We are building a new and more seccure front entrace for new users, this will replace the public links which were formerly used. This should help us assure a safer experience for our community going forward. I don't know when we will be done, but it should be within 2 weeks or less I would guess.
as for the base scanner, just remember that this is a BETA tool that is a work in progress. It is designed to find incremental opportunities, it does not replace the manual labor that is required to read charts, take notes, and set alerts. There is no silver bullet, you must still learn how to trade correctly to use it to it's fullest.
Once we re-open the door's I promise that @quickfingersluc's followers will be the first people to know.
@tizzle I would love to get access to the slack channel and base breaking scanner. I am new to trading crypto coins, but learning fast! @quickfingersluc Your videos and teaching have been fantastic to help me get my head around everything. Thank you.
I am happy to give back to the community as we all learn more. :)
Yes, I've heard Slack does not work well as a public interface because they are a spammer magnet and you can't keep them out, also they can easily pass themselves off as an admin and get high success passing around phishing links etc.
Precisely why we closed the doors @duval - but we have been working on a solution that will solve most of these issues. With that said, Slack has really grown on me, its a great communication tool for communities once you learn how to work around the limitations.
Hi @tizzle, i'm a new follower of @quickfinersluc since last week and have watched almost every video he's posted since. I've lust dowloaded this one on the base breaking scanner and while going through the comments realized the link to the scanner has been disabled. Would you kindly assist with access to the slack channel and the scanner. Thanks
Hi @tizzle, i was part of the room but i noticed my account has been deactivated. Out of good intention and will I shared what i considered valuable info on encrypting files for security. If that was understood as spam, please take my apologise, wont' happen again. May I get the account activated again please? It really is a misunderstanding. Thanks in advance.
If that spam was really from you, thats a shame. It means you were the reason we had to shut down the public invite URL.
Due to this experience, we decided to stop letting new members into the Slack until we find a solution to stop spammers from joining our 1000+ strong community.
PS: For the record, your post was clearly spam. It concerned other community members who were vigilant about removing the links you posted for security reasons. I agreed with their assessment, and it made it worse knowing that it was your first post in the Slack. On the bright side you can be rest assured knowing that you are the only person to have been banned from the Slack group for any reason whatsoever, we are pretty lenient in the Slack but we take a very hard line against SPAM of any kind. Sorry.
@tizzle, I am an 8y experienced FX trader who is now making a transition into crypto... I am more than willing to help and contribute in the community. I am ashamed that such post caused issues. It wasn't my intention at all. Prove of that is my constant follow up to make up for any inconvenience caused. It has been my concern since day 1 to improve security around crypto trading (as dif beast vs FX), so when i found out about a way to encrypt dropbox files, first thing i thought was to share it to benefit the whole community. That's who I am, genuine in my intentions and desires to help and contribute. I chose the wrong channel to share such info i guess (making it look spam, which didn't cross my mind at the time). Naive mistake, which who knows if it can turn out to potentially help to make the slack room a better place. I just hope that you could re-consider an activation as I wish, even with more desire now, to demonstrate how valuable a member i am about to become. Again, accept my apologies for the honest mistake caused. Thanks.
When (if?) we re-open the gates there will be an application process. Let us know who you are at that time, we can re-evaluate. Right now our focus is on security, there will be no new members until we solve that process.
Hi @tizzle, find this valuable website... tells u how fast the communities are growing in reddit and twitter... a must have http://www.cryptometrics.net/ website is fresh new ... a programmer in a slack i participate put it together.. feel free to share it. Look forward to receive invite for slack again.
UPDATE: The base scanner's developer @Niwa is working to fix some bugs that were found when moving the scanner into Slack. The scanner will be fully operational again shortly.
UPDATE: The @niwa Slack Base Scanner is back online! Please help us test the SCANNER, you can post a report in the Slack #General channel if you find anything wrong - plz tag @niwa and myself so we are aware. The scanner's algorithm is a a work in progress, your feedback can help us improve it's abilities over time!
Hi Luc, I completely messed up the panic dive of the Alt-Coins. I got out on most of my coins break-even. So maybe not a complete loss but I didn't gain anything. It was because I didn't take BTC into consideration. I was just looking at the average panic and buying in big when it reached that point. Well my entries just didn't make any sense at all when BTC went to the moon.
So basically I'm entering the next level you talked about, but now I'm in a zone where I'm not confident in the average panic because it doesn't mean anything when there are bigger things going on in either the fundementals or from the sentiment analysis.
I'm trying to understand your process when a panic is happening. How do you figure out why the panic is happening and how do you use that information to determine your entries?
