Practice Position Trading #1 - PAY/ETH

in #trading7 years ago (edited)

Hey crypto-traders,


I recently started trading using @quickfingersluc 's trading style and figured I need some practice. Someone in the quickfingers slack room suggested playing a game by going through the chart per hour and making trades based on your knowledge and understanding (no looking ahead, no cheating.)


I decided to go with PAY/ETH because of it's little histrory on Bittrex. I skipped the first 12 days (I don't know why). Here's how I did and the places where I struggled.


Struggle point 1:

Do I go in again even though the base already returned?

https://www.coinigy.com/s/i/59b56cae2c83a/

Responses from the room slack room:


User 1: Nope, its not luc's method anymore

User 2: might have nibbled. what happened after?


User 2 made profit :)  Let's continue.


Struggle point 2:

It cracked the base I drew and kept on going above and below it. Would you set a order for that dip that happened?


https://www.coinigy.com/s/i/59b57064ce52d/

I didn't buy here and missed a 21% trade :(


Final results 8% trade with no losses.

https://www.coinigy.com/s/i/59b57342a2bd4/


Looking at struggle point 2, there was a base that I could have drawn in. Does that mean based on this charts history it repects 15% bounces as a base?


Thanks for reading,


I would appreciate any feedback. Let me know how I could have done better or what you would have done differently. Not knowing the future obviously

Sort:  

Love the advice. Thanks Dane!

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