Daytrading vrs Position Trading, which will make you more money?
Hey everyone, I'm back :)
I took three days off and am just getting ready to start answering all the questions from while I was gone. I thought I would make a quick video to address where you, as a trader, should focus your attention. Do you want to trade in and out all day to make a living? or do you want to make a trade here and there on a slower time frame. Which of these will net more money?
Thanks for watching and commenting . This blog is already reaching so many people, and Im glad to be able to share with you all.
I hope everyone gets to experience some monster trades in the near future :)
Luc
Very interesting! Thanks so much!
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Very interesting video. I'm definitely not at the point where I want to move into trading all sorts of coins, but if I was, I know who I would go to first!
Thanks for another fantastic video, Luc! You've been doing a great job answering comments here and covering your approach very thoroughly in your videos. I'm fairly new to trading, and your method resonates with me better than any other I've found.
As a fan who watches your videos and reads all of your blog posts, I would like to recommend you not worry to much about the questions that reveal people aren't re-watching the videos or reading your other replies. Spending a bunch of your time saying the same thing over and over and over doesn't benefit you, your core followers who are paying close attention or, ultimately, the people who aren't doing their homework.
I think many of these folks desperate for fast tips & quick answers, but not willing to put in their own effort first, are the same people who are panic-selling into the dips we are trying to buy. It's a sad truth that the market requires both sides to stay liquid; and even some of the nicest, best-intentioned people must fail for others to succeed. Learning things the hard way is sometimes the best way.
Two sayings come to mind: "Feed a man a fish, and you feed him for a day. Teach a man to fish and you feed him for a lifetime." and "You can lead a horse to water but you can't make it drink."
Your videos and comment replies to insightful questions & people sharing their charts are wonderful lakes filled with fresh waters and juicy fish. Those who are hungry & thirsty enough will find the nourishment they need. The rest can seek another path that suits them better --- best wishes to all.
My apologies for the rant; but I wanted to make clear that I think you're already giving 100% to your community - and we're here to support you, not drag you down. :-)
Thanks again, and happy trading!
Thanks for the comment. I totally agree, I am already having trouble keeping up with basic questions over and over.. I try to answer them all, because I know that it can be confusing for some just starting out.. But you are right, that it will wear me out eventually, and its better that I put my free time into creating more videos that help more people.
As my follower counts go up, this blog will get to be more than I can handle, so I may have to cut off answers at some point.
Its a pandora's box situation, because what I explain in my videos actually works. And as people start seeing the markets as I do, they will make successful trades and share that with others. And so the comunity grows, but there are way more traders than I can help individually. So I know at some point I will have to let my videos speak for themselves..
Eventually I will probably just do a daily recap of the trades of the day. And everyone can tune in, to see why and where I entered and exited the market..
It might save time and effort in the long run to have a "Frequently asked questions" post with short written answers/screencap examples and links to videos with a timestamp where info is discussed. You can edit and add to it over time. Then you can have quick answers like "Please see question 7 in F.A.Q. post" or something.
Anyway, it's just a suggestion.
Thanks for the info you've generously shared Luc!
thats a great idea.. a F.A.Q. post.. yeah, ill start a list of the most common questions
Hi Luc. Firstly thanks for all the effort you put into making these videos. They're incredibly helpful. Please can you include some tips on how to trade on a flat week (sideways trend)? i.e the chart is not cracking the base
I have never seen a week where there was not a base cracking on something.. there is always something taking a dive.. you just have to have the alerts set on all the coins and you will be soo busy you will have a hard time keeping up
hey luc, thanks for helping all of us starters out.... is A or B a base?
I think A is the base but etherum hasn't hit back yet so im wondering where do you think it will hit back up to?
and if B is the base, can you explain why?
https://www.coinigy.com/s/i/59780cde2af5e/
Only B.. (a) was too small a bounce to signify strong support at that price, so not a base..
