Im a big altcoin trader would you ever consider investing in me?
Would you consider investing in yourself?
Latest answers from Alvin Lee
Looking to find a mentor in my early days learning about day-trading crypto. How do I go about finding one and should they understand crypto as well as having general trading skills?
Your mentor for Crypto Trading doesn't necessarily need to have knowledge of crypto markets, because if he's good, his trading techniques & philosophy should be usable across all kinds of markets.
Of course, a crypto-friendly mentor will be able to give better, more specific guidance.
Feel free to tweet me if you need any help!
Of course, a crypto-friendly mentor will be able to give better, more specific guidance.
Feel free to tweet me if you need any help!
Your awesome :) currently long on btc, hard to tell if this is he bottom? what do you think?
We all are :) BTC currently has a strong support at the $530/550 level (Bitstamp price). We're still downtrending from this last shockwave but no clear structure formation yet; wait for signs of a bearish continuation (break down to form new low) or a reversal (higher high, higher low). https://www.tradingview.com/v/rRVbKgyr
Some tips for trading ? ;-)
1) Have a plan (and especially an exit strategy).
2) Don't be emotionally attached to any particular coin.
3) Everyone has something to teach you.
2) Don't be emotionally attached to any particular coin.
3) Everyone has something to teach you.
Do you find your trading strategies are similar/ somewhat alike / or completely differentiate from when trading ALT and when trading BTC?
The basics are the same. But we need to understand that altcoin markets are way more volatile, and ultimately, that all coins are driven by different market forces and each have their own special dynamics. Treat them like markets, not like coins.
In a sense I have been profitting for 3 months. Bought btc past summer cashed out for personal reasons in dec. Invested my remains in doge and brought made 10x. So profit starting back in aug.
nice. but 2-5 profitable trades doesn't necessarily make you a good trader. consistency is key.
Yes as an experiment I startes with .5 btc less than a week back. Im now at almost 2 using only the 5
Tell me again when you profit consistently for at 3 months.
Following on the approach to obtaining the coin; are there common market trends that can be identified to identify the best price to "buy your coin"? Like a huge huge walls that dictate market momentum..
I don't like to use wall-movements & weight as a causal factor in deciding an entry/exit because they're easily manipulated. On the other hand, I do like to use the walls as a measure of the support/resistances, and also coupled with chart price-action (i.e. candlesticks).
Previous highs and lows are also important because they give a good sense of the new boundaries of trading. e.g. if a coin bubbles up and peaks, you can be sure that it will retrace to around the previous high (But this doesn't mean it cannot go up and break up for a higher peak, and more than once, it always depends). The key idea is retracements; read up on elliott wave theory for a better idea. Use fibonacci's 38%-50%-62% levels as a guide for judging retracement targets. What goes up must come down!
Then the next most important thing will be volume. With big volume comes big break outs. You want to pick coins when you see volume picking up, and an obvious example is when you look at bitcoinwisdom.com charts you'll see that big price movements always coincide with large volumes.
I am looking around to add some indicators to my trading setup, to couple with my above criteria. Maybe something to suggest oversold/overbought levels, or even elliott wave indicator. Suggestions anyone?
Last Tip: Keep Calm & Don't Panic!
Previous highs and lows are also important because they give a good sense of the new boundaries of trading. e.g. if a coin bubbles up and peaks, you can be sure that it will retrace to around the previous high (But this doesn't mean it cannot go up and break up for a higher peak, and more than once, it always depends). The key idea is retracements; read up on elliott wave theory for a better idea. Use fibonacci's 38%-50%-62% levels as a guide for judging retracement targets. What goes up must come down!
Then the next most important thing will be volume. With big volume comes big break outs. You want to pick coins when you see volume picking up, and an obvious example is when you look at bitcoinwisdom.com charts you'll see that big price movements always coincide with large volumes.
I am looking around to add some indicators to my trading setup, to couple with my above criteria. Maybe something to suggest oversold/overbought levels, or even elliott wave indicator. Suggestions anyone?
Last Tip: Keep Calm & Don't Panic!
How much btc do u have now
Not Enough. First I need to get back to square one, then my first target is 500, and then 2100. 2100 because that will put you in the top 500 list of Bitcoin richest, so there's a new target for you beginning today! =)
Could you give a breakdown on how Margin Trading works, things to watch for, and what makes you successful at it?
Read more about Margin & Margin Trading:
http://en.wikipedia.org/wiki/Margin_(finance)
http://www.investopedia.com/university/margin/
http://www.investopedia.com/university/margin/margin1.asp
For Bitfinex, when you margin trade, it basically means that you're borrowing some funds to make your trades. If you short sell BTC, you have to borrow BTC from someone; if you're going long, then you're borrowing USD. This all happens on the backend and is integrated into the trading system. All you have to do is deposit your BTC into Bitfinex trading wallet, and you can start margin trading; you don't need USD to short sell or long buy. All you need to use is the "Limit" order under Margin Trading; place a Buy for Long position, and Sell for Short position. Opposite trades will cancel out each other. For more, read my blog about Bitfinex Trading.
Things to look out for:
1) Leverage. 1:1 or 2.5:1. More you borrow, more risk you put yourself at. Watch out for margin calls; you can see on the side it said "margin requirement 10%". If you place a Long for 100% ur funds from $600, with 1:1 margin your account goes bust if price goes below $60. If your margin is 2.5:1, your account busts when price goes below ~$150.
2) Don't overtrade. Trading is 99% watching, 1% trading. Find a good trade setup to enter. Plan your exit strategy EVEN BEFORE entering your position.
3) Don't stop learning. One of my favorite quotes is: "Live like you'll die tomorrow, learn like you'll live forever." You'll need to learn Technical Analysis, among many other things, if you want to be a profitable trader. Be an active learner, because lazy = poor trader.
I wouldn't say I'm successful at it yet. I got greedy last month, made a few big mistakes, and lost more than half my trading profits in 1/4 the time I took to make it. We just have to keep improving.
http://en.wikipedia.org/wiki/Margin_(finance)
http://www.investopedia.com/university/margin/
http://www.investopedia.com/university/margin/margin1.asp
For Bitfinex, when you margin trade, it basically means that you're borrowing some funds to make your trades. If you short sell BTC, you have to borrow BTC from someone; if you're going long, then you're borrowing USD. This all happens on the backend and is integrated into the trading system. All you have to do is deposit your BTC into Bitfinex trading wallet, and you can start margin trading; you don't need USD to short sell or long buy. All you need to use is the "Limit" order under Margin Trading; place a Buy for Long position, and Sell for Short position. Opposite trades will cancel out each other. For more, read my blog about Bitfinex Trading.
Things to look out for:
1) Leverage. 1:1 or 2.5:1. More you borrow, more risk you put yourself at. Watch out for margin calls; you can see on the side it said "margin requirement 10%". If you place a Long for 100% ur funds from $600, with 1:1 margin your account goes bust if price goes below $60. If your margin is 2.5:1, your account busts when price goes below ~$150.
2) Don't overtrade. Trading is 99% watching, 1% trading. Find a good trade setup to enter. Plan your exit strategy EVEN BEFORE entering your position.
3) Don't stop learning. One of my favorite quotes is: "Live like you'll die tomorrow, learn like you'll live forever." You'll need to learn Technical Analysis, among many other things, if you want to be a profitable trader. Be an active learner, because lazy = poor trader.
I wouldn't say I'm successful at it yet. I got greedy last month, made a few big mistakes, and lost more than half my trading profits in 1/4 the time I took to make it. We just have to keep improving.
How many time do you spend on crypto per day ?
About 72h a day I reckon