Speaking for myself, I would not be able to do short term day trading (I've tried in the past, made money, but my mental health went down the drain), but I would still be able to do long term investing/trading, which is what I enjoy.
I'm good at spotting long term tops and bottoms in crypto, but find it hard when it comes to day trading.
But after so many years in crypto I'm considering starting day trading again for myself, just want to build a copy trading portfolio before starting since I think the ROI is better in that then me restarting trading.
PS: My $1500 are already up by $200 copy trading Bluntz, and it's been 6-7 days since I've started following him, dude went long on doge last night, which was a really good trade:)
I've seen people be successful with it, I just think it makes people lazy. My cousin is in a stock copy trade group and he makes money, but has NO IDEA where their analysis comes from, and they always skirt from telling them how. I am a teach them to fish kind of guy instead of giving the fish... Hence why I am not that popular and why I am really about done with giving trading advice on social media and just focusing on content around flying drones, lol.
Hell, I made an indicator that puts basically everything you need into one, gives you all kind of alerts, etc, but still, it's too much work for most people... Oh well, it makes me some great money, so I'll just keep it to myself, lol. But, if you are interested... Go check out the Logical Trading Indicator V.1 on TradingView for free.
I don't like signal groups, which looks like what your cousin does, because I have no idea if the trade setups and the trades are actually done by the people recommending them, it's easy to say 10 predictions and then only show the ones that actually happen... Seen it many many times.
On WooX I know the guy I'm copying is doing the trades, I can see his positions, I can see the position size, and he only gets part of my profit (profit sharing), if he actually makes me money, if he loses and then wins, only after regaining everything he lost back will my profit be shared with him. The entry points normally have a little difference from his entry point, because of liquidity, but seems to not be that bad...
Your indicator seems very accurate with a R/R on the 4h TF with a 1% stop loss, on the daily it's especially good. What TF do you normally use it for?
If I get back in the game I might use it to check my bias and probably to make quite a few trades, looking at it I might go for the 4h TF, with a stop loss of 1%, using 2x leverage, with small amounts of $ ($50-$100) to start out and get the feel for it again.
Thanks :)
I use it on all timeframes, but adjust the settings as I go down. The default settings were dialed in for 1HR-4HR timeframes, but you can adjust the settings for it to be more accurate for lower timeframes for day trading (which I have found are also oddly amazing on the daily candle).
Thanks for the feedback... But yeah, start small. I use Apollox.finance for onchain leverage trading. It's a solid exchange, NO KYC! It just connects with your EVM wallet. You can use it on BSC, ETH, Arbitrum, and I think now Solana. BSC has the bigger liquidity on the V1 order book markets because it's the first chain they started with. You have to deposit to their smart contract to trade.
There is the V2 that uses liquidity pools instead of an order book and you don't have to deposit to their contracts, but you pay more in gas and exchange fees for each trade. V1, you only pay gas to deposit and withdraw, where V2, you pay gas on each trade.
V1 exchange fees are 0.02 Maker and 0.07 Taker
V2 exchange fees are 0.08 for both Maker and Taker