14 - 15 SepTotal return: 204%
Coins: SHADE, SSD
(1BTC Giveaway Sunday 09/21, see
@Pumper_Ryan for details)
SHADEI’ve been in and out of SHADE since they released their road-map. People then dumped out on Sunday. Which is the norm after a release. In Crypto what you have to realise, especially when it comes to coins with good fundamentals, more often than not, when someone is selling - someone else is buying. In this instance I was the buyer.
I placed a string of conditional buys, with price alerts, in order to catch a favorable entry. My entry into this trade was more “hands-on” than my usual plays.
If I buy into a coin... It’s because I can say, with certainty, that it’s going to move. With SHADE in particular, all the conditions were present... weak sell resistance, good buy support and a steady stream of volume.
Typical momentum play here.
I would have been content to let this trade sit for a while, but I’m not the type to sacrifice profit for the hope of higher prices.
I set my conditional sells, based on the price action, as soon as I was brought into the market. This forces discipline and adds an element of automation to my trading.. if prices dip – then I get stopped out with an insignificant 2% loss (doesn’t mean I won’t buy back in if conditions are favorable).. if prices rise, then my conditional sells are triggered and I exit with profit. In this case the latter occurred.. I was brought out of the market, hand’s free, with a 51% increase.
Tip:
Holding = The anticipation of a particular set of circumstances that currently do not exist. I have noticed that there are Traders in Crypto who find it difficult to sell a losing position. A greater cause for concern is that the consensus among most Crypto Traders is to – “Never sell at a loss”. This is the most dangerous thing when it comes to trading the market. It is the quickest and most sure-fire way to go broke. Some people say “I can’t sell this coin because I’d be taking a loss”. Well, if the coin is below the price you paid for it selling doesn't give you the loss, you already have it. You must get out of your losses immediately. It’s not a matter of how much you can afford to risk on a given trade, but you also have to consider how many potential future winners you might miss because of the effect of the larger loss. I always use a Stop order on each of my trades – this way I can only ever lose a mere 2% on a trade that goes against me.SSDRazor thin sell orders on Sunday is what brought me into SSD. String of upcoming announcements in the pipeline, thus - no brainer. Plus, Volume was trickling in confirming my stance.
Placed some low ball bids in an effort to catch some lower prices as people began to dump out.
My price alerts sounded off and, as I had originally assumed, traders were exiting the market.
What stopped me from removing my buy orders was each time the price dipped – people were buying in at the new market price.. I watched this occur for a good few minutes – Accumulation. So I kept my buys on.. Thin sell orders + accumulation = rally.
The dumping continued and my position became active.
If you have been following my posts over these past few weeks, then you know how fond I am of conditional buy/sell orders (Conditional orders keep your bids / sells off the books until a specific condition is triggered). I placed my orders according to what I could see in the order book and left it at that.
Hours later, SSD rallies (or is “pumped”) triggering my orders and pulling me out of the market with a 50% gain. Now.. what makes this an interesting one is that sell orders built up for a small period and then levelled off becoming thinner and thinner.
When placing an order i look to see a few things; first, momentum... any recent trades? If so, then how many? Are people hitting sell orders or dumping out for less than the market is worth?... Then I look at the Volume.. How much money is flowing into or out of this market? and Finally, I asses the orderbook – is my path to profit clear, or is my path to profit congested with thick sell walls?. If I can answer all of these questions positively, then there is no reason to leave the market – regardless of what manipulation may be taking place, a tight stop loss will prevent me from losing any more than 2%.
When everything was said and done, I exited with a decent 103% gain. Add that to my earlier trade, and that’s 153%.
Tip:
Wait for high-conviction trades. I am perfectly content to sit on the sidelines and do absolutely nothing until there is a trade opportunity that meets my guidelines. Having the patience to wait for only the most logical plays greatly enhances the return/risk of individual trades and once you begin to average up, these returns will compound into exponential gains. Personally, I watch the market action using fundamentals as a backdrop. I don’t use fundamentals in the conventional sense i.e I don’t think “supply is too large and the market is going down” rather, I watch how the market responds to fundamental information. The market needs to be handling news the way I think it should. Bullish markets ignore any bad news, and any good news is a reason for a further rally.Note: I’ve noticed much more volume coming into the Alt markets this month.. I think there is going to be a lot of opportunity during these coming weeks.
Twtter: @Pumper_Ryan follow for daily picks, and updates.