Yo yo yo, Mike Cryptobrant here, a newcomer to this gigantic topic!
Some may have crossed my path on the Monero's subreddits, I have been kind of active there this past month.
I'm a newcomer, I met Monero a month ago and it was love at first sight. I invested some fiat in it, as an investment and not for trading, because I don't have the skills nor the balls to trade (and because Monero means so much more than that to me.)
But with all the hype and the crazy Korean market, I've been trying to elaborate some easy strategies with a friend on how to cash in on the pumps and dumps. Just because we need more Moneroj!!! More more more!
As I told you, I am a noob. I hate gambling, I easily Fomo, I find no pleasure nor adrenaline in doing this. I just want to ride the biggest waves while it's time.
I don't know anything about charts except for the most basic concepts and indicators. With my friend we have elaborated a kind of a checklist to know when to sell before a dump. We have benchmarked it a few times, it worked every time. We wanted to put it in action today and sold some XMR but we FOMOd as fuck because the trend took some time to clearly reverse and we, stupid, just read the price changes on a 30 seconds basis.
As a result we won about $0.50 because we just wanted our Moneroj back. Had we waited 1h30 more, it would have been enough profit to buy a new XMR.
Well... you learn from mistakes everyday.
Here is our strategy. The goal here is to learn a bit about what is good and what isn't in this - I believe very conservative - strategy:
We use 3 indicators:
- MACD
- RSI
- PSAR
We have decided that we needed a green light from all of them to move.
Here is the kind of chart I use:
https://www.tradingview.com/chart/6ZUGoUVJ/Before the action:- RSI must be Overbought
- MACD must have been over the signal for a good amount of time.
- PSAR shows bullish trend (there are dots under the candlesticks.)
When action starts to kick:- On the 5m chart, MACD is crossing signal from above.
- RSI is no longer overbought and is on a downward trend.
Then we switch to 15m chart to check that the trend reversal we spotted on the 5m chart is kicking in. Usually, if those signals were not just short term, MACD is gonna cross the signal too.
At this stage we have a 15m chart with:
- RSI is no longer overbought and not so close to the top anymore.
- PSAR has inverted, we now see a new dot over the last candle, meaning that the trend is bearish.
- Last but not least, MACD has crossed signal.
Time to sell.
From our simulations, it's a bit conservative because it could be possible to sell at a bit higher price when the bearish trend starts on the 5m chart, but we prefer taking the least risks.
What is your opinion on this very basic strategy?
We are so scared to see a sudden reverse of trend. Monero mooning and never coming back... (fomo, I told you.)
Thanks and can't wait to see what happens next day!
well ... u said u don't like adrenaline behind, but what you are doing is all about it.
over the years Iam around cryptos I found it very relaxing, but 5min trading is just stupid idea and mostly held by bots. All your so called profit will be eaten by exchange fees most of the time, because u r gambling on very very small waves.
Best strategy (besides here very common hodling) is to do smart short-mid term investments together with long ones.
It really does not that matter if you start with 1000 or 100. It's only about percentage. If you make 20% rebuy later when drop kicks in. Or move to another alt if current is on top.
repeat
profit
I do daytrade, time to time, but MOST of the cases my daytrade is about riding bigger waves. I do not really care if I catch very top or very bottom, I just care about to be in good profit. If I'm not - I'm not going in/out. Don't care if I miss that or that train... there is so many of them, and ALWAYS that train will come back eventually.
I think your approach is overcomplicated with too much effort in it, but if it works for you, go for it
