Here I am writing my daily trading routine. Hope it will help newbies, and get feedback from experienced traders.
Why I don’t like HODL
I just don’t trust almost all altcoins. There is always something shady happening, you never know, when the coin will fly down and wipe out all gains.
I do trust big coins like BTC, ETH. Thinking about Monero and Ripple.
So, I prefer to hold my investments in three equal parts: BTC, ETH, USD.
Firstly, I have a list of interesting coins, which will grow in my opinion. I revise this list once a month. Trying to have 7-10 coins on my list.
Daily routine, Step-by-step:
- Revising my list of coins; reading Twitter, Reddit, Bitcointalk on each coin. News, announcements, public opinion, everything counts. Highlight the most interesting for today.
- Sort the most active coins by recent growth. The most active – first.
- Doing technical analyzes on the coins. Looking for trading signals: MA crossings, Stochastic rebounds, Support/Resistance levels and Trend Lines. The most valuable for me is position regarding Support/Resistance lines. For example – the coin has recently crossed important Resistance.
- Then I open positions on the coins, where I see the signal. Target – 1-5% profit.
- Waiting 😊
- If position closes – making new analyzes and reopen position if conditions are right (Growth momentum still high and Resistance levels are far enough).
- If at the end of the day some positions stay open – trying to close them with any profit. If the price went down, I leave the position hanging. Till now I manage to cover the losses from hanging positions from profits on other coins.
What do you think about my approach?
How do you trade?