Daily Market and Steem Update + Thoughts and Predictions + Tips for Trading and Hodling Crypto! (19)

in cryptocurrency •  7 years ago  (edited)

Hey guys! I have some updated tips today! Also, sorry for missing a few days, I've been quite busy with studies lately.

The overall market


Markets seem to be stablising after some pretty bad days recently. Hopefully this is the bottom as I'm all in on crypto again!

Steem Price

Steem seems to be quite bearish recently after the massive rally bringing us to $3.60. I bought before then but didn't sell at the peak, and now I'm in the red. However, I've been dollar cost averaging my way down for Steem and I'm pretty much 98% all in on Steem. I'm thinking about transferring some more Steem over from Binance to power up or spend on bid bots!!

My Predictions

We've been hitting monthly lows recently and I don't expect this to continue. I'm not sure if I'm just lying to myself but I'm almost certain that the price dips are due to market manipulation. There's so much bullish news that I expect a massive pump in price soon!

As for Steem, I'm sure we'll be bullish again soon, especially with SMTs coming out and now STEEM MONSTERS!!!
Note: I am not a financial adviser nor trained in economics

My Tips!

DON'T FORGET TO TAKE PROFITS! Especially when it finally reaches a bull market again...

This was my mistake. I felt on top of the world when my portfolio went x100 in less than 6 months but I only withdrew about 3 times my initial investment... before things started going to shit. Since then I've withdrawn around 10 times my initial investment altogether, which is not bad but could of been a lot better if I wasn't so greedy.
I recommend taking out your capital asap and withdrawing a bit every time you hit a personal goal, for example withdraw 1-2% of total every time you go up 50% from last target or something, set objective targets or else you're never gonna take profits and you'll get burnt like I did...

Don't give in to FOMO or panic + little story

Even at the worst of times, think rationally. For example, my previous largest holdings COSS took a massive hit, dropping around 40% within hours. I sold and soon regretted it, but didn't buy back in due to FOMO, I waited. Not before long, I bought back in at a profit (in terms of COSS), and bought more and more and eventually had around 35% more COSS than I started, then COSS went back up and I sold all of my COSS again. However, even after I sold it kept going back up but I didn't buy back in to FOMO,I waited and today if I buy back in I'd have around 25% more COSS than I had before. I sold near the bottom, bought again at the bottom and then sold again way before the peak. Although my profit wasn't maximal, it was around 15% of my capital and I was very happy with that in a day!

My Exact Day Trading Technique (from my day trading story here)

I'm 18 years old, first year uni and never really tried learning technical analysis, so I trade BY FEEL. What do I mean by by feel? As in I sell when I think it's right and I buy when I think it's right. As for buying, I'm not afraid to buy Steem and see it keep falling, however what I am afraid of is selling Steem and never seeing it fall back down, so I trade very conservatively. What does that mean?

I examine the market very closely, I try to look for patterns and when the momentum is coming to a halt, I'll try to sell then. I'm also constantly putting up a couple hundred Steem for sale about 1-2% above market price, depending on where the big sell walls are in case someone market buys up, I can quickly get my sell order filled and put in a buy order for an instantly 1-2% profit, which could be a few Steem depending on how much gets filled and what the profit margins were.

As soon as I start to sell, I keep selling. This means I sell maybe 5% of my total stack, and keep going up. For example, let's say I sell at 0.0003720BTC (which we'll refer to as 3720), I'll watch the market and if it reaches around 3760-3770 and momentum is slowing down, I'll put up a sell order. This bring my average sell price up. If it keeps going up and approaches 3800, I'll put a sell order around 3790. However, it didn't reach this price and prices started tanking. As soon as it reaches around 3730 I bought back half of it, and when it reaches 3690 I bought back another half so I was fulled loaded on Steem again. If it keeps falling that's mine, my job here is already done as I had already made a few Steem. I repeated this process for the day.

DON'T EVER FEEL BAD FOR SELLING TOO EARLY, NO ONE HAS EVER GONE BROKE FROM TAKING PROFITS

Thanks for reading!

What do you think about my predictions? Feel free to discuss!

What to be in the draw to win FREE STEEM EVERY WEEK? Click here for more information!

Want 20-25% ROI on selling votes and be in the running to win 90% of my referral money per week?

Join SmartSteem using this link, and every time I reach 1 SBD in earnings, I'll distribute 90% of my earnings to one lucky winner!

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Thanks for sharing post dear dir keep it up

Hey @cryptoeater! you seem like a steemit power user. Any chance you'd like to try our new cross platform mobile app? We've added things missing from steemit like push notifications, user mentions, and chatting with other users. We’re also giving away free STEEM if you invite new users to the app. You can download the app here for iOS:

https://itunes.apple.com/us/app/vapor-a-steem-app/id1359525246

or here for Android:

https://play.google.com/store/apps/details?id=com.vapor

We're always looking ways to improve the app, so if you have any feedback we'd love to hear it!

Right at this time the resistance was not enough and the price of steem fell even though the SBD price has remained stronger, maybe it is a good time to go from sbd to steem
regards

Great drop:(

Comments were hidden due to low ratings.