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RE: Bitcoin (BTC) Mid-Day Update: BOTTOM COULD BE DONE!!! $26,440 Short Term Target!!
I just started following you recently. I am brand new to crypto.. but i am so exited and i see good things happening soon!
I am so happy i found you! you are brilliant! How long do you think it will take for btc to hit 25k?
Not this year ;)
My plan was waiting till next year anyway.. my goal was to get my inicial $300 hit $500 to cash the extra 200 out and leave the $300 to grow again.. but maybe it would be best to set a higher goal ? haha :)
Well... just my take, I'm into this since two months... apart from a coin making a big gain and expecting that to happen (which would basically be hodling) - if you are online a lot, at a good trading place that really works, you can easily make 10% plus a week - by staying out of danger all he time and only taking safe bets. Like, when Haejin is really sure about something, and two other TAs as well, plus you see it's plausible, then you go for it... that is, if coins are trading the way bitcoin is now, making hardly any gains and just rising and falling a bit all the time. nothing exotic, just the daily highs and lows... you want coins that are rather static for this, like one is in a triangle and everybody is waiting and waiting for it to break out, this is your time.
Now it's at 14200, then at 14800, then at 14500, then 15100, then 14800 again... you will have 1100 dollars for the thousand you stared with but you have to be alert, and bugger out for the night, change your coins into fiat so nothing an happen. Sothat you can have a life and get some sleep ;)
You would have 1400 dollars after one month, 1960 after two, and so on... this is what day traders do. The catch is that with money in the lower hundreds, the cost is relatively high, a buy and sell can cost a few dollars, so you would only be able to trade when the gain is above that amount... but that doesn't matter because you need some practice., you'll learn how to handle this after a few weeks of actual trading. Now to do that, and learn from mistakes, using just a few hundred is of course ideal. If you start now, you might be able to start in earnest in February, and maybe have a thousand bucks to act with till then ;) I went in and out of bitcoin five times today while it was more or less going sideways (slightly up, could as well have been slightly down), and I earned about 7% while practically nothing happened. See what I mean ?
It does take some nerve though but it gets easier with time... and you can always take a break, stay in fiat with half or all your money...
Have to warn you though, you will lose a bit at the start, from jumping in the wrong direction - but with caution...
When you do that kind of short trading...do you set for yourself a profit & stop loss limit before you even click the button? If so ..how low do you set your stop loss limit on these kind of trades? Wether it being actually setting an order , or just having a limit in your mind.
So far, I only trade in day time, and I hardly do any limit trades. You see, the difference that makes a trade worthwhile is about $300 up or down, no need to try below that - that is what algos/bots do all the time. Setting stop limits is of course basically the better method but in practice it's also so clumsy and time consuming. I like to immediately see what happens... I do act a lot like the bots do, it basically doesn't matter if the general tendency is up or down, you win two thirds of the trades and lose one thirds, in essence you always win but the gains are little. If stop limits work smoothly at the place you trade, then go for it - test it out a few times where there's no risk and find out, and then tell me ;)
Oh, I keep watching two charts all the time, I'm a visual person... I mark my limits on the charts, with yellow markers. Very intuitive.
Thanks for taking the time to answer.
To sum my question: At what -% do you accept a loss?
If for example in a 5 min candle you think you bought the dip...but it turns out it goes lower.
The overall tendency is very important, it's not that II entirely disregard the allover scenario, expecting to either rise or fall - this is the context I'm operating in and that enables me to relativize.
This is what bots DON'T do...
As an example, I made some profits yesterday entirely on BTC (no need to jump from coin to coin, that only makes it confusing and I do have a life and can only concentrate on one thing at a time) and I sold my btc at 15300, having bought at 14762 (I bought the other half at 12500 a few days ago, hodling that) - however I bought again at 14500, expecting another rise towards 15000 which never happened, so got out again at just above 14100 realizing this would go down way more... and this morning it had fallen to 13300. Now I'm a bit undecided if I should buy at the current 13+-, expecting a fall down to 9.5 k or so...
but also expecting a rise to 17 k hopefully this coming week - why bother, it's Christmas after all and this sort of thing can be a bit ennervating in the long run ;)
If you look at the one hour chart, you will find we've been forming another little head and shoulders... and if you measure that it leads downwards to about 10500 depending on the exact way you measure the distance, and so i tend to expect what the Fibonnacci retracement says about the entire correction so far, measured from the September low (see attached).
In a word, I'm trying to get intuitive at this, which is what always worked best for me. In that sense, it seems to work best on the graphic level, as in charts rather than numbers, or geometry rather than arithmetics. This is why I cannot give a definitive answer to the percentage question.
In the end, it's your decision where you draw the line between fear and greed ;)
Could just go up or could go down to 8k$ then up. Anyway the probablitiy it won't go back to 20k$ in the next 3 months is really really thin imo
lol
https://steemit.com/bitcoin/@haejin/essay-why-is-time-projection-so-difficult-for-technical-analysts