That is a very important addition to your thread. Thanks for clarifying. We had a visit on the weekend from some close friends. Their 14 year old son realized I had an interest in Crypto so we talked a little on the subject and how he was the leading light in the family, and how Mum and Dad and Uncle all had crypto investment accounts on their mobiles and it was all down to his interest in the topic.
We were talking on Whats App yesterday and he confided this: “Yes, I took some profit from my Dogecoins and bought some SafeMoon tokens - they cost me £40. Yesterday they were £750 but today they are only £400. What should I do?” I thought of saying “stop trying to fix that problem” but smiled to myself that he may not understand that. I advised that his philosophy (psychology or money management skill) at taking SOME profit to invest in other things, whilst leaving some to continue to grow, was better than about 99% of everyone I know, and that my recommendation was to listen to himself and ignore anyone else. There is a fair chance of him becoming a millionaire before he is 18!
That is what I thought before I realized there is a 50 year age gap between him and me
In the case of Crypto, age does not equal experience. After the Robin Hood debacle with WallStreetBets, it did make me wonder whether there was another strategy that was worth exploring when it came to Crypto. So I entered into Doge with a few tens of dollars to show my son that without good reason, it is very risky to just buy stuff on a whim. Sods law proved me wrong, and the Doge at $0.27 became $0.60. I put a limit order in for a sale at $0.71 and the next morning our order had been fulfilled. I left my son to decide what happens to the half retained, and he is happy to just leave it there and “see what happens”. That is my next opportunity to show him the error of his ways.
So last week, I put the profits from the unexpected Doge gamble into a failing crypto called XTP. It had been brought to my attention by a boiler room guy who wanted to sell me 1M tokens at “20% less than the daily low”. When it was 7 satoshis (sats), I put in a limit order to buy at 5, which filled within the day. A second order, a third order, a fourth order at 4 sats and finally an order the size of all the others at 3 sats which also filled. I intended to just leave it there until I noted it went up to 7 sats in one sat increments. The I put in an order to sell half of them at 10 sats which was filled overnight. I have now put in an order to buy back that half at 6 sats, and it is oscillating between 6 and 8 sats.
So this “play money” exercise, meant to show my son the error of entering the market without due diligence and planning, has failed me now quite a few times on a row. That has caused me to start the creation of a "Shtcoin" strategy, for which I will create an algorithm and back test it on five examples of shtcoin, to see if it has any legs. Early days, and small change, but the % return results so far combining trading with long term HODLing, has got off to a great, if statistically wobbly, start.
By the way, I just read this post, and wanted to point out to newer members that I am NOT recommending that anyone follows this series of actions. It is just to point out the randomness of the market, my future idea being to play with API feeds from twitter or other social media to determine if I can find any correlation between frequency of key words, the market price of their affected target instrument, and whether that would be a leading or lagging indicator. I feel sometimes that my morning brain runs too far ahead of my afternoon brain in what is achievable, but that is the fun I derive from the Forex and Crypto games.
Very intressting idea to use twitter keywords to see how the crypto market reacts, thats why crypto is so weird and hard to predict its owned (regulated?) by indivuals and not by countries or big companies (but that is changing now as more companies are investing in to crypto). I will still wait a while before getting in to crypto altough if you have a big capital/fund investing in crypto (buying up coins) is a smart move because I don’t see it losing value in the long run, for me its just a no go because of my non existing capital .
That order was filled at 12:31:06 today, and I now find myself with 130K of these sh…tcoins. I have placed a sell limit order for half of them at 10 satoshis (again). I like this game. Meantime, better get cracking with the plan.
I’d like to understand the point of this. You have not shared anything other than how great you are at trading.
People come here to learn how to trade, if you have something to share that will help people then please do.
Personally, I don’t care about your high win rate or your $400 profits per week, I care about how you got there.
If you don’t want to share any parts of your strategy then that’s your decision, you worked hard to develop it, but all you’re doing here is stringing people along…for what reason?
I don’t get what part of the took money for living expenses you didn’t understand? Why are you trolling/ harassing him?
He’s not harassing, advertising or going after you? He claims a 90% win rate on his trading strategy, gave numbers to explain how he got at it and is journaling his trading. Why are you taking it personally? It doesn’t matter what his reasons if this is supposed to be a trade journal I thought.
@PhoneticNachos. Hope you don’t let the entitled trolls get to you. Folks don’t seem to get this is just a journal. Entertaining as heck and looking forward to future entries
How I trade is a simple thing. The best way to trade well is to control the mental side.
I am a contrarian price action intraday trader.
I scale into my trades with a top down approach from monthly/weekly.
Look for good setups versus daily levels and entry off the hour, maybe down to 15 min if I really want to watch for the “shakeouts”.
But this usually is the type of thinking that is like trying to save money by driving to a much further away gas station to save a penny per gallon. When your bigger problems are all the other things you spend money on.
Really simple setups, why complicate things? I use naked charts even, TA didn’t help any of my relatives with stocks, etc or the guys I learned forex from.
I do read a lot of macro trends and news each morning, and read Bloomberg/WSJ/reddit.
There is no trick, just disciplined trading that fits my style. Most people probably couldn’t trade the way I do anyway. I have a very aggressive style.
This is a way for me to document my trades and meet people to talk with on discord.
Not going to go into more on static websites that take time go back and forth with, why I like typing/talking in discord live.
I have no ulterior motives, there’s tons of people who trade better than I do/make more money.
I am still learning and improving.
I just got comfortable trading over a $10k account size last year.
Thank You for Sharing I will give it a try next week. I have grown my account 15% a week for the last 11 weeks compounding trading mostly US30 and looking to slowly expand
Honestly I don’t think you should justify or even entertain trying to defend yourself. If you claim riding your pink unicorn everyday gives you an edge, why should anyone give a hoot. It’s a frickin journal, not a peer reviewed scientific article.
Folks harassing you for answers only show they get agitated and tilted over silly inconsequential things. That’s a deficiency in their character. Not yours.
Calm yourself. As a regular who has been here a while I’ve seem many, many sketchy threads only geared toward louring newbies in just to scam them out of their money then disappear.
In questioning his motives I am only looking out for the best interests of all the members, including you, who are trying to make an honest go at trading. Sometimes I’m right, and sometimes I’m wrong.
I am happy with his reply, and his contributions to this site seem genuine. So, if protecting the community is considered harassment, or a deficiency in character to you, then so be it.
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