Hey guys, I am sorry that I didn’t post anything over the last 2 days but I was so exhausted and I felt sick. Today I want to share with you my best scalping strategy so far. Before we begin I would like to say that this strategy worked for me because it fits my trading style and it might not work for you. This is not a financial advice nor any content in this article is presented as financial advice. The information provided in this blog post is for informational purposes only.
Indicators used for this strategy
The only indicator I use in this strategy is Fibonacci Bollinger Bands Ratios. It works on the same principles as the Bollinger Bands but it uses the Fibonacci levels instead. This strategy doesn’t need a lot of indicators because these scalps are pretty quick and you must make fast decisions because the perfect entry point is only one, that is why it is called "perfect". Sometimes you have to use more but I use them only if the trade takes more time than expected. In that case I would choose the RSI and the Stochastic RSI. This strategy focuses more on Reversals, Momentum Catching and Trading Patterns on small charts. Another tip is to learn some basic candlestick patterns that can be found everywhere on the internet because they definitely come in handy in bad situations.
How to find coins
The best coins for scalping and also for day trading are the ones with the most volume on them. Usually I won't trade anything unless it has more than 1000BTC Volume. Then after checking the volume I check the price action and think about what could happen next. If the coin dropped significantly I will watch it and then buy into a reversal. When trading patterns you just have to wait for a confirmation and in momentum catching you really need to know and use candlestick patterns.
How much percents to aim for
You should aim for 0,5%-1,5% if you want to catch a momentum and don’t risk too much. If you want to trade a pattern which often aims for bigger gains like 2-7% you need to know that it will take more time than just catching a momentum where you just buy and then after the price shoots up you immediately sell. When I am trading a pattern I choose the exit point near the top of the pattern I wanted to trade.
Example, SYS/BTC. The yellow box indicates my entry point and the red one is where I would placed my sell order.
Now that you know everything about my strategy I am going to review some of my trades from last Thursday
As you can see I was able make more than 15% in one day just by using this simple strategy. You can practise with paper trading and after some time you will see how it goes and then you may consider using this strategy with your real money. Loosing money with this strategy is as easy as it is to make them. Thank you for reading my article and I hope that this strategy will bring you success in the crypto market!
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Great post!
Thanks for tasting the eden!
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