We have a NEW Crypto Market Scanner!!! also an update on todays Bitcoin Fork trading
Im happy to announce, that we now have a new Crypto Market Scanner.
Lets disscuss whats happening on the Bitcoin chart this morning. Then lets talk about how we can use the new scanner that @dogphish has created for us.
Here is the new Crypto Market Scanner: http://www.cryptomarketscanner.com/
You can contact @dogphish on his blog: https://steemit.com/@dogphish or by email at [email protected]
I cannot thank our programmers enough for all there hard work.
We now have two great market scanners, and these scanners are only going to get better as they keep on adding great features.
Luc
Thanks @quickfingersluc , What do you think of the idea of starting a slack channel or discord (or other chat application) for your community so that we can discuss your tips and videos and help answer each others questions and faq's. This would help take some of the load of of you and all the questions you get.
I made a Slack
https://join.slack.com/t/quickfingerstraders/shared_invite/MjIyNDkzMDk4MzU4LTE1MDE3NTM5ODctOTA0NTNiZTc1OQ
But I work 60 hours a week so I wont be around to admin it much haha
@quickfingersluc please weigh in on this.
Thanks! People are already joining the channel!
Thanks for doing this. It would be great to have a place to ask quick questions such as... is this a new base?
how he works bro
Beautiful, I was logging on to ask the exact same question! I think it would be fun to be in a forum where we can discuss the different charts we are tracking as well.
It would also be a good place to share which charts we're having the best/worst luck with using @quickfingersluc 's techniques.
Yes, start one up on Telegram
Now that will be interesting!
Thats a beautiful idea. Personally i would prefer Slack Chat.
I agree, a discord group for @quickfingersluc followers is a great idea. I'm involved in a few other discord groups on similar topics and they are very helpful.
Hello! Thank you again @quickfingerluc ! In the video of 'Day trading vs Position trading', you mentioned that videos directed specifically at daytraders will be released, once the scanners are out. Well, fortunately, the scanners are out, so will we be getting the daytrading vids soon? :)
Great stuff. Will test it.
Luc's info and strategy is the best I've found so far. He's strategy is gold if you're new to this world. I cannot stop watching the videos and reading the blog. The community is also a great help. The scanner is amazing and quick with the updates. I'm catching a lot of the notifications. The extra information provided in this scanner is very helpful.
Big thank you to Luc, the programmers and the community.
I have a Bittrex scanner at twitter.com/cryptobeard if anyone wants a Twitter version. Adding more exchanges soon.
Is there a way to maybe highlight the spread between the "Change To" and "Current Bid"? Have another column showing a green arrow or symbol if it's within 3% and a red arrow if it's greater than 3% (we can change the percent range based on preference). This will help in reacting faster to the drop knowing we haven't missed out and can put a bid in instead of having to check all the numbers to confirm. Thoughts?
I like the way your thinking.. The real opportunities are often when the ask is still at the low..Sometimes a seller will overwhelm the bid and drop the price quite low, but then the ask will still remain at the low, because he has not sold his entire lot, and he used a limit order.. In that case, you can quickly grab what he has left, directly on the ask... Im not really sure how to get the scanner to spot these situations, and they dont happen that often, but you need to react very fast when you see them, because there will be a ton of buyers behind you typing buy orders as fast as they can.
There was a very nice opportunity a couple days ago with a huge limit offer in XEL that I was alerted to with the other scanner - illustrates your point. I lifted some as the buys accelerated. Then exited on a push to 70s. Did you catch this one?
No I didn't catch it.. but there are so many that I miss. I try to just work a schedule, only watching the scanner for a 6 hour shift and then I try not to think about all the ones I missed.. My big money comes from the larger position type trades that I take, but it is certainly fun to catch those drops on quick day trades too ..
Something I'll have to get used to. I've seen you set alerts for trades below your bases.
Do you ever set low-ball bids overnight? Not the nibbles, to get a feel...but a modest position (nothing crazy) far off from market?
It's something I've been considering, although I imagine I'll only be comfortable after a few months learning the personality of certain coins.