Sometimes you can't figure out why a panic is happening, but what you can see is how the people react to it by looking at the volume. Usually when you see something drop in price, a lot of volume come with it but sometimes you will see a drop that had little volume involved. This is not really a panic yet because it was most like 1 person that just sold their position. So if you see a price drop below the base, just look at the volume. If the volume is low, keep watching it as it might continue to keep dropping until it panics the holders. You will literally see people selling tons of bitcoin on the order history and this should tell you that this is indeed the panic.
Now how to know where to buy in a drop/panic. The price should keep dropping until it hits a lower support line and bounce back up. Best thing I like to do is put a buy order. https://www.coinigy.com/s/i/599b17b66ac02/
for example if you see this chart, the yellow line represents your base, the violet line represents the last base and is the area you want to buy . Anything below that is just a gift . You really want to buy some there if you can. You can see in the light blue I circled the volume that shows a lot was sold. Without that volume I wouldn't participate because that is telling me there are no buyers at all since it was able to drop so low in price without much volume. Always pay attention to the volume because low volume usually leads to the price dropping even further until the the real panic happens.
In advance, sorry for my bad english, i'm French :)
Thank you for your videos, i'm a beginner in crypto trading and its help a lot.
I have invested 7.000 euros in my account during the last 3 months and today i'm at 9.000 euros (1000 euros are due to 10 ETH bought some months ago).
So after seeing your videos i tried position trading, but i don't have any strategy. I draw my base, i saw a panic mouvement i buy some, but how many should i buy ? 10% of my all money on the first fall and 10% the other one ect.. ?
I don't really know how much i should buy, and if there is another opportunity how can i manage it ? (% bouying and split, increase your buying during the falldown...)
Have you some advise and exemples on how you will position trading and manage it with 10.000$ for exemple ? Have you specifics rules ?
Hi kevber, I'm not Luc but here are some of Luc's responses that you can take into consideration. These are comments on other questions on this blog:
"Only trade 10% of your account at any given time if your worried about getting struck by lightning. "
"Buy no more than 25% of your account in one position. That being said, if you learn to read charts, you will almost never have a bad trade, therefore on the rare occasion when it does turn the wrong way, you won’t mind taking the small loss and jumping into the next trade without hiccup. "
In one of his video's he explains that he trades with only 10% of his bankroll. Which he says is quite a small percentage for his size.
Luc also mentioned to start small if you're new to trading. Yes you have 10,000 euros but if you don't have any experience it's safer to start with less money and build up from there.
So for example. You have 10,000. Use €1000 and divide that in 3 coins. So €333 per coin. Don't buy one €333 position but layer in in your order. So for example an €30 nibble, €100 nice position and €203 final position (this is just an example you have to play with these numbers)
yes if you use €333 and you made all the right calls you can make around €80 per trade (25% trade). Which isn't a lot considering you probably won't make all the right calls in the beginning and because position trades don't happen everyday. It's all to get a hang of the method. Please don't throw €10,000 on a few trades just because you see Luc having success. Everything looks easy if an expert is doing it.
A graph is just a visual representation of numbers. So before a graph is visual it is hard data. Value / Time.
First of all, there are muuuuuuuultiple ways of doing this. Scanning every hour linearly (hour 1 then 2 then 3, etc) and saving the index where it drops, then adding to a list of possible bases. Using that method you'd have to see if the next bounce is higher, and if it could possibly be added to the previous one. Scanning sections of the data only, increasing/decreasing your time frame on each run. Which is the one I'll try and explain below.
This is a very high level explanation there will be lots of caveats as @quickfingersluc 's method gets more descriptions and community additions. The one thing I took away from @quickfingersluc is that a base is more solid when qualified by a "nice" bounce (Nice here being your definition, but usually determined by previous bases looking at 2 months data).
So the way I would calculate a base is checking what the average gain is over different time periods. You could do a basic check to see if there's a possibility of a base checking data at hour[1] against data at hour[24] if it has a decent gain you flag that as possible base, you then move the index one to the right checking [2] and [25], you keep doing this and finding possibilities of bases.
After this there are multiple ways you can qualify bases even further I'll list a few below with very very short descriptions.
Has it touched base? Seeing a base being touched and a bouncing back up is always a good indicator of a solid base (I think, I'm also still new)
Time spent abover base? How much time passed for the arc to get back down to the base. If it's 3 hours is that really a base or just some volatile movements in the coins value.
I'm sure there are more but I can't think of it.
