I will also share my version of the trading strategy in this topic too
- Timeframe - 5 minutes
- Look for a big accumulation of highs or lows and use them to draw the level
- When this level breaks through, go in the direction of the trend, put a stop-loss outside the high or low
- Keep the risk/reward ratio of 1 to 3
- Use no more than 4x leverage (Cexes – Binance, Kraken; Dexes – Wowswap or Ddex)
- Profit!
I'd preferred to just use 2 exchanges as it was very manageable. But, this needs to focus and spend more time on the computer.
And in regards to time frame, a shorter time frame is the best, well 5 minutes is enough. But I never recommend this strategy to newbies, that certainly be risky for them as beginners as the use of leverage trading are just for experienced traders and day-traders.
Yes, it was good to use stop-loss for fund protection and avoid big losses. This needs to master as well and must apply in all trading forms.
Yep! stop-loss is best for trading , whether you are a beginner or what you can use stop-loss. For me I am not using 5mins tf, but instead I am using 30mins or 4h for charting tho I am not a pro or an expert in this matter but that is what I am doing. Aside from charting I always make sure that there will be no new news that I missed regarding to the token I'm invested with.