I've been trading for roughly 2 years now and I've been able to use some strategies that work quite well for me
I'm sharing my idea here for both new and experienced members. Comments and Additional ideas would be appreciated
I mostly start my trades at 10 am
1st Step: Switch to D1 chart, Take note of the Minimum and Maximum of the previous day
2nd Step: Now switch to a H1 chart, if the last updated candlestick finishes above the previous day maximum, Go for a Long position
If it finishes below minimum, go for a Short position
3rd Step: If it finishes in between the Maximum and Minimum reduce the sizes of your charts in Step 1and 2 and repeat the steps.
Note: This is just a strategy!!!!! And any additions or deductions would be appreciated. Thank you
I'm sharing my idea here for both new and experienced members. Comments and Additional ideas would be appreciated
I mostly start my trades at 10 am
1st Step: Switch to D1 chart, Take note of the Minimum and Maximum of the previous day
2nd Step: Now switch to a H1 chart, if the last updated candlestick finishes above the previous day maximum, Go for a Long position
If it finishes below minimum, go for a Short position
3rd Step: If it finishes in between the Maximum and Minimum reduce the sizes of your charts in Step 1and 2 and repeat the steps.
Note: This is just a strategy!!!!! And any additions or deductions would be appreciated. Thank you
You are trading for roughly 2 years and yet you are not using indicators for your strategy?? I bet you are just doing some leverage trading on MEX. Anyway your strategy is fine considering you are trading cryptocurrencies which is a total gamble. As per your strategy. Your general overview scope ia just daily and it's somehow dangerous if you keep using that strategy while the monthly graph pointing out that the direction is going to the opposite side of your bet.
Since you didn't consider volumes and the flow of price. As I said this is totally fine in leverage trading cryptocurrencies but this will not work at all times. Some point on your trading, you will suffer great loss if you enter in that very bad timing.
We have different strategies and it is good that you share some of yours. Newbies will become knowledgeable and will get some idea on how they will trade depending on the market so that they will prevent huge losses. Trading without any indicators will left you uncontrollable and hasten your losses. Sometimes we just really need to have technical analysis in the market so that when we trade, we know what to do and we have some plan when the crisis comes. Also always be patient and never trade if you're not ready, wait for the right time to trade so that you have some profits when the cryptocurrency you're holding is having an upward movement in its price. Always have a proper timing and planning so that you will not be shocked and nervous when you trade.