Plundering the Coins

My methodology has been really solid for the long side - has helped me hold for the bigger move, and got a few solid scalps along the way. It wasn't the greatest for adding to a winner on flags along the way. In theory could have ended up with a home run if adding on each minor flag breakout. Is food for thought going forward. Now have developed a setup to scalp the over-extensions on the short side. The most important thing is to make sure that has a pretty concrete system because shorting BTC just because it's overextended is suicide . (1) Identifying the speed-up first is important. The daily should be far extended from the 9EMA (20%+), and then it should have been holding dips on the 9EMA on the hourly for quite some time - then start speeding away from the 9EMA. (2) Identifying the true crack. Want a big pull through the 9EMA on the hourly, that shows a "character" change. From here should be able to short, and momentum should carry it down into a flush. ...

Have put some longer term positions on the coins, which are performing mediocre - and I don't really feel confident with them. But it's all about the exposure and can build from that. Continues to be the case that the setup I made all the money on isn't behaving - so happy to not even try and take that setup. There have been a couple, but have only worked when they are picture perfect - so would be a lot of scanning and patience for not too much. Arguably the risk that I force trading on not so perfect setups. So anyway have contributed 0.1BTC to Bitmex, which allows 100x leverage on bitcoin, and reasonable leverage on others. It is set-up like a futures exchange. Think this sort of trading will suit me well going forward. That being said, I will keep an eye on the alt coin market. I have yet to completely decide on a strategy that I wish to pursue. I want it to be short term oriented, while at the same time allowing for pyramiding to max size; which is something tha...

Appears that my core setup that I used, and focused exclusively on has either stopped working, or isn't having a good number of clean setups show up. So need a new plan of attack. The opportunity is still here in this space, with massive ETH moves, and massive BTC moves. There is also still decent alt coin moves, they are just harder to day-trade(?). So what's the plan? For starters I need to expand my horizon. I have seen traders talking about cryptopia as being a great place for alts. And I need a broker to directly trade BTC/ETH against USD (bitfinex?). So I definitely need to get accounts open at these places. Secondly I need to decide: Do I want to long term trend trade some of the alt coins, or do I want to keep my time-frame short, focus on more liquid instruments and develop a playbook for them. Also, do I want to participate in flipping ICOs? Finally I need to pull together some motivation. I have pulled more money out of the coins than I have trading ...

Bittrex Account Value:  2.4BTC. Withdrew 0.2BTC from here. Poloniex Account Value:  1.24BTC. PnL since last review:  -1.49BTC. Most of this comes from taking a big chunky stop on a nasty down move that never bounced. I definitely held it slightly too long though. It is slightly comforting to look at it now, and see that it's down even further. Big takeaway is with the slight slowdown in the alt space I need to be careful that I am buying washes and/or dips within the framework of the upmove. Because the froth is coming out, the opportunity is somewhat gone to scalp against a downtrend.

Bittrex Account:  3.73BTC. Poloniex Account:  1.6BTC. PnL:  +0.33BTC. Definitely activity on the coins seems to be easing recently. I definitely want to re-iterate to myself that there is still opportunity on my core strategy; I just need to be more diligent with monitoring it. I mean I made roughly 2 trades on bittrex since last review (2 days) and that's amounted to 0.33BTC. That's NZ$1000 and I consider that not much opportunity (probably missed a bunch as well). Am still holding a core ETH short at poloniex and have been scalping around the position. It is interesting to note that I am now up roughly the same on my scalps as I am on my "core" position. Singles do add up to home runes. A good reminder.

Bittrex Account Balance:  3.4BTC. Withdrew 1BTC from here. Poloniex Account Balance:  1.34BTC. PnL:  -2.79BTC. Not much activity recently. Bag-held FLDC for much longer than I should have; but it's somewhat of a moot point. Big change in recent times is attitude. Have been trading the coins for about 6 weeks, and in that time have turned $350 into roughly $20k+. I have always thought I would start withdrawing when I make a "life changing" amount of money. If I can replicate recent success over coming weeks, I should be able to pay off my trading debts within 6 weeks (with constant profit withdrawals); so will be constantly withdrawing pnl (above 5BTC on bittrex). The thing I like about this is that it removes the need for hedges etc because 5BTC is $15k roughly, which isn't quite significant enough to worry about hedging.