At this point you want to check bases that occur in quick succession of each other and combine them using loosely defined rules and run the function over the combined ones again with bigger and smaller timeframes, this will make sure the bounces belong together or if they're separate. If you find a bounce you then use your rules above to qualify the base and so on.
You keep checking all the hourly data and refining your algorithm and at some point you'll get a nice base checker. But as I said there are numerous ways of finding the base (As spoken of by Luc). Since he doesn't have a complete solid way of defining a base we can't have one either. It's up to you how you want to interpret the data. Your software will have the same level of "understanding" of the concept as you have :)
I hope this helps, dm me on the slack channel @danemackier if you want some more info.
Thanks for all the free tools and advice you have offered countless times. It has helped a new trader like me have access to an edge in this market :).
I spent the whole day going through your whole blogs. There's a lot of new things I learnt here.
I've never have any TA background but your way of explaining things make it easy to understand.
So far for the past 1year I've bought and hold few crypto after doing some research. Never really trade other than occasionally using built in ShapeShift on my wallets.
Your lessons gave me confidence to start trading safely. Cannot wait to open exchanges accounts and start trading and see how it'll be for me.
I'll try to influence and teach my friends and family once I've learned the rope well enough.
You don't know how lucky you are to not have gone down the TA rabbit hole. You will probably find your way into profitability well before most people do.
Luc, what do you think of the anecdotal idea that the more people know about a thing, the less likely it is to be successful?
I.e., if every crypto trader were looking for bases, would there be any bases? Would there be bases, but we'd all cannibalize each other fighting for the better fills on entry/exit?
Just too much money involved for it to make a difference?
The counter argument is that the more people learn a strategy to do "a thing", the more likely that they will implement that strategy incorrectly. I use texas holdem as my example, in the poker community people are constantly complaining about the high level education services that players can opt into. But the reality is these services actually pump up the poker economy and churn out players who misapply the concepts. Trading is exactly the same, its good for the economy to educate new traders to help keep them in action - but the majority of these newly educated traders will misapply the concepts regardless.
TLDR: Nothing to worry about, information wants to be free!
Hi Luc,
Im new to all this but have been checking your blog and videos for the past 2 weeks or so. I currently have some ETH sitting around waiting to be converted into other coins when they crack their base. My problem is though, Im kind of anxious to make that first trade. I joined the slack group so I hope to be seeing good trades there. But do you yourself also post when you are going through a big position trade? I've been drawing bases but haven't seen much crack the past week. I must miss something. So is it just me or aren't there many things going on atm?
Thanks for the great content.
Tobias
A lot of coins were tradable this week, I was in six new positions all of which netted me 10% or greater. Read every chart, set the alerts, and then be patient. Luc's method isn't a silver bullet or a get rich quick scheme, you still need to put in the work and do not rush the results.
yeah I get that, however I do not have the confidence to take positions in all kinds of coins
I did notice some good positions this week such as ethereal in its pullback, bitcoin cash when it cracked the 600$ base, and bitcoin when it cracked its base. BCC would have made me 25%. Eth would have made me 10-15%. and Bitcoin around 10%. Just didn't have the audacity to take a good position.
Big thank you as always to you Luc and this time to AllYouBase11, Tizzle and of course Niwa too. I look forward to trying the Base Scanner soon! Cheer Paul
The base scanner is down for maintenance, the developer found a bug he is fixing and also upgrading the algorithm. With that said, the scanner is just an extra tool - everyone should be setting alerts manually. That's how to become a great trader, the scanner is not a replacement for solid trading fundamentals. Good luck!
@quickfingersluc and everyone participating, I can't thank you enough for sharing all this information. I've already watched all the videos and will be going through them again, and again. I joined steemit to follow and participate as I learn more. Crossing my fingers that the slack chatroom opens back up.
Hi, Thanks so much for all the info luc. Just reading the comments are valuable. I'm very new to trading and didn't listen to luc's advice on trading small percentage trades, also i tried to do margin short positions without any knowledge of stop orders. so I recently lost a third of my money going short on DASH coin. I'm at a point where I want to quit trading because of this. But now I have learned my lesson and and will never make these mistakes again. only trade if you are really clued up with all these videos. only trade small amount. never get eager and rather stay safe.
I would also love to get an invite to the slack chat plz..
Invites will open up in the next few days. There was some security stuff, and there is a gateway up now that will allow you to request invites with an individual invite link for each user.
Hi I am in the same position. I won't be the biggest contributor to the group in the beginning. Butt i realise, the internet is full of knowledge and i hope , why not, I can reach that knwloedge to learn myself and to profit from all the advantages. I must say I find it already very complicated following all those twitter messages, every time it seems i am not on the right exchange... this will make it even more difficult to have birdseyeview...
so it would b e cool if you could invite me to the slack group.
