I have literally never made a correct decision when trading crypto...

Rsi is not that good to use on cryptos - they are too volatile for it, in my opinion.
Use fibonacci only when the resistance you count on has been proven. Also look after support lines near the line.
Compare the MACD of different time horizons - if several time horizons indicate another bullish phase, it should have more weight in your decision.
Do you use trend lines? Bollingers?

A last question: do you daytrade? In this case, the approach would be completely different, so I would advise to stop daytrading and hold for a longer time horizon (2-5 days is usually ok to yield good results).

I bet you just have weak hands and sell when you see loss, hang on to your trades otherwise you get eaten by whales tactics

Your first problem is you don't know how statistics works unless youre legitimately just guessing then flip a coin and you can take the blame off of yourself.

Stop listing to Veeky Forums 90% of this is shilling so they can drop their bags, find one coin you think has a future and watch it. BTC is always safe, atleast until august yes it fluctuates but so does everything and if you're not willing to lose you're in the wrong game

I do watch bollinger bands but don't know how to use them properly. all i know is that when they tighten the market will move. but i don't even know why that's the case.

I try not to daytrade but often end up daytrading by accident when I convince myself that the market is going to move in a certain direction. I need to stop because I'm clearly not cut out for it, but even when I hold for a week or longer I end up making the wrong decision.

my friend, if you buy eur/usd after it's blown 20 pips up quickly through resistance, and you have a ten point stop, and you expect to earn money, you will lose about 9/10. Because that's where they'll reverse it to take out the fags that like to buy when things are going up.
What makes you think crypto is any better? It's probably worse.

Hmm wat do if shill/fud combo?

It's possible because you buy high and sell low. Your are an dumb

then you kill yourself

Buy and hold till profit. Don't buy, in profit zone continue holding and drop to nonprofit zone.
It's that easy. HOLD BUT DON't HOLD TOO LONG. take profit. and be happy with your profit even if the coin continue to go up another 500% despite you already exited.

Do that and be content with yourself.

this guy knows.
> look for high volume coins on the dip on friday
> found Numeraire
> all in
> wake up on saturday +100%
> wat.png
> sell
> look for high volume coins on the dip on sunday
> found DGB
> wakeup today +30%
> wat.png
> sell
> ????
> PROFIT

Lol

How do you define your risk? In this chart rsi showed overbought. If I sold when it peaked were would my stop loss be? When does the rsi tell me it's a false signal and I need to get out of this trade?

i don't know

start flipping a coin to decide if its time to buy or sell

p.s. i just flipped heads

buy bitcoin

roll while quoting this post.

even numbers: jack off
odd numbers: buy bitbeans for 20 bucks

Lets try ditching the indicators. Here is the daily chart or Eur/jpy so you can see I drew a trendline off the last two swing highs and marked 126.50 as a support/resistance level. Going back further 127 is also a s/r level that I've marked.

Now we'll look at the intraday chart...

please post your directions on the top 10 coins on polo

I need to buy some stuff

you buy what /biz says you need to buy.
you buy things that some shady dude on twitter says you to buy

you should stop doing that blindly.

Get a friend to shadow you. Explain that you have a sure way to know what the market will do, and that you and him can split the profits. He puts up the money, you provide the strategy. All he has to do is watch what you do and do the exact opposite.

There are two types of people in any market. Those who are reactive and those who are proactive.

In a bull market, both the proactive and reactive are winners. In a steady market, reactive types are nowhere to be seen. In a bear market/correction, proactive people limit their losses and reactive people either baghold or are quick to sell at a loss.

The thing is you now know you are the reactive type. A long term buy and hold approach is most appropriate. You are not one of the gifted people who can make a living exploiting others stupidity.

>50/50 chance

Are you legit retarded? Just because there's yes or no doesn't mean the chances are equal. You can have a hunch something is going to rise but literally no one actually knows where these coins are going because it's a huge complex network with people wanting shit to go in every direction. It's like predicting the weather, you can only maybe assume the immediate results and still be wrong.

But if you know your always wrong, why don't you just go with the opposite of your initial thought then?

Because theres people like me who have (in last 3 months) never made a single losin trade

I revived my shitcoin holdings on bittrex after a few years once i saw all the new money coming in.

