My Weaknesses: A thread
1/ As much as I’m able to call the tops and bottoms of Bitcoin I find that I struggle with Altcoins. Partly because I try to keep my eye on too many. It means I often get a poor one-time entry or else get too greedy when thinking of where to take profits
1/ As much as I’m able to call the tops and bottoms of Bitcoin I find that I struggle with Altcoins. Partly because I try to keep my eye on too many. It means I often get a poor one-time entry or else get too greedy when thinking of where to take profits
2/ Then I get annoyed because a) sometimes I’m stuck in a losing position for a bit without wanting to add to it cus I’ve already gone in big and b) when price retraces from highs I’m left feeling like I didn’t take enough profit
3/ To sum it up I can usually call the direction right on Altcoins but my entries and exits are usually poorly timed due to FOMO. Something we all suffer from. I’m fine with these things on Bitcoin but that’s because I literally know that chart inside out. I watch it 12 hrs a day
4/ So what’s my plan of action?
Right now I’m testing out 2 versions of a bot. One’s called One and Done Bot where I have set the parameters to DCA 3-4 entries and take a profit at what I believe is a reasonable % (such as 10-15%). Then the bot stops after one trade
Right now I’m testing out 2 versions of a bot. One’s called One and Done Bot where I have set the parameters to DCA 3-4 entries and take a profit at what I believe is a reasonable % (such as 10-15%). Then the bot stops after one trade
5/ Then I also want to have Two and Done Bot + Three and Done Bot. These will allow for multiple trades when I believe that there will be two or three pushes to the upside. After they’ve reached the target % they will re-enter immediately and DCA 3-4 orders below.
6/ Then if they’ve finished their max amount of trades (ie 3 trades for Three and Done) then it will stop.
I’m going to do some tests - but do you think that sounds like something that would be helpful for you guys to use in the future if I get good results from them?
I’m going to do some tests - but do you think that sounds like something that would be helpful for you guys to use in the future if I get good results from them?
7/ This way it takes the emotion out of it by just letting the bot do the work. The emotion is usually the biggest let down for people when they trade.
8/ Have started three tests on $Ada, $Shib and $Srm. Target % are 10% profit for Ada and SRM (20% for Shib) and they’re on the Two and Done bot 👍
Will update this thread as I go along
Will update this thread as I go along
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