ETC 308% Potential Profit

in trading •  last year  (edited)

In last days I seen people that never touched a screen to share they're idea about crypto trading, when or what to buy and why....

Let's start

Trading or Crypto Trading is a serious job, and has to be taken as that. But if you want to start to trade, keep in mind that last moment guru has no idea what he is doing.... we can never predict the price, or be certain 100% of next direction...

Now , if we go back in time, analyze graphics, we can see that some pattern repeat with time, there is some psichological price that show precise action but there is always exceptions...

Most important things when we take a trade, we know what we are doing, before of a single click of mouse...

Let's start

we want to leave our emotions out of the game, like this we can analyze in better way and have clear idea of what is going on..

For trading at least for start trading, we need 3 things

  1. tools
  2. analysis
  3. Action Plan

we need at least basic tools, i am using Trading View, but there is tons of on line, free or paied, but for now Trading View free is more then enough for start

thanks to the tool we can analyze and prepare our action plan, with perfect risk managment we will keep our loss small and our win big

Action Plan
we have to stick to a plan and go with it whatever it's happen, like this we will not be in trouble o get bad surprise that will crash our bankroll

now let's go on with a real example:Senza nomeh-1.jpg

Here we are on #ETC #BTC 1 day chart

as we can see the blue lines shows the prices direction and that price didn't go under that line (support)

we take this as good entry point, this give us less risk as often price will pullback up.

so in this particular moment we can think of entry position

where do we take profit or put stop loss??

Stop loss goes just undr the blue line
and take profit on previous support /resistance

in this case with a $10.000 budget and 2% maximum risk we can go with buy position
Our stop loss is 8% of trade , so here we can open a position with $2500 * 8% is exactly $200 , 2% of our bankroll

for take profit we have 2 spots

first is shorter term and psichological price 25000 satoshi this gives us $ 825 profit here is up to us take off some, or total or let it run

second medium term gives us $1775 profit or we can go long time or holding time for $5900 profit or 308% $7700 profit

considering we stop at first target, we risked 200$ for $825 profit is definitly a greate trade to take

as you seen we used tools for create a plan witch gives us rules and actions to take

Tools: Trading View
Exchange I use for trade: Binance

Note: i do analysis on bitfinex most of times because there is longer history

please let me know if you liked the post and how I can improve it

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You have a minor misspelling in the following sentence:

we have to stick to a plan and go with it whatever it's happen, like this we will not be in trouble o get bad suprise that will crash our bankroll.
It should be surprise instead of suprise.

Take your profit all the time.... up to 30% already