A thread from our slack chatroom
Hey everyone, I spent some time in the slack chatroom today, because its a great place to find the news fast and today with that morning drop in BTC, I wanted to see what news everyone heard. After the drop and a few daytrade opportunities, we were all discussing many subjects around China's plans and what might happen next.
I realize not everyone following my blog has access to the slack chatroom yet.
But, I was thinking I would share this thread I started, because I feel its a subject that might help others to think like a trader.
(I removed the names of the members involved in the discussion)
quickfingersluc [Today at 1:28 PM]
in #general
Thinking like a trader: I had this convesation with my wife last night. Because after making yesterdays video she was like: "hey your running out of bitcoin? But don't you think its going to be worth 100x some day? Why would you sell so much of your BTC?" She was not thinking like a trader.. I see things differently..Heres the thing, a trader grows his account.. You cannot be only thinking in BTC (or Fiat for that matter)... Even if i run out of BTC, im not out of BTC.. Let me explain:
quickfingersluc
Lets say you had 1 BTC when it was worth $2000 fiat, and you did nothing.. well today you still only have a 1 BTC balance and its now worth $4,300 Fiat.. So lets say you sell your BTC for $4,300 USTD.. well what do you have? Your account is still worth 1 BTC (or $4,300) its the same.. In trading we can rebuy with one click, so the balances are always interchaingeable .. so your not really out of BTC.. Traders see the pair, all you are trying to do is grow your account size...But i know, It's hard to get that simple idea straight in your head sometimes.. As an example, yesterday I was selling at 4,400 ..4,500, and then 4,700 (lets call it converting into fiat instead of selling) and today I converted Fiat back into 6 bitcoin (with a nibble) at $4,000 ish and then I sold 2 BTC at 4,350 ish (a few minutes later).. So whats my balance?? well lets just say its higher, whether you calculate that in BTC or Fiat, its much much higher than yesterday.. And what would have been my balance if i did nothing? Lower..
Just because you sell BTC doesnt mean your out of BTC, in order to trade you have to buy and sell. If you only hold, then you only grow when BTC goes up, and you cannot compound your money which Albert Einstein called the eighth wonder of the world...
Albert Einstein
“Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.”
Friend1
hey man, one day I'll get there, today, with all the market going down, I cancel all my planned orders and now I see that I could profit from all of those orders, It's hard to pass the psychological aspect of trading with the whole market crumbling down, coinigy not responding. I just stop trading.
Friend2
weird, i never experienced that, the reason why i didn't buy is because i ddint want to buy into a panic above a base
quickfingersluc
You get paid as a trader, for participating.. thats the job.. so in the example above, i only nibbled, because I was daytrading.. not position trading.. the last base is still 3900
Friend2
yeah i actually sold at a small loss today cuz when the rumor hit i thought it would panic below and get stuck at base
friend2
i guess it was quite foolish
quickfingersluc
90% of traders lose money.. your enemy is always emotions (fear and greed) but the chart never lies
Friend1
I had really small buy orders on lots of coins, I had place those orders on places that I thought the price would bounce and give me a small profit, like Luc said just to participate, but when the rumor came and the damn coinigy started to get buggy, I cancel all those orders.
Friend2
even if i lose a trade i almost always end a day on green thanks to your method
Friend2
in the last panic i butchered most trades and still walked away with biggest profit ever yet
Friend2
cause its so easy to take profits
quickfingersluc
It will all get easier in time.. it takes practice to keep a clear head and just read your charts..
quickfingersluc
How many of you consider the volume... When the crowd reacts, and there is emotions running wild, there is added volume.. How ould you have done if you only bought decent drops where there was a volume spike? https://imgur.com/jNpNxpA
Ok, so I just copied and pasted this discussion because I thought it might help others to develop a trader mentality.
Luc
Fantastic ideas here. And you are right. Capitalizing on the dumps is the way to go. This is what I have been learning and attempting to get better at doing. Thanks for sharing.
I use Slack quite often and would appreciate an invite when and if it does become public. I wouldnt mind sharing some of my chart ideas too . . sharing info is great for all of us!
hey @quickfingersluc ,
thx for sharing this discussion, interesting to read.
Hey Luc!
I, too, was hoping for that Slack invite. Last I heard there would soon be a public Slack channel - any update on that?
Anyways, the real question I have is: how do you identify those "obvious" bases, as you expertly call them?
I am looking for a few objective factors I can use to identify legitimate bases. For instance, should the base have been consistent over a specific time frame (i.e., 2 weeks; 2 days; 2 hours)? How significant of a jump are you looking for off of the base (i.e., 20%; 50%; etc)? How many jumps off of a single base would you like to see before it's considered a base? Does the trading volume weigh heavily in your identification of a base?
I am sure the Breaking Base Scanner would be helpful, too, but as far as I know I don't have access to it since I am not a Slack member. I do have the Cryptomarketscanner, which is really cool! Would love to use the Breaking Base Scanner - I'm sure it would help my confidence in identifying a base!
