Thank you franky1 for the tip i usually trade on crypto currency im practicing daily trading but keep failing. i was actually amaze by how you explain it thoroughly i was so impress upon reading and starting to realize that it is effective. what im usually doing is i put it on one order line and of course upon reading your tips and strategy i realize that i was wrong on. thanks franky i will continue following some of you tips if you still have one.
just swap the $ example for a altcoin and the same applies.. i really emphasize my suggestion that you keep the profits as bitcoin and not to hoard the alts.
EG
buy alt 0.1btc=1000alt
sell alt 1000alt=0.101btc
buy alt 0.1btc=1000alt (keep 0.001btc)
usually when an order hits put it straight as the 1-2% profitable order, that way you dont have to memorize or get confused what price it filled at because your handling it as it happened.
that way its easier to know the profits because you have put it there straight away, rather than not actively placing it to later not remember where it originally sold. also keeping a log of the orders or checking the trade history to ensure you are only putting orders in at profit, if your not always at the exchange all day
my numbers are not exact because trade fee's can vary. but just try to aim for 1% profit after fee's and calculations and dont waste time trying for 10% profits,you could stretch it to 2-5% if the daily spread volatility moves multiple times within say 6% variation .. but if the daily trades only move 3% then stick to a 1-2%, i would definetly suggest staying below the daily volitilty spread to give you many oppertunities .. DONT LET GREED OR DREAM PREDICTIONS control your choice, instead stay calm and rational taking little profits often instead of large profits waiting obscene lengths of time.
keep thinking to yourself 1% a day is 365%+(compounded) which is much better then 10-20% lump sum per year, on one order and greedily high gaps
keep thinking to yourself 1% a week is 50%+(compounded) which is much better then 10-20% lump sum per year, on one order and greedily high gaps
again even if you see volatility of 5%-10% a day stick to LOW profits and take it often, it soon adds up
lastly..
lets say you had 1btc. split it into 10x0.1 and got it into alt and then back to bitcoin.. (one rinse cycle)
dont automatically just throw it back to the same alt..
look at the chances that the alt is going to stay alive. before rinsing it through the same alt. instead look to see what other alts are suddenly becoming lively.
dont think that rinsing and repeating the same alt every week is safe. dont be afraid to move your btc to a different alt if trading becomes stagnant on one alt.
in short do not become too loyal and stick with one alt long term, purely due to profits of the past, because the future is not the past.
This is very educational, indeed this will enable you to gain profit in a small amount faster than being greedy and setting it to higher price praying that some miracle happen and someone buy your sell order. Often it is better to receive continous small amount of profit than waiting to the high profit that will not arrive.
