Luc, do you think you could do a video just on selecting coins that are thin, just to trade small dollar amounts? I know you have mentioned it in other videos, but maybe a full video if possible?
An example would be CURE/BTC.
I know the strategy isn't the same, but is the idea that you just wait for a base to happen(a spot where price gave a strong bounce), and then just buy that support?
On these types of trades, do you take the stops when they happen if price wants to go a bit below the entry? Or are you holding and adding like typical?
An example of the strategy I am thinking about can be seen in the pic:
https://www.coinigy.com/s/i/596b1efc89f6c/
Note how the horizontal scribbles are the bases I am thinking about, and are formed when there seems to be a 'lot of buyers' from that price where price bounces. The horizontal line next to the scribble, is just the approximate buy area.
In that second to last example in the pic, you'll see I have a box around that one example, would that be an example of something that might be a potential loss in this two month span of data? Or would that be buying a bit lower and looking for the bounce as the typical strategy of buying the panic dips?
First let me commend you on using two months of data and reading the chart to understand the story.. thats the right mindset, thats exactly how you need to think to be successful..
Second, all of these trades are on small amounts of money because the coin is thinly trades so there is never much at risk, but the percentage very good, so you will be playing with the house money before you know it..
I dont ever use stops, ever... I risk an apropriate amount, and if it drops i work off the new low.. Heres the thing, your choices for thin Coins have to give you high high percentages, like 30-100% per trade to be effective.. so that your playing with the house money quickly.. because if it drops you dont get hurt.. and in a drop then you can just start again at a lower price and then in the next big pop you make a ton.. ok, i really should do a video on this subject beacue there seems to be alot of questions about this... ill make one in the next few days and really explain this ...
Luc one other thing about news.
In the chance that you are trading a coin, and crazy news hits and causes something that is beyond a panic drop, do you have any sources that you go to, to search for such news?
Like ForexFactory typically has news about what is going on in various Continents each day. Is there anything like that for cryptos that you know of?
Just so that you would have an idea if a SERIOUS drop is in the works?
I have no good news source yet.. I rely on trollboxes
What are some of your favorite trollboxes? Ever since Kraken took theirs down, I haven't had a good source to turn to.
Awesome,! I've been wondering about trading the low volume high volatility coins! :)