@quickfingersluc: I suggest including examples like this when you compile your F.A.Q. This seems to be the most common error made. I use the measure tool in coinigy to assure the bounce is strong enough to signify support, once I started doing this rather than eyeballing charts it became much easier to determine where a base truly exists.
how do you use the measure tool? what is it exactly and what is your criteria?
Thanks! and Thanks to you too luc!
Thanks! what determines a " strong support " ??
Also, how soon d you usually wait to sell on a position trade? Are there any rules like always sell when you close for the day? ETH hasnt hit back up so itll take some time. but how long is " too long" ??
Please, don't change up now- love the work dude, should be called magic-luc for the business of trade lol
Having some insight and somebody, a guiding light has been fantastic- sort of keeps my head screwed on with taking hits like the crypto market gives a day, keeping me positive, the hits keep you realistic to not go all in or more than you can lose like you say not putting more when you get a return on building a small account..
Just can't wait to get that scanner too, I love position trade and any trades, can't wait to do daytrading though man! Penny stocks scare me it took me so long just to get into crypto even, feel like a new trader like myself can get chewed alive out there lol wall street
Just keep your positions small to start.. small trades till you feel confident.. If at anytime you are worried about a trade, that means you are in too big... all your trades should just be hum drum, easy, and never keep you up at night..
I totally agree with what you say, @sethmerrick.
It seems many people are too lazy to watch all his videos and read all his answers to many comments here.
I'm already applying his teachings and having results and anyone who takes the effort to watch his videos will be able to do the same. It is really boring to see people asking things that he explained more than once. There are so many guys on Youtube making money out of people like that. They create groups promising tips and expertise for people who are just looking for an easy money scheme.
Just one tip for those who are setting alerts and didn't pay Coinigy yet. There's an app called Blockfolio where you can set alarms for free. Although the app is for Android and iPhone, I installed it on my iPad and works just fine.
I suggest using TabTrader for setting alarms if your not using Coinigy (with that said, Coinigy is the nuts!). TabTrader has fairly decent charting tools, alerts, and it also includes APIs for the major exchanges just like Coinigy (this API feature only on Android, it will be on iOS in the future). I'm an iOS/Mac user but I bought an Android tablet just so I could use the Coinigy app while I am not near my computer in the event an alert goes off - its that good. The Coinigy app is buggy, but its still better than all the other options out there!
I am using chrome remote desktop to access to my desktop pc from anywhere and use coinigy is great!, is like team viewer, log me in, etc., but use an gmail account to access. I find it a lot more handy than android apps. (the best android app i try is TabTrader, have great charts)
for windows:
https://chrome.google.com/webstore/detail/chrome-remote-desktop/gbchcmhmhahfdphkhkmpfmihenigjmpp?hl=es-419
android client:
https://play.google.com/store/apps/details?id=com.google.chromeremotedesktop&hl=es
Chrome Remote Desktop is a security risk, I would advise against that.
Yes i know, My BTC account is really small (0.05 BTC) I guess i find a more secure way if my account grows.
Good use of thumb: The data on your computer is typically worth more than the computer itself. Always practice safe security! If you practice safety now, you won't have to worry about it when your portfolio grows in the future.
Hey, I was trying to find this app for month or so! Once saw but then forgot its name...
Thanks a lot for helping with that!
Well stated Seth 👏👏👏
This Link can be used for either daytrading or position
Yes. I agree with this.
Just watched this whole video, great. Gave me a great reminder about position trading....WATCH FOR THOSE HAPPY BOTTOMS! When everyone else is freaking out when the board goes red, it's a great reminder that the reds are needed to make the greens feel all tasty and profitable. Great video.
Hi, you talked about having a 10k stack for trading as an example. Would you really advice to use the whole stack for one position trade? And keep going with that? Or rather split that 10k stack into 5 different trades?
Really looking foward to your daytrading video :) Have a nice day
No I would not advise you trade all your capital on one trade.. I was just making the point that these are big percentage trades where you can get in with size.. so there is a huge opportunity to grow your accounts. So perhaps those wishing to explore daytrading, should first look at these easier, more profitable trades.. then like me, if you have the itch to always be trading, you can also daytrade, as soon as we have the tools build.
