Great post, thanks for sharing! It's nice to get a bit of insight into how traders think/the graphs they analyze. Since I don't day trade, I haven't been paying too much attention to those types of trade signals, but I think it's worth learning about and at some point I may even venture into the whole day trading thing.
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Thanks!!
I have to say that day trading is not to be taken lightly - if you value your time, that this! :/ I'm hoping to use some sort of automated trading system to assist me - whether that's using something out there or writing my own (which I've planned to do for a long time, but have done so yet :) )
Yeah, between my full-time job, working on my first vr app, hanging out on steemit (of course) and trying to have somewhat of a life....time is definitely something that I'm often in short supply of. If there's such a thing available as a good automated trading system that actually works, that would be the best option for sure. Years ago I briefly dabbled in day trading (having nothing to do with cryptos) and bought this expensive automatic system that was supposed to be amazing. It was SO terrible....I may as well have just been guessing as that probably would have worked better. I'm sure things have gotten a lot better now....especially with the whole big data thing, AI technology, etc.
Wow that's so cool...you're more ahead of the ball than me (even if that particular system that you tried didn't work at the time)!
However, my experience is that crypto behaves (or, to be more precise has behaved) in a way that is on a completely different level from anything else (stocks, commodities, whatever), in terms of having a great chance of predicting things and making money.
For example, if something has been flat for months, and suddenly starts rising, I pretty much expect for it to double it's value! Where else can you get that return? :) Likewise, if it drops, though, I expect it to half! Doesn't mean it's at all easy to make money trying to trade every day - and in fact most days I seem to be losing money right now ;) But I've found if I can be patient and perhaps even wait all year for the one moment when a break out occurs, it can more than make up for all the other trades which didn't make money/lost money!
Problem is: how you can you stare at a chart 365 days/24 hours, waiting for break out that can be over with in under an hour...and sometimes under 5 minutes!
So, that's one of the types of thing I really want to look into trying to code up:
So, not actually that complicated possibly...main issue that I normally stumble at is trying to get hold of the required historical data.
Right, now that i've just written this down, I've realised I need to stop wasting time on steemit and get back to actual work! :P
You should totally build that system! I would definitely not say I'm ahead of you at all (exact opposite in fact) but thanks for the compliment :) You definitely seem to be onto something...
Can't you get that historical data from coinmarketcap.com by clicking on the specific coin, then clicking on 'Historical Data'? It gives all the historical price data but maybe you're talking about wanting something more than that and I'm just not following.
Also, have you heard of santiment.net? I was going to go in on their ico but changed my mind at the last minute. It looks really neat though...it's a platform for crypto traders that offers market data feeds, news wires, and crowd sentiment insights for the blockchain world. You may find it valuable with what you're doing. I haven't tried it yet myself but I thought it looked interesting as soon as I saw it and it kind of stood out to me above some of the other ico's I was looking at at the time.
Anyways...good luck peeling yourself away from steemit to do more productive things for a little while :) Hopefully you managed to!
Thanks i will it check it out!
And thanks a lot for your great supportive and motivational coments :)
I wish you the best with your own trading 'game'.