My Strategy for Finding the Best Crypto to Trade (Daily Trading Routine)

Summary

This video script addresses the common frustration of missing out on cryptocurrency pumps and offers a strategy to identify and capitalize on emerging opportunities. The presenter suggests leveraging CoinMarketCap to find competitors and coins within the same ecosystem as a recently pumped coin, focusing on those with significant volume and recent price declines. By shifting attention from the coin that has already moved to its peers, viewers can anticipate and potentially catch the next breakout, reducing FOMO and enhancing trading success.

Takeaways

• 😖 FOMO (Fear of Missing Out) can lead to impulsive trading decisions when you see a cryptocurrency's value spike and you weren't part of it.
• 📈 The speaker emphasizes that it's impossible to monitor all 2 million cryptocurrencies, suggesting a need for a more efficient trading strategy.
• 🔑 The strategy involves focusing on coins that break out independently of Bitcoin or other altcoins, which may be due to underlying fundamental news.
• 🔎 To exploit such opportunities, one should look at the category or chain a coin belongs to, as similar coins in the same category or chain may follow suit.
• 🛑 Instead of waiting for a pullback on a coin that has already moved, it's better to shift focus to its competitors or other coins on the same chain.
• 🔍 Use tools like CoinMarketCap or CoinGecko to identify competitors and coins on the same chain by checking the 'tags' and 'categories'.
• 📊 Look for the worst performers in the last 7 days within a specific ecosystem or category, as they might be due for a bounce.
• 📈 Prioritize coins with a 7 to 8-figure 24-hour trading volume for faster and more significant price movements.
• 📝 Keep a watch list on TradingView and chart the potential coins that meet your criteria for trading opportunities.
• 🔒 Ensure the coins you're interested in are available on your preferred exchange before adding them to your watch list on TradingView.
• 🎯 By employing this strategy, you can potentially identify and capitalize on trade opportunities before they become mainstream, reducing FOMO.

Q & A

What is the main issue discussed in the video script?

The main issue discussed is the feeling of missing out on a cryptocurrency trade when a coin's value suddenly increases, and the strategy to avoid this by focusing on related coins or those in the same ecosystem.

How many cryptocurrencies are mentioned to be in existence according to the video script?

According to the video script, there are over 2 million cryptocurrencies.

What is the suggested first step to catch trades before they break out, as per the video script?

The first step suggested is to subscribe to the channel for different strategies used in the daily charting process.

What is the strategy the speaker discovered that helped in reducing the daily charting process?

The strategy involves focusing on coins that start to trend and then looking for other coins in the same category or on the same chain to find the next potential breakout.

What does the acronym 'FOMO' stand for, as used in the video script?

FOMO stands for 'Fear of Missing Out', which is the feeling of anxiety that arises when one thinks they have missed out on a rewarding opportunity.

What tool does the speaker recommend for finding competitors and related coins in the same ecosystem?

The speaker recommends using CoinMarketCap to find competitors and related coins in the same ecosystem.

How can one find a coin's competitors and related ecosystem using CoinMarketCap?

By finding the coin on CoinMarketCap, scrolling down to the 'tags' section, clicking 'show all', and noting the platform and ecosystem tags.

What is the significance of looking at the '7-day' performance of a coin in the strategy discussed?

The '7-day' performance is significant as it helps identify coins that have pulled back significantly and may be starting to turn around, presenting potential trade opportunities.

What is the importance of checking the '24-hour volume' when selecting a coin for potential trade opportunities?

The '24-hour volume' is important because it indicates the liquidity and activity of a coin. Higher volume suggests quicker movements, which is preferable for traders.

What platform does the speaker mention as their preferred exchange for trading cryptocurrencies?

The speaker mentions Bitget as their preferred exchange for trading cryptocurrencies.

How does the speaker suggest organizing potential trade opportunities on TradingView?

The speaker suggests creating a new list on TradingView and adding the coins that meet the criteria after scanning from CoinMarketCap.

Outlines

00:00

😖 Overcoming FOMO in Cryptocurrency Trading

The paragraph discusses the frustration of missing out on a cryptocurrency's price surge and the resulting fear of missing out (FOMO). It explains that with over 2 million cryptocurrencies available, it's impossible to monitor every single coin for potential trades. The speaker introduces a strategy to identify and capitalize on opportunities in the cryptocurrency market by focusing on coins that are part of the same category or blockchain as a coin that has recently surged. The strategy involves using platforms like CoinMarketCap to find competitors and coins on the same chain, and then shifting focus to these when a coin breaks out independently of Bitcoin or other altcoins.