Luc, would be awesome if you did a brief segment as part of your regular daily videos where you set aside and started with a small amount of funds ($500?) and made real trades showing us the moves you'd make if you were starting from scratch working your way back up. Something like a $500 challenge. Hope you agree.
I'd love to see something like that!
good to gave such streemian here
I appreciate your support.. my follower counts are growing everyday, but your vote really helps this blog get noticed.. Thank you
Thanks for the video Luc. Over the weekend I also started working on a market scanner based on the following algorithm:
Here is a screenshot of the most recent results:
Please send me an email if you have some time to take a look and I can share the link with you to beta test it. if it looks good, I can share the link with everyone.
Email: piyushmahajan7749@gmail.com
Thanks!
I don't know if someone from this group built this market scanner tool or not, but it works exactly like you mentioned in your video. check it out:
www.cryptomarketscanner.com
That is a market scanner one of the guys in contact with me is creating.. He is not ready for it to be public, but soon he will make it availible.. Hes working out the kinks
Dammit I got to try it very slightly yesterday why did he take it down no! hahaha
This is excellent!!! The community will benefit immensely from this. 👏👏👏👌👌👌
Oh snap! If I make a profit from this I'm gonna donate $100 to the developer straight up, haha.
Edit: It looks like the tool on that website doesn't work (at the moment anyway). Can you share the link to your scanner so I can help beta test it? :) I'll tip if it makes me a profit so don't forget to leave your BTC address :)
Thats a good start, there seems to be few programmers in out community working on scanners.. I will provide links to there scanners as soon as they give me the ok.
Very interested in this when it comes out. Will also donate
Your "Keep it simple stupid" approach is so refreshing. With all the videos of supposed experts on Youtube, you are a like a BS bulldozer, clearing the way for straight forward information for grownups. I am so happy I came across your blog and sincerely thank you for sharing your experience.
Im glad you are having an easy time with my strategy.. I feel a little greedy that I have not got busy spreading this sooner.. I have been trading this way, alone, for so many years..
Thank you luc, your videos are so heplful in this crypto-space! Every time i try to make a trade..
Thanks to you Luc, I have confidence to do this part time now alongside playing poker (which I've done for over 10 years), and maybe full time down the road. Here are some charts
https://www.coinigy.com/s/i/59763028be5ba/
https://www.coinigy.com/s/i/59763123063aa/
https://www.coinigy.com/s/i/597631c65da57/ (ignore the trades between 13-15)
https://www.coinigy.com/s/i/597632180a637/
very nice, small account building charts.. great trades, soon you will be trading the big panics .. But there is nothing wrong with taking all those small big percent trades, well done.
Appreciate it. I'm a little eager, so waiting for big panics during slow days is no fun (but when they come, they become EXTREMELY fun)
Even tho these are small volume coins, you'll be surprised of how much you can put in for a trade and your orders can still be filled. You won't be able to fill 10k USD worth of BTC orders, but you can def get a decent amount of money in. Get a feel for the order history and get lucky with these flash sells :)
exactly.. there is tons of trades out there everyday.. your job is just to find them and only take those trades that have a great chart.
To add, I've never done any trading or knew anything about trading before watching your videos. Your videos on "What moves price" and "Is there a holy grail" was the answer to a strategy I employ now, so your videos resonate with me. I've actually watched them at least five times each.
I know quite a few poker players who have become devout followers of Luc's guidance, I have been calling Luc the "Ed Miller of Crypto". I even convinced one of the players at last week's WSOP Main Event FT to start following Luc's content. The days of buy and hoard are over for poker players, the future is in position trading to accumulate wealth.
The "Ed Miller of Crypto"? I tend to agree :)
I got lucky finding him by stumbling upon his article "How i turned $300 into $50,000 in one year trading Crypto currency", after googling cryptocurrency trading.
Poker players tend to make great traders. I think there's a lot of overrlap with the psychology of being a successful trader/poker player.
Yes, for sure!
Both seem to overlap with success by .....