Quote from: evolve on December 07, 2013, 09:00:06 PM

Entry point and exit points are going to vary from trade to trade, obviously.... But here is the general idea.

Once you've figured out the trading range for whatever period of time you are looking at (ie: if the price is steadily trading within 700-780, that is your trading range) you are ready to plan your trade. Pick an entry point near the bottom of your trading range, let's say 730 for the example trading range we've established. (I typically stay above the bottom number if my trading range to allow a cushion in case the price range starts to shift) You then need to establish an exit point...for our price range, I may select 750-760, again allowing a cushion at the top of the trading range. The trick is finding entry and exit points well within the established trading range to allow you room to breath in case the price starts to move outside of it. Also, it's preferable if the entrance and exit prices are close enough together to allow you to complete trades quickly (while still allowing a buffer to profit after fees). The last thing I do before entering the trade is figure out bailout points to preserve profit or cut losses in case the trade goes belly up. These bailout points are going to vary depending on where I am standing on profit for the day, the general state of the market, and how much risk I feel like taking that day.

Wash. Rinse. Repeat.

You just schooled every noob to the basics of trading.(Self included). I will now apply this in my btc management strategies from here on out thank you.
I'm a semi-noob, but by the grace of God I've sidestepped a lot of "could be" tragedies. Up until now.Got swindled for .006 btc BIG DEAL! Angry