The guys who are trading 5min charts are daytrading, not position trading.. I often daytrade also with very small sizes, because its is less predictable.. but it can keep you occupied while you wait for those big trades.. Then I go in size on the bigger position trades, because that is where the real money is.. The traders with real size (whales) are trading mainly the 1hour and 4hour charts.. Like you they dont sit infront of the computer all day.. But they do have areas that they plan to buy in, and that is why you will see prices panic drop to an area and receive support then bounce.. There is much more money to be made taking the big trades, but is slow and dull for the average trader.. I like action, therefore I daytrade to kill time.. and position trade to make the big bucks.
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Thanks for the reply! I am definitely in the "small bucks" but I actually work at home (most of the time) and could day trade very easily. Its just a little scary. Do I treat the 5 minute charts like the 1 hour charts if I attempt this? I am just trying to build an account but it could take awhile waiting for the big trades. If I could slowly accumulate then I can go bigger on the position trades (like you said). I have alerts set on the major coins that aren't ICOs (which is what I missed out on last week). This is exciting and I really like the action as well. By the way the Slack channel is awesome because I have a spot to test my knowledge! Really enjoying this.
I believe we all will be away from the computer and come back to see where we could have made more money haha.
That said learning about crypto convinced me to go all, as in some of his videos, yes just watch the hour, then down to 10 and 5 mins charts and play bases, just remember to only take profit.
I was just day trading around and got some great low trades when that news hit about china, I did not know about it yet so I was waiting for profit and then even bought in lower and lower before i realized it was crashing. At that time I was about 80% in but the market kept going down and i did not get bottom. So im waiting for those profits to come in coming days/weeks on the alt coins im invested in, not for minute did I worry, or freak or need to sell, I knew there was some news and just stopped day tading till I got better idea of what was happening over all.
Being new like you, luc has been a godsend for us newbs to get a solid strategy and back it up with such positive motivational words.
I also just got on the slack today and will be getting more active day by day!
Thanks again for a great post and ill be up-voting more often!
https://steemit.com/trading/@quickfingersluc/daytrading-keeps-me-sane-while-i-wait-for-those-big-trades