.. i also learned, the twitter is full of scammers ans shillers and whales... very manipulated market so want to be forward...
Luc, I think I may have a scanner built that will suit the purposes. I populate my database every 5 minutes with the latest prices for the top 100 coins on market cap. I have millions of price changes recorded. So if I have this right, you would like an alert for any coins new price which is lower than the last lowest within a three day range. Correct? If the price meets the criterea send an alert. Correct? That can be done no problem although the alert would be SMS or email. There is an app to send the SMS messages for free. If this is what you require send me an email newcoinalerts@gmail.com and I will send you alink so you can test the system. Simple to use. I don't want to make the link public at the moment, but may do if you see merit in it.
Personally I just set alerts using Coinigy, because there are only a few coins that I really go big size on, so thats not alot of alerts to be setting. But in the slack chat room they have a Base Breaking scanner that they are working on.. I don't really use it, because what I'm doing right now is working fine for me. Honestly, between the stock market and the crypto market, I have plenty to trade in a day.
Just checking if there is any way to join this slack chatroom still? Have watched all your videos Luc, thanks so much for the effort to make and upload them. Could always use the extra help of another scanner though..
@tizzle@niwa I write software for a living and am interested in helping out with the scanner. Any way I can jump in and help with dev? I can prove my legitimacy. Thanks.
Stumbled upon Lucs youtube channel 2 weeks ago when researching trading coins. Watched and read as much as I could and found out all the action is over here on Steemit. Opened an account but the slack invite is closed. Guess I'm late to the party by a few months. Hopefully, I'll meet some cool people over here.
no worries.. Im sure the slack will have an invite again soon.. Just watch for it here on my blog, as soon as there is one, I will post it.. The slack as over 4,000 members, so they have to close the doors from time to time to try to keep up..
@quickfingersluc oh glee! My situ, unemployed, last couple hundred dollars in some bad trades. ;( Waiting for recovery to get into better ones. So frustrating. But at least I got nothing to lose cause I got nothing lol. Looking forward to the day I can rise from the ashes and be a better trader and be independent financially. Long way to go and hanging in there.
I recently found your account as, I too am getting more into day trading and looking to learn from those who are actually successful and not full of shit. lol - So i'm excited to start following your posts, as well as if you still have slack access, I would like to be more involved. - BTC was at like $8,100 yesterday and I'm kinda kicking myself that I didn't invest more at the time. Anyways, thanks for putting out quality work... Namaste! @quickfingersluc , @allyourbase11 , @tizzle
The link to the slack channel doesn't work, anyone else have one so I can join it?
https://join.slack.com/t/quickfingerstraders/shared_invite/MjI5Nzc5ODg2NjI2LTE1MDMzNzQzMjMtZDc5Y2E3YWJiNg
tizzle posted it recently :)
The link doesn't seem to be working anymore. @tizzle, i hope you can read my reply just below. Tx.
no luck on the link either...
The public invite link has been taken down temporarily while we work to improve security.
I would love to join the slack. Not a spammer, just a noob eager to learn and hopefully contribute to the community.
Same! Pwease let me in!
Is it going to be online anytime soon ;)? Can't wait to try the basebreaking scanner!
We are building a new and more seccure front entrace for new users, this will replace the public links which were formerly used. This should help us assure a safer experience for our community going forward. I don't know when we will be done, but it should be within 2 weeks or less I would guess.
as for the base scanner, just remember that this is a BETA tool that is a work in progress. It is designed to find incremental opportunities, it does not replace the manual labor that is required to read charts, take notes, and set alerts. There is no silver bullet, you must still learn how to trade correctly to use it to it's fullest.
Once we re-open the door's I promise that @quickfingersluc's followers will be the first people to know.
@tizzle I would love to get access to the slack channel and base breaking scanner. I am new to trading crypto coins, but learning fast! @quickfingersluc Your videos and teaching have been fantastic to help me get my head around everything. Thank you.
I am happy to give back to the community as we all learn more. :)
Yes, I've heard Slack does not work well as a public interface because they are a spammer magnet and you can't keep them out, also they can easily pass themselves off as an admin and get high success passing around phishing links etc.
Precisely why we closed the doors @duval - but we have been working on a solution that will solve most of these issues. With that said, Slack has really grown on me, its a great communication tool for communities once you learn how to work around the limitations.
