18 Dec
Total return: 346%
Coins: ESC

Staring at price charts and orderbooks all day is like having a slot machine on your desk you will end up feeding it all day long. I really am not interested in intraday market movements as they could only provide a temptation to trade more frequently which will lead to the detriment of optimal performance. The dangers of watching every tick are significant: it can lead to over-trading, impulse trading, or it could increase the chances of prematurely liquidating good positions on insignificant but discouraging market moves.

ESC

In trading, especially in Crypto, there are three things that every trader must avoid if they would want to establish any form of consistent profitability.

1. Fear of the market
Although this is something that eliminates itself once you become more proficient in the market, fear is still something that plagues 98% of crypto traders. Fear acts as a blockade to any kind of progress or consistency and impedes the ability to earn large profits on any trade. In crypto, it is easier to win than it is to lose. Yet most novice traders seem to be using strategies that are geared to pull nothing but a string of losses from the market. It all comes down to your strategy. If your system isnt any good, then you will only ever lose money in the market. Focus on finding an edge that gives you the most unfair advantage over 98% of the participants in this market. Once you have done that, you will no longer be worrying about what may go wrong, simply because you will be on the right side of the market, at all of the right times.

2. Comfort Seeking
Winning in crypto means doing the uncomfortable thing which is referred to as uncomfortable because most people - the herd - will always lean toward taking the opposite approach. For example, novice traders - the herd - will only buy a coin that is up several %, that has good volume, has good buy support, wasnt premined (lol), is being promoted on twitter and is on the front page of Bittrex. This is the complete amateurs checklist, which is why it is so easy to win. Why? Because this checklist is actually a description of the most potent elements that occur during the distribution phase (when coins are selling at severely marked up rates, after a long and sustained period of accumulation). Guys you have to realise that Skilled Traders only get paid due to the mistakes of the herd, and the herd are for the most part comfort seekers. The implication is, what may seem uncomfortable on the surface - may actually be the fastest / most simple route to profit

3. Lack of preparation
I make it a must to analyse the entire market at the start of each day, so that I can spot opportunities, keep track of developing opportunities, and cash out profit from the opportunities that I have exploited days, weeks, or months before. You see, there are very little surprises in trading when you begin to understand how the market moves. A coin that is breaking out today, will definitely be putting profit into a group of traders pocket because they spotted the opportunity weeks ago and accumulated their share of the pie. So if youre just waking up on one random Tuesday and logging into Bittrex with the hopes to x2, scalp some quick profits or catch some waves you are already doomed to failure, simply because the game is much more deeper than that. Have a look at The Ultimate Buying Strategy, just to gain a deeper understanding of how simple it is to conduct this research.

Now I spoke about ESC here and here. I stated how predictable the coin is, and how easy it is to profit if you tune into the bigger picture, and position yourself correctly. Have a look my previous ESC analysis.

The same exact thing happened yet again. After hitting a high of 3497 Satoshi on Nov 28th, the price began to dip gradually, before settling at 100 Satoshi on Dec 17th a 97% decline

Which made my buying decision very simple, so long as my entry was within a -80% to - 90% decline from the previous high I knew that the ensuing rally would produce a huge run in prices. Simply because the last rally, back in November delivered 500%+ profit as did the one prior to that.

This is pattern exploitation guys.

Tip: Wait for high-conviction trades. I am perfectly content to sit on the sidelines and do absolutely nothing until there is a trade opportunity that meets my guidelines. Having the patience to wait for only the most logical plays greatly enhances the return/risk of individual trades and once you begin to average up, these returns will compound into exponential gains.

SIDENOTE: You want to eliminate as many poor-percentage and high risk trades from your repertoire as possible. Once you have done this, you will see a dramatic boost in your overall profitability. Trading less and taking only the best-percentage trades are such an important part of pulling consistent wins. Ask yourself before each trade, why am I taking this trade? If you dont have an answer or cant justify the answer, then skip the trade. To develop the mentality needed to win in Crypto, you must develop a high probability strategy. It is as simple as that. You must have the discipline to sit and wait for only the most optimal trades where all the factors of a bull run are lined up and painfully obvious. Only then should you be putting on a trade.

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.