Plundering the Coins

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 ...

Thus far I haven't really nailed any big directional moves. Although I have had the right read on a couple, and a couple I have had amazing washout entries. Only to sell a pop for 10-20% then have the coin rally 100%+. However this is fine. Capturing 4 trades with 10% return (each) on entire account is equivalent to capturing 2 directional trades for 50% moves, on 50% risk. Probably similar risk-reward as well, and definitely higher probability of success on the day-trade. Thus far my break and butter trade has been identifying a stock that is up massively, and getting a liquidity providing entry on a flush, and then selling the pop. Most of the time the coin has peaked for the medium term but the size of the flushes are enormous. They generally flush to around the spot where the trend had accelerated. I have found it very important to only go in half size originally, which allows for one more add lower if no bounce immediately. I have nailed some disgusting entries by hav...

Bigger Picture:  Bitcoin still parabolic. Seems to be helping a bit alt run. Reading the Tape:  Unfortunately a big factor in this trade was information deduced from twitter. Multiple people commented on a multi-million dollar sell order at 7 that had been tested yesterday and was being taken today. Unfortunately sell order was on a different exchange to my one. The Setup:  Nice trend. Level (7) not super clean, but obviously there. A nice ascending triangle after the 7 dips held, offered a chance for a tactical add to position (and in turn sell into push to cover risk). Order Execution:  Thing I love about this trade is that it's a textbook breakout and retest. The volume through 7 confirmed the levels validity. Adding on the break above 8 (after ascending triangle formed) is a very good idea, and allows a little bit more tactical profit taking. Selling half into push to cover risk. Finally hold the rest as a trade2hold until a reason2sell. I think this woul...

Market Theme:  Bitcoin itself is in a parabolic run, the general hype appears to be fuelling the alt coins. I suspect this play wouldn't work as well in a "less hype" environment. It may retest the highs, or something to that extent but maybe not a new high. For this play to work in a "less hype" environment I believe it would need a longer horizontal consolidation. Going forward finding out this sort of thing will be interesting. Other Coins:  On the first RDD run I noticed that XVG went with it. Could be a coincidence - I literally have no idea... But XVG going again so could fuel this trade. Reading the Tape:  It is interesting to note that the depth of the order book showed a sell imbalance. However, the volume into the 6 push exceeded the sells (giving confidence to ignore the imbalance). Additionally the dips being scooped (tight ascending triangle) on the m30 suggests strength. Order Execution:  Until it gets above 6 the probability is probably rela...

Turns out that a lot of the seemingly "safer"/better exchanges to trade at don't accept NZ clients yet. Which is a bit of a pain, so when start throwing decent money into this it will be very prudent to separate the funds between places. Note: I'm not sure if I did this the right way so there probably is a better way! (1) I used this website to convert NZ$350 to bitcoins, which gave me 0.11867545 bitcoins. https://localbitcoins.com/country/NZ (2) I then opened an account with the exchange Bittrex. Which seems to offer a wide range of alt coins, and on first experience seems quite good. Then I transferred the bitcoins to this account. (3) Fiddled around with Bittrex for a bit. Decided there must be better software out there. (4) Found coinigy which seems like a pretty solid platform, linked up with Bittrex account. Side note: Although there is a BTC/USD tether; it seems that there is no way to hold account in USD... So will need to hedge when I g...

Recently came to my attention that things are particularly frothy in the crypto-coin space. Upon further inspection, reminds me somewhat of what I imagine that dot-com bubble was like with 100%+ movers every day. The actual trading reminds me somewhat of the OTC space when it was hot with quite a bit of manipulation, but surprisingly clean moves. Interestingly a lot of these coins seem really liquid. Thought Process/Goals: (1) Obviously if it is super frothy it's not going to last forever; but it could easily last for a few years if it turns out that I'm an early adopter (which I'm somewhat doubtful of but who knows). (2) So spend the next few months feeling it out how they trade and developing/refining strategy.