Hi @tizzle, i'm a new follower of @quickfinersluc since last week and have watched almost every video he's posted since. I've lust dowloaded this one on the base breaking scanner and while going through the comments realized the link to the scanner has been disabled. Would you kindly assist with access to the slack channel and the scanner. Thanks
https://steemit.com/trading/@quickfingersluc/you-have-a-rare-opportunity-to-trade-with-us-our-chatroom-has-over-1-740-members <--- inside the comments. But read the entire post!
im new has the link been fixed or how do we get the scanner... thanks mate
I just tried it too...no luck
i created a new discord channel, help spread the word!... https://discord.gg/dzCXCr8
I will forgive this slight indiscretion, pending delivery of my lambo from using your techniques.
A++, would read again.
hey! do you have a new invitation link to the slack?
Hi @tizzle, i was part of the room but i noticed my account has been deactivated. Out of good intention and will I shared what i considered valuable info on encrypting files for security. If that was understood as spam, please take my apologise, wont' happen again. May I get the account activated again please? It really is a misunderstanding. Thanks in advance.
If that spam was really from you, thats a shame. It means you were the reason we had to shut down the public invite URL.
Due to this experience, we decided to stop letting new members into the Slack until we find a solution to stop spammers from joining our 1000+ strong community.
PS: For the record, your post was clearly spam. It concerned other community members who were vigilant about removing the links you posted for security reasons. I agreed with their assessment, and it made it worse knowing that it was your first post in the Slack. On the bright side you can be rest assured knowing that you are the only person to have been banned from the Slack group for any reason whatsoever, we are pretty lenient in the Slack but we take a very hard line against SPAM of any kind. Sorry.
@tizzle, I am an 8y experienced FX trader who is now making a transition into crypto... I am more than willing to help and contribute in the community. I am ashamed that such post caused issues. It wasn't my intention at all. Prove of that is my constant follow up to make up for any inconvenience caused. It has been my concern since day 1 to improve security around crypto trading (as dif beast vs FX), so when i found out about a way to encrypt dropbox files, first thing i thought was to share it to benefit the whole community. That's who I am, genuine in my intentions and desires to help and contribute. I chose the wrong channel to share such info i guess (making it look spam, which didn't cross my mind at the time). Naive mistake, which who knows if it can turn out to potentially help to make the slack room a better place. I just hope that you could re-consider an activation as I wish, even with more desire now, to demonstrate how valuable a member i am about to become. Again, accept my apologies for the honest mistake caused. Thanks.
When (if?) we re-open the gates there will be an application process. Let us know who you are at that time, we can re-evaluate. Right now our focus is on security, there will be no new members until we solve that process.
Noted @tizzle hoping you can re-consider.
Hi @tizzle, find this valuable website... tells u how fast the communities are growing in reddit and twitter... a must have http://www.cryptometrics.net/ website is fresh new ... a programmer in a slack i participate put it together.. feel free to share it. Look forward to receive invite for slack again.
Shortcut to add the optional scanner channels once you become a member of the quickfingerstraders.slack:
Type one of the following commands in the message box, then press enter.
/join #scanner_alerts_btc/join #scanner_alerts_eth/join #scanner_alerts_fiatUPDATE: The base scanner's developer @Niwa is working to fix some bugs that were found when moving the scanner into Slack. The scanner will be fully operational again shortly.
UPDATE: The @niwa Slack Base Scanner is back online! Please help us test the SCANNER, you can post a report in the Slack #General channel if you find anything wrong - plz tag @niwa and myself so we are aware. The scanner's algorithm is a a work in progress, your feedback can help us improve it's abilities over time!
@tizzle I tried to join the slack team but I got the following message:
"This invite link is no longer active.
Please check with the person who shared it with you to see if there's a new link available."
Is there a new link?
https://join.slack.com/t/quickfingerstraders/shared_invite/MjI5Nzc5ODg2NjI2LTE1MDMzNzQzMjMtZDc5Y2E3YWJiNg
NOTE: The public invite link has been taken down temporarily while we work to improve security.
Unable to find BTC and ETH scanners
Hey, the links for the slack chat are all down as you know. Is there any way I can get into the group? Let me know if there's a way I can PM you.
Not at this time. Soon we hope.
Hi Luc, I completely messed up the panic dive of the Alt-Coins. I got out on most of my coins break-even. So maybe not a complete loss but I didn't gain anything. It was because I didn't take BTC into consideration. I was just looking at the average panic and buying in big when it reached that point. Well my entries just didn't make any sense at all when BTC went to the moon.
So basically I'm entering the next level you talked about, but now I'm in a zone where I'm not confident in the average panic because it doesn't mean anything when there are bigger things going on in either the fundementals or from the sentiment analysis.
