Quote from: irhact on July 18, 2024, 11:20:02 PM

Quote from: laubeaud on July 14, 2024, 11:54:22 AM

In the crypto market, there are many trading pairs. After trading only two pairs for a year, I discovered that it is good to focus on a few pairs. Why? It has allowed me to master those two pairs and understand how they really move. It has also taught me patience because when your favorite setup does not appear, you can avoid entering a trade. Remember, jack of all trades, master of none.
What is your opinion about this?

All altcoins are almost the same therefore if you can master two altcoins, you can also be able of trading other altcoins. They all move in response to Bitcoin and other news that affects them either to make them pump or dump. If there are chances to make profit from another altcoins don't ignore that chance only as you want to monitor your two chosen altcoins or you'll be missing chances to make money. I don't have altcoins I kept for only monitoring them and not all tokens but I change the tokens I trade as the market changes. When there's a hype on this particular types of tokens, I'll start trading them and I make profits.

You are making a common mistake, you do not use one market to judge another, and no matter how you believe they correlate, they are still not perfectly moving alike and that simple difference could cost you a lot. I also noticed that most times altcoins follow the pattern of Bitcoin, but this can only be risked with an investment plan and not a trading plan. Trading is too sensitive for any price change and any risk taken with the margin products is not going to be nice on the account balance of the trader if it goes south.

My advice is that if it's just two pairs you want to trade, make sure you treat them independently on different charts and also use both the technical and fundamental analyses you can gather to ascertain what they will do. By doing this, you would realise that there are times you would place a bet on pair A and the confirmation of pair B will not be ready yet. The same thing goes for the exiting as well, we do not trade on assumption.