$500,000 Side Revenue By 2019 Or Bust - A Crypto Follow Along

[DClaiborne]

Awesome thread. As someone who threw a couple hundred bucks into BTC/ETH over a year ago I love this thought process.

Originally I was thinking of going all in day trading, but that is not my style or desire so I let it sit. Reading about your strategy, small goals/gains, and trying to automate as much of it as possible has me itching to journey along this path with you.

Going to move some ETH into LTC and follow along.

Keep the updates coming no matter how small or trivial you feel your results might be.

Thanks a ton for starting this.

 

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[eliquid]

Wanted to update a few things.

I've changed my strategy a bit.

This might rehash what I mentioned earlier already, but I felt anyone following should re-read and know at least.

• I've moved away from anything smaller than the 1hr charts. Typically, I am looking at 1hr 80% of the time, but sometimes I view 4hr or larger.
  
  
• Most indicators are the same within each category. Meaning, all the volatility indicators are roughly the same, all of the momentum ones are roughly the same, etc. There are really only 4 different types and 1 from each is enough honestly.
  
  
  • For example, if set to the same timeframe... largely RSI and Stochastics and CCI and MFI and many others are ROUGHLY the same. Pick just one out of this "type"
    
    
  • I settled on CCI over RSI/Stochastics, but that's just me and what I liked
    
• Learn to love other "periods" than the default given to you on most charting software.
  
  
  • For example, for RSI it's generally 14 periods. For CCI, it's 20.
    
    
  • I'm not comfortable with that. I tested out multiple periods and found the ones I like best that suit me
    
    
  • For example, I'd like to know how the month and week are doing while on the 1hr chart. So, I made a CCI indicator that looks back the last 730 hours and 168 hours, as well as the last 36 hours.
    
• I've given up hand-drawing trend lines for flags, looking for head and shoulders, watching for double or triple bottoms/tops or anything where I need to draw on my chart. It's just not "me" and I am OK with that. Instead, I've learned to use other "things" to help me spot forward direction.
  
  
• I've really come to understand BTC drives the whole crypto market. I kinda knew this, but it has really hit home lately. In stocks and forex, you can almost always find something going up or down. In crypto, that's not really the case. Everything is down, or everything is up, or everything is range/sideways. Hardly ever will you find something NOT following BTC except DGD. This presents limited opportunity I feel, so I have decided to explore stocks and forex a bit also so I can have "screen time" and consistent "trading" going on to learn more.
  
  
• Volume is so so so so important. I kinda knew this but when you get into something with almost no volume and have to hold it because no one is buying, it really hits home. I'm only dealing with crypto or stocks I know I can liquidate quickly now.
  
  
• I'm learning it's OK to lose a little money. Either because I missed a trade ( and I am NOT going to chase it ), or because I made a bad one and had to hit my stop loss. Good batters in baseball only hit the ball 3 out of 10 times, why should my trades be any different. Of note, I am not aiming for .300 in my trade successes, I am just using baseball as an example.
  
  
• It's surprising to me that no one shares their trade "setups". I understand why now, but it was a surprise. I've listened to a lot of podcasts, watched youtube videos, and read articles on other traders and 99% do not share their "setup" other than very very vague and high level concepts. I'm glad in a way they didn't for several reasons, but I had to learn why and why it is good.
  
  
• It took awhile for me to learn why, but price action is the most important thing. Nothing beats this.
  
  
• Screen time > Paid Courses ( it generally always is like this ). A paid course can get you like 80% of the way there, but being a 80% trader means you are losing a lot. Screen time teaches you a lot more than you will ever know.
  
  
• Sometimes you gotta put your crazy ideas out there. If not, you aren't bringing anything to the table for your "setup". You have no advantage if not generally.
  
  .
  

 

[jb21]

Same boat as you. When you think about it, last July-December was easy as hell to make 6/7 figures.. Pretty much every coin was x3-6. In just 6 successful trades you couldve hit 1 million. Of course, it gets scarier the higher you get. Watch:

$100 in coin A that goes x4 is $400
$400 in coin b that goes x5 is $2,000
$2,000 in coin C that goes x6 is $12,000
$12,000 in coin D that goes x3 is $36,000
$36,000 in coin E that goes x6 is $216,000
$216,000 in coin F that goes x5 is 1,080,000

Damn.

 

[eliquid]

Yeah its funny.