I'm trying to understand your process when a panic is happening. How do you figure out why the panic is happening and how do you use that information to determine your entries?
Sometimes you can't figure out why a panic is happening, but what you can see is how the people react to it by looking at the volume. Usually when you see something drop in price, a lot of volume come with it but sometimes you will see a drop that had little volume involved. This is not really a panic yet because it was most like 1 person that just sold their position. So if you see a price drop below the base, just look at the volume. If the volume is low, keep watching it as it might continue to keep dropping until it panics the holders. You will literally see people selling tons of bitcoin on the order history and this should tell you that this is indeed the panic.
Now how to know where to buy in a drop/panic. The price should keep dropping until it hits a lower support line and bounce back up. Best thing I like to do is put a buy order.
https://www.coinigy.com/s/i/599b17b66ac02/
for example if you see this chart, the yellow line represents your base, the violet line represents the last base and is the area you want to buy . Anything below that is just a gift . You really want to buy some there if you can. You can see in the light blue I circled the volume that shows a lot was sold. Without that volume I wouldn't participate because that is telling me there are no buyers at all since it was able to drop so low in price without much volume. Always pay attention to the volume because low volume usually leads to the price dropping even further until the the real panic happens.
Hello Luc,
In advance, sorry for my bad english, i'm French :)
Thank you for your videos, i'm a beginner in crypto trading and its help a lot.
I have invested 7.000 euros in my account during the last 3 months and today i'm at 9.000 euros (1000 euros are due to 10 ETH bought some months ago).
So after seeing your videos i tried position trading, but i don't have any strategy. I draw my base, i saw a panic mouvement i buy some, but how many should i buy ? 10% of my all money on the first fall and 10% the other one ect.. ?
I don't really know how much i should buy, and if there is another opportunity how can i manage it ? (% bouying and split, increase your buying during the falldown...)
Have you some advise and exemples on how you will position trading and manage it with 10.000$ for exemple ? Have you specifics rules ?
Thank you and have a good night.
Kevin.
Hi kevber, I'm not Luc but here are some of Luc's responses that you can take into consideration. These are comments on other questions on this blog:
"Only trade 10% of your account at any given time if your worried about getting struck by lightning. "
"Buy no more than 25% of your account in one position. That being said, if you learn to read charts, you will almost never have a bad trade, therefore on the rare occasion when it does turn the wrong way, you won’t mind taking the small loss and jumping into the next trade without hiccup. "
In one of his video's he explains that he trades with only 10% of his bankroll. Which he says is quite a small percentage for his size.
Luc also mentioned to start small if you're new to trading. Yes you have 10,000 euros but if you don't have any experience it's safer to start with less money and build up from there.
So for example. You have 10,000. Use €1000 and divide that in 3 coins. So €333 per coin. Don't buy one €333 position but layer in in your order. So for example an €30 nibble, €100 nice position and €203 final position (this is just an example you have to play with these numbers)
yes if you use €333 and you made all the right calls you can make around €80 per trade (25% trade). Which isn't a lot considering you probably won't make all the right calls in the beginning and because position trades don't happen everyday. It's all to get a hang of the method. Please don't throw €10,000 on a few trades just because you see Luc having success. Everything looks easy if an expert is doing it.
I think you explained it very well for a lot of people! upvote
Hi Freshprince, thank you for the answer and the advise, this help a lot.
I will try to apply this way.
Thanks for the awesome tool Luc and the programming team. Already using the tool and slack app.
By the way, how can you calculate a base in a bot? Isn't that graphical?
Thanks!
Hey man,
A graph is just a visual representation of numbers. So before a graph is visual it is hard data. Value / Time.
First of all, there are muuuuuuuultiple ways of doing this. Scanning every hour linearly (hour 1 then 2 then 3, etc) and saving the index where it drops, then adding to a list of possible bases. Using that method you'd have to see if the next bounce is higher, and if it could possibly be added to the previous one. Scanning sections of the data only, increasing/decreasing your time frame on each run. Which is the one I'll try and explain below.
This is a very high level explanation there will be lots of caveats as @quickfingersluc 's method gets more descriptions and community additions. The one thing I took away from @quickfingersluc is that a base is more solid when qualified by a "nice" bounce (Nice here being your definition, but usually determined by previous bases looking at 2 months data).
So the way I would calculate a base is checking what the average gain is over different time periods. You could do a basic check to see if there's a possibility of a base checking data at hour[1] against data at hour[24] if it has a decent gain you flag that as possible base, you then move the index one to the right checking [2] and [25], you keep doing this and finding possibilities of bases.
