Viewing a response to: @ipmal/why-i-sold-many-alts-on-4-20
It's definitely not a bad move, but the problem problem is that it is very hard to tell at which levels to come back to the market, and crypto tends to moon really quickly, so it's easy to miss the big move while trying to time the relatively small moves. Good thing you didn't liquidate the entire positions. I love you 1-2-3 bottom formation strategy mainly for the facts that you are not chasing the small moves and looking at the big timeframe, which makes it easier to buy the coin at a "good price" and sell it later into the hype to the ones who chase the market later on.
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| author | juliusvirbickas |
| permlink | re-ipmal-why-i-sold-many-alts-on-4-20-20180424t105941600z |
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Thanks for the note! While I sold at good moments, the retracement was not as deep as I was expecting, and alts were not pressed down as btc showed more strength... so I purchased a similar set of coins with the profit money I was holding. The longer I've been trading, the more I want to step back and trade longer term moves. The past couple weeks I've been reviewing my trade entry and exits over the past year and studying the trading pattern for those markets where I was profitable, and compare them against the markets where I took losses. It's easy to predict - the markets where I traded most, I lost the most money. The markets I traded seldom, I traded at better times and made much more profits. This year I'm striving to put that wisdom into practice - and let my money work for me with me micro-managing it!!
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| author | ipmal |
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| category | cryptocurrency |
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It's true: the more you trade the less chances you have to be a profitable trader. Nobody can tell where the market will go in a day or two. To correctly oversee a bigger trend is a higher probability in my opinion. I did lots and lots of trades in 2017. Also enrolled in a fairly expensive trading course (Francis Hunt - he's quite known in crypto trading). Their community constantly work on 1h, 15min and eve 5min charts. Charting on 15 minute charts and searching the setups in such timeframes might very well boil your brain :) It also gives great anxiety in longer term (even when your setups are winning). This is why for 2018 I decided to go with your trading system instead + much less trades overall. Trading doesn't make you money - patience does.
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| permlink | re-ipmal-re-juliusvirbickas-re-ipmal-why-i-sold-many-alts-on-4-20-20180424t220154525z |
| category | cryptocurrency |
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