18 SepTotal return: 180%
Coins: LTCD, LXC
(1BTC Giveaway Sunday 09/21, see
@Pumper_Ryan for details)
LTCDJust a textbook play here really. I have been tracking LTCD, looking at things such as volume, market cap etc. This coin does have some demand... and it may be a stretch, but it is probably the most in-demand altcoin in the market right now – just based on the variables that I've been paying attention to and its performance over several days.
Now being the tactician that the Crypto markets have turned me into, I keep a series of price alerts on every coin that is of interest to me. I set some conventional alerts at support and resistance levels to keep me in tune with what direction the market is going... and, more importantly, I sprinkle some alerts at lower price points – just to alert me if people start to dump put en-masse.
All of these lower-level alerts began sounding off.
Now in situations like this... The fundamentals just do not matter.. At all.
I didn't care what caused these people to leave the market in a stampede... That didn't matter to me. I had been analysing this coin for days on end. I know that, statistically, it is in brilliant shape. The market had momentum, there was high volume trading action taking place prior to the dump which indicated to me that the correction that was to occur would be a very profitable one. So I took advantage.
I waited to see some buying action take place.. I wanted to see some green Buys stagger into the trade history. I wanted to see that the dumping spree had come to an end before I got back in – that way I could benefit from entering at the most favorable price thus enjoying the correction in its entirety.
Once i saw that the plunge was stalling out and some buys were trickling in, I knew that I could get in without getting stopped out... as the market had already began to creep upwards.
Tip:
One thing I did wrong when I first started trading Altcoins was every time I made money, I would pull out and cash in my BTC. So instead of increasing my size over time, I stayed a 2 - 4 BTC trader. I never really tried pushing myself. The evolution of a trader is when you start letting your money work for you and increasing your size.LXCLXC had been a target of mine for the simple fact that everything about its order book suggests that it is ‘moveable’.
Today, I started to notice a lot of volume pouring into LXC – at market prices. People were scooping up sell orders in such a way that suggested that there was some form of ‘co-operation’ behind this move.
Having spotted this momentum building up, I followed suit and also bought in at market price... leaving the rest to market momentum. 50% gain
Tip:
I don't trade unless I have done all the work and really have a view. If I enter a trade, and the minute I put it on, I feel uncomfortable, I will just turn around and get right out. Also, I look at each of my live positions everyday and ask myself the question, "would I enter this trade today at this price?" If the answer is no, then the trade is gone. Most of the trades that I do stop myself out of, I stop out because of time rather than because of a loss. If I really love the trade and get strongly positioned and then, a day later, it still hasn't moved, alarm bells start ringing in my head. I think to myself, "that is a really great idea you have, but the market isn't playing ball". Note: Pay attention to the price of BTC. May be a great time to pick up a lot of cheap coin.
Twtter: @Pumper_Ryan follow for daily picks, and updates.