[Day Trading] Need seasoned traders to give opinions on my technique and give some tips as to how to get better.
Hello everyone! I will explain first my method and then a little history of the last days. So my method is to put less weight on the longer term direction of the coin(s) and more on the current fluctuations. I find the median fluctuation of the coin, put a 2%+/- mark and observe if the coin's fluctuation passes that mark a few times a day. If it does, my target is to hit that mark twice in a day, meaning i will earn 4% a day of my investment. Example: a coin is at 1200$ and fluctuates 100$ up and down 4-5 times a day. I aim to buy at 1170$ and sell at 1230$ twice a day. Crudely this is pretty much what im doing. Is this method right? Any opinions and tips as how to improve it are welcome. Now a little history follows, not important but will give you a little feedback. Im new to trading so i might miss a whole lot of points. I got into trading last Saturday when that BCH event was unfolding. Got lucky and made around 25% my initial investment (we're talking low end assets here, im no big deal yet) which I lost again and around 10% on top of my initial investment trying out different methods and techniques. Well worth the loss (500$ of init. invest.) because of the valuable lessons i learnt.
Thanks everyone!
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