Here's one of the first successful trades I made using a simple technique I learned from the master himself, (@Quickfingersluc) and let me just say, it's very rewarding to obtain the results.
I have been trading on the crypto market for about 3 months now and although I have made some great trades, most were just plain lucky. I started using methods such as buying when it crashed or buying into a trade as it was increasing in percentage (Break-out trading, definitely not a good idea). I also even tried to do some holding, which isn't a bad idea in the long-term, but I wanted to see immediate results, duhh.
In my desperation for instant gratification, I googled, "How to trade cryptocurrency" and found the master. The video I came across was named something along the lines of, "Grow your account from $300 to $50,000 in a year!". You better believe it caught my attention. I started watching some videos at the time and then he disappeared for awhile because he came across a threatening issue with online security.
He then returned, more prepared than ever! I was one happy mother flower man. Anyways, I've followed his blog rigorously and learned a few simple tricks.
The red line is the base/support, which is a good indicator as to a price people are comfortable with. If this price is cracked, most people tend to panic and sell off at a rapid rate because of the fear of losing out. This will cause a pretty quick drop in the price until people get comfortable enough to buy in at a much lower price. That's where I come in.
As you can see, I scaled into this trade, having two entry points rather than just one. The first green arrow, closer to the red base/support line is a smaller trade while the second green arrow closest to the green line is double the size. The reason behind scaling is that it's difficult to accurately predict where the price will drop to, all you can do is react to the cracking of the base/support line.
Once I was alerted that my trades were executed, I decided to put a sell order slightly above the base/support line. If you notice, I got very lucky in selling off my position at the very top of the candlestick.
Although I didn't put any more than $150 into this trade, I still profited. It turned out being a 13% increase, which isn't a bad trade for a novice like myself.
Overall, I'm very content with this trade. You better believe I was one happy mofo after receiving the results I sought. Keep in mind that I'm no expert in this whatsoever so it was definitely a confidence booster.
Anyways, this concludes the post. Thank you for reading.
Happy Trading!
