work when a market is trending (moving mainly up or down - not making significant highs and lows - hills and valleys). Be warned."

So is he saying that Moving Average Charting Methods work when the market is moving up or down, but just not making significant jumps up or down within shorter windows of time? And is this because they're taking averages of larger lengths of time to compose the charts, so they can't track large jumps within shorter time windows appropriately?

I don't know much about reading charts at all. And I've only invested in crypto, but haven't traded before, so I'm trying to figure out if it's something I want to try.

Thanks.

there seems to be no problem if you try it, and make this an exercise in your analysis in predicting asset prices in the market, and don't forget to check the news about cryoto to increase your confidence in analyzing asset price movements