Without algo-assisted buy/sell signal trading tools, you have a few difficult choices...
You either trade far less often, based on longer term swing trades, with an emphasis on accumulation... or you develop the skill of a professional trader and keep an eye on the markets for short-term timeframe opportunities.
Most people getting into the markets, especially the crypto market, trade with the skill of a long-term swing trader, but do so using short-term timeframes for entry/exits.
And that's how they continue to get their dreams of financial success decapitated by the more sophisticated market makers.
After learning candle stick formations... and after learning the basic indicators of MACD, Ichimoku Cloud, RSI... and support/resistance levels and trendlines... the next skill level is to appreciate momentum. No, not the 'momentum indicator' per se, but an appreciation for how momentum has to be clearly on your side at higher time-frames, before exit and entry positions can be taken seriously.
Only yesterday we published a chart on the 2 day time frame for LINKUSD that was a SELL, where as another trader published a chart on a 12 hour time frame for LINKUSD that was a BUY.
The market cratered soon after and his chart looks like one of those memes of despair.
The very simple difference, we believe, is that we checked the higher time frames for overall market momentum, where as he apparently did not. It's a more common mistake than you might think. And an easy one to fix.
Remember, long-time frames trump short-time frames.
Why?
Because of momentum.
Imagine an oil tanker in the ocean (representing high time frame). It takes time to turn but it does so with power.
Imagine a tiny little speed boat (representing short time frame). It can change direction in the blink of an eye, and it does so with light agility.
Imagine a jet ski (representing a 15 minute chart). It may be fun and you get to see a lot of action, but there is zero reliability of where that thing is going from one minute to the next.
Which of those 3 types of boat would you place your bets on for the direction and position it may be in, in the near future?
Easier to predict the oil tanker direction and location right?
Same with higher time frame charts.
Once you establish your view of market momentum based on higher time frames, then you can drop down into lower time frames to get a better sense of the short-term direction, looking for various styles of trading opportunity, such as entry/exit for swing trading, or scalp opportunities with clear Take Profit targets.
Happy trading.
Team Sparkster for SparksterSignals
You either trade far less often, based on longer term swing trades, with an emphasis on accumulation... or you develop the skill of a professional trader and keep an eye on the markets for short-term timeframe opportunities.
Most people getting into the markets, especially the crypto market, trade with the skill of a long-term swing trader, but do so using short-term timeframes for entry/exits.
And that's how they continue to get their dreams of financial success decapitated by the more sophisticated market makers.
After learning candle stick formations... and after learning the basic indicators of MACD, Ichimoku Cloud, RSI... and support/resistance levels and trendlines... the next skill level is to appreciate momentum. No, not the 'momentum indicator' per se, but an appreciation for how momentum has to be clearly on your side at higher time-frames, before exit and entry positions can be taken seriously.
Only yesterday we published a chart on the 2 day time frame for LINKUSD that was a SELL, where as another trader published a chart on a 12 hour time frame for LINKUSD that was a BUY.
The market cratered soon after and his chart looks like one of those memes of despair.
The very simple difference, we believe, is that we checked the higher time frames for overall market momentum, where as he apparently did not. It's a more common mistake than you might think. And an easy one to fix.
Remember, long-time frames trump short-time frames.
Why?
Because of momentum.
Imagine an oil tanker in the ocean (representing high time frame). It takes time to turn but it does so with power.
Imagine a tiny little speed boat (representing short time frame). It can change direction in the blink of an eye, and it does so with light agility.
Imagine a jet ski (representing a 15 minute chart). It may be fun and you get to see a lot of action, but there is zero reliability of where that thing is going from one minute to the next.
Which of those 3 types of boat would you place your bets on for the direction and position it may be in, in the near future?
Easier to predict the oil tanker direction and location right?
Same with higher time frame charts.
Once you establish your view of market momentum based on higher time frames, then you can drop down into lower time frames to get a better sense of the short-term direction, looking for various styles of trading opportunity, such as entry/exit for swing trading, or scalp opportunities with clear Take Profit targets.
Happy trading.
Team Sparkster for SparksterSignals
