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Altcoin Playbook for Busy People:
So you are busy and don’t have the free time to constantly be checking the charts and trading crypto currencies all day along. I have good news for you. You can still be up to date on all your favorite altcoins and still get great returns. The best part? It will only take you 15-30 minutes a day. Yes you heard that right. What I am about to share with you is a variation of my bitmex swing trading guide for altcoins. Efficiency is key.
- Sign up for TradingView.
- In tradingview there is an option to import a watchlist. If you sign up on my newsletter you will receive a text file for both Binance and Bittrex altcoin pairings. These include every altcoin on the exchanges. For those of you already on my newsletter you should of just received the files now. All you need to is click import watchlist and click on the binance.txt file.
It is that simple! Once you finish you can breeze through every coin on binance and bittrex just by clicking down on your keyboard. I like to start with the daily timeframe and continue surfing until I see a pair that shows a buy signal. Once you see something you like, you can switch to the 4h timeframe and look for possible entry signals. This strategy works great and only takes you 15-30 minutes a day! You can set your alerts, bids, and forget about it!
2. The Set and Forget Approach
Do you know one of the biggest reasons why traders lose money? They become too attached to their trades. Constantly staring at the charts, panic selling on every little tick in the wrong direction. Once you learn to identify your entry, stoploss, and profit targets you can easily set and forget about your trade. Not only will this free up your time and allow you to enjoy life. It allows you to fully take the emotions out of trading and letting the market do the work for you.
Here is an example with altcoin IOST. I saw an uptrending market, and decided to go long on Iost at 303 satoshis. Which I called here:
You can see the risk, which is where the stoploss would be placed and our targeted reward/profit targets. We are already up 40% for the week without having to spend much time at all!
This simple and efficient strategy in the crypto is one of my favorite ways to trade the altcoin markets. Look for coins that have decent volume and liquidity, after that you can forget about most of your fundamentals. From the words of Ed Seykota,
“Fundamentals that you read about are typically useless as the market has already discounted the price, and I call them “funny-mentals”. However, if you catch on early, before others believe, you might have valuable “surprise-a-mentals”.
It doesn’t matter which coin you pick, you should only be holding one or two coins that you actually believe will survive in the long term anyway. Learning how to trade will let you watch from the towers above as everyone rushes to buy your coins “latest” rumor or hodls their way into financial ruin.
Good luck out there and remember to sign up for my newsletter to get access! Take the first step to becoming a better trader. Start with a system!