Fourteen days ago, I tried to warn day traders about the upcoming weeks. That piece was titled, "Bitcoin Day Traders: Take Caution." We are in a trying period for the crypto space and that trying period continues today.
Interestingly, I decided that it may not be the right time to day trade. That decision was a few weeks ago. Instead however, I decided to do what I call "Weekly Trades."
Based on the past several weeks, I noticed a trend that to date has served me well during this ongoing correction.
While this is not perfect by any means and takes the same amount of energy and analysis for day trading, it appears much safer.
What I have learned is, over the past few weeks, is that we see a nice uptick in volume on Wednesdays which continues through Saturday evening. Come Sunday, everything goes down and continues to go down for a solid day or two--until, you guessed it, Wednesday.
Buy in the highs, sell at the lows.
Wednesdays have been incredibly nice for me. It is this day, I tell myself, "DO NOT TOUCH A THING!"
I sit, watch, and wait. And, I do this for several days straight trying to get the most out of my gains prior to selling what I decide to sell which again, those sell offs are normally on Saturday.
But come Sunday, I am back in the sit, watch, and wait phase trying to see where the lowest prices hit. And yes, that normally takes place on Monday or most recently Tuesday. Then it is buy, buy, buy.
Right now, I am not investing any of my own personal fiat but rather simply trading what I have already earned.
In doing this, while I may not be making a ton of monetary gains like we witnessed late winter 2017, I am gaining nice positions beefing up my shares of whatever cryptocurrencies I trade.
Beefing up your positions is key right now. If I can "Weekly Trade" for a few more weeks, I can double my positions with relative ease among the crypto's I am playing with.
And right now, during this ongoing correction, I personally believe that is the right play--for me.
Of course, do what you feel is best for you as nothing written here should be construed as financial advice.
(In my next post, I will write about how we are in the first quarter of the Alt-Coin market and how I see Bitcoin continue to struggle until March and possibly even April.)
