Well here is a post for day 3 and 4 since I forgot to post yesterday about my experience on the Binance and Bittrex exchange. So as you know I had a limit of £500 for investing in crypto. Reason for buying is to invest n the long term. I'm not day trading or swing trading. I build a portfolio for the long run. Not necessarily for retirement but for at least 2-3 months in projects I've started to follow.
Cash is around £800 which is great, better than anticipated. So what to do. Wirex card used to transfer funds. All BTC go into my Bittrex account. Since I only have one screen I planned to utilise the following. An Excel spread sheet with all the crypto I want to invest in. These are:
So this is my portfolio at the moment and here is where technical analysis comes in. Before pulling the trigger on my orders I checked Tradingview and technicals such as moving average and wedges to determine some price action and to find resistance. All of my 7 orders had conditional orders (which weren't filled by the way, grrrr).
Some of the funds I shifted for NEO and IOTA to Binance and pulled the trigger via conditional order on 1/2 of my IOTA order. The other one I bought at market price for around 0.00008866 which seems a fair price. NEO, however, I've to admit I missed the train. I knew by the descending wedge that a run-up would happen but I was too late to pull the trigger.
None of my Bittrex conditional orders are triggered. I realise that I was too aggressive with my conditional price actions and cancelled all orders and do them one by one and leverage on drops in price, however, still using technical analysis and it works well. My portfolio is green and I buy at good prices.
Jumping over to Binance my patience runs out and it seems that NEO is in for some running up. So I pull the trigger on a small order of 4 NEO. I transfer them to my wallet and let all my NEOs accumulate gas, which I hope to sell for some ADA or other coins in return.
Well that's it so far.
Lession learned: When you use technicals be optimistic that the price will go up or down and don't be to aggressive on your price, it can be unrealistic especially if you look at the past price action.
Will keep you posted on my further adventures.