btcb3g1nn3r (OP)
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August 30, 2021, 04:33:30 PM |
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hi, I'm not yet experienced enough to keep positions open for more than few hours, I'm more scalping at 1-15mins because I don't trust so much my current skills for predicting the trend. Yet, I'm closing the positions too early so I would like to improve my profits. So, can you share your experience? When do you open but more important, when do you close the position?
For closing position you're using TP, SL or just Market order?
If you don't want to share your tricks here, a private message would be also fine.
thanks
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mk4
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August 31, 2021, 02:15:37 AM |
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So, can you share your experience? When do you open but more important, when do you close the position?
Pretty simple. You close your position if you're already happy with the gains, or if you think that the trade could go worse. For closing position you're using TP, SL or just Market order?
Mostly closing market orders, but a lot of times you definitely should be using stop-losses. In the end, there's no right or wrong way of doing things because it's going to totally depend on what your overall strategy is.
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Bitcoin_Arena
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August 31, 2021, 09:10:57 PM |
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So, can you share your experience? When do you open but more important, when do you close the position? I close whenever I realize my target profit or when my stop loss target reaches. For closing position you're using TP, SL or just Market order?
Take profit for target profit. I use limit orders for this. Stop loss order in case the trend goes against my position. I use market order for this You also need to consider trading fees for maker and taker orders. Some exchanges charge a lot for maker orders while other offer rebates.
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Charles-Tim
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August 31, 2021, 09:47:58 PM |
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I'm not yet experienced enough to keep positions open for more than few hours, I'm more scalping at 1-15mins because I don't trust so much my current skills for predicting the trend.
There is nothing bad to scalp if that is what is working for you, but it will not be good to scalp ten trades while just single one to liquidate your trading funds, that is why you can try and analyze the market very well before you trade. Although, trading is very risky, a 15 minutes open position can result to profit while waiting for more time might go otherwise in which the trader will lose, but if you analyze correctly, keeping the trade for like 1 hours to 3 to 4 hours might yield more profit. But best to do is what is making the profit for you, all to avoid in trading is loss. So, can you share your experience? When do you open but more important, when do you close the position?
It depends. I scalp, and I open position for hours. It depends on the market conditions and indicators. Try the 15 minutes and 1 hour candle stick, you can get more information from there, when to take profit early and when to wait for the market to move more in the direction you want. But, generally, trading is very risky.
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joniboini
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August 31, 2021, 10:18:14 PM |
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Maybe you need to be more clearer on your profit target for each trade. If you are clear on this then calculating where to put your stop loss etc will be easier. For example, you want 5% profit for each trade, so setting up the stop-loss at 3% below your entry might be a good idea (this is just an arbitrary number, don't follow this).
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batang_bitcoin
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August 31, 2021, 10:54:18 PM |
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I think for you to improve, take more time as you're learning to trade. If you're good with scalping then keep on doing it until you master it. But another good strategy is if you've got a lot of time to watch the market, stretch your waiting time and see if it also works for you.
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RokokGudangGaram
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September 01, 2021, 04:40:50 AM |
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Most of the time it's target profit or close position for exiting my trade but there are times that I close my trade manually due to the volatility of the market. There's no such thing as trick since most of us really don't know what will happen to the price. In regards with the calculation of your entry and exit it's not true that there's like 5% 10% before closing your trade but it all depends on your technical analysis and in that technical analysis you will see the risk/reward ratio which you will know if that trade is worth it or not.
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Kimonoe
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September 01, 2021, 07:27:29 AM |
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Usually I use trend lines and see areas of support and resistance. to place SL I think below the support line would be better, but don't get too close to the support, because sometimes the price just tests and returns to the top. on the other hand, to place TP we can use the trendline and be in the resistance area
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dimonstration
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September 01, 2021, 11:13:36 AM |
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I think for you to improve, take more time as you're learning to trade. If you're good with scalping then keep on doing it until you master it. But another good strategy is if you've got a lot of time to watch the market, stretch your waiting time and see if it also works for you.
Finding the strategy works as best will help us to improve more in trading. I find staking as well holding best fit for me but I still try do to day trading in other coins with minimal risk. We must know what we do and what area were best at so we can master it as well to lessen the pressure but never be too confident , know that there is always room for improvement.
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michellee
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September 01, 2021, 12:04:43 PM |
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hi, I'm not yet experienced enough to keep positions open for more than few hours, I'm more scalping at 1-15mins because I don't trust so much my current skills for predicting the trend. Yet, I'm closing the positions too early so I would like to improve my profits. So, can you share your experience? When do you open but more important, when do you close the position?
For closing position you're using TP, SL or just Market order?
If you don't want to share your tricks here, a private message would be also fine.
thanks
I think that is because feeling tells me that the price will not survive to increase and will go down, even for a small price. If you say you use scalping trade, you need to have a better analysis as the market can move fast and it is hard to make a profit without analyzing. I close my trading when I see the profit and I do not want to wait too long to see the price increase because that will not always be possible. 1%-3% will be good to take profit in scalping trade as you can rinse and repeat the trade until you get a bigger profit. But do not become greedy because you will lose your profit before.
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batang_bitcoin
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September 01, 2021, 07:19:01 PM |
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I think for you to improve, take more time as you're learning to trade. If you're good with scalping then keep on doing it until you master it. But another good strategy is if you've got a lot of time to watch the market, stretch your waiting time and see if it also works for you.
Finding the strategy works as best will help us to improve more in trading. I find staking as well holding best fit for me but I still try do to day trading in other coins with minimal risk. We must know what we do and what area were best at so we can master it as well to lessen the pressure but never be too confident , know that there is always room for improvement. It is true that you have to find the strategy where you're good at. That's why if you're good with day trading and you've been making good results from it. Keep going while doing other things such as staking, you're expanding your assets through these strategies and if you're good with those then that's the positive part of exploring strategies that fits you well.
