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My Daily Trading Routine

I am now trading 10 coins mainly because I wanted to do the Great Hodl Challenge. But unfortunately I cannot keep the promise of hodling 10 coins for a year. But I can promise I’ll still own the same 10 coins at the same quantities at the end of year. I just go in and out of it.

Where I Trade

  • Gdax
    For trading BTC, ETH, LTC, BCH because there are no trading fees on limit orders
  • Binance
    For everything else because of the 0.05% trading fees if you own and pay in BNB.
  • Bittrex
    For coins that are just not on Binance which is not that many, but I’m also trading a few XEM which is not on Binance. Bittrex fees are a bit higher, 0.25% which is like the common rate on many other exchanges.

I Day Trade on Gdax

Since Gdax has no trading fees on limit orders, my day trading happens here. I pay attention to hourly interval charts because anything less than that requires more time to be looking at the charts and trading. And if I have a full time job, I can’t be glued to the screen. I also have a family and I don't want them to see me glued to the screen as well. If I buy or sell something, my next sell or buy will take a few more hours.

I Swing Trade on Other Exchanges

Binance has fees, and trading for small gains too often just keeps eating fees and time. So I pay attention to daily charts here. Looking for a larger target gain, but I can just check the status of my trades once a day and decide from there if I will buy or sell or hodl that day.

Having BTC as my base of trading... I really don’t care that much what the value of BTC is. If it is going up or down in USD, I don’t care. Because at the end of every trade I do, I earn more BTC at zero cost. It is like buying BTC at $0USD. So even if BTC is on a down day, earning BTC at no cost is always a win.

When BTC used to be very bullish, I always kept 50% of it as BTC and 50% trades with other coins. But now that BTC hasn’t been on the strong rise... I occasionally have no BTC or some BTC as I come in and out of various coins.

I Mainly Rely on Charts

I don’t look that much at candlestick patterns. I don’t even know much of them. I also don’t read much news, and doesn’t look at too much at Twitter.

I only look at charts. My main indicators I look at are:

  • SMA15
    Paying attention when it crosses the longer SMAs
  • SMA50 & SMA100
    Gives me an idea of the overall longer term direction.
  • MACD
  • RSI
  • PSAR

I tried looking at other indicators, such as Stochastic RSI, Ichimoku Cloud, but they seem to be inconsistent with the movement of the price. I also look at Bollinger Bands as added confirmation but I do not rely on it alone.

My general rules

  • I enter a trade when at least 3 indicators tell me its going to go up. It not, I don’t go in. I keep it all as BTC.
  • Once I enter a trade, I immediately look for the next resistance level just by eyeballing the charts and immediate set a sell limit.
  • For my Gdax trades, I expect to be selling within the same day or the next day since I base it on hourly charts. For my Binance and Bittrex trades, I expect to hit my sell limits after a few days or weeks since I look at daily charts.
  • If the long term SMAs, SMA50 and SMA100 are both trending up, for my day trading, sometimes I do not add a sell limit right away so I maximize the earnings and does not sell too early while it is still in a uptrend.
  • If the long term SMAs, SMA50 and SMA100 are trending down, my day trading sell limits are the closest resistance levels and sometimes slightly lower. Or I look at the booked sells and look the price with a lot of pending sells near the Next resistance level.
  • Every time a sell limit is hit, I get a BTC profit. If I see the sell order go through and the price went down even just slightly and the SMA50 and SMA100 are both still in an uptrend. I buy and enter right away.
  • If the sell limit is hit and SMA50 and SMA100 are both on a down trend, I wait again for 3 indicators to show a my entry point again and repeat the process.
  • If a sell limit is not hit, and a downtrend happens and moves further away from my limit but can still make a profit, I sell right away.
    If the sell limit is not hit and a downtrend happens and moves further away from my limit and will not make a profit and is already in the negative, I still sell right away, I don’t hodl. It may be a negative, but I minimize the more negative a wait for the turn around and goes back it at a lower price and repeats the process and wins back the losses.

That’s basically it. I feel it will look better with graph screenshots and arrows and annotations not explaining my entry and exit points. But mahirap sa phone lang.