This newsletter is sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!Here are a few quick tips for trading altcoins:Set stop losses using USDT or USD instead of BTC. I rarely do this, but it is a technique that many utilize if they are concerned about a BTC drop. If your stop is in BTC, then when your stop triggers, you effectively sell your alt to buy BTC when it is dropping. If your stop is in USDT then you do not lose on BTC dropping as well.Trade low sat coins in the USD or ETH pair. It’s almost impossible to fill orders on a coin like HOT without getting in line and waiting forever. You can trade the USDT or ETH pair to get “in-between” the order book and fill without paying a 20-25% premium to market buy into the book.When trading low sats, set stops that trigger lower than your stop price. For example, If you wanted to set a stop loss for STORM at 20 sats at support, set the order to trigger at 19 and sell at 20. This way you get the benefit of 1 more sat before you trigger but are immediately first in line to sell a sat higher if it hits your stop. It’s a bit risky if it truly dumps, but low sats rarely jump more than 1 sat at a time. This way you don’t get wicked out when the price hits 20 for a second, rather than going below.ALWAYS scale out of positions. I draw a number of targets on the chart and set my sell orders right when I enter at each of these targets. Depending on the chart, I sell between 20-25% at each target. I NEVER catch the huge pumps with a full position, but always try to keep 15-25% of my bag in case the coin goes absolutely crazy. You will reduce stress tremendously if you just take profits on the way instead of trying to time the market for your sell order. You can always buy back in when another key level is flipped from resistance back to support. I did this a few times recently with ZIL.Use http://thepatternsite.com/! Rarely mentioned this, but this is where you can see the statistical probabilities of different patterns and techniques from Bukowski. Study it and get to know the patterns and how reliable they are.NOTE: I will be live streaming at 2 PM EST today, searching for fresh altcoin trades. https://www.youtube.com/watch?v=T2VQiHpDEUMIn This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsIndia Proposes Banning Bitcoin - AgainThe Short Squeeze PlaybookElon Musk Talks Bitcoin My Recommended Platforms And Tools
The Wolf Den #168 - Trading Tips
The Wolf Den #168 - Trading Tips
The Wolf Den #168 - Trading Tips
This newsletter is sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!Here are a few quick tips for trading altcoins:Set stop losses using USDT or USD instead of BTC. I rarely do this, but it is a technique that many utilize if they are concerned about a BTC drop. If your stop is in BTC, then when your stop triggers, you effectively sell your alt to buy BTC when it is dropping. If your stop is in USDT then you do not lose on BTC dropping as well.Trade low sat coins in the USD or ETH pair. It’s almost impossible to fill orders on a coin like HOT without getting in line and waiting forever. You can trade the USDT or ETH pair to get “in-between” the order book and fill without paying a 20-25% premium to market buy into the book.When trading low sats, set stops that trigger lower than your stop price. For example, If you wanted to set a stop loss for STORM at 20 sats at support, set the order to trigger at 19 and sell at 20. This way you get the benefit of 1 more sat before you trigger but are immediately first in line to sell a sat higher if it hits your stop. It’s a bit risky if it truly dumps, but low sats rarely jump more than 1 sat at a time. This way you don’t get wicked out when the price hits 20 for a second, rather than going below.ALWAYS scale out of positions. I draw a number of targets on the chart and set my sell orders right when I enter at each of these targets. Depending on the chart, I sell between 20-25% at each target. I NEVER catch the huge pumps with a full position, but always try to keep 15-25% of my bag in case the coin goes absolutely crazy. You will reduce stress tremendously if you just take profits on the way instead of trying to time the market for your sell order. You can always buy back in when another key level is flipped from resistance back to support. I did this a few times recently with ZIL.Use http://thepatternsite.com/! Rarely mentioned this, but this is where you can see the statistical probabilities of different patterns and techniques from Bukowski. Study it and get to know the patterns and how reliable they are.NOTE: I will be live streaming at 2 PM EST today, searching for fresh altcoin trades. https://www.youtube.com/watch?v=T2VQiHpDEUMIn This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsIndia Proposes Banning Bitcoin - AgainThe Short Squeeze PlaybookElon Musk Talks Bitcoin My Recommended Platforms And Tools