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LUCKMCFLY
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September 11, 2021, 02:41:18 AM |
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hi, I'm not yet experienced enough to keep positions open for more than few hours, I'm more scalping at 1-15mins because I don't trust so much my current skills for predicting the trend. Yet, I'm closing the positions too early so I would like to improve my profits. So, can you share your experience? When do you open but more important, when do you close the position?
For closing position you're using TP, SL or just Market order?
If you don't want to share your tricks here, a private message would be also fine.
thanks
For me it is simple, I choose one of the currencies that I will trade, then I enter, and place the following: 1.-Stop Loss. 2.-Take Profit For the Stop Loss I set it at a maximum of 10% loss, but I always choose less than 8%, and ak Take Profit I set it according to the Stop Loss multiplied by 3, that is, if my Stop Loss is 8% the Take Profit it I put in 24% and I wait until one of the two movements occurs, if I lose I assume my loss and otherwise what I do is take profits. The trade can take days, 1 week or as long as necessary, usually it takes days.
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death69
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September 11, 2021, 06:54:15 AM |
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It takes a lot of experience to make your entry and exit points more effective. DO not worry. You will soon discover all the secret as long as you keep trading day by day. However, you should consider to change your trading strategy from 1-15min to more 15-60 min. This is better and you might fight easier to determine loss and profit
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gabbie2010
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September 11, 2021, 07:40:09 AM |
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hi, I'm not yet experienced enough to keep positions open for more than few hours, I'm more scalping at 1-15mins because I don't trust so much my current skills for predicting the trend. Yet, I'm closing the positions too early so I would like to improve my profits. So, can you share your experience? When do you open but more important, when do you close the position?
For closing position you're using TP, SL or just Market order?
If you don't want to share your tricks here, a private message would be also fine.
thanks
Once my trading set-up turns up I entered immediately for a 3%, 4% or 5% profits with a visual Stop Loss at the support or resistance zone, I don't keep a trade for long or swing trade for days, once my profit target is hit I close my position manually or once the price move against me I close it , unfortunately I will have to manually monitor all my trades, of course I am trading Binance cross margin 3X, thus a profit of that range is enough for me I wouldn't want to be greedy and take unnecessary risk because of price reversal of cryptocurrencies is very common after a massive uptrend or downtrend.
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Dragonfund
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September 11, 2021, 11:20:06 PM |
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hi, I'm not yet experienced enough to keep positions open for more than few hours, I'm more scalping at 1-15mins because I don't trust so much my current skills for predicting the trend.
There is nothing bad in protecting your capital, that's your first priority in every investment, this is why you need to employ risk management whenever you intend to trade. It's very essential in every position. Yet, I'm closing the positions too early so I would like to improve my profits.
Now, this depends on your capital, this will determine your reward/risk ratio, taking a trade of $100 with $20 profit will require a upside move of 20%, you should also keep stop-loss at check. So, can you share your experience? When do you open but more important, when do you close the position?
For closing position you're using TP, SL or just Market order?
If you don't want to share your tricks here, a private message would be also fine.
thanks
This is where I take fundamental analysis serious. Going by my experience, I don't trade often but I usually scalp and take the advantage of market volatility especially when the whole thing is dumped and the market pairs is also important. For example, I have made sxp and ftm my favorite tokens for scalping since they always move on an average of every 4 hours and 1 hours time frame and whenever the market deep, I don't panic because they always bounce back since they have fundamental news coming up and I know people will fomo back.
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GreatArkansas
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September 12, 2021, 01:13:10 PM |
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(.....) For closing position you're using TP, SL or just Market order?
So, before you open your trade position, you don't have a plan? You don't know where your stop loss is, and your price target? If don't, that's difficult and I believe it is a bad practice. That's why you are having difficulty with that, you should also consider risk management, risk: reward ratio. With that, you gonna need to identify your stop-loss and price target, so you will know your risk: reward ratio (how much you gonna lose on this trade and how much profit you gonna make, is it worth it?)
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Dewi Aries
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September 12, 2021, 04:25:29 PM |
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For closing position you're using TP, SL or just Market order?
thanks
SL is a "must do" thing in trade. In future, with risk of liquidated of course people not want to get it. About TP or market order i think it is only depends on what are our situation. If we really can't open market for a long time and sure that we can gain the profit, TP can be choice. But for me, who can always open my phone to look on market, i think i will set profit manually with order.
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palle11
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September 12, 2021, 05:01:17 PM |
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For closing position you're using TP, SL or just Market order?
To this I suggest you use pivot calculator. The pivot calculator will guide you on entering and likely exit point that you want. If you also understand your pattern of trade and candle formation, you can stop your trade before your exit point when trading is not what you are expecting so that you won't accumulate losses. If you don't want to share your tricks here, a private message would be also fine.
Don't have that kind of thought buddy. There is nothing that is hidden here about trading because we are all here and trying to share knowledge and get to learn from one another experience. If there is a secret, I tell you that you won't take anothers profit because the market is so rich for any one to make futune from, this is the truth.
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Ararbermas
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September 14, 2021, 07:52:17 PM |
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I never calculate my entry and exit for day trading wherein it depends how long the candle will continue to climb and somehow when i see a small red candle after consecutive green candles i always dump no matter what amount of profits i can get from it, at least there's a profits. Actually i have 4 opened graphs everyday and that's my strategy for gaining quick profits, just dump and buy again when i see a potential of the real trends. It's safe for me to be honest especially on this point that the market is in bearish..
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