My Strategy for Finding the Best Crypto to Trade (Daily Trading Routine)
Summary
TLDRThis 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
- đ 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.
- đ The speaker emphasizes that it's impossible to monitor all 2 million cryptocurrencies, suggesting a need for a more efficient trading strategy.
- đ The strategy involves focusing on coins that break out independently of Bitcoin or other altcoins, which may be due to underlying fundamental news.
- đ 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.
- đ 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.
- đ Use tools like CoinMarketCap or CoinGecko to identify competitors and coins on the same chain by checking the 'tags' and 'categories'.
- đ Look for the worst performers in the last 7 days within a specific ecosystem or category, as they might be due for a bounce.
- đ Prioritize coins with a 7 to 8-figure 24-hour trading volume for faster and more significant price movements.
- đ Keep a watch list on TradingView and chart the potential coins that meet your criteria for trading opportunities.
- đ Ensure the coins you're interested in are available on your preferred exchange before adding them to your watch list on TradingView.
- đŻ 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
đ 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.
đ 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.
đ 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.
Mindmap
Keywords
đĄFOMO
đĄCryptocurrency
đĄCoin Market Cap
đĄTrading Strategy
đĄBreakout
đĄFundamental News
đĄEcosystem
đĄCompetitors
đĄVolume
đĄTrading View
đĄAlerts
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
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