05:00

🔍 Leveraging Market Trends to Find Hidden Gems

This paragraph delves into a specific strategy for identifying potential trades by examining the performance of coins within the same ecosystem or on the same blockchain as a coin that has recently spiked. The speaker instructs viewers on how to use CoinMarketCap to find a coin's competitors and related tags, and then to sort these by the worst 7-day performance to identify potential bounce-back opportunities. The importance of trading volume is highlighted, with a preference for coins with a 7 to 8-figure volume to ensure liquidity and quick movement. The speaker also emphasizes the need to verify coin availability on one's preferred exchange before proceeding with charting on TradingView.

10:00

📈 Charting Competitors for Trade Opportunities

The final paragraph wraps up the strategy by encouraging viewers to chart the identified coins and set alerts for potential trade opportunities. It stresses the importance of not being fixated on a single coin that has already surged but instead looking at its competitors and related coins for the next potential breakout. The speaker provides a step-by-step guide on how to create a watchlist on TradingView and add the selected coins for further analysis. The aim is to be prepared to act on trade opportunities before they become apparent to the broader market, thus mitigating FOMO and enhancing trading success.

Keywords

💡FOMO

FOMO stands for 'Fear of Missing Out', a psychological phenomenon where individuals experience anxiety over the possibility of missing out on rewarding experiences that others are having. In the context of the video, FOMO is used to describe the feeling of regret when a cryptocurrency investor realizes they missed out on a profitable trade due to a coin's price surge. The script mentions FOMO as a trigger for investors to start watching a coin, hoping for a pullback to get in on the trade.

💡Cryptocurrency

A cryptocurrency is a digital or virtual currency that uses cryptography for security and operates independently of a central bank. The video emphasizes the vast number of cryptocurrencies available, with over 2 million mentioned, highlighting the complexity and opportunities in the market. The script discusses strategies for identifying potential trades among these cryptocurrencies.

💡Coin Market Cap

Coin Market Cap is a website that provides information about the market capitalization of various cryptocurrencies. In the video, it is suggested as a tool to identify competitors and the ecosystem of a particular coin, which is crucial for the strategy discussed. The script provides a step-by-step guide on how to use Coin Market Cap to find information about a coin and its related tags.

💡Trading Strategy

A trading strategy refers to a specific approach or plan for buying and selling financial instruments, such as stocks or cryptocurrencies. The video introduces a strategy to identify potential trades by focusing on coins that are part of the same ecosystem or chain as a coin that has recently surged in price. The script explains how to implement this strategy to potentially catch the next breakout.

💡Breakout

In trading, a breakout refers to the price of a security moving beyond a defined support or resistance level. The video discusses the importance of recognizing when an altcoin breaks out independently of Bitcoin or other altcoins, which can signal a significant event or news related to that specific coin. The script uses the term to describe the initial move of a coin that triggers the strategy.

💡Fundamental News

Fundamental news pertains to information that affects the basic value of a security or an entire market. In the context of the video, it refers to the underlying reasons for a coin's breakout, which may be related to the coin's category or the blockchain it operates on. The script suggests that by understanding the fundamental news, investors can identify related coins that may follow suit.

💡Ecosystem

In the context of cryptocurrencies, an ecosystem refers to a community of users, developers, and organizations that interact within a specific blockchain network. The video uses the term to describe the interconnectedness of coins within the same blockchain network, such as Polkadot, and how this can be exploited to find potential trades.

💡Competitors

Competitors, in the context of the video, refer to other cryptocurrencies that are part of the same category or ecosystem as a coin that has experienced a breakout. The script advises shifting focus to these competitors after the initial coin has moved, as they may present the next opportunity for a breakout.

💡Volume

Volume in trading refers to the number of shares or contracts traded in a security or market during a given period. The video emphasizes the importance of trading coins with high volume, as they are more likely to move quickly in response to market changes. The script provides criteria for selecting coins based on their 24-hour volume.

💡Trading View

Trading View is a web-based platform for traders and investors to analyze financial markets and create various charts. In the video, it is recommended as an essential tool for charting potential trade opportunities identified through the strategy discussed. The script demonstrates how to use Trading View to create a watch list and chart coins.

💡Alerts

Alerts in trading are notifications set up to inform an investor when a specific condition is met, such as a price reaching a certain level. The video mentions setting alerts as part of the trading process after charting potential trades. The script suggests that once an alert is triggered, it's time to look for a trade opportunity.

Highlights

The feeling of missing out (FOMO) on a cryptocurrency's price surge can lead to a spiral of watching and waiting for a pullback to enter the trade.

There are over 2 million cryptocurrencies, making it impossible to monitor every single coin for potential moves.

A strategy is proposed to catch trades before they break out by focusing on coins that are part of the same category or chain as a coin that has recently surged.