Thank you. I'm trying to better understand this. Are you saying when the ask is still at or near the 'change to' low? Instead of just the bid being at the low? I know you're super busy and I appreciate you taking the time to answer a question but could you give an example of what you mean exactly because I'm trying to picture what this scenario would look like as you describe it. Wouldn't there be asks in front of his limit order if the price drops?
Think off it as a box of apples.. say Ryan has 20 apples in his box and wants to sell them, and jack wants 2 apples at $4 (so she puts out a bid at 4.00)an apple and jill wants 3 apples at 3.75 (so he bids ) and peter want 3 apples at 3.65 (so he bids) and tom want 2 apples at 3.50 (s0 he bids)... But Ryan decided to sell his apples no lower than $2.00.. So he puts a limit order to sell them at 2.00 .. Well than Jack Jill Peter and Tom all get bid orders filled, but Ryan still has 10 Apples in his box, for sale at 2.00.. Ryan now sitting on the ask, and he is the low of the day.. He is asking $2.00 still for his apples.. but at $2.00 people are going to come in quick and buy up his ask
Thank you, Luc. That was a very clear explanation and I get it now.
As a beginning trader, this will be of tremendous value! Thanks @quickfingersluc and @dogphish!
Luc, what's the best criteria if I just want to position trade higher volume coins with large dollar amounts ($5000-20000)? I want to find those big beautiful dips like on ETH, everyday. 10% drop over the past 4 hours? 15% over 2 hours? Thank you again..
Yes I would also be very interested in this. I have around $10-15,000 to trade with and wondering what type of positions to get in to maximize daily profit. This blog has been a massive incentive for me. Thank you Luc!
I think Luc said this few times "don't put all eggs in one basket". If it will not bounce-back you will lose a lot so you have to be really careful and be 99.99% sure that bounce back will happen. I think you should look at coins with higher volume and you should be fine.
yes, ETH seems to be the perfect chart, except that it doesn't dive enough! I just want a scanner that can identify these types of trades on higher volume coins. I have had some luck with coindera, and just setting alerts on coinigy, but a scanner would make a world of difference. Personally, id rather make 1-3 trades a week, make 2-5k and be "bored" than sitting in front of my computer all day scraping together tiny $50 dollar trades. That's just me though :)
I'm in the same situation, but I don't think there are many that have the consistency of ETH. I think that is part of the reason why he says that you could make real money position trading but you'll get board as hell. The daily action is in day trading. Paraphrasing from memory... pretty sure that was his message.
yes, but day trading honestly feels like small time gambling. You rush to click the coin, and out bid the other guy for some low volume coin that barely will net you $50-100 over a few hours because the book is too thin to use more than 1 BTC per trade. Im getting tired of it, but it fills in the time between the larger dips I guess
Got Alerts?!?!?! ;)
http://imgur.com/VbxP3lH
thats how i do it too
Would it make sense to build a position trading scanner?
One that tracks patterns, Identifies bases, how far the panic sell goes on average once the base is cracked, how far it typically bounces back after, and what the probability that the pattern will continue based on past results?
Is there a flaw with this sort of thinking?
That would be awesome, but many have requested this type of scanner, and it seems too complicated to build.. it is possible, but it would have to adjust to many different looking charts, Im not sure how that could be coded.
I am a seasoned c# .net developer and have been thinking about how to do this since I started following your method.
I am willing to develop it for free if you can give some guidance? @quickfingersluc
Thanks for the reply luc! I figured it wasn't a novel idea. I have no idea how difficult it would be make that software - Maybe someone will take up that project one day, but until then I really appreciate you taking on the difficult task of teaching us how to do it manually! Teaching a man to fish and all of that!
This is what I am after also! Couldn't we just change the parameters of the current scanner to look for a 5-15% (adjustable) drop over 1-4 hours (adjustable) with a volume greater than 30 BTC (also should be adjustable)? It would be crude, but effective, right? Thanks again man. If I had it my way I would just make 1-3 large trades per week and live the good life :)