After this there are multiple ways you can qualify bases even further I'll list a few below with very very short descriptions.
At this point you want to check bases that occur in quick succession of each other and combine them using loosely defined rules and run the function over the combined ones again with bigger and smaller timeframes, this will make sure the bounces belong together or if they're separate. If you find a bounce you then use your rules above to qualify the base and so on.
You keep checking all the hourly data and refining your algorithm and at some point you'll get a nice base checker. But as I said there are numerous ways of finding the base (As spoken of by Luc). Since he doesn't have a complete solid way of defining a base we can't have one either. It's up to you how you want to interpret the data. Your software will have the same level of "understanding" of the concept as you have :)
I hope this helps, dm me on the slack channel @danemackier if you want some more info.
I've been looking for a reason to join slack, this just did it.
How Can I find this Scanner?
U need slack account and then https://get.slack.help/hc/en-us/articles/205239967-Browse-and-join-channels
Nevermind Found it! Thanks you are amazing
where did you find it champ?
Thank you for this information! Just joined the Slack group.
Thanks for all the free tools and advice you have offered countless times. It has helped a new trader like me have access to an edge in this market :).
Hey Luc. New to steemit and Trading. Just wanted to say thank you for all the information you provide.
I joined Steemit and started trading because of your videos :)
Thanks again
I spent the whole day going through your whole blogs. There's a lot of new things I learnt here.
I've never have any TA background but your way of explaining things make it easy to understand.
So far for the past 1year I've bought and hold few crypto after doing some research. Never really trade other than occasionally using built in ShapeShift on my wallets.
Your lessons gave me confidence to start trading safely. Cannot wait to open exchanges accounts and start trading and see how it'll be for me.
I'll try to influence and teach my friends and family once I've learned the rope well enough.
Great job @quickfingersluc :)
You don't know how lucky you are to not have gone down the TA rabbit hole. You will probably find your way into profitability well before most people do.
whats TA?
Technical Analysis
Technical Analysis
Luc, what do you think of the anecdotal idea that the more people know about a thing, the less likely it is to be successful?
I.e., if every crypto trader were looking for bases, would there be any bases? Would there be bases, but we'd all cannibalize each other fighting for the better fills on entry/exit?
Just too much money involved for it to make a difference?
Thoughts?
The counter argument is that the more people learn a strategy to do "a thing", the more likely that they will implement that strategy incorrectly. I use texas holdem as my example, in the poker community people are constantly complaining about the high level education services that players can opt into. But the reality is these services actually pump up the poker economy and churn out players who misapply the concepts. Trading is exactly the same, its good for the economy to educate new traders to help keep them in action - but the majority of these newly educated traders will misapply the concepts regardless.
TLDR: Nothing to worry about, information wants to be free!
Hi Luc,
Im new to all this but have been checking your blog and videos for the past 2 weeks or so. I currently have some ETH sitting around waiting to be converted into other coins when they crack their base. My problem is though, Im kind of anxious to make that first trade. I joined the slack group so I hope to be seeing good trades there. But do you yourself also post when you are going through a big position trade? I've been drawing bases but haven't seen much crack the past week. I must miss something. So is it just me or aren't there many things going on atm?
Thanks for the great content.
Tobias
A lot of coins were tradable this week, I was in six new positions all of which netted me 10% or greater. Read every chart, set the alerts, and then be patient. Luc's method isn't a silver bullet or a get rich quick scheme, you still need to put in the work and do not rush the results.
yeah I get that, however I do not have the confidence to take positions in all kinds of coins
I did notice some good positions this week such as ethereal in its pullback, bitcoin cash when it cracked the 600$ base, and bitcoin when it cracked its base. BCC would have made me 25%. Eth would have made me 10-15%. and Bitcoin around 10%. Just didn't have the audacity to take a good position.
If you don't mind would you please share with me which positions you took??
I'm sorry, that information is too personal.
Big thank you as always to you Luc and this time to AllYouBase11, Tizzle and of course Niwa too. I look forward to trying the Base Scanner soon! Cheer Paul
The base scanner is down for maintenance, the developer found a bug he is fixing and also upgrading the algorithm. With that said, the scanner is just an extra tool - everyone should be setting alerts manually. That's how to become a great trader, the scanner is not a replacement for solid trading fundamentals. Good luck!
https://www.coinigy.com/s/i/599a563702e14/
Is there a base forming on OMG/BTC? If so which one of these 3, if any? I'm a bit confused.