I took some time off the last few weeks:

1. Took a vacation with family
2. Had to do taxes and get all that squared away
3. Overall, took a rest from a lot of the things I was doing just to mentally relax and regroup on other projects I had going.

In that rest period, I realized all the people I knew who were pushing their crypto advice and suggestions last year, have all been "dead silent" lately.

Some of those top digital guru's we all know, who jump the latest bandwagon, ended up like this and now they aren't bragging about crypto so much, are they? Makes you say "hmmmm".

Everyone's shouting from the rooftops in the easy market when the tide rises.

It's when the tide goes out, you see who was skinny dipping.

Going to refocus on this venture come June. May is already backed up with some other work I need to push out.

.

 

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[csalvato]

Yeah its funny.

I took some time off the last few weeks:

1. Took a vacation with family
2. Had to do taxes and get all that squared away
3. Overall, took a rest from a lot of the things I was doing just to mentally relax and regroup on other projects I had going.

In that rest period, I realized all the people I knew who were pushing their crypto advice and suggestions last year, have all been "dead silent" lately.

Some of those top digital guru's we all know, who jump the latest bandwagon, ended up like this and now they aren't bragging about crypto so much, are they? Makes you say "hmmmm".

Everyone's shouting from the rooftops in the easy market when the tide rises.

It's when the tide goes out, you see who was skinny dipping.

Going to refocus on this venture come June. May is already backed up with some other work I need to push out.

.

Fwiw ive still been balls deep through the bear market

 

[eliquid]

Fwiw ive still been balls deep through the bear market

Yeah, this isn't about anyone on the forum.

It's all those guru types online like TL and a bunch of other ones I know on Twitter and Facebook pimping their advice during the "hot" trend like they have some magic secret. When the crash hit, they basically stopped.

.

 

[Elif]

Im also going to be doing most, if not all of this, on Gdax because I happen to have already had the "smaller" account I needed there and set up/funded so no wait in this thread for verifications and money transfer.

 

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[Nigel B]

Going to refocus on this venture come June.

So Jason - did you get back in around June time?

I've been totally away from FL since April, and got killed on my crypto this year (wiped out last years free money, which is fine).

Just interested whether you are still trying to make this work.

 

[eliquid]

So Jason - did you get back in around June time?

I've been totally away from FL since April, and got killed on my crypto this year (wiped out last years free money, which is fine).

Just interested whether you are still trying to make this work.

I got back in.

Suffered a loss ( small one ) but that only helped me learn more how to properly trade and manage risk.

Ive developed a few new rules now and strategies I havent seen anyone talk about based on research and have been making winning trades since.

I'm not able to trade daily yet, but Im placing trades weekly still.

Are still involved even though you had a loss?

.

 

[Nigel B]

Are you still involved even though you had a loss?

Yes, have original investment riding in the "it'll come back" fund - mainly bitcoin, ETH and a little litecoin. Have been concentrating on what I know - light, short-term option trading which in the current markets can be as unpredictable as crypto. One mis-timed tweet from on high and "certainties" go south
However I'm steady trading options a few times a week, and need to spend more time on keeping up with crypto - but that takes time I don't really have right now.

Good you've got some working strategies - took me two years of much less volatility to figure out a 70% model for options - so trying to figure out strategies in the current crypto madness much be quite a feat!

As you said before - all the gurus have gone quiet these days ... not so easy without a rising tide!

 

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[eliquid]

Wanted to check in.

I didn't give up. I've just been way more analytical and focused on when to make a trade.

As the saying goes, profit is made on the purchase....

So I have been developing my own strategies instead of following what other people are shouting.

Not a ton of trades to report, but I am closing in on a system that will let me trade more often.

Here is a look at what I've dabbled with over at Binance for now until I jump back to Coinbase/Gdax

I keep things conservative for the moment...

 

[jpmartin]

Jason, why don't you join a trading chat room? I think you'll find a more congenial crowd - plus you'll learn from them AND with them. I can suggest a few that I've worked with (or part of)...

Kunal Desai's Bulls on Crypto Street | Cryptocurrency Trading & Investing Learning Portal
Jon Carter's Learn How to Trade Cryptocurrency | Crypto Strategy | Simpler Trading

If not, and there's someone who wishes to understand cryptos / blockchain before trading... I teach this at Udemy https://www.udemy.com/blockchain-cryptocurrency and if you're looking to share which cryptos I've invested in, message me.