Beginners interested in short term trading, don't overcomplicate things

[Bossian]

I read a few threads about newbies getting rekt but realized most of them try to trade only by intuition and nothing else.

If you are a beginner, never do that.

For a beginner, I would strongly recommend the following strategy:

• BUY near support
  Stop loss 5% below the support
  SELL 10%-12% above support

And repeat this ad vitan aeternam.

This is my strategy and it is extremely straightforward to apply.

Most people getting rekt are the greedy ones, they believe 12% profit is not enough, and they also never respect the 5% stop loss that's why they get burned.



And since you are a beginner, well you are lucky, this is 2019. Google is your friend. You don't know where the support is? A quick Google search and you'll find a general consensus on the current support and the current resistance.


Repeat this strategy and it will be relatively easy to make money. Much easier than on the stocks market.





PS: Myself I also use other strategies, more long term oriented, for instance I have right now a 9k target, but this thread is just to help beginners by providing a very basic strategy that should be good enough to generate short term profits.

[rijaljun]

That's nice but not always applicable. To sell when the price is in 10% above the support isn't that easy. Sometimes it is back to the support after increasing 5% and people lose chance to sell at their targetted price.

Overall, this is a good strategy that everyone can try so good luck!

[Bossian]

That's nice but not always applicable. To sell when the price is in 10% above the support isn't that easy. Sometimes it is back to the support after increasing 5% and people lose chance to sell at their targetted price.

Overall, this is a good strategy that everyone can try so good luck!

10% is not always easy to achieve but it's much easier than on the stock market.

What's important here is the stop loss 5% below the support though, since some supports are very strong, the 10% profits are sometimes easy peasy. Hey the 10% profit was achieved within 24 hours since yesterday.

BTC went to 6.5k very close to the support (everyone has been talking about the 6.4k support lately, except the delusional bullish #tothemoon believers)...  and as expected we witnessed a nice bounce back to 7.2k (maybe higher soon).

Just within a day a winning trade was finalized  

[kanayaTabitha]

12% is extremely too high, and you won't get it on every trade at least you already loss more than 10 times.
2% - 3% is already high for short term trading, securing profits is needed and don't get FOMO everytime we see a coin with significant growth, and always set a stop loss for every trade to prevent rekt if bad news comes to the coin that we hold

[Bossian]

12% is extremely too high, and you won't get it on every trade at least you already loss more than 10 times.
2% - 3% is already high for short term trading, securing profits is needed and don't get FOMO everytime we see a coin with significant growth, and always set a stop loss for every trade to prevent rekt if bad news comes to the coin that we hold

I use Bitstamp and they charge 0.5% on the buying price and 0.5% on the sell price, that's a total of 1% fee for a trade. Therefore I don't think it's worth it to aim for 2-3% profit, for obvious reasons. 10% is a nice target if the signals are strong enough.

Actually your advice is terrible because it means you would have to put a stop loss at 1% or 1.5% and it's obviously a very bad strategy if your commission is 0.5% like I have on my Bitstamp account.

[Ucy]

Good one. In addition to that, a newbie could also buy below the stop loss after the his/her stop loss is filled. Any direction the market takes can be a opportunity to make some money. I guess a trading notifier will be useful in this case.
This is especially recommended for those who trade with what they can afford to lose.

[jcpone]

Until now there are still lot of newbies interested in short term, because they want instant money, and what inside their mind through Short term they can able to get easily a profit. But the truth is they never know what's inside waiting for them in crypto trading which is there's a consequences once you  did a wrong move or actions. That's the problem for the novices.

[ryzaadit]

Repeating the same strategy with multiple times for same coins was not really good.

Sometimes i only repeating my same strategy for trading shitcoin only 2 times, if the coins/token have the same volatility up or down with a few times the next movement cant be same with the last one.

Let's say in the past 2 weeks ETH moving around 5-15% percentage and you following that trend, but sometimes the market make a big movement and can be down more than 15%. Because of that your asset losing the value, that's why repeating the same strategy was into a good option too.

[pajak666]

This is good baseline. Even if it doesn't work straight away for the market someone is trading, it should be a very clear starting point for creating strategies. If you have such a simple guideline it is easy to improve the model to make it profitable, even if just a little. It is way better than trading by the 'feel' as you can get very skewed perception of your skill and what is working and what is not.

[Harriti]

I read a few threads about newbies getting rekt but realized most of them try to trade only by intuition and nothing else.

If you are a beginner, never do that.

For a beginner, I would strongly recommend the following strategy:

• BUY near support
  Stop loss 5% below the support
  SELL 10%-12% above support

And repeat this ad vitan aeternam.

This is my strategy and it is extremely straightforward to apply.

Most people getting rekt are the greedy ones, they believe 12% profit is not enough, and they also never respect the 5% stop loss that's why they get burned.

just knowing the support and resistance is never enough to have a stable profit in this crypto market. Everything is very unpredictable as the sharks struggle and break the stoploss levels of many people. We need more tools like Stochastic, RSI or Fibonacci. This will help us identify where the strong support and resistance levels can be trusted and bought there. I recommend that when new people do not know much then try not to trade, it only makes you lose more money. Learn more, read more about the experience of longtime traders to better understand the market. The chances are numerous, it is important that we have the knowledge to grasp it.

[jazmuzika217]

Honestly I still do this strategy until now because all we know that this is really profitable even if we are talking about 10%~12% income it is still profitable and it is much better rather than bank investment which your money or capital are like having a vacation without pay in almost .03% annually. So 10%-12% is good number. Have more patience in doing trading.