22 Oct
Total return: 219%
Coins: XCASH, BOOM
Trading isnt about being right or wrong; its about making money. Taking a loss is part of the process. You will have some percentage of losses; you just need to make sure that your losses are smaller than your wins. Dont be like the average trader who is prone to believing that what has happened in the past is likely to persist. Just because a particular coin provided opportunity for large profit in the past doesnt mean it is still a good investment. When traders are making money because they are greedy and fearless, which is typically after a large price rise, doing the opposite is always a good idea.
XCASH
Brilliant team behind XCASH. This coin has seen a high level of volume for some time now which is a clear indicator on the longevity of this coin.
As an active participant in these markets, I have my fingers in a few pies at all times. XCASH is one of said pies.
Though I often lowball my way into trades to make quick and excessive profits from market corrections that method is a mere hack and something that can be done at will. It doesnt require much intelligence or skill other than realising that sell resistance moves along with prices. The higher the price soars, the greater the sell resistance becomes as more traders pile orders onto the sell side. Thus when prices drop sell resistance follows suit. Literally: What goes up, must come back down and then back up again. Its a very profitable cycle
Playing market corrections isnt rocket science at all.
However, when it comes to skill and the proper execution of trades.... I always say that if you cant enter and exit a market via the sell side, then you arent taking the most optimal trades and if you are, then you arent taking full advantage of these optimal trades.
Too often I see this blasé attitude when people talk about dumping out of a coin as if it is something to be proud of. That isnt proper trading practice.
The only time you are to exit via the buy side is when something has gone critically wrong or when you have fluffed your way into a bad trade and are trying to cut your loss short.
People who are fond of taking profits prematurely are very familiar with exiting markets via the buy side however, this handicaps your growth as a trader and prevents you from seeing each move through to its end and making huge home-run profits instead of 20% gains here and there.
I bought into XCASH as all of my price alerts for upward movement began to sound off after the coin had been in a period of consolidation, so I knew that I was on the cusp of a very profitable move.
I scaled into my position, placing more size on the plate as more traders began to flood in scooping up buy walls with little effort.
There was a stream of recent trades = good market momentum.
Light sell resistance = moon.
Good trading volume = novice trader magnet.
I have said this before and would like to reiterate; skilled traders only make money because novice traders wont stop making the same mistakes over and over again. So with that, I pose a question. What is your edge? If you cant adequately answer that question, then it should now be clear why you have more losses than wins.
Tip: To be successful in this market, you have to be willing to change your opinion. Most people are not willing to change their opinion. You have to be humble about your ideas. Also, it seems that most people are more afraid of making money than losing money. There is no real reason to sell your position in a coin just because it is up 20 percent. The funny thing is, if a coin is down 20 percent, an average trader will hold instead of cutting their loss. What these novice traders are really afraid of is not being right. That is why they wont sell a coin when it is down 20 percent because that would confirm they were wrong. You need to be able to properly manage your emotional attachment to losses and gains.
BOOM
I lowballed my way into BOOM simply because the sell resistance was so low that it wouldnt have been reasonable for me not to dip my toe into this pool of profit.
My reluctance to buy in at market price was due to the fact that BOOM had already rallied and looked to be slumping into the early stages of a downtrend. But oddly, there wasnt much large sell orders being placed = no blockade in front of gargantuan profits.
I put in a low order just to maximise my potential gain. I knew I would be brought into the market in no time at all as there wasnt much in the way of buy support so my buy order was the largest, and would provide an easy out for some novice trader who isn't able to properly read order books.
As my position became active, I noticed that other traders were now placing buy orders on the books. So I knew that there was significant interest in this market other than from myself.
This price action caused the 24hr trading volume to surge slightly, so I knew it would only be a matter of time before the rest of the market caught on and realised how low the resistance was in BOOM.
It wasnt long before my price alerts began to trigger, one after the other, as traders finally began to swarm the market buying through the sell orders I had placed hours before.
This brings me back to the point I had made earlier, skilled traders only make money because novice trades will always make the same mistakes.
In crypto it pays to be early.
Tip: You need to understand why you have taken a position in a coin. If you dont understand why you are in a trade, you wont understand when it is the right time to sell, which means you will only sell when the price action scares you. Most of the time when price action scares you, it is a buying opportunity, not a sell indicator.
SIDENOTE: Look at each market (coin) as a venue - a venue that has a max capacity. In our case the venues capacity, instead of human beings, can only be filled with BTC (trading volume). So, If a coin has already attracted a tremendous amount of volume, volume that is magnitudes above what the logical part of your brain would deem average levels then that particular market is filled (or close to being filled) to its maximum capacity. Thus the only thing left to happen is for the BTC to come back out of that market causing the value to plummet.
Note: BTC is a buy right now. Pay attention to the price and execute your buys at the low points. Oct - Dec will be very interesting.
Twtter: @Pumper_Ryan follow for daily picks, and updates.
