Crypto currency trading requires your time and constant
monitoring of price movements. Maximizing profits is a function of ones ability
to monitor the price of a coin at specific and regular intervals.
However, not everyone who is interested in crypto trading
has the whole time in the world to be monitoring a trade always.
People like the busy executives, students, Youth corpers may not
have the time to monitor the price movement of a coin frequently.
So is there a way out for these set of people? Yes.
1 WEEK PLAN WITH A 4 HRS STRICT MONITORING SCHEDULE
Conditions that must be met
- 1 bitcoin or more(my recommendations)
- the coin to invest must
- be among the 1st ten coins in terms of volume.
- Have a strong buy support say from 100btc and above.
- Be a utility coin
- Be traded in at least 2 exchanges
- Must have a wallet outside the exchange you intend using.
WHAT YOU NEED TO HAVE AND MUST KNOW AS A TRADER
- 1 bitcoin or more(my recommendations)
- basic trading skills which include the following
- how to deposit and withdraw your coins
- how to place a buy order
- how to place a sell order
- how to fill a best sell order(buying directly from the order books)
- how to fill a best buy order(selling directly from the order books)
- how to use the buy/ sell stop limit
- understanding the unitary system of a coin
TARGET
The target is to achieve 5% to 50% or more within a week of
trade.
If the above conditions are met then we can begin thus.
I will be using 1 bitcoin as a case study. More bitcoins
will be preferable if you can afford it.
- Start by splitting the bitcoin in 5 fractions of 0.2 btc each.
- Determine the interval with which you choose to monitor your trade. I recommend every 4 hrs in a day within the 1 week. (42 times in a week) and you must be disciplined about the interval you eventually choose.
- At this point you select the coin you wish to invest in and then open a trade with 0.2 btc and note the entry price.
- place a sell order of 10% premium to your entry price.(eg if your entry is say 0.0025btc then a 10% sell order will be 0.00275 btc). Check your trade after 4 hrs. just remember that your target range is 5% - 50% hence be realistic when placing your sell order based on the price actions and volatility you have noticed.
- If after 4 hrs your sell order is filled, then you start the process again. However, if it falls below the 10% sell order mark but it is within your target range say 5% - 9% then I recommend you close the trade and start the process again.
- If after 4 hrs the price of the coin falls below your entry price by 5% or more. Then buy back with another 0.2btc.
- At this point you have spent 0.4 btc, calculate your average buy price and set a 10% sell order and wait another 4 hrs to check.
- Assuming there is constant 5% or more fall in price and you have exhausted your reserve bitcoin. As in you have used up all the 1 btc you split. Then it is recommended you edge your loss by making use of the stop limit. You can set between 1% to 10% stop limit. This is the % loss you are willing to take in case the coin decides to dip further.
From experience, utility coins usually enjoys favorable
volatility, that is why I recommend such coins if you decide to use this
strategy. This way you are sure of always coming out with a profit and in the
worst case scenario a break even within a short period of time.
