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.