I placed my first three buy orders last night using your method, so I'm excited to see what happens. Nevertheless, I just don't feel really confident in my base selections.
Really appreciate all you've done, and everything you continue to do! You offer really great advice in an informative, entertaining manner. I look forward to sticking with you for the long-term.
Thanks, dude!
"I am sure the Breaking Base Scanner would be helpful, too, but as far as I know I don't have access to it since I am not a Slack member. I do have the Cryptomarketscanner, which is really cool! Would love to use the Breaking Base Scanner - I'm sure it would help my confidence in identifying a base!"
My advice might surprise you - I recommend that you do not use any of the scanners. Focus on learning how to read charts, set alerts, make enough positive trades to triple your account. THEN and only then should you incorporate the scanners. The scanners should be used to find incremental opportunities, they should not be a part of your core profit strategy. The base scanner is still in BETA, its far from perfect - but I occasionally fine some nice opportunities that I missed on my own. Usually the base scanner finds situations that I already found on my own by reading charts and setting alerts - THAT is what it takes to become a great trader, there is no substitute for hard work, study and dedication. From our experience in the Slack, the people who are looking for shortcuts to success seem like they are more likely to fade away - if you want to be a long term winner, don't take the shortcuts. Seize the day.
Good luck, look forward to seeing you all in the slack someday soon when we re-open the doors!
Thanks for the feedback. I certainly wouldn't rely solely on the scanner for trades. Rather, I consider the scanner to be analogous to a tutor. I do the work on my own, but the scanner helps provide both positive and negative feedback, to either validate or invalidate my answer. The "answer" in this context would be my identification of a base. Now, I couldn't trust the robots enough to make all of my decisions, eh? :)
I'm definitely looking forward to participating in the Slack channel when it's more accessible!
Thanks for all of your contributions - I hope I get a chance to return the favor.
The robot is not good enough, you cannot trust it. It's a rough guide, but it's far less accurate than you can be. There are frequently false triggers because it's logic is very basic. It's good for catching ideas you ,ugh the have overlooked, but you cannot trust the bot to do the work for you - even a beginner will do a better job than the bot. Strange, but true!
That was well said but @tizzle when we are going to find out? and how about the re-open of the doors to the slack channel?
Thanks and happy trading guys
Not today, sorry. when we are ready, everyone will know - on that I can promise.
Thanks Man
@tizzle Could you help me out with the Slack invite? I would really appreciate it!
Is there any sight on when the re-opening might be?
No need for a new public slack, the slack invites for the normal Slack Chat will be made available soon. @tizzle is dragging his but on that ;) It's basically ready to go though, any day now...
Im overwhelmed with work, too much on my plate. @pelt is right, its my fault - but once I get my job done, we will be safe to open up again.
Thank you guys for the update. I've been following Luc since July and was on holiday when the Slack chat opened up; was really disappointed to have missed the opportunity to join, but am glad to know it will be available soon!
Awesome! I'll be looking forward to it.
hey @quickfingersluc , just wanted to say a huge thanks for all ur videos.. I only found them a couple of weeks ago, and i went through em all in the space of a day.
I've been through so many Youtube traders and you are the first and only to offer a strategy that agreed with me and that i immediately felt like i could employ with success. and i have been! I've made dozens of successful trades in the last couple of weeks, and only messed up 2 or 3. And even the bad trades i don't know if they're necessarily bad, they just didn't really bounce like i expected and are still sitting around where i bought in. The successes have all been in the range of 10-40% profit..
I'm now thinking about liquidating some of my long term positions in coins that aren't moving much so i can go a bit bigger on some of these trades..
Anyway, i owe my recent success to you so a huge thanks to you..and like a lot of the guys in here i'm looking forward to this slack channel reopening so i can join ur community..
Cheers!
Thanks for letting me know of your success. You sound like me, at the begining when I first started to trade. Its very exciting when you realize that now there is no limit to the money you can make :)
Hey luv love your stuff!! send me an invite on the slack channel :) @dwuser892
Hi Luc, I'm going to build professional scanner, I want to contact with you, can you share your email ? I will need your tips and suggestions about functionality.
Hi Luc,
I am new to Steem, and just wanted to drop you a quick note to say thank you! I have been trading lots of different instruments for almost 20 years (stocks, options, futures, forex) with minimal success. I have spent thousands of dollars (maybe even tens of thousands) over the years on newsletters, seminars, trade rooms, gurus, etc. Some have made me some money, but most were worthless.
About a week ago, I stumbled onto your blog from a Google search. I have spent the last week watching every video, and reading every comment in your blogs. It is fascinating. I had no idea that the crypto market was this developed.
I opened a small account (less than $100) just to tinker and try the concepts out. Your concepts are simple, but not easy. Although, I guess you could say that about most successful systems. Anyway, late last week and over the weekend I placed a couple super small trades. Both were winners! Neither of the trades were huge returns, but they were simple trades to execute, and over time these returns will add up (especially as my account grows!). The charts are linked below if you want to have a look.
