GOLDEN Rules Of Trading Crypto

in #cryptocurrency5 years ago (edited)

To continuously improve your trading skills, it's a good idea to take notes on particularly powerful concepts, lessons and golden rules you have learnt. I have put below just a few of my own notes which I hope will be useful to many. If you yourself have any great lessons to add, they would be most welcome in the comment section below.

Trade less … win more! Carefully pick your trades, no need to rush into any trade - another good setup will always come along.

Wait for a price to cross the 21 EMA - with strong volume confirmation before buying, other wise you are guessing the top or bottom.

Wait for double confirmation on a trade … do not try to guess the top of a market, or catch a falling knife.

Wait for price to come to your limit order - use the force that could crush you, to your advantage!

Use limit orders, try to avoid market buys - they will only get you a bad price to start! Wait for a pull back. It is better to miss a good trade rather than BE in a bad one!

Never buy at a high … wait for the price to pull back to 20 MA on 15 min chart.

Don’t set stops too tight. Allow the market leeway to move a little beyond trend lines. So you are not “shaken out” too easily.

When on leverage be careful if you add to your position - this will lower your entry and liquidation price!

When on leverage you can maximise profit once the trend is utterly clear, by doubling leverage and buying the same amount again!

Before every trade be sure to know which way the trend is moving. Check the 4 hour, day, and week chart. Then understand the cycle of the buying waves on 15, the 5 & 1 minute chart. Also draw trend lines on chart.

What may look like an ascending wedge may be a fractal of a larger descending structure.

lookout for stochastic cross on the weekly for large moves!

Never get caught by Bull or Bear traps again: Wait for clear confirmation with at least 2 indictors before taking trade. Either huge volume or bouncing off resistance for confirmation.

If you loose a trade, take a break - compose your thoughts before you attempt to get back into a trade!

Take profit! If you make a good gain, take some profit off the table... do not just let it ride - you can easily loose it all in a moment!

                

        

Would you like to get into Crypto-currencies? Use my links below and I will give you free support, tips and trading advice.

COINBASE - Ask if you need any help or advice.

Use my Referral link for Coinbase and GET $10 FREE when you purchase $100 of Crypto!

Local Bitcoins

Buy Crypto with cash in your area.

        

Exchanges To Trade On

I personally use and recommend all the exchanges below.

Gate.io Exchange

  • High yield new coins plus margin trading allowing shorting and leverage.

HUOBI Exchange

  • A superb exchange with excellent user interface. Gets all the best coins!

BITMEX Exchange - No. 1 For For Margin Trading!

Superb exchange - Very fast and easy to sign up - No ID needed to trade instantly - Use my referral link and you will receive a 10% DISCOUNT on fees for six months!

BIBOX Exchange

  • Some fantastic new coins with large potential gains!

Binance Exchange

  • One of the best in the business!

Kucoin Exchange

  • Great exchange - Hold Kucoin and you are given free Alt Coins every week!

        

Need A Secure Crypto Wallet?

I recommend Trezor
Also The Nano S or the NEW Nano X from Ledger

Ledger Nano S - The secure hardware wallet

MINE CRYPTO CURRENCIES - Easily and fast on ANY PC, Mac or Android Smart phone! Minergate

NEW! - - - EARN CRYPTO BY GAMING! - Earn crypto with your skill! PLAY Warfield

Get paid to watch HD movie trailers and adverts about things you are actually interested in! - Start earning crypto immediately: permission.io

        
        

Mine Webdollars in minutes - easy! webdollar.io

CLICK below TO EARN MORE STEEM!

https://www.minnowbooster.com/vote-selling/?ref=1558

OR HERE

        

GET PAID FOR YOUR MUSIC! - CHOON is a new music streaming service and digital payments ecosystem for artists and music lovers! CHOON is designed to solve the music industry’s most fundamental problems using crypto and blockchain. CHOON

PLEASE NOTE: Since hardfork 20 it is now more profitable for voters and posters to vote after 15 minutes has elapsed. Votes cast in the first 15 minutes go straight to the Steemit reward pool - not your post.

        

I’m using Partiko to make friends and have fun on the Steem blockchain. You should as well! Here’s my invite link: https://partiko.app/referral/icedrum, you will get 3000 Partiko Points for sign up bonus, and you can exchange them into Steem tokens!

        

Need an extra STEEMIT account? Or having trouble opening your first?! Try Steem.Ninja New accounts now receive a 15SP (Steem Power) delegation for 90 days. The price is still just 2$!

        

Want to earn some SERIOUS MONEY?! You can right away with affiliate marketing! - Use my link below and work with the very best company in the business!
https://www.maxbounty.com/index.cfm?referer=371824


        

Need a Crypto Trading Bot?

CryptoHopper is a fully featured superb trading bot. It also works great as a trade assistant to your own live trades. I heartily recommend CryptoHopper. It is cloud based so can trade 24/7 even when you are sleeping or not online - Really superb software I use and love!

Get your FREE 7 day trial of CryptoHopper!

If You Trade Crypto You REALLY Need a Scanner!

Never miss those massive drops or pumps again! I use CryptoBase Scanner. It is an awesome piece of software with many unique features. Not only does it alert you to price changes to your own specifications, but you can also trade directly from the app using API connection to your exchange! You even get a complete portfolio of all your assets on exchange and can also see all your trades on the charting page as red and green arrows. This is truly an amazing tool for traders!

CRYPTO-BASESCANNER

        

Steemit logo trans small.png

Need any help or advice regarding cryptocurrency or Steemit? Just Ask!

https://twitter.com/_icedrum

Sort:  

Bookmarked! Awesome tips.

Thanks :)

Excellent - good to see you Sam :D

You got a 7.52% upvote from @joeparys! Thank you for your support of our services. To continue your support, please follow and delegate Steem power to @joeparys for daily steem and steem dollar payouts!

Coin Marketplace

STEEM 0.32
TRX 0.11
JST 0.034
BTC 66791.24
ETH 3239.69
USDT 1.00
SBD 4.22