How good is this strategy, trading Bitcoin - Crypto-Currencies?
The best trading strategy that will guarantee winning in this game/business of trading crypto-currencies as we all know it, has everything to do with buying low then selling high, but who can predict the reversals, the highs and lows or the peaks and bottoms?
Though, I try to place my buy orders close to a major support but I still spread out those buy orders, because most times price won't touch the support but will surely hit prices around support or trend lines.
So instead of missing all out, spreading or breaking your buy or sell orders in bits increase your chance of entering a trade and reduces your loss in case price goes far beyond your entry price and increases your profit in case you are selling too. (buy in bits, few pips apart)
Buy at 0.0001234, 0.0001244, 0.0001254
Finally, I always reserve some coin in case it goes lower than my planned entry prices, in other to buy more to reduce my break even point.
1 - Never chase after a fast moving trade, they most times come back to meet your planned entry point or even go lower.
2 - Never regret missing a trade, there are lots of other trading opportunities coming. Which do you prefer? Missing a trade or losing your coin?
3 - Never put all your eggs in one basket, trade at most 10 - 20 % of your total account balance per trade, except you are holding for long. I learnt this the hard way.
But sincerely, this last downtrend has been bad for those who bought at the peak believing it was still a bullish market.
Please, share your experience and winning strategies in the comment
Thanks for reading and Good luck!