Crypto No Longer a Hobby?
After my significant results, somewhat becomes clear that I need to take this very seriously... Currently NZ$350 into ~NZ$10,000. Thus it requires a much more professional attitude.
I am used to structuring my day and reviews around the US market hours; so in this post I plan to outline how I will structure myself to maximise reviews and learning opportunities. Also just how the day will flow routine-wise.
Current Routine is something like this:
12:30am - 1:30am -- Wakeup, prepare for market open.
1:30am - 2:30am -- Dedicated time to stocks on the open.
2:30am - 8:00am -- Trading, but quieter; can get other things done during this time etc.
8:00am - XX -- Sleep.
5:00pm - 8:00pm -- Evening activites, exercise etc.
Random time through day I will do my trading review for the day. This is all quite easy to follow the same routine because the market hours dictate everything. Not so easy for a 24/7 market.
New Routine; subject to adjustment:
12:15am - 1:30am -- Extra 15 minutes to catchup on moves made on coins while sleeping and to place orders for the next few hours.
1:30am - 2:30am -- Dedicated trading stocks time.
4am: Record account values for BTC, thus pnl for previous day. Do review for the day. Any trades that feel the need to archive do this as well. Note that in the weekend can do this when I wake-up.
2:30am - 8am -- Quiet trading. For the coins set alerts and orders, want to prepare for these alerts to go off while I'm sleeping.
8am - XX -- This sleep will be quite broken; and I probably want to get at least one scan for large percentage gainers done in this time. It is definitely an option to go to bed sooner than 8am, which will help with the broken sleep aspect.
Other things I need to do:
(1) Need to open an account with the other exchanges. Will have to work out a way around the not accepting NZ clients thing.
(2) In line with getting more exchanges, need to make sure I have one that has a complete conversion to USD, and one that allows some form of shorting.
(3) Open an account purely for the purposes of shorting bitcoin for hedge, and in turn work out a hedging strategy that I wish to pursue.
Other observation: Need to steer clear of tape reading somewhat on the less liquid coins. The liquidity makes it easy to determine a short term move, but then hard to liquidate; even if get that move. Therefore pick prices and stick with them. If a big seller shows up close to my desired entry price on a somewhat illiquid coin then I can adapt to hit it.
I am used to structuring my day and reviews around the US market hours; so in this post I plan to outline how I will structure myself to maximise reviews and learning opportunities. Also just how the day will flow routine-wise.
Current Routine is something like this:
12:30am - 1:30am -- Wakeup, prepare for market open.
1:30am - 2:30am -- Dedicated time to stocks on the open.
2:30am - 8:00am -- Trading, but quieter; can get other things done during this time etc.
8:00am - XX -- Sleep.
5:00pm - 8:00pm -- Evening activites, exercise etc.
Random time through day I will do my trading review for the day. This is all quite easy to follow the same routine because the market hours dictate everything. Not so easy for a 24/7 market.
New Routine; subject to adjustment:
12:15am - 1:30am -- Extra 15 minutes to catchup on moves made on coins while sleeping and to place orders for the next few hours.
1:30am - 2:30am -- Dedicated trading stocks time.
4am: Record account values for BTC, thus pnl for previous day. Do review for the day. Any trades that feel the need to archive do this as well. Note that in the weekend can do this when I wake-up.
2:30am - 8am -- Quiet trading. For the coins set alerts and orders, want to prepare for these alerts to go off while I'm sleeping.
8am - XX -- This sleep will be quite broken; and I probably want to get at least one scan for large percentage gainers done in this time. It is definitely an option to go to bed sooner than 8am, which will help with the broken sleep aspect.
Other things I need to do:
(1) Need to open an account with the other exchanges. Will have to work out a way around the not accepting NZ clients thing.
(2) In line with getting more exchanges, need to make sure I have one that has a complete conversion to USD, and one that allows some form of shorting.
(3) Open an account purely for the purposes of shorting bitcoin for hedge, and in turn work out a hedging strategy that I wish to pursue.
Other observation: Need to steer clear of tape reading somewhat on the less liquid coins. The liquidity makes it easy to determine a short term move, but then hard to liquidate; even if get that move. Therefore pick prices and stick with them. If a big seller shows up close to my desired entry price on a somewhat illiquid coin then I can adapt to hit it.
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