The Start of Cryptocurrency Trading
I highly advocate for people to keep a journal on their crypto trading, or really any trading for that manner. It allows you to look back and see what worked, what didn’t, what you could improve on, and all that.
It also makes you sit down and focus on your trades. It is easy to get lost in the day and just take glances on how your bot is doing without ever thinking about why. Without going into what could be tweaked or helped along. A crypto trading bot is a tool, not the be all end all solution. So taking a moment out of your week to tinker and fine tune your tools is always a good thing to do.
And this is my attempt to share my trading journey with you all.
To the Moon!!!
The First Entry
|Date||USD Value||BTC Value||Strategy|
|1-Mar-22||302.31||0.00689||Buy the Dip|
A modest beginning, and as this grows, there is always the opportunity to add more. An important thing to note is that you should aim to have several ‘bags’ for trading. This is my ‘Active Trading’ bag, which is different from my HODL ‘Til Death Do Us Part Account.
The amount you put in each should be based off of your trading strategy.
Trades This Week
I am using 15 USD trades on the ‘Buy The Dip’ Strategy of the Basic Bot. Obviously, current events have been a bit crazy, but I was able to snag some pretty nice trades.
A confirmed 14.5% gain is not bad!
Trades Next Week
The Basic Bot
I am going to leave the Basic Bot on the Buy the Dip Strategy. It works on the 30min candle, and so is a little aggressive, but not like the RSI strat on the 1min.
Predicting what will happen with the markets next is almost impossible. I’ll just let the Bot Handle it until things calm down a bit more.
Speaking of tricky to predict!
I like to try and set up the Manual Trading of TradeCraft Pro so that it can catch some pretty wild swings. because you just never know.
So here’s my TA with some trend lines drawn on the 4hr candle.
Based on how the market is still going down overall, I am expecting BTC to jump up to the recent swing high, and then fall again.
It could also range in that area for a bit, so I set up a loop to capture both.
If it does crash, and crash hard, I have a buy at around 36000USD.
However, it could also jump up. You simply just don’t bet against Bitcoin.
If it does moon, and get’s past the last swing high of 52k, then I am expecting it to keep flying up. So I need to enter a Buy Stop order in TradeCraft Pro.
Here is how it looks once set up in the system.
That's It for This Week!
Here’s hoping we can get some good trades and that the world gets a little more peaceful. With any luck, current events will just show the masses why a decentralized currency is the best path.