Non-game related question
Hey Luc love the strategy and vids. I've only done some small practice trades so far but am going to give it the college try. I believe it would help myself and other newcomers immensely if there were a checklist to run down before starting a trade. Like a companion document to everything you say in the videos. I made this rough draft list of general things to watch out for but would you consider editing it or generating a master outline? I feel like it would help to not overthink trades. It could perhaps be set-up as a read-only on G-Docs. Anyway this is what I came up with:
*don't trade low volume charts
*find an argument and read the story of the chart
*determine average bounce from a zoomed out 1hr chart
*locate most recent clear base with lots of buyers -strong bounces make good bases
*set alerts and/or layer orders under the base -not too close, around average drop length
*cracks can take over a day to return to base
*dont buy weak bases
*use the market scanner for day trades
I would also add to the list: Get out of bad trades as quickly as possible, don't wait for them to turn around. A single bad trade can wipe out dozens of good ones if you're not careful.
You can also trade on 5 minute charts for strong coins, but you need to be quick on your toes. I found those ones were good for training wheels, because the turnaround is fast enough to remember what you were thinking when you placed the bid, and then watch the progression, and get out quickly so you're not stressing for a day waiting for the bounce. Trade small amounts and take profits just above break-even to stay safe and build confidence, but pay attention to how often you could have let it ride a little longer for more profit.
Most important: Never go all-in! Trading is not gambling, because you're not trying to win big on a single bet. Successful trading is about repeated trades with modest profits and small losses. It's not a get-rich-quick scheme, it's a job.
Great points and thanks for adding to the list of things to think about. I am definitely gaining confidence doing small quick 5%-10% trades. I am finding I am more likely to get a buy/sell to go through if I lump in with a much larger order near my price point. Is that a real strategy or just coincidence?