...And it hasn't worked out so well. Today hasn't been so great, in general. It started off with me really misreading ETH. I bought in at $1300 in the morning and then watched it drop all day long while I tried to find some things to trade.
I've been looking at some of these low volume coins for awhile, noticing that they move slow, but tend to stay within consistent ranges, so I pulled the trigger on a few today.
SNM had been running about 1/2 day cycles up and down with some decent gains. I noticed it was at the bottom of a cycle and jumped in. It took the slow path down throw the day. There was one spot where I could have got out with ~2% profit, but I didn't take it because I was expecting it to keep rising. In retrospect, I see that I should have got out when one of those long 15 minute candles from the previous cycles didn't appear. Like I mentioned yesterday, I'm still trying to identify that moment that I have missed my trade. It is not always obvious to me. Very thankful for my position-sizing tool, that is helping me manage risk effectively, so I only lose a small % of my total account on a missed trade.
the other two slow movers I tried to get into were CDT and MANA. Both of these pretty much stayed stagnant all day, but as of writing, they are still trying to decide if they want to run or not. Both have big upside potential based on their past history. CDT more-so than MANA.
My thought with MANA is that it is nearing it's critical base and has previously taken a 100%+ jump from this point. I'd be happy with 20%.
CDT gave me a few moments of nervousness through the day as it flirted with my stop loss but now it's been making a slow trudge upwards. I am torn between getting out now or seeing where it goes. My experience with SNM this afternoon tells me I should get out now with my 2% since I haven't seen the long green hour candles, I was expecting. If ETH breaks $1400 tonight, I probably will but right now it is still recovering from it's last cliff dive.
I nearly pulled everything and sold out when it hit $1380 earlier and now wish I would have.
In fact, I just talked myself into selling CDT and MANA. It's the only way to make sure that they both shoot up 100%, but I don't trust these coins not to slide into oblivion overnight. Also, this is a good opportunity to practice exiting a trade at the point I realize I have missed it. True, either or both of these may still rally like I was forecasting, but it is not happening in the way that I expected it to happen and nowhere near the timeline. It has been in ignoring signs like this in the past that have led to me losing money instead of making a small profit. Tonight, I will chose the small profit.
Really a disappointing day. The small gains I made did not make up for the hit I took on SNM. I would have been better off holding my funds in ETH and selling at at $1380 earlier. We'll see how ETH does overnight. Perhaps I'll wake up to something nice. I have some work I have to do outside of the office tomorrow, so I won't be trading. I've set my ETH to sell off at $1500, obviously hoping for a new ATH overnight.
Balance based off current ETH totals:
| Balance | Today's Profit | % Today | Avg Daily % | Daily % for $1M |
|---|---|---|---|---|
| $7390.04 | $5.83 | 0.08% | 2.16% | 1.41% |
Coins mentioned in post: