Guys, I am rather new to trading. Initially when I did get into crypto currencies my idea was to select a few coins and HODL until their value appreciated and maybe cash out some tokens whenever i am in need of money. Little did I know I was in for a big surprise few months into crypto currencies the market was so volatile.
However from what I noticed was if a trader, learnt to sell off in the high and then when the market inevitably pulls back we could secure ourselves a much higher position in the same tokens or different but for this to be done we need to be pretty good in our TA i guess and I am now very determined to explore this side. Can anyone please advise me how I should get started, some recommendations of what to read, what to watch and also the risk associated with what I plan to do.
I think the wisest decision would be when the price of something goes up you could use trailing stop, which means you can put up 5% increases incrementally and whenever it goes down back to the 5% level you sell it. (For more clarity on this, please google for how to trade with trailing stop-loss strategies, there would be lots of articles to guide you better toward making you a master on it.)
For example, you buy something at 100 and it went up to 107, if it goes up to 110 you reset the sell price to 110, when its 113 you wait, if it goes down to 110 you sell if it goes up to 115 you reset back to 115 and you keep doing this with each 5% price of it. That way you can both keep going up with the price during bull and never fear the bear because max you could ever lose is 5% with this.