Hi Luc, I drew my bases and safe zones for $bts. What do you think about this chart? Is it good? : https://www.coinigy.com/s/i/599a921ae03b4/
I've tried all the slack invite links they are not working. anyone have a new one?
Hi, the slack invite links posted by tizzle and angelomuru comes back "This link is no longer active." Is there a new invite link?
Have invites been restored to the slack team yet?
great tool, unfortunately the slack invite no longer works. would appreciate an invite to the slack channel
@quickfingersluc and everyone participating, I can't thank you enough for sharing all this information. I've already watched all the videos and will be going through them again, and again. I joined steemit to follow and participate as I learn more. Crossing my fingers that the slack chatroom opens back up.
Hi, Thanks so much for all the info luc. Just reading the comments are valuable. I'm very new to trading and didn't listen to luc's advice on trading small percentage trades, also i tried to do margin short positions without any knowledge of stop orders. so I recently lost a third of my money going short on DASH coin. I'm at a point where I want to quit trading because of this. But now I have learned my lesson and and will never make these mistakes again. only trade if you are really clued up with all these videos. only trade small amount. never get eager and rather stay safe.
I would also love to get an invite to the slack chat plz..
Invites will open up in the next few days. There was some security stuff, and there is a gateway up now that will allow you to request invites with an individual invite link for each user.
hi, thanks for this info, how will we know when it opens? Can you tell me more about this gateway. thanks in advance.
Hi I am in the same position. I won't be the biggest contributor to the group in the beginning. Butt i realise, the internet is full of knowledge and i hope , why not, I can reach that knwloedge to learn myself and to profit from all the advantages. I must say I find it already very complicated following all those twitter messages, every time it seems i am not on the right exchange... this will make it even more difficult to have birdseyeview...
so it would b e cool if you could invite me to the slack group.
.. i also learned, the twitter is full of scammers ans shillers and whales... very manipulated market so want to be forward...
Luc, I think I may have a scanner built that will suit the purposes. I populate my database every 5 minutes with the latest prices for the top 100 coins on market cap. I have millions of price changes recorded. So if I have this right, you would like an alert for any coins new price which is lower than the last lowest within a three day range. Correct? If the price meets the criterea send an alert. Correct? That can be done no problem although the alert would be SMS or email. There is an app to send the SMS messages for free. If this is what you require send me an email newcoinalerts@gmail.com and I will send you alink so you can test the system. Simple to use. I don't want to make the link public at the moment, but may do if you see merit in it.
Also thanks for the great videos.
Personally I just set alerts using Coinigy, because there are only a few coins that I really go big size on, so thats not alot of alerts to be setting. But in the slack chat room they have a Base Breaking scanner that they are working on.. I don't really use it, because what I'm doing right now is working fine for me. Honestly, between the stock market and the crypto market, I have plenty to trade in a day.
Just checking if there is any way to join this slack chatroom still? Have watched all your videos Luc, thanks so much for the effort to make and upload them. Could always use the extra help of another scanner though..
I didnt create the slack chat, so I can't help you.. @tizzle will likely open the room up for new members again soon
@tizzle @niwa I write software for a living and am interested in helping out with the scanner. Any way I can jump in and help with dev? I can prove my legitimacy. Thanks.
The slack invitation is broken now. Could you please repost the link.
Seconded. What's going on with the chatroom, Luc? Can people still join? Would really appreciate an answer!
It seems that they are a closed group now ... no one gets in ...
i can seem to get in are the links deactivated...
Stumbled upon Lucs youtube channel 2 weeks ago when researching trading coins. Watched and read as much as I could and found out all the action is over here on Steemit. Opened an account but the slack invite is closed. Guess I'm late to the party by a few months. Hopefully, I'll meet some cool people over here.
no worries.. Im sure the slack will have an invite again soon.. Just watch for it here on my blog, as soon as there is one, I will post it.. The slack as over 4,000 members, so they have to close the doors from time to time to try to keep up..
@quickfingersluc oh glee! My situ, unemployed, last couple hundred dollars in some bad trades. ;( Waiting for recovery to get into better ones. So frustrating. But at least I got nothing to lose cause I got nothing lol. Looking forward to the day I can rise from the ashes and be a better trader and be independent financially. Long way to go and hanging in there.
I recently found your account as, I too am getting more into day trading and looking to learn from those who are actually successful and not full of shit. lol - So i'm excited to start following your posts, as well as if you still have slack access, I would like to be more involved. - BTC was at like $8,100 yesterday and I'm kinda kicking myself that I didn't invest more at the time. Anyways, thanks for putting out quality work... Namaste!
@quickfingersluc , @allyourbase11 , @tizzle