Episode Highlights:
- 00:06 – Advice You Receive In This Video
- 00:14 – What Is Base Trading
- 01:04 – Example Of How I Day Trade
- 05:04 – What I Look For Whin Day Trading
- 06:17 – How I Made $400 In The Blink Of An Eye
- 06:52 – The Advantage Of Coinigy
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Transcription:
Hey guys what’s up, It’s Dan again from cryptocamacho.com where each day I teach you something about crypto currency.
00:06 – Advice You Receive In This Video
And today I want to talk about money. I want to talk about making money day trading bit client and other alt coins.
00:14 – What Is Base Trading
So one coin I want to show you specifically a trade that I made. I made about $400 in the trade of about maybe two hours, it was probably about a couple hours. But I got lucky on this one at the same time I followed the same strategy that I have been telling you guys for quite some time. It’s called base trading. And basically what that is is when the price of a particular alt coin are bit coin or whatever goes below, falls below the last base of support, there is a high likelihood that it will bounce back at least to that base or many times above that base. I followed this method again, just maybe a week ago and I wanted to show you the video exactly what happened. I made about $400 like that. And I wanted to show you that you guys can do the exact same thing.
01:04 – Example Of How I Day Trade
So let’s jump over to Coinigy really quickly here. Is go ahead and look at my t trades here. So look at this alt coin it is called bite cents. And bite cents you can trading bit coin, I traded on the bitrix exchange. And I wanted to show you exactly what happened because it was actually pretty surprising to me. I felt like I got a little lucky but also could have made a lot more money in the process and I’ll show you hear what I mean in just a second.
So if you have been following my videos at all you would know that I am doing a trade with a method called base trading or position trading which essentially means that when the price of a particular coin or stock or whatever for that matter falls below the last base, then there is a likelihood that it will bounce back to the same base and higher than the base after the bounce back. So let me show you exactly what I’m talking about.
So right here is a base of support. Right here is essentially when looking at this chart, if we just scroll over here, if I was looking and I couldn’t see into the future I would be looking at this chart and I would say where is the lowest base on this chart of support. And what I mean is where is the lowest price where people are willing to buy the coin back. Where is the lowest price point where people are actually trying to buy back in and say that it is a good deal, they think that it is a steal of a deal and they have to buy. And in this case for bite cent coin, it was around 0.007 thousand. 7000 again is an even number, solid whole number and that is typically a psychological entry point or get out point. And so it doesn’t surprise me that 7000 is the base. Because anytime the price goes down to 7000, everybody’s thinking it is a great deal, it’s going down to 7000, that is the lowest point ever and they start buying up. That is a psychology of it. People think that it is really low, the price is really low so I better get in.
Some was working off of this base and I was just waiting and waiting and waiting for the price to go below that base. And about five days later, it started to get close to that base and it actually started going to that base. So what did I do, I bought right here. If you can see that, I bought right below the base just to give a quick visual of that. And then I waited. And I could have bought, and this is typically what I recommend but I could’ve bought anywhere down in here, and I don’t in the sweet spot right here, I could have bought below this base and typically that is between five and 15 or 20%. So if you look at the lowest point here, it went down about 5% in this case. So I usually later in my purchases, but in this case I didn’t. In a perfect world I wouldn’t have bought it right where bought, I would’ve bought it at a little bit lower, a little bit lower, so forth and so on until I feel my entire order or the entire mode that I wanted to invest in this particular day trade. So what did I do? So I bought right here and then literally a couple of hours later, look at this enormous spike back right appear. An enormous spike.
And so what happened is that from the base, it actually went up 26% or little bit higher from the original base. I got in about right here and from where I bought, it actually went up about 28% or 29% from where bought. Of course I did know that when I bought it. I didn’t know it was meant to go up 27% or 28%. When I day trade, I am looking for a 2% or an 8% when I day trade. Like when I do a very very quick trades I usually invest a lot of capital and do a very very quick short trade and hope to get the 2% to 8% and I do that throughout the day when I see an opportunity. And in this case I did the same thing.
05:04 – What I Look For Whin Day Trading
So what did I do? I layered and I bought and I layered all of my sells all the way up here. So I had a sell here, don’t at 7074, right up here at 7128, 7293, 7495, so forth and so on. And you can see that in just a few hours later the price spike the way way up. So I think it may always be good to even put in an order or sell order, even higher if you can risk it. Because this doesn’t happen all the time, this is not extremely common, although with some alt coins it is extremely common. But anyway, I knew it was going to bounce back I just didn’t know it was going to bounce so high. I thought it was going to bounce about it this point. So I sold the majority of my coins right after that huge enormous bones. And I held onto a little bit more and as you can see kinda dropped again down here and I got a little bit worried, because I had a little bit more, not a whole lot but I got a little bit more. But I waited and it actually ended up bouncing back above the base again. And then subsequently actually bought and sold a few more times in between here as well. The errors don’t always show up because Coinigy doesn’t always sync. Or if you cancel orders in between and filling an order, it doesn’t show up in errors and so forth. But I did buy again down over here.
06:17 – How I Made $400 In The Blink Of An Eye
But just with this trade right here alone I made $400, within the blink of an eye. So is pretty happy with that. And I just wanted to show you how that works. I again bought today, let me go ahead and unhide, show open orders. I then went ahead and bought again. Today I bought down here and some already up. I’m trying to get a little bit higher for selling. And then again you can see that I have a huge sell order up here and I’m going to wait until it goes up and bounces up there and hopefully make some more money.
06:52 – The Advantage Of Coinigy
But I wanted to show an example again of how you can quickly make money. This was all done within a period of a day, literally less than a day. So it wasn’t a position on trade, it was a day trade. If I was position trading I probably would’ve let it go for quite some time a bit longer but I wanted to show you again how I very quickly made $400 in a matter of a couple of hours by day trading crypto currency from the bitrix exchange using the Coinigy platform. I love Coinigy, because Coinigy lets me put all the crypto currency exchanges in one place and I can literally trade off of any of these exchanges right here anytime I want, from this single platform. Check it out. It is coinigy.com article to show notes and you can see what I mean.
Anyway that is all I wanted to show you today. Hopefully found that useful. Let me know if you have more interesting day trading and I’ll do more of it is on that if you do. Before you leave, go ahead and subscribe to my YouTube channel. Click on the red button right down there below. And until next time I am done from cryptocamacho.com and I will talk to you later.