The importance of not waiting for a pullback on a coin that has already moved, as it may lead to missing out on other opportunities.

The method involves identifying a coin's category or chain and looking for other coins within that ecosystem that may follow suit.

Using tools like CoinMarketCap or CoinGecko to find competitors and coins on the same chain as the one that has surged.

The process of finding the worst performers in the last 7 days within a specific ecosystem or category to identify potential upcoming moves.

Focusing on coins with a 24-hour trading volume of at least seven to eight figures for quicker and more significant moves.

The example of using CoinMarketCap to find competitors of DOT and its ecosystem to identify potential trade opportunities.

The importance of ensuring a coin is available on the trader's preferred exchange before charting it on TradingView.

Creating a watch list on TradingView to chart and monitor potential trade opportunities.

The strategy of looking at the 7-day performance to find coins that have pulled back significantly and may be turning around.

The suggestion to use a layer one tag to find other coins that qualify as layer one and could be potential trade opportunities.

The process of charting coins one by one to identify trade setups and set alerts for potential opportunities.

The emphasis on not having FOMO over a single coin's surge but instead finding opportunities among its competitors and the same chain.

The call to action for viewers to subscribe, like, and comment on the video to engage with the content and share their findings.

Transcripts

there's nothing worse than finding out a

coin has just pumped hundreds of perc

and you weren't in on the trade the fomo

kicks in and you start telling yourself

stories that you always miss the big

moves and you're never going to be one

of those people that happens to catch a

really good trade so now you go into

this spiral of watching that coin hoping

that it pulls back so that you can get a

chance to get in also while not really

understanding that that coin has done

its thing and now something else is

happening somewhere else but your eyes

are AR on the right thing did you know

that according to coin market cap there

are over 2 million cryptocurrencies and

depending on what exchange you trade on

you probably have a choice of at least a

few hundred coins to trade on a daily

basis it's not possible to be on top of

every single coin so that you can catch

the move before it happens I mean let's

be honest who has the time to scan

through hundreds of coins every day just

looking for a trade there has to be a

better way between you and me I think

I've got it so if you want to give

yourself the best chance of catching

delicious trades before they actually

break out then step one is to hit that

subscribe button if you're not already

subscribed because on this channel I

will be taking you through different

strategies that I use for my daily

charting process and whilst you're there

be sure to hit the like button because

we're starting with this video right

here now before I get into this strategy

let me just tell you how I came about it

in the last full Market I noticed that a

trend had started to form with certain

coins that would pop off first and then

something else would follow whilst

everybody was focusing on that one coin

that did the massive thing something

else started happening behind the scenes

and if your focus was in the wrong place

you missed that as well once I

discovered it I saw this repeating over

and over and over again I was able to

design this strategy which massively cut

down my daily charting process and so

far in this cycle the exact same thing

is happening so here's the secret when

an altcoin breaks out and starts to make

a move that is independent of Bitcoin

breaking out as well or all altcoins in

general it's usually because that

altcoin in particular is doing something

there's probably some kind of

fundamental news but by the time you

find out about it it's already happened

but that news is usually in relation to

either the category that that coin is in

or the chain that it's a part of and

this is what we can exploit and so

instead of waiting for the pullback on

that coin that's already moved if you

understand how to look for other coins

in the same category you don't have to

know them all off by heart there's a way

to find them which I'm going to show you

or you know what other coins are on that

chain then you can switch your focus to

charting those things and get the break

out on the next one before it happens

happens so the first one is always just

the preview it's not an indication that

you have missed out altogether it's a

mistake to think once that first coin is

moved that you can't do anything until

it pulls back by doing that you're

missing out on this opportunity so what

we're going to do instead when we see

something like that happen we're going

to shift our focus and we're going to

immediately start looking to that coin's

competition number one and number two

the chain that that coin is on because

other opportunities are going to present

there as well and to do this we can use

something like coin market cap or coin

gecko so let's get into it I'm going to

show you exactly how to do this okay so

let's use dot as an example because we

can see here that Dot's had a bit of a

runup lately and if you've missed out on

that you may be in that situation

waiting for a pullback to get in so

here's how we're going to use coin

market cap so first thing we're going to

do we're going to go to coin market cap

and you're going to find dot you can

either just scroll the list to find it

or you can search for it up here in the

search bar once you find it click on the

name and then remember I said we want to

find its competitors and the chain so to

do that we scroll down here and you want

to come down to where it says tags click

on show all and it's going to show you

all of the tags that relate to dot so

you can see here on the platform

obviously the platform for DOT is polka

dot itself so that's one thing you need

to note down and then obviously the

chain is polka dot itself as well you

can see here it says polka dot ecosystem

