RE: A thread from our slack chatroom
Hey Luc!
I, too, was hoping for that Slack invite. Last I heard there would soon be a public Slack channel - any update on that?
Anyways, the real question I have is: how do you identify those "obvious" bases, as you expertly call them?
I am looking for a few objective factors I can use to identify legitimate bases. For instance, should the base have been consistent over a specific time frame (i.e., 2 weeks; 2 days; 2 hours)? How significant of a jump are you looking for off of the base (i.e., 20%; 50%; etc)? How many jumps off of a single base would you like to see before it's considered a base? Does the trading volume weigh heavily in your identification of a base?
I am sure the Breaking Base Scanner would be helpful, too, but as far as I know I don't have access to it since I am not a Slack member. I do have the Cryptomarketscanner, which is really cool! Would love to use the Breaking Base Scanner - I'm sure it would help my confidence in identifying a base!
I placed my first three buy orders last night using your method, so I'm excited to see what happens. Nevertheless, I just don't feel really confident in my base selections.
Really appreciate all you've done, and everything you continue to do! You offer really great advice in an informative, entertaining manner. I look forward to sticking with you for the long-term.
Thanks, dude!
"I am sure the Breaking Base Scanner would be helpful, too, but as far as I know I don't have access to it since I am not a Slack member. I do have the Cryptomarketscanner, which is really cool! Would love to use the Breaking Base Scanner - I'm sure it would help my confidence in identifying a base!"
My advice might surprise you - I recommend that you do not use any of the scanners. Focus on learning how to read charts, set alerts, make enough positive trades to triple your account. THEN and only then should you incorporate the scanners. The scanners should be used to find incremental opportunities, they should not be a part of your core profit strategy. The base scanner is still in BETA, its far from perfect - but I occasionally fine some nice opportunities that I missed on my own. Usually the base scanner finds situations that I already found on my own by reading charts and setting alerts - THAT is what it takes to become a great trader, there is no substitute for hard work, study and dedication. From our experience in the Slack, the people who are looking for shortcuts to success seem like they are more likely to fade away - if you want to be a long term winner, don't take the shortcuts. Seize the day.
Good luck, look forward to seeing you all in the slack someday soon when we re-open the doors!
Thanks for the feedback. I certainly wouldn't rely solely on the scanner for trades. Rather, I consider the scanner to be analogous to a tutor. I do the work on my own, but the scanner helps provide both positive and negative feedback, to either validate or invalidate my answer. The "answer" in this context would be my identification of a base. Now, I couldn't trust the robots enough to make all of my decisions, eh? :)
I'm definitely looking forward to participating in the Slack channel when it's more accessible!
Thanks for all of your contributions - I hope I get a chance to return the favor.
The robot is not good enough, you cannot trust it. It's a rough guide, but it's far less accurate than you can be. There are frequently false triggers because it's logic is very basic. It's good for catching ideas you ,ugh the have overlooked, but you cannot trust the bot to do the work for you - even a beginner will do a better job than the bot. Strange, but true!
That was well said but @tizzle when we are going to find out? and how about the re-open of the doors to the slack channel?
Thanks and happy trading guys
Not today, sorry. when we are ready, everyone will know - on that I can promise.
Thanks Man
@tizzle Could you help me out with the Slack invite? I would really appreciate it!
Is there any sight on when the re-opening might be?
No need for a new public slack, the slack invites for the normal Slack Chat will be made available soon. @tizzle is dragging his but on that ;) It's basically ready to go though, any day now...
Im overwhelmed with work, too much on my plate. @pelt is right, its my fault - but once I get my job done, we will be safe to open up again.
Thank you guys for the update. I've been following Luc since July and was on holiday when the Slack chat opened up; was really disappointed to have missed the opportunity to join, but am glad to know it will be available soon!
Awesome! I'll be looking forward to it.