Total return: 219%
Coins: XCASH, BOOM
Trading isnt about being right or wrong; its about making money. Taking a loss is part of the process. You will have some percentage of losses; you just need to make sure that your losses are smaller than your wins. Dont be like the average trader who is prone to believing that what has happened in the past is likely to persist. Just because a particular coin provided opportunity for large profit in the past doesnt mean it is still a good investment. When traders are making money because they are greedy and fearless, which is typically after a large price rise, doing the opposite is always a good idea.
XCASH
Brilliant team behind XCASH. This coin has seen a high level of volume for some time now which is a clear indicator on the longevity of this coin.
As an active participant in these markets, I have my fingers in a few pies at all times. XCASH is one of said pies.
Though I often lowball my way into trades to make quick and excessive profits from market corrections that method is a mere hack and something that can be done at will. It doesnt require much intelligence or skill other than realising that sell resistance moves along with prices. The higher the price soars, the greater the sell resistance becomes as more traders pile orders onto the sell side. Thus when prices drop sell resistance follows suit. Literally: What goes up, must come back down and then back up again. Its a very profitable cycle
Playing market corrections isnt rocket science at all.
However, when it comes to skill and the proper execution of trades.... I always say that if you cant enter and exit a market via the sell side, then you arent taking the most optimal trades and if you are, then you arent taking full advantage of these optimal trades.
Too often I see this blasé attitude when people talk about dumping out of a coin as if it is something to be proud of. That isnt proper trading practice.
The only time you are to exit via the buy side is when something has gone critically wrong or when you have fluffed your way into a bad trade and are trying to cut your loss short.
People who are fond of taking profits prematurely are very familiar with exiting markets via the buy side however, this handicaps your growth as a trader and prevents you from seeing each move through to its end and making huge home-run profits instead of 20% gains here and there.
I bought into XCASH as all of my price alerts for upward movement began to sound off after the coin had been in a period of consolidation, so I knew that I was on the cusp of a very profitable move.
I scaled into my position, placing more size on the plate as more traders began to flood in scooping up buy walls with little effort.
There was a stream of recent trades = good market momentum.
Light sell resistance = moon.
Good trading volume = novice trader magnet.
I have said this before and would like to reiterate; skilled traders only make money because novice traders wont stop making the same mistakes over and over again. So with that, I pose a question. What is your edge? If you cant adequately answer that question, then it should now be clear why you have more losses than wins.
Tip: To be successful in this market, you have to be willing to change your opinion. Most people are not willing to change their opinion. You have to be humble about your ideas. Also, it seems that most people are more afraid of making money than losing money. There is no real reason to sell your position in a coin just because it is up 20 percent. The funny thing is, if a coin is down 20 percent, an average trader will hold instead of cutting their loss. What these novice traders are really afraid of is not being right. That is why they wont sell a coin when it is down 20 percent because that would confirm they were wrong. You need to be able to properly manage your emotional attachment to losses and gains.
BOOM
I lowballed my way into BOOM simply because the sell resistance was so low that it wouldnt have been reasonable for me not to dip my toe into this pool of profit.
My reluctance to buy in at market price was due to the fact that BOOM had already rallied and looked to be slumping into the early stages of a downtrend. But oddly, there wasnt much large sell orders being placed = no blockade in front of gargantuan profits.
I put in a low order just to maximise my potential gain. I knew I would be brought into the market in no time at all as there wasnt much in the way of buy support so my buy order was the largest, and would provide an easy out for some novice trader who isn't able to properly read order books.
As my position became active, I noticed that other traders were now placing buy orders on the books. So I knew that there was significant interest in this market other than from myself.
This price action caused the 24hr trading volume to surge slightly, so I knew it would only be a matter of time before the rest of the market caught on and realised how low the resistance was in BOOM.
It wasnt long before my price alerts began to trigger, one after the other, as traders finally began to swarm the market buying through the sell orders I had placed hours before.
This brings me back to the point I had made earlier, skilled traders only make money because novice trades will always make the same mistakes.
In crypto it pays to be early.
Tip: You need to understand why you have taken a position in a coin. If you dont understand why you are in a trade, you wont understand when it is the right time to sell, which means you will only sell when the price action scares you. Most of the time when price action scares you, it is a buying opportunity, not a sell indicator.
SIDENOTE: Look at each market (coin) as a venue - a venue that has a max capacity. In our case the venues capacity, instead of human beings, can only be filled with BTC (trading volume). So, If a coin has already attracted a tremendous amount of volume, volume that is magnitudes above what the logical part of your brain would deem average levels then that particular market is filled (or close to being filled) to its maximum capacity. Thus the only thing left to happen is for the BTC to come back out of that market causing the value to plummet.
Note: BTC is a buy right now. Pay attention to the price and execute your buys at the low points. Oct - Dec will be very interesting.
Twtter: @Pumper_Ryan follow for daily picks, and updates.