but if you were looking up a different

coin that wasn't a layer one you would

be looking for the ecosystem under

platform to know where that coin sits so

now we know the two things for this one

so with that information we're now going

to go up to the top here where it says

cryptocurrencies and click on categories

now dot was an ecosystem itself so we're

going to scroll until we can find the

dot

ecosystem and here it is at number 31 so

if we click on that it's now going to

bring up everything that is is in the

polka dot ecosystem then from here

you're going to go to the 7day click on

that 7day twice until it brings up the

worst performer of the last 7 Days

that's right the worst if we're looking

for long position we want to find coins

that have pulled back a lot over the

last 7 days that may be starting to turn

around now obviously if you were looking

for short positions you would be doing

this in the opposite way so we can see

here that this first one here moon beam

has dropped

31.9% in 7 days from there you're going

to go to the 1H hour column and if that

has just started to turn green with a

low percentage like 1 or 2% that could

be something that is just starting to

bounce after dot has had its initial

move now once you have this list in

order of worst performer over the last 7

days you then want to have a look at the

24-hour volume column because we only

really want want to be trading things

that have good volume because they're

going to move quicker so in an Ideal

World you want to have at least a 7 to8

figure volume in that column so when we

have a look at beans it says

5,933 that doesn't meet our criteria so

we would immediately discount that for

me personally I do like to see 8 figure

volume but you know mid seven figure is

kind of okay in this kind of a market so

we basically just go down the list until

we can find find something that meets

that criteria so let's have a look at

this next one we can see this has 7

million 24hour volume down 12% over 7

days still down on the 1 hour but by 1%

so we'll have a look at this one and

this coin here is benser to now before

you then head over to trading view to

chart this thing you want to make sure

it's actually available on the exchange

that you personally trade on so to do

that you just click on the coin scroll

down and you can pick whether you trade

on a deck or a centralized exchange I

personally like to trade on centralized

exchanges I don't have a problem with

them and my preferred exchange is bitg

so I'm going to have a look in this list

if it's available on bitg if it is then

it's something that I can look up in

trading View and actually chart so I can

see here that this one is available in

bigget and bigget does tend to have

really good trading options by the way

both spot and per so if you are looking

for an exchange to trade on be sure to

check out the link in the description

down below because if use those links to

join not only do you get access to bitg

but you also get access to our Discord

and there are other bonuses and stuff

down there that you can read about as

well so once you found a coin that meets

your criteria and it's available on your

exchange you're then going to need a

trading view account and again if you

don't have trading view it's an

essential tool for Traders it's

something that you're definitely going

to need so again there are links down

below for trading view if you happen to

need it you can just grab yourself a

free account to start with and upgrade

once you're used to the platform but in

trading view just come over here to the

side where the three dots are and you

can click this down arrow here and go

create new list and you can call that

whatever you want it could be today's

watch list whatever I'm just going to

call it dot for now and in here is where

you will start to add the coins that you

have scanned from coin market cap so you

just click the add symbol and I'm going

to click on to usdt find that on the

exchange that I trade on so Bigg right

here and now it's added to my watch list

once I've done that I can go back to

coin market cap go back to the ecosystem

make sure that it's still sorted

correctly and I just make my way down

the list until I find something else

that meets that criteria a lot of these

volume wise they don't meet the criteria

so that turns out to be my only option

for the moment but if I want to chart

its competitors I can come back here to

all of the tags see here that it's layer

one click on the layer one tag and

that's going to bring up all of the

other coins that qualify as layer one

and I can do exactly the same thing here

so click on the 7day until it brings up

the worst performers then scroll through

the 24-hour volume until I find

something that matches my criteria I can

see ICP does here but in 7 days it's

only been down

0.35% so anything lower than that is

probably not going to qualify for this

strategy I should say I'm actually

filming this on Christmas day so the

volume is completely completely deaded

so this isn't the best example but on a

normal day where there is good trading

volume you will find a ton of

opportunities doing it this way for the

purpose of moving on let's just pretend

that we have a list of say 10 coins that

we can now go chart at least we have one

that I can show you you come to your

watch list and you just make your way

through charting them one by one however

you would normally chart coins and

that's it once you have been through

your list and charted up all of your

coins for the day and set your alerts

your charting process is now done for

the day until one of those alerts go off

and you then look for trade opportunity

so now instead of having fomo over the

one coin that took off that you missed

out on you now see where you are in

relation to its competitors and other

things on the same chain and you will

hopefully find some good trade

opportunities coming up for that that

you can be a part of before they

actually move if you enjoyed this video

and you want more tips like this be sure

to smash that like button hit subscribe

if you're not already subscribed and

also leave me a comment down below and

let me know what you found whilst trying

this out see you on the next one