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Daytrading Crypto: My Journey

Anything related to bitcoin, crypto, blockchain

Matteo Zhou

New Contributor
User Power
Value/Post Ratio
89%
Nov 5, 2018
9
8
WEEK 1 REPORT:
The first week i made a total of 16 trades, overall it was a very good week.
I made some very good trades but many bad trades too due to emotions.
sometimes the difference between a profitable trader and an unprofitable one is very slim,
the main thing to take in consideration is emotion, we got emontions because we are humans, but in the world of trading one has to be as techincal as possible. That is why putting a stop-loss is essential, even the best trader isn't 100% correct that is why putting a stop loss is the best way to counter it.
i started the journey with a bankroll of 3261.99
It seems i'm not able to post images, anyway my current bankroll is at 4756.59
 
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Matteo Zhou

New Contributor
User Power
Value/Post Ratio
89%
Nov 5, 2018
9
8
Bingo. You can throw all kinds of trading concepts at crypto but nothing is guaranteed to work. @Matteo Zhou, have you successfully applied those analysis tools to other markets?

I know a few people who use Elliot Wave, or claim they do. Personally I think they've just developed a subconscious skill for reading the market, and their brain uses the EW structure as a conceptual framework. EW itself has little or no predictive ability in my opinion. You can look at a chart and see oh yes, here's the 1-2-3 and the a-b-c and it worked just perfectly -- but it's not that clear when you're trying to find those waves in realtime.

RSI just tells you "the market just moved." It can help to filter out noise and give you a simpler/cleaner signal to look at, but it has absolutely no predictive power. It tells you what the market just DID, not what it's GOING to do.

IMHO Fib levels are the strongest of the three tools you listed. I've never understood why they work, but they tend to. But you need more than that.

Many of these trading analysis tools can give you a little bit of an edge. Combining them together, so that you only act when they agree, can strengthen the signal. But unless you've already developed that system and used it with success in other markets, I would strongly suggest you do a lot of paper trading before you put real money at risk. The crypto markets are a lot more inefficient than e.g. the stock market or forex, so it's probably easier to pull out a profit. But prove to yourself that you CAN before you jump in.

Yes i have a strategy that combines all the indicators to strenghen my calls.
If after a considerable period i'm still doing good i will share my strategy to the forum.
 

Matteo Zhou

New Contributor
User Power
Value/Post Ratio
89%
Nov 5, 2018
9
8
WEEK 2 REPORT:
In the second week i made 8 trades: 5 winners and 3 losers. 2 of the winning trades were much bigger than the losing trades so overall profit wise it was a good week.

Week 0 3261.99
Week 1 4756.59
Week 2 6233.14

General considerations:
The crypto market is heavily manipuleted and it is very volatile so there is potential to do good, but only with a good strategy, predict the market is important but equally important is the skill to react to the market. As for me i have a strategy that rely on rsi, ellioth wave and fibonacci, only by combining all the three tools i have a chance of being profitable long term.

 

Alxander

Bronze Contributor
Read Unscripted!
Speedway Pass
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174%
Mar 5, 2015
228
397
26
I would look on IDEX, it has low volume coins but you just need to choose one where some hype is building up. I bought CHX but sold it for a shitcoin just before it mooned 5x... that hurt, on top of the potential gains I could've taken the past 12 months

Ain't nothin' more of a rollercoaster then crypto, right now I'm at the bottom if it..

Good luck and stay strong.
 
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Tanzeel

PARKED
User Power
Value/Post Ratio
0% - New User
Jan 10, 2021
1
0
I know many people who make money by trading crypto. However, they all have a long history of trading.
Can i do day trading in crypto in canada. Is it legal. Not putting my tfsa just Like using shakepay or other app for day trade
 

CryptoCurt

Bronze Contributor
Speedway Pass
User Power
Value/Post Ratio
141%
Oct 2, 2019
88
124
Germany
WEEK 1 REPORT:
The first week i made a total of 16 trades, overall it was a very good week.
I made some very good trades but many bad trades too due to emotions.
sometimes the difference between a profitable trader and an unprofitable one is very slim,
the main thing to take in consideration is emotion, we got emontions because we are humans, but in the world of trading one has to be as techincal as possible. That is why putting a stop-loss is essential, even the best trader isn't 100% correct that is why putting a stop loss is the best way to counter it.
i started the journey with a bankroll of 3261.99
It seems i'm not able to post images, anyway my current bankroll is at 4756.59
I favor my bot doing the buy/sell actions, because it is taking out the emotions completely. People have made huge losses due to emotional reactions. Also stop-loss is not a topic for my bot, just not needed in my scalping model.
Good thread! Keep up the good work!
 
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