This week I will be taking a very small portion of my paycheck and seeing what I can do actively trading in the markets. I will not be taking 100x leverage positions and freaking out about it all day, but I may try my hand at something like 5x leverage and see what I am able to do. Once again, this will be a very small position so though it would suck to lose it, it wouldn't really kill me.
I have always been a bit skeptical of trading patterns that day traders always reference as the reason why something will go up or down. I guess there must be some kind of merit to it because it is commonplace to hear people discussing different patterns such as "rising cross" or goofy sounding things like that. Despite my skepticism, I will be giving it a go and seeing how things supposedly work. Now I know that doing it once will not be a good measure of a strategies success rate because I could get blindly lucky or horribly unlucky in one trade, but hey why not see what all the talk is about?
I'll be using this site to try to learn about crypto patterns. If you google "crypto signals" there are hundreds of paid and "free" groups to get sent signals via apps like Telegram. That in itself is something that makes me believe that the signals are more a marketing tactic than actually useful information when it comes to pattern trading. Nonetheless... I'll give it a shot haha.
I am thinking that I will want to take a look at leverage trading one of three cryptocurrencies:
Obviously BTC and ETH are the two most traded cryptocurrencies, so there will be a ton of volume and places to make these trades, but the price swings are less volatile (a good thing on the downside but a limitation on short-term upside).
I am thinking that LINK may be my play here. I absolutely love the concept of what Chainlink is and what the cryptocurrency accomplishes and I believe that the price could see 10%+ swings on any given day. I think I will use this as my base, but if things aren't looking promising probably will go back to BTC or ETH for "safer" leverage trading.
Does anyone here day trade or know someone who does? I am interested to know what types of patterns you use and what you think actually works when it comes to day trading. Let me know in the comments and hopefully by this time next week I will be able to update you all on how things went!
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Who I am:
My name is Rob and I am a prospective law student with interests in cryptocurrency and blockchain. I have enjoyed my time thus far engaging with Web 3.0 and am looking to continue learning more and sharing what I learn through my experience