Quote from: mast3rm1nd on April 25, 2018, 09:46:50 PM

Quote from: liltrader on April 20, 2018, 11:41:37 PM

Greetings to fellow traders and enthusiasts. I am an amateur crypto trader, learning and trading crypto for a year already Grin

Here I am writing my daily trading routine. Hope it will help newbies, and get feedback from experienced traders.

Why I dont like HODL
I just dont trust almost all altcoins. There is always something shady happening, you never know, when the coin will fly down and wipe out all gains.
I do trust big coins like BTC, ETH. Thinking about Monero and Ripple.
So, I prefer to hold my investments in three equal parts: BTC, ETH, USD.

Firstly, I have a list of interesting coins, which will grow in my opinion. I revise this list once a month. Trying to have 7-10 coins on my list.

Daily routine, Step-by-step:

Revising my list of coins; reading Twitter, Reddit, Bitcointalk on each coin. News, announcements, public opinion, everything counts. Highlight the most interesting for today.
Sort the most active coins by recent growth. The most active first.
Doing technical analyzes on the coins. Looking for trading signals: MA crossings, Stochastic rebounds, Support/Resistance levels and Trend Lines. The most valuable for me is position regarding Support/Resistance lines. For example the coin has recently crossed important Resistance.
Then I open positions on the coins, where I see the signal. Target 1-5% profit.
Waiting 😊
If position closes making new analyzes and reopen position if conditions are right (Growth momentum still high and Resistance levels are far enough).
If at the end of the day some positions stay open trying to close them with any profit. If the price went down, I leave the position hanging. Till now I manage to cover the losses from hanging positions from profits on other coins.

I avoid trading if Bitcoin is falling or has recently fallen, markets react really bad on such days. I avoid trading if all of the coins on my list are in red.

What do you think about my approach?
How do you trade?

I think the most important thing is that you commit to exiting at 1-5% profit and don't get greedy for more. it's interesting to hear about your opinion on stop losses, because it doesn't seem that you incorporate them at all. but thinking about it if you invest only in well known coins that have community support and good development teams, then the risk that the coin might never come back is minimum.

Thanks, that is exactly my point

liltrader

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