Altcoin Discussion
- Thread starter GodStang
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I'm doing this with my personal capital, not credit cards. I dont own credit cards.
I own one (Citi Double Cash). It really is fantastic in my use case since I put EVERY purchase I make on it and get 2% cash back while paying it off in full every month.
I use gdax and bittrex, I started by trading using only what I can afford to lose, so my current strategy is more aggressive. My current main goal is to increase my overall BTC holdings while also paying myself for my time. I am trading under the assumption that crypto is a bubble that will burst, but with the hope that some of the long term prospectors like McAffee are right.So I wanna make as much money as I can for now, while setting myself up nicely for the future if crypto ends up being the juggernaut some are predicting.
The main base of my strategy the ebb and flow of BTC value. When it’s trading sideways I move just about all my investment to alts and watch super closely to make sure I catch waves. Watching is literally a full time job, but it's a pretty exciting one. I don’t hold long when I’m in this mode. I would rather sell too early than hold too long and lose money. When BTC climbs fast (not the typical 10% daily swings), I move almost all of it out of alt coins back into BTC. Knowing that most alts will bleed while BTC is high means I would need to be an extremely sharp trader to find the right opportunities, and I’m just not at that level yet. During stretches when I know I won’t be able to watch as closely (like if I leave town or have another project pulling me away) I move to more “safe” coins, mostly BTC, XLM, LTC etc. The coins I would like to hold long term. I also play both sides of the fence with BTC. Not only am I balls deep in alts when it trades sideways and heavy on BTC when it moons, but I also move from BTC to USD when BTC is high. Buying more BTC when it’s low. You can literally never trade alts and if you watch closely, trade in and out of BTC on 10% swings and still continuously increase your BTC holdings. Some forget and only keep their money in crypto. A few rules I learned here that I stick to:
When I buy an alt which increases 100% in value, I take half my coins and leave half to ride (unless I see tell take signs it’s gong to dip, I will move more out in that case)
You don’t go broke taking money: I don’t beat myself up if I don’t catch a peak perfectly. I focus on my next opportunity.
I don't chase candles, I chase flags. Of all signals I have had the best success with., it's what is called a Bull Flag ,or a Bull Pennant in the charts. I am no charting pro, but I did research charting, and I can say this much: If something has a good amount of trade volume and has formed a flag shape on the charts, there's a REALLY good chance it's going to take a healthy upward swing.
Use multiple signals: But I do not just buy something cuz I hear about it. I chart immediately based on that tip and if I confirm an opportunity then I buy.
I ONLY make moves if I have a high confidence that my trade will work. I DO NOT buy something if I can't understand why I should other than "everybody else is doing it right now" or "some smart guy told me to buy X" or whatever.
I DO NOT get emotional attachment to any coin.
I am wary of people trying to pump their own portfolios. Unless they have enough panache to be able to pump something. In that case I use that as a strong signal.
When people use language I do not understand, I use the GOOGLE and the YOUTUBES to learn about it. This of all things has been the biggest source of learning for me, by far.
If I have a high confidence something will decrease in value in the short term, I do not hold. I move the money elsewhere and buy back my position at a cheaper rate, usually soon thereafter. This is not the same as dumping a position because you missed a signal that showed it should decrease in value. That's usually a disaster. Swings are normal. If I missed it I missed it. Chances are pretty good the coin will increase in value again if it's just a typical swing.
That being said, if I make a bad call, I cut my losses and move on. I take that money and put it somewhere I have high confidence in. No need letting money sit sideways or slowly bleed if I know it can be best used elsewhere. When I don't know what to do, I hold. Reactionary trades have never worked well for me. During this time, I look for more opportunities, research charting, read up on coins, drink coffee, take a shit, pet my dogs, whatever. Sometimes I gotta walk away cuz I was so deep in the shit that my decision making is less clear. Usually a quick break will get my brain back on track.
I keep a spreadsheet of my current holdings and their value relative to BTC. I constantly refresh my wallets page on Bittrex with that spreadsheet visually lined up to the same column so I can see if something slows or dips.This is often my first indicator if I want to move some out of a position and into an other. After I see something here, I check the coin's Bittrex page to chart in various time increments (5 minutes seems to work well for me if I am in hyper speed mode). If there is a more high confidence position for my money to grow, I move stuff out of positions, even performing ones, to get the highest probability wins.
The larger the time period you chart for, the bigger the swing you can predict. The smaller the chart period, the sooner something will move.
That’s what I’ve learned so far. I’m sure as I grow as an investor / trader it will change but for now it’s been really effective.
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lol Ripple came EXACTLY where I wanted to buy, but missed it because I didn't have my ETH to buy it. Lame lol
I guess the real question is how much would you charge to manage mine? haha
Definitely need to go over this more later. Thanks for the post.
it just gets to a tipping point where it cuts into work time
Bummed I missed getting in bittrex but binance seems pretty good.
I do what you described above with stocks and just getting into the coins. Gonna have to learn more about charting. I’ve always just watched and volume and pricing and play the swing until it settles down. The swings here are crazy though. Def gonna have to set up limit buys/sells.
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Yeah I have a full time job running a dyno for one of the big 3.. I do my homework after work.
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My man
Which increment chart do you look at for the flags? 15min or more/less
It depends, I usually never look at anything smaller then 30min and then try to confirm with 4hr, but volume is also important. Btc is always 4hr chart for me and then alt coins can be less depending on the coin or what I am trying to do.
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What makes you take a look at a coin?
Great post! Thanks for the insight. My problem is I get too attached and hold too long. Do you ever get into IOCs and as said what makes you take a look at a coin in the first place.
Good post. I learned a lot about the strategy in what you wrote.
What does everyone think about XRP or TRX hitting another big upswing? I feel like it should be coming soon.
I agree, I'll have to visit his post again and look more into charting to understand it all a little better.
I think XRP or TRX could take off. Apparently there is supposed to be some big news coming out for TRX this week. I also hope one of the two gets added to coinbase in the next couple weeks. Big gains if one does.
My strategy is more to hold and have diverse holdings with the idea that the whole market will trend upward in general. My hope is that I'll have something that ends up taking off later. With crypto it seems you really can't lose as long as you avoid making too many bad mistakes. I want to avoid day trading as its much easier to make mistakes.
I think XRP got too far ahead of itself and will stay near $2 for awhile unless something major happens which i doubt anytime soon. TRX ill play in the short term for the quick pumps but overall I think its a POS and will never be long.
Im holding my TRX until I see what these announcement is all about. May keep it or sell once it hits a new ATH.
I traded my XRP this morning, thats in Gatehub, that was bought under $1 to ETH. Bought back into XRP a couple hours later and gained 150 ish coins. First time day trading like that and probably my last.
Here's to hoping that XRP hits $3 again.
I traded my XRP this morning, thats in Gatehub, that was bought under $1 to ETH. Bought back into XRP a couple hours later and gained 150 ish coins. First time day trading like that and probably my last.
Here's to hoping that XRP hits $3 again.
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