Protip 1: everyones first couple months are rough on the anus. You get anally initiated in this game unless tremendously smart or lucky

Protip 2: losing money is always your choice. You execute the sell order. If you can add and subtract you have enough brainpower to trade correctly

The arrow is were I went short because the rsi told me to. First problem resistance 126.50 AND 127 was blown through. That's a clue as to what 'team' you should be on. Second problem is our short level is no where in particular. It's in the middle of support and resistance levels. Now where do I place my stop? Above the trendline with room for volatility.

The initial test of the trendline had sellers move the price down to 126.50 but buyers managed to close near 127 and start moving price higher immediately. With sellers failing to hold the break below both key levels and the price action with the quick rebound it's a clear sign that buyers are in control, it's time to get out of my short position.

Second test of the trendline saw a break above. A corrective move did break below the trendline but it didn't last.

Simple support resistance levels and trendlines were all that was needed to read what the market is doing and is trying to do. From that you will know where to enter a position, in which direction, and where you need get out of the trade. There's is no ambiguity.

The rsi doesn't tell you when it's wrong. It's also ambiguous. More importantly it's telling you to sell when the market is clearly having a break out. There's also the problem that any indicator, such as rsi and macd, that use price as it's only input will always be LAGGING!

This works on any asset class. Open up any shitcoin chart and apply s/r, trendline, and fib levels. You'll soon realize lagging indicators don't give you any useful information.

Here u go user. I used to be like you till I figured out that everything is manipulated by whales. Here's a little diagram I made. Go and check it out on ETH or Bitcoin chart, these 2 patterns keep repeating themselves.

What exactly is a bear trap.... do bears sell at that point? How do bears profit from a losing coin?

thx

but how do you know where the support lines even are? is it just a matter of revisiting a prior price?

you're extrapolating the trend from what you see.. stop staring at the chart, and look at order history and order book instead.

you have to accept the fact that nobody can predict the future, and be okay with it.

i don't give advice here, mostly because it is like arguing with kids which can pee the furthest. my only advice at the moment is, accept the fact you are not special and cannot control the markets. the next best thing you can do is to control risk.

Me too.

We suck.

Swing highs and lows will end up being resistance/support mostly. Think of it this way BTC all time high is $3000, it's the price point were sellers finally stopped a rally and took control, if buyers push the price up there again you can expect sellers to try to defend that level and buyers may not be very inclined to buy near a price level that previously failed to push higher ie fear of being a bag holder.

Pic related is BTC 4 hour coinbase chart. Red arrow points to a swing high, ath at that moment. It's now a level that buyers need push above. Next swing high breaks above it, now it's support, and buyers are holding that level until it breaks. Sellers try to take price down since a break below support should attract sellers. It land right on support and near a trendline, I didn't mark them see if you can spot them, and buyers push price back up to test resistance, initially it sells off a bit but not far and the second attempt breaks above it. After hitting new ath sellers push price below support and hold it as resistance eventually causing a sell off to ~$2060. Next swing high comes near resistance but sellers over power buyers.

Now look at the black arrows. One is the peak ath the other is the second swing high. Connecting the two creates a trendline and as you can see sellers have held multiple tests of that trendline until now.

A bear trap traps the bears. Bears think the coin will go down so they short. It traps them because it dips under a support level so it seems they're right for a little bit but the price comes back and they get rekt.

Tfw I bought kids, b2, bs, mysterious, waves....

I'm gonna guess the support line you didn't mark was the $2500 line?

Also, what do you think is happening now that we're breaking through the trend line? A sign of another bull run?

I've been literally slow bleeding 50% of my initial capital but than I made some nice gains through NMR twice.
My initial investment was 750$ and I'm still about 200$ in the red.
Though I've learned a lot during my first week and I hope I can apply some of my knowledge and at least get my money back.

because you buy high sell low like a retard

wat.png?

It's the $2600 level (circled).

Since the ath each swing high has been lower than the last a bearish sign. Last swing high was $2605 so that's resistance that needs to be broken. If buyers can push above it and hold it as support I do believe it will turn into a bull run; fail to do so and you will likely see a sharp reversal as buyers who made the break above the trendline throw in the towel and become sellers.