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Beginner's Luck - Learning Technical Analysis

  • 01-01-2018 2:33pm
    #1
    Registered Users Posts: 12 ✭✭✭ Pyrrhic7


    Hi guys.

    Year after year I heard about Bitcoin and I never done anything about it.
    I decided to lump some savings on some Alt-coins at the end of September 2017 and I have drastically increased my portfolio since.

    I have a lot more knowledge than Joe Soap down the street but other than the 'hodl' mentality I have to admit that I am an opportunist, a skiddy if you will and I really need to do my homework about this technology and in particular charts, graphs and technical analysis. (I have no clue)

    My portfolio consists of primarily Litecoin, the rest in Neo, IOTA and Cardano.
    My instinct/strategy being:

    LTC - Better tech than BTC, partnership with Steam, adoption on Coinbase.
    NEO - The 'Chinese ETH' Passive income with GAS.
    IOTA - The tangle system which apparently can perform better the more people use it
    Cardano - The team behind it are supposed to be some of the brightest (fluked it)

    I'm not looking to day trade but I definitely believe I can be a lot more efficient with my investments, other than my gut instincts and 'shadow-betting/investing'

    TLDR:

    I'm a noob/skiddy that has fluked portfolio profits since September.
    I know a lot more than the average person but I am still quite ignorant and I would really appreciate some educational advice, tips, research, books, youtube etc. that really helped them learn what exactly they're doing because I don't really know.

    Much appreciated.


Comments

  • Registered Users Posts: 502 ✭✭ gavkm27


    There are a ton of resources online for learning TA, i’d Recommend starting at www.babypips.com/learn/forex

    Then joining www.tradingview.com and trying to chart some coins there, follow TA specialists on Twitter for insights into their calls, see the ones who made the right calls on and try those strategies yourself. Also YouTube is full of great videos, good luck


  • Registered Users Posts: 12 ✭✭✭ Pyrrhic7


    gavkm27 wrote: »
    There are a ton of resources online for learning TA, i’d Recommend starting at

    Then joining and trying to chart some coins there, follow TA specialists on Twitter for insights into their calls, see the ones who made the right calls on and try those strategies yourself. Also YouTube is full of great videos, good luck

    Thanks for that I will check it out.

    Can somebody help me understand trading in sats? I am calculating my buys/sells using USD.
    E.g - I buy 1000 coins priced at $1 each, I sell them at $3 each making 200% profit and after fees etc. I have $2955. (rough example)

    Do people check the charts on a certain website or using software?

    Thank you.


  • Registered Users Posts: 2,327 ✭✭✭ The One Doctor


    The problem with TA is that everyone uses different methods. If everyone were to use a consistent method, then yes, that would work, but they don't. If you're going to use TA, at least use 2-3 different techniques together. That way the good and bad might average out.

    Ever see the 'forecasts' based on TA? One days they'd say 'Less resistance going up, start of an up trend blah blah, reccommend buying'. The very next day the market would enter a dip and the advice would be reversed.

    The reason TA isn't very valuable in crypto is because the VAST majority of traders, me included, are amateurs. We tend to react emotionally. TA is designed for the stockmarket - lots of pros there, they sell at certain predefined points and they don't panic - because it's not their money they're trading.


  • Registered Users Posts: 502 ✭✭ gavkm27


    The problem with TA is that everyone uses different methods. If everyone were to use a consistent method, then yes, that would work, but they don't. If you're going to use TA, at least use 2-3 different techniques together. That way the good and bad might average out.

    Ever see the 'forecasts' based on TA? One days they'd say 'Less resistance going up, start of an up trend blah blah, reccommend buying'. The very next day the market would enter a dip and the advice would be reversed.

    The reason TA isn't very valuable in crypto is because the VAST majority of traders, me included, are amateurs. We tend to react emotionally. TA is designed for the stockmarket - lots of pros there, they sell at certain predefined points and they don't panic - because it's not their money they're trading.

    A chart is a chart, be it in stocks or crypto, it’s not going to give you all the answers but it will enable you to make better decisions about entry and exits from a trade, therefore boosting your probability of protecting your capital and making some gains. Everyone has different strategies and you have to find yours. TA is very valuable and I’ve spent the last year learning as much as I can.


  • Registered Users Posts: 502 ✭✭ gavkm27


    Pyrrhic7 wrote: »
    Thanks for that I will check it out.

    Can somebody help me understand trading in sats? I am calculating my buys/sells using USD.
    E.g - I buy 1000 coins priced at $1 each, I sell them at $3 each making 200% profit and after fees etc. I have $2955. (rough example)

    Do people check the charts on a certain website or using software?

    Thank you.

    If 1 Bitcoin was worth $1000 when you made your imaginary trade above, then while you were making a profit in that particular coin Bitcoin then went to $5000, you actually loose money. You would have been better off holding bitcoin. This is the huge mistake people make, the look at their gains in USD, but in reality if they had just bought and held bitcoin they would have made more money!

    Bitcoin is the master coin, I’m only concerned with trading altcoins to make more bitcoin, I view my portfolio value in bitcoin only.

    It comes down to the currency pair you choose, but if you want to make real gains then you think I terms of BTC


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  • Closed Accounts Posts: 28 ✭✭✭ topgolfer101


    Okay for you guys who are saying technical analysis doesn't work, you are dead wrong. In order to understand this point, investing in coins is pointless, on a day trading strategy, the spread is too high to spread bet them. The process of buying and selling coins for the small volatility change won't bring that much profit. So another point as to why cryptos trend in 1 direction forever is because there is a lack of liquidity providers, the market volume on forex is 5 trillion vs 100s of millions on coins, which means more volatility/higher spreads and less structure. So investing in them is not a good idea.

    The only market you can day trade in, with very low spreads and with leverage is forex. Forex is 5 trillion market. This means high liquidity, which in turn means lower volatility. So this is why the spreads are low and it respects technicals extremely well. In order to understand and foresee where banks enter, you must see where they come in with manipulation etc... these are at important key levels/prices that we can easily see. We then just ride the trend with them. It's very easy.

    If you want to chat further I have been trading for 5 years now in forex, daytrading everyday, you can whatsapp/telegram or text 0838070743 or email [email protected] No calls please


  • Closed Accounts Posts: 28 ✭✭✭ topgolfer101


    https://forexseanfx.imgbb.com/

    In this link I posted a trade I took last week in the forex market. Simple technicals. 1 to 5 risk reward. You want to risk 3% of your balance always in order to get 15% gain. As you can see you won't win everyone, but 6-7/10 is definitely minimum for me. So you're talking 50% gains a week at least on your overall starting balance for the week


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