Hey Luc! You've mentioned that you would be pumping out vids regarding strategies for day traders to use, once the market scanner was released. Well, here we are! Can we expect these videos to be released soon?
RE: BTC hits $3,500!!! lets go over some charts, and discuss Simple & Safe trading
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BTC hits $3,500!!! lets go over some charts, and discuss Simple & Safe trading
I hear you, and I know thats what many people want.. But teaching daytrading has always been a can of worms for me. I have been using the scanners, and I have been taking 1 trade out of 50 -100 alerts.. So you can see how picky I have to be with my crypto daytrades, this is mainly because we just don't have enough participation in the market yet.. were a little ahead of the curve, with the scanners.. I was hoping the scanners were going to give us tons of great trading opportunities, but this crypto market is not quite ready for daytrading. So if I start teaching people how I daytrade, it will be near impossible for new traders to not get hurt.. Im still thinking about whether I want to open that can of worms.. Im still using the scanners everyday, waiting for the market participation to pick up, but there are not enough trades for me to daytrade cryptos full time yet.
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I couldn't agree more. I've had some great success with day trading cryptos (visit my blog), but the level of difficulty is so much harder and the risk is so much greater. If a day trade fails, I usually have to sit on a coin for a couple of days to weeks just so I don't take a loss. The activity or volume is the main problem. Also the scanner will alert you of lots of false positives.
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Luc I have a question about the definition of "daytrade" being used here. Are you referring to the kind of madness you talk about where you are in and out of 3-4 trades in a single hour?
Do the low volume account building type charts/trades count as daytrading? You know the kind where you may get your bounce back in minutes to hours?
Or what about the lower volume coins that you take small positions that may pay in a day or two? I know for many of those charts you're playing the lows and the highs and not necessarily using bases like you do for long position trades right?
Sorry for so many questions, I just want to clarify what we are all exactly referring to when we say "daytrading".
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My definition of Daytrading is qualifed by the Volume of the move in compairison to the average volume:
The danger with daytrading is getting into those sudden pops, where it looks like its about to take off to the moon, and there is a bunch of big volume comin in and the price spikes. If you dont read that effectively, you will end up buying at or near the top of that spike and be stuck .. A few of these type trades will work out, but the rest will leave you buying coins at high prices and tying up all your capital, waiting and praying for another future spike to break even.
Then there is the droppers, where the price dives, and it looks like you caught a spike down from some fat finger player, only its news, and it keeps going lower, and you try to buy more, but now your stuck in with a higher average than you expected and it justs keep diving, and eventually you panic bail out, because it gets painful...
Thats daytrading, and if you can read the level 2 effectively and can find news fast, and let the panic happpen so that you enter on a pause in price.. and so on, then you can make great money, and its way more fun than I can express.. But in our present market, not only do we not have the tools needed to read the situation fast, but there are too few coins still to make datrading all day possible..
So I suggest we use our scanner to find the Small account building trades, and the low volume spike down trades, but avoid the few high volume daytrades that do show up often, because they are too dangerous for the inexperienced and unequipped. For now, but eventually we will be able to daytrade this market, and then trust me, we will dominate!!!
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