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RE: Get Rich or Die Trading - A Detailed Beginners Guide To Trading Cryptocurrency
Hi Phil, thanks for the tutorial! Would you please discuss a bit about time frame? E.g. based on just pure moving average strategy that you've discussed, if the moving average looks bullish on the 5 and 15 min, but not on the 30 min or 1 hour chart, does that mean it's too early to enter a trade? Does that mean your trading window is limited? Also, not sure if I'm understanding moving averages correctly, but don't they also act as support and resistance levels? If so, if I'm looking at multiple time frames of moving averages, say for example, EMA 8,13,21,55 for both 5 min and 15 min scale, does that mean we'd have to account for 8 different support/resistance levels, or am I may mixing the concepts?
I'm no expert but my little experience tells me: The trading window is a limited time that each trader sets upon risk management. Make your strategy, confirm your purchases, place stops and go play golf! When your trade is finished, check what went right and what wrong. Backtest is your friend!