Post by shawnhartnell on Jul 6, 2017 6:29:16 GMT -6
Hi folks, I’m just dropping a line to let you guys know what I’ve been up to. From now on, I will report back if I’ve been away from the Cult for more than a few days. Let the report begin!
How I Missed the Fourth of July
If you didn’t already know, I’ve been learning the arcane, cryptic art of cryptocurrency trading. If it wasn’t for someone informing me, I wouldn’t have realized that “4” + “July” on anything that tells you the date meant that it was time to get drunk and set off colorful explosives for the independence of America. Like, I totally missed that party.
I’ve been up to a lot, but to to keep this short, here’s the most valuable thing I learned.
Always Float One Buy Order IMPOSSIBLY Low
No matter what other trading you’re doing in a market, have one buy order so low that no one in their right mind would think that it would be possible to buy for that price at that time. Why? Because this happens:
See the red candlestick with the really long line that goes almost all the way down to bottom of the chart? That means that the price of the coin dropped that low during the time represented by the candlestick. It’s not the open, it’s not the close, but at some time during trading at that time the coin WAS being bought and sold for that low price. If you’re not a trader, let me explain precisely the upshot here:
If you have a buy order out, that’s what you get your coin for. And, since it’s more representative of people who thought the price of the coin wouldn’t fall a during a small window of time than the overall general price, the overall price is what you get to sell it for. In other words, a very nice profit.
It’s a totally crazy thing. It’s not the kind of thing that’s supposed happen or something I’ve even heard anyone talk about. Yet it’s a totally crazy thing I’ve seen happen enough times that I always have one extra buy order out in every market I’m trading in.
Stay Frosty!