I just wanted to say thank you for your generosity. It is not often in this business that you find someone who is willing to give his knowledge away for free. And even less often when that knowledge actually has any value. Instead of just copying some guru's trades in a chat room, you are actually teaching us how to be successful traders in the crypto market. For that I am incredibly appreciative! I look forward to continuing to learn from you, to hone my skills and become the trader I have always wanted to be.
If you're ever in the Chicago area, let me know and I'll gladly buy you dinner!
Thank you! Thank you! Thank you!
Brian
https://www.coinigy.com/s/i/59b6de8b1fdc5/
https://www.coinigy.com/s/i/59b6e1bd9f621/
Thanks for letting me know that my blog has helped you. So often I am only msged with questions and usually the same questions over and over. So i really appreciate it when someone just takes a few minutes to let me know that they have watched enough videos to understand the basics and ofcourse share some successful trade.
You are right in saying that its not easy to trade my style. Not that there is anything difficult about the simple method I use, its developing the patience to wait for the right opportunity to come around that is difficult .. Look at BTC for example, gah.. Just days of consolidation, waiting for it to drop or pop.. I had an awesome day on the stock market today, (quick and easy money) and that helps me remain patient while I wait on BTC, ETH, BCC, NEO or whatever else is lolleygaging
Yes, I've seen others on message boards who really know their stuff and try to help people, but then they get deluged with questions. And after a while it gets to be too much, and they burn out and disappear. It really is a shame.
Everything anyone needs to get started is right in your videos and in these comment threads. I have found a few nuggets in these comments that are just gold! If people are serious about learning, they need to devote time to dig through the materials. It seems too many people want the short cut, and be spoon fed. What they don't realize is that THIS IS the shortcut! I spent, literally, a full week going through all this stuff. Only a week. That's it. Probably 40-50 hours. Now I have a good enough understanding to make profitable trades. Compare that to the almost 20 years I have been floundering around trading all kinds of stuff using all kinds of stupid, worthless systems (some of which I paid ungodly amounts of money for). If this truly winds up being what it appears to be, then the 1 week it took me to get up to speed is the best short cut I've ever found!
I purposely didn't ask a question or make a comment until I finished all the videos and comments. And every time I found the answer to my question as I moved forward in the blog. If people would simply invest the time to learn the material, then you wouldn't get anywhere near the volume of basic, dare I say stupid, questions that you receive.
My point is this... don't let them ruin this experience for you. Clearly you are enjoying what you are doing. And you are a great teacher, you have a gift. There are many of us out here who genuinely appreciate what you are doing, and are willing to put in the time and effort to learn. Don't be afraid to tell people who ask a basic question to invest the time to watch the videos and read the threads. I guarantee that they will be able to answer their own question after that. But if they aren't willing to do that, then they are not worth your precious time. It's harsh, but sometimes a good slap in the face is what is needed. And it will help you keep your sanity too. :)
Thanks again for everything!
Brian
THIS by @bdrex95!
Hi Brian
not even sure if I should ask you. I have subscribed to Coinigy and really like the interface though still looking around. Do you think better to use Coinigy just for the analysis whilst doing the actual trades from individual exchanges - or link exchanges to Coinigy and do all trades through Coinigy itself?
Thanks
Michael
I'm currently consuming all of Lucs information (even steemit comments) before asking any questions, same as you.
Your post is word for word what I would have typed after I was done. If only everybody would follow your example - Luc wouldn't get bombarded with the same redundant questions he's gotten since he's started teaching us.
Its surprising how difficult it is to remain patient, take out emotion, not try to predict the market, and just read the chart waiting for bases to be broke.
i totally agree.. It sometimes takes forever to crack a base, and usually you only get a nibble before it heads back up.. I hardly ever get a big trade.. But when they happen, oh man, they can be unreal, big time game changers for an account of any size.
Just nibble.. Thats what I do.. Remember that your playing BTC here, where we all expect it will be going to the moon anyway.. so in that context most of your trades will work out anyway.. But if your at a base or just under it, and you really get the impression that its about to turn up, then nibble.. let's say your account is $10,000 bucks, then a nibble might be $300-500 .. it will help you control your emotions, because atleast you can participate.. and if it goes up you get a small reward, and if it goes down, that would be awesome because you can actually get a real position.. so its win win.. but a word of caution, if you do make a few successful nibble trades, don't start sizing up where you should only be nibbling, or you will find yourself trapped.. remember your nibble has lower odds of success, and that we profit big from when everyone is surprised and in a panic.. you don't ever want to be the one surprised..
Just the absolute quality and high end information and teaching from @quickfingersluc soooooo much BULLSHIT on the web about trading these days, everyone wanting money before they give you the Magic formula to winning trades. NOT Luc... you are a good man. And we thank you sir!
@tizzle Could you help me out with the Slack invite? I would really appreciate it!
same to me ... get an error when trying to join :-(
New to this whole thing, and thanks so much for just the skim of information I've perused from you. Quite excited to keep following, and learn the ropes from someone who does things so refreshingly simple. Best to you.