Traded method summed up: Broken Basese
The crypto market is comprised of many things.. there are bitcoins, alt coins, exchanges, conversions, wallets, and much much more.. So where do we start? and how do we profit for it all?
Look at the chart of bitcoin / usd that I just got from yahoo..
Well, first thing is just to jump in and get started learning as much as you can with all the different jargon and technology.. the ins and outs. I have been in the game now for about a year and I would say I only know the basics of how everything works. Before you start throwing money around, though, its best to have a clear plan and path laid out.. a profitable, proven path. I was going to try and detail my own modified trading plan based on what I learned already, but that was before I discovered that the guy I learned from is still around here on steemit. Here's his blog: @quickfingersluc
So go and learn things direct from the master. There are even some forums setup now to help you out.
I will, however, show you the little summary I wrote down after I started learning the broken bases method..
1. set alerts
-under current base
-any coin on top market cap (https://coinmarketcap.com)
2. after alert sounds..
-find out how long that coin drops below base,
-set 3 pending buys further and further from
base.. ie. 1 at -20%, 1 at -30%, 1 at -40%
3. pending sell after any sell, all at base
*can have limit sells ABOVE price,
" " " buys BELOW price,
or u'll get filled instantly and lose some
money.
*take note of how close u get a buy to the
pevious base, look for a bounce that relative
distance.
That's it. It's more of a memory jogger than a summary. Make your own after watching all the vids. That's the best way. Thanks for reading,
Ben
Thanks for sharing and pointing us to the right direction on learning more about trading strategy. I have a question though they say that the type of strategy you should employ in trading must suit your personality. If that is the case what strategy do you use and why? if that is a silly question just ignore it... now on to learning broken bases method..
your question is silly! so I was answer it now.. :P I think this strategy (the broken bases) does fit my lifestyle and personality. because it uses the 1-hour candles, each trade takes many days to setup. once u are in a trade it takes on average a few days to complete. the slow pace lets me do my trading, but commit only a small amount of time doing that.. not have to sit and watch the screen 24/7.
Few days? wow that is like an eternity for me i got use to completing trades by the hour. lol specially in Binary options.
:P yea.. i was like that, too, when i first started trading way back in 2001. it also depends on how u like (have the patience for) to trade, and how able are u to be at your computer to manage trades. i don't have any experience with binary options. is it profitable for u? what do u trade.. the binary option, crypto, stocks, etc?
Wow 2001? I was only 3 years old back then. Just started doing learning how to trade a few months back. I do binary in iqoptions - forex and cryptos. I like iqoption because they also give you free OTN tokens when you trade cryptos. Yeah it is but very risky. Once i was able to earn $900 from $10 in less than an hour only to loose in a couple of seconds later lol
so have u watched Luc's vids? U already trade cryto's right? what time frame are u used to?
Yes i did. Very information still a lot of things to learn. Good thing a lot of people here willing to share information. Although sometimes i do get information overload. lol in binary i do the turbo witch is 45 seconds in iqoptions. I also do the 15 minutes minutes. I am still an infant in trading compared to you sir lol
:) hehe. we are all learning. I still have to try and stick to the rules like I should do. wow, never heard of a 45 sec TF.. that's serious speed.
don't get overloaded. focus on one thing. If you like options.. stick to that, but practice Luc's method so u can trade that later when you have a bigger account. Don't want to be risking 50-100% of your trading accnt on any 1 trade. sounds like binary is that way. Have u joined the Broken bases forum or slack alerts?
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