I don't understand your NEOS buy. I have the base at .000875. Plz explain.
Same situation with the ADT/ETH buy. I have the base at .0001475.
Am I missing something? Were you trading on 5 min charts but showed us a 60 min chart?
RE: OneLuckyFlip’s Crypto Trading Tips and Tricks: Trading on a BTC Price Rise
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OneLuckyFlip’s Crypto Trading Tips and Tricks: Trading on a BTC Price Rise
Hi @tizzle. You have some valid questions from my trades in terms of Luc's position trading strategy.
For NEOS, this is just a nibble, about half my original buys. I took the "nibble" because I'm familiar with the history of the coin(as I stated in my reason under my chart) as it presents 20%+ returns every few days. It's a risk/reward factor. If it goes lower, then I plan to add more up to my regular buys. But to your point, 87,500 would be the base in Luc's position trading strategy. I did buy at mid 84s about 3-4% below the base. This is an important point for new traders or traders only familiar with luc's strategy, and I will put an edit in my blog that this is a nibble.
For ADT/ETH, I don't usually put emphasis on position trades because this is a low volume coin. The coin has dropped and given me the opportunity to buy low so I can sell off high on these spikes and pumps that happen almost everyday. I'm very familiar in trading this coin which points to bullet 4 of my post. Out of all altcoins, this is the coin I have made the most money off of so I will always take a position on this when I think it's low.
In this post, I just wanted to emphasize some different things to consider when taking trades on altcoins because alot of them are going to drop when bitcoin rises. Keep in mind, you are doing something right by just taking trades with altcoins in general because
However, if you only follow Luc's base trading strategy, you should never go wrong on ALMOST ANY trade.
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So would you advise that we get in on altcoins right now since it is currently discounted? I've been holding some coins that I thought were good buys because they broke strong bases and never quite came back to the base and I'm debating whether or not to let it go.
It's been weeks since Bitcoin and ETH's continuous climb and altcoins seem to not be recovering. I'm holding most my position in STEEM and I'm wondering if I should let it go at a loss...
I got in at the first dramatic drop with ETH/STEEM at around 452 and right now its at 350 (Poloniex Chart).
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With regards to your question about buying altcoins, it's up to you :) With BTC being at an all time high price, the best advice is to just sell SOME off. The amount you want to sell is up to you. If you want to sell cash or buy up altcoins is also up to you. What I did, was sell 10% of my current btc holdings in cash, and started buying up altcoins with about 3-5% trades.
Now you mention you have a big position in Steem. I'm not sure how much, but try to limit position to no more than 20% of btc account (that's even big). It prevents events like what you're experiencing from happening where being stuck on a trade because a bounce failed will prevent one from taking more trades. Of course, this is dependent on account size; smaller account sizes, tend to hold bigger position so you can grow your account faster, and bigger account sizes, start using smaller positions relative to size for diversification.
In your STEEM trade situation, the best approach when the coin keeps dropping is to buy more and sell on the next bounce. A buy of 10% below your initial buy at 400s would put your position at an average of 425 but your position has now doubled. If you sell everything at the next bounce close to 450s which is your first buying point, you would get a TOTAL profit of 5-6% which would be the same as 10%-12% profit on 1 unit position. Now I know I'm seeing the results on chart and easy to say, but that is the strategy I take regardless if I have a position and the coin keeps dropping. Hope this helps.
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