If you struggle to find good entry points, or find it difficult to take advantage of corrections etc.. Just buy when the market is trending upwards, and sell whilst prices are still moving upwards. That way you don’t have to worry about being right or wrong because all you’re doing is responding to price movement as it occurs. As soon as you buy in, set up your sell orders immediately.. This will literally force you into becoming a profitable trader.
If you by while prices are moving up how do you gauge and pick the best exit point?
what if people begin to take profit and the price falls instead of continuing up?
I like your stuff by the way! very insightful. p.s you probably shouldn't keep so much coin on an exchange I'd feel very uncomfortable if I were you.
Personally, I feel that Market cap, and Trading Volume are the two most important indicators when trading the crypto market.. These are the only two indicators I use when trading, which is why a large portion of my trades are spot on and quite accurate.
I look at Trading Volume as an indicator of interest.
A sudden increase in Trading Volume, which you can find on coinmarketcap.com, is invariably followed by a rally. The profitability and duration of this rally can be determined by the $ amount that the Trading Volume is increasing by. If the volume is at five figure level, say $10,000, and is increasing by $1000+ every 5 - 10 minutes then that particular coin will have a much more rewarding move upwards than if the volume was only going up $100 / $50 every 10 minutes.
Market Cap is also very important as it reveals a number of crucial factors.
First, if you track the market cap in relation to the current asking price – you can quite easily determine where the high or low of the market is – allowing you to plan ahead when placing your trades. Second, the Market Cap always reveals when a coin is oversold when it suddenly surges above normal levels during a rally – at which point you would probably want to be liquidating your position.
I've coded a bot that relays these signals to me so that I don't have to do this manually.. but you don't need a fancy bot at all really.. I started out copying and pasting into a simple Excel spreadsheet.. If you do this long enough, you'll be able to anticipate moves just by assessing the order book and volume levels on the actual exchange.