RE: Daytrading vrs Position Trading, which will make you more money?
Thanks for another fantastic video, Luc! You've been doing a great job answering comments here and covering your approach very thoroughly in your videos. I'm fairly new to trading, and your method resonates with me better than any other I've found.
As a fan who watches your videos and reads all of your blog posts, I would like to recommend you not worry to much about the questions that reveal people aren't re-watching the videos or reading your other replies. Spending a bunch of your time saying the same thing over and over and over doesn't benefit you, your core followers who are paying close attention or, ultimately, the people who aren't doing their homework.
I think many of these folks desperate for fast tips & quick answers, but not willing to put in their own effort first, are the same people who are panic-selling into the dips we are trying to buy. It's a sad truth that the market requires both sides to stay liquid; and even some of the nicest, best-intentioned people must fail for others to succeed. Learning things the hard way is sometimes the best way.
Two sayings come to mind: "Feed a man a fish, and you feed him for a day. Teach a man to fish and you feed him for a lifetime." and "You can lead a horse to water but you can't make it drink."
Your videos and comment replies to insightful questions & people sharing their charts are wonderful lakes filled with fresh waters and juicy fish. Those who are hungry & thirsty enough will find the nourishment they need. The rest can seek another path that suits them better --- best wishes to all.
My apologies for the rant; but I wanted to make clear that I think you're already giving 100% to your community - and we're here to support you, not drag you down. :-)
Thanks again, and happy trading!
Thanks for the comment. I totally agree, I am already having trouble keeping up with basic questions over and over.. I try to answer them all, because I know that it can be confusing for some just starting out.. But you are right, that it will wear me out eventually, and its better that I put my free time into creating more videos that help more people.
As my follower counts go up, this blog will get to be more than I can handle, so I may have to cut off answers at some point.
Its a pandora's box situation, because what I explain in my videos actually works. And as people start seeing the markets as I do, they will make successful trades and share that with others. And so the comunity grows, but there are way more traders than I can help individually. So I know at some point I will have to let my videos speak for themselves..
Eventually I will probably just do a daily recap of the trades of the day. And everyone can tune in, to see why and where I entered and exited the market..
It might save time and effort in the long run to have a "Frequently asked questions" post with short written answers/screencap examples and links to videos with a timestamp where info is discussed. You can edit and add to it over time. Then you can have quick answers like "Please see question 7 in F.A.Q. post" or something.
Anyway, it's just a suggestion.
Thanks for the info you've generously shared Luc!
thats a great idea.. a F.A.Q. post.. yeah, ill start a list of the most common questions
Hi Luc. Firstly thanks for all the effort you put into making these videos. They're incredibly helpful. Please can you include some tips on how to trade on a flat week (sideways trend)? i.e the chart is not cracking the base
I have never seen a week where there was not a base cracking on something.. there is always something taking a dive.. you just have to have the alerts set on all the coins and you will be soo busy you will have a hard time keeping up
hey luc, thanks for helping all of us starters out.... is A or B a base?
I think A is the base but etherum hasn't hit back yet so im wondering where do you think it will hit back up to?
and if B is the base, can you explain why?
https://www.coinigy.com/s/i/59780cde2af5e/
Only B.. (a) was too small a bounce to signify strong support at that price, so not a base..
@quickfingersluc: I suggest including examples like this when you compile your F.A.Q. This seems to be the most common error made. I use the measure tool in coinigy to assure the bounce is strong enough to signify support, once I started doing this rather than eyeballing charts it became much easier to determine where a base truly exists.
how do you use the measure tool? what is it exactly and what is your criteria?
Thanks! and Thanks to you too luc!
Measure tool does exactly what you would expect it to do - measure time and percentage change. Criteria is different for every chart, look at the past to predict the future.
Thanks! what determines a " strong support " ??
Also, how soon d you usually wait to sell on a position trade? Are there any rules like always sell when you close for the day? ETH hasnt hit back up so itll take some time. but how long is " too long" ??
Please, don't change up now- love the work dude, should be called magic-luc for the business of trade lol
Having some insight and somebody, a guiding light has been fantastic- sort of keeps my head screwed on with taking hits like the crypto market gives a day, keeping me positive, the hits keep you realistic to not go all in or more than you can lose like you say not putting more when you get a return on building a small account..
Just can't wait to get that scanner too, I love position trade and any trades, can't wait to do daytrading though man! Penny stocks scare me it took me so long just to get into crypto even, feel like a new trader like myself can get chewed alive out there lol wall street
Just keep your positions small to start.. small trades till you feel confident.. If at anytime you are worried about a trade, that means you are in too big... all your trades should just be hum drum, easy, and never keep you up at night..
I totally agree with what you say, @sethmerrick.
It seems many people are too lazy to watch all his videos and read all his answers to many comments here.
I'm already applying his teachings and having results and anyone who takes the effort to watch his videos will be able to do the same. It is really boring to see people asking things that he explained more than once. There are so many guys on Youtube making money out of people like that. They create groups promising tips and expertise for people who are just looking for an easy money scheme.
Just one tip for those who are setting alerts and didn't pay Coinigy yet. There's an app called Blockfolio where you can set alarms for free. Although the app is for Android and iPhone, I installed it on my iPad and works just fine.
I suggest using TabTrader for setting alarms if your not using Coinigy (with that said, Coinigy is the nuts!). TabTrader has fairly decent charting tools, alerts, and it also includes APIs for the major exchanges just like Coinigy (this API feature only on Android, it will be on iOS in the future). I'm an iOS/Mac user but I bought an Android tablet just so I could use the Coinigy app while I am not near my computer in the event an alert goes off - its that good. The Coinigy app is buggy, but its still better than all the other options out there!
I am using chrome remote desktop to access to my desktop pc from anywhere and use coinigy is great!, is like team viewer, log me in, etc., but use an gmail account to access. I find it a lot more handy than android apps. (the best android app i try is TabTrader, have great charts)
for windows:
https://chrome.google.com/webstore/detail/chrome-remote-desktop/gbchcmhmhahfdphkhkmpfmihenigjmpp?hl=es-419
android client:
https://play.google.com/store/apps/details?id=com.google.chromeremotedesktop&hl=es
Chrome Remote Desktop is a security risk, I would advise against that.
Yes i know, My BTC account is really small (0.05 BTC) I guess i find a more secure way if my account grows.
Good use of thumb: The data on your computer is typically worth more than the computer itself. Always practice safe security! If you practice safety now, you won't have to worry about it when your portfolio grows in the future.
Hey, I was trying to find this app for month or so! Once saw but then forgot its name...
Thanks a lot for helping with that!
Well stated Seth 👏👏👏
This Link can be used for either daytrading or position
Yes. I agree with this.