Megaton
Footballguy
Don't want to take over Cav's Thread, so I will move this discussion here.
I missed out on the great bull marker crypto run at the end of last year and jumped in just in time for the great Crypto Bear Market of 2018. Depressed at keeping and holding and seeing my initial investment drop from $9K down to $4K, I noticed I was missing opportunities to make some money. I started looking for opportunities where prices were beat down too far or prices were running and I started to make money on quick trades and I could sit out and not lose anything on days which were just a complete blood bath. I have come to think the way to play these crypto's is day trading. If you look for good opportunity and set modest goals you should be able to kill it. None of the trades were making a lot of money, maybe $30 here, $60 here, and few days catch a good one and ride one for $100 to $300. It was kind of fun, but the numbers were not exciting, until I started to look at the potential of exponential grown with even a modest constant rate of growth. This is my plan to make a million this year:
- Start with the $4600 I had in my account on February 9th
- Set modest Target of each trading day of make 3 percent and that would be a Win
- Set limits to daily losses of 2 percent and the calling it a day which would be a Loss. If it is clearly a bear market or just flat, just sit it out.
- If I can net 195 winning days out of the next 325 days, I will have well over $1,000,000, even after taxes by the end of the year. Unrealistic, but that is the fantasy. Will adjust expectations with time.
No real experience in day trading. Will be most watching the moving averages and looking for bullish ones at good buy points. Will mostly concentrate on bigger ones (ETH, NEO) which have good volume and trade quickly and have strong upside. The key will be to be patient for good spots and cut losses quickly.
CURRENT STATUS:
3 Days Won (with 3.66% Excess Banked)
0 Days Lost
2 Day Null
Account: +8.31%
vs.
S&P 500 (F42 Tracker): +1.47%
DAILY LOG:
Start (Feb 8): $4600
Day 1 (End Feb 9): $4838 (5.17% Win plus 2.17% excess)
Day 2 (End Feb 10): $4836 (Null)
Day 3: (End Feb 11): $5007 (+3.49% Win plus small excess)
Day 4:. $4980 (-0.54%, will use excess to make it a Null, Excess balance now 2.12%).
Day 5. Feb 13. $5024
Day 6. Feb 14. $5486
So far, 3 wins out of the 195 needed, plus lots of excess banked.
I am learning lots of lessons as I go on how to optimize winnings and cut loses. Greed is not your friend. Be happy and take a good win. Chasing is for losers. If you need to get into or out of a trade refuse the temptation to chase too much. 90 percent of the time, what you are chasing will pause and come back to a more reasonable level. There are rare occasions when there is huge news and the market is falling, in that case chase and get out.
I missed out on the great bull marker crypto run at the end of last year and jumped in just in time for the great Crypto Bear Market of 2018. Depressed at keeping and holding and seeing my initial investment drop from $9K down to $4K, I noticed I was missing opportunities to make some money. I started looking for opportunities where prices were beat down too far or prices were running and I started to make money on quick trades and I could sit out and not lose anything on days which were just a complete blood bath. I have come to think the way to play these crypto's is day trading. If you look for good opportunity and set modest goals you should be able to kill it. None of the trades were making a lot of money, maybe $30 here, $60 here, and few days catch a good one and ride one for $100 to $300. It was kind of fun, but the numbers were not exciting, until I started to look at the potential of exponential grown with even a modest constant rate of growth. This is my plan to make a million this year:
- Start with the $4600 I had in my account on February 9th
- Set modest Target of each trading day of make 3 percent and that would be a Win
- Set limits to daily losses of 2 percent and the calling it a day which would be a Loss. If it is clearly a bear market or just flat, just sit it out.
- If I can net 195 winning days out of the next 325 days, I will have well over $1,000,000, even after taxes by the end of the year. Unrealistic, but that is the fantasy. Will adjust expectations with time.
No real experience in day trading. Will be most watching the moving averages and looking for bullish ones at good buy points. Will mostly concentrate on bigger ones (ETH, NEO) which have good volume and trade quickly and have strong upside. The key will be to be patient for good spots and cut losses quickly.
CURRENT STATUS:
3 Days Won (with 3.66% Excess Banked)
0 Days Lost
2 Day Null
Account: +8.31%
vs.
S&P 500 (F42 Tracker): +1.47%
DAILY LOG:
Start (Feb 8): $4600
Day 1 (End Feb 9): $4838 (5.17% Win plus 2.17% excess)
Day 2 (End Feb 10): $4836 (Null)
Day 3: (End Feb 11): $5007 (+3.49% Win plus small excess)
Day 4:. $4980 (-0.54%, will use excess to make it a Null, Excess balance now 2.12%).
Day 5. Feb 13. $5024
Day 6. Feb 14. $5486
So far, 3 wins out of the 195 needed, plus lots of excess banked.
I am learning lots of lessons as I go on how to optimize winnings and cut loses. Greed is not your friend. Be happy and take a good win. Chasing is for losers. If you need to get into or out of a trade refuse the temptation to chase too much. 90 percent of the time, what you are chasing will pause and come back to a more reasonable level. There are rare occasions when there is huge news and the market is falling, in that case chase and get out.
Last edited by a moderator: