Greetings to fellow traders and enthusiasts. I am an amateur crypto trader, learning and trading crypto for a year already
Here I am writing my daily trading routine. Hope it will help newbies, and get feedback from experienced traders.
Why I dont like HODLI just dont trust almost all altcoins. There is always something shady happening, you never know, when the coin will fly down and wipe out all gains.
I do trust big coins like BTC, ETH. Thinking about Monero and Ripple.
So, I prefer to hold my investments in three equal parts: BTC, ETH, USD.
Firstly, I have a list of interesting coins, which will grow in my opinion. I revise this list once a month. Trying to have 7-10 coins on my list.
Daily routine, Step-by-step:- Revising my list of coins; reading Twitter, Reddit, Bitcointalk on each coin. News, announcements, public opinion, everything counts. Highlight the most interesting for today.
- Sort the most active coins by recent growth. The most active first.
- Doing technical analyzes on the coins. Looking for trading signals: MA crossings, Stochastic rebounds, Support/Resistance levels and Trend Lines. The most valuable for me is position regarding Support/Resistance lines. For example the coin has recently crossed important Resistance.
- Then I open positions on the coins, where I see the signal. Target 1-5% profit.
- Waiting 😊
- If position closes making new analyzes and reopen position if conditions are right (Growth momentum still high and Resistance levels are far enough).
- If at the end of the day some positions stay open trying to close them with any profit. If the price went down, I leave the position hanging. Till now I manage to cover the losses from hanging positions from profits on other coins.
I avoid trading if Bitcoin is falling or has recently fallen, markets react really bad on such days. I avoid trading if all of the coins on my list are in red.
What do you think about my approach?
How do you trade?