15 - 16 SepTotal return: 172%
Coins: TIT, SSD
(1BTC Giveaway Sunday 09/21, see
@Pumper_Ryan for details)
TIT
Price alerts brought my attention towards TITCOIN as people began to dump out after the rally which lasted over two days.
Now, this is one of my secret plays that I use over and over again to bag serious profit – day, after day... It is the simplest trading strategy that i use.
After a coin has been in the limelight for a number of days, has good fundamentals, strong community support and is rallying. The typical pattern of thought in a novice traders' mind is “I have to get in NOW, this coin is going to the moon!”..
The experienced trader thinks “ahh, missed that one.. Definitely not buying in now, it’s become way too expensive plus I don’t want to be dumped on”.
Now comes the third school of thought...
This is what runs through the mind of a consistently profitable trader; “wow, great move... Looks like the rally is coming to an end. I know this is the top of the market because the volume has stalled out... so I’m going to wait for the dumping spree to start.. The lower the price falls, the better.. once that’s over with, I’m going to scoop up some cheap coin, immediately place my sells, and wait for the market to correct and bring me out with a profit”.. easy
Essentially, that is how I tackled this trade.
I was confident enough to assume that the market was going to spring upwards due to the fact that the coin had too much momentum... In fact, I am still yet to see a coin get dumped down in price – and not produce a small bounce allowing for easy (and sometimes exponential) profit. It happens all the time and is one of the easiest trades you can make, as both the entry and exit points will be clearly defined before you place your trade.
Tip:
Don’t increase your position size until you have doubled or tripled your capital. Most people make the mistake of increasing their bets as soon as they start making money. That is a quick way to get wiped out.SSD
Very similar to my TIT trade, the only difference is I had been playing this market over the past few days so this was just a case of diligently riding the waves and moving in the same direction as market momentum. As soon as people started dumping, I was in again.
Tip:
Pulling consistent profit from the market requires an almost peculiar balance between the conviction to follow your ideas and the flexibility to recognise when you have made a mistake. You need to believe in something, but at the same time, you may find that you are going to be wrong a considerable number of times. The balance between confidence and being able to admit mistakes is best learned through extensive experience and actually making some mistakes here and there. There should always be respect for the person on the other side of the trade. Always ask yourself; Why does he want to sell? What does he know that I don’t? Note: I’ve noticed much more volume coming into the Alt markets this month.. I think there is going to be a lot of opportunity during these coming weeks.
Twtter: @Pumper_Ryan follow for daily picks, and updates.
