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Swing Trading Cryptocurrency (BEST 2020 GUIDE) - YouTube
Channel: BitBoy Crypto
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today we're gonna be talking about
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swinging no i'm not talking about those
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pesky parties that your parents always
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went to and came back
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looking disheveled i'm talking about
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swing trading
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similar to traditional financial assets
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there are a couple of different
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and popular crypto trading styles such
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as day trading swing trading buy and
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hold investing
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but among those swing trading is
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considered the most
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suitable for beginner traders why is
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that you ask well
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you will be finding out in today's video
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find out why it's actually a strategy
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that i use
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let's get it
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welcome to bible crypto the hardest
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working channel in all of cryptocurrency
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if you're new
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hit that subscribe button check the
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description for links
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you can use to connect with me in the
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bit squad all right guys as i briefly
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mentioned
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three trading types at the start of this
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video i'm going to quickly explain
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each of them so that you guys can have
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an idea on what each
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is and what makes swing trading unique
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so let's begin
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with day trading or intraday trading
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which refers to a strategy in which
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traders often enter and close a position
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in
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one same trading day profit is generated
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from price changes
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during the trading session technically
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this includes very short-term
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transactions
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and traders will not likely keep their
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positions open overnight
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another trading strategy is buy and hold
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investing
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we'd rather not call it trading because
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this is a long-term investment
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investors will set their eyes upon
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specific portfolios
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for a long duration so a small price
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fluctuation in a day or a week
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doesn't matter considering the young age
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high volatility of crypto
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this type of tactic is not yet so
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familiar amongst crypto traders
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swing trading is the one that concerns
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us in this video
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this type of trading focuses on watching
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you guys like to watch and capturing
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price tendencies
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to successfully detect movements of
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market price traders will have to spend
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time
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analyzing data charts and making
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predictions therefore swing trading is
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seen
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more often for short to medium terms
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in typical occasions at which price
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tends to form a trend
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can you guys already see why from the
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beginning of this video
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i claim that swing trading is the
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greatest for new traders
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ding dong the right answer is the time
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frame an
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understanding of the market is required
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day trading takes place in just a
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24-hour session
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which requires traders to master
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technical analysis
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and to be able to make very quick
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decisions
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while also being in a highly stressful
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activity
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buy an old investing is a chess match as
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you need to choose the eggs to put into
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your buckets and keep them still for a
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long time
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it's not only being able to select the
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right coins but you also have to be
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prepared
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for sufficient capital and nerves of
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steel to cope with
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unexpected ups and downs in the market
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starting with
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this type of trading it would have
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prevented you from experiencing and
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learning the ins and outs of crypto
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investing
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all of those complexities make swing
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trading a perfect option for beginners
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you can have more time to study and
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consider which crypto
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holds a sustainable growth or whether to
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place
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buying or selling orders swing trading
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is like a medium strategy an
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introductory lesson
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for newcomers because it provides
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opportunities for you to gradually
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practice
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all basic and necessary techniques that
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you will need
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to use for day trading and long-term
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investing afterwards
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what are those techniques that i'm
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mentioning well i'm talking about
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technical analysis price chart
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interpretation
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candlestick patterns even a little
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fundamental analysis we do a lot of it
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on this channel
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and sentimental analysis your job is to
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foresee the potential movements
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in the next few sessions and predict how
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long the current trend
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will maintain or when the price is
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likely to reverse
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so it might take perhaps 1 hour 6 hours
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12 hours 24 hours
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sometimes days or even weeks to capture
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the right moves the specific points of
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entry and exit
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and the breakout level time frames can
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be elastic but as a swing trader
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you need to completely focus on daily
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charts so as not to miss
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any precious pieces of information now
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let's not beat around the bush and
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let's focus on the real tricks of doing
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swing trading
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the first and most important rule is buy
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low
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sell high never do it the opposite way
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no matter if you're in swing trading day
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trading buy and hold investing or moving
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to a new house due to the crippling
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economic situation
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the recipe to make money is to sell
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higher than what it costs you to buy
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even if you utilize some advanced tools
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like smart contract options
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there's another way around it the next
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rule is to always determine beforehand
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when you should enter a swing trade we
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already agreed that swing trading is
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most suitable
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for a short to medium time frame in
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which you have to be able to nail the
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direction of the market
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that means a stable market when a
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sideways trend is taking place
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might be more difficult to forecast on
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the other hand a market with a
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highly wavering price seems risky for
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investors
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therefore swing trading beginners should
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start from a market with an easily
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predictable uptrend or
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downtrend of course in that situation
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the margin may not be as high as you
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would want but i guess that's not too
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bad
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even if you're pretty sure it's the most
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suitable timing to enter the game and
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place a trade
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don't just go out there recklessly is
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hey you can fall into a pit
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and lose all your money so you got to be
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careful with what you
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are doing but anyways to know oneself
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is true progress in this case it's not
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just to catch a glimpse of the market
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trend
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but you have to be able to understand it
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like the palm of your hand
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the only way to do so is conducting
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technical analysis
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that means reading charts construing
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price indicators
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dissecting each day's candlestick volume
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and combining with some advanced models
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like moving averages relative strength
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index or rsi
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bollinger bands or fibonacci retracement
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boys there are tons of indicators
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that you can use to detect price
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movements we've checked out market
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cipher cad
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x trade there's some good ones out there
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should you want to complete your
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homework
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check out past videos about technical
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analysis that i've done
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certainly building your own swing
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training chart is essential
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and indispensable but it would take a
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while until you become a true
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master
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hence swing trading beginners should
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consider
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adding more protective methods of which
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stop loss orders
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is one of the most common apparently
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some of you can't spend the whole day
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looking at data charts
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if so stop losses is the most handy way
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to keep you
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safe and from suffering you can place a
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predetermined level
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at which your positions are
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automatically closed as soon as the
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price sinks
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and hits that level this is a perfect
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tool for new players or
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inactive traders to control your losses
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from swing trading
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now let's wrap up our video here with
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the five
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best swing trading practices so you know
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how to make the best
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out of your swing trade number one draw
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a plan and stick to it persistence is
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crucial
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since swing trading is not something
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that can be done in the blink of an eye
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you've got to be patient and follow with
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the discipline if you're reluctant or
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inconsistent then swing trading might
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not be for you
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number two place stop losses and don't
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be greedy like any crypto trade strategy
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swing training incurs
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inherent risks of digital assets such as
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high volatility and unpredictability
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therefore be aware of those threats and
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use
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all the means you have necessary to
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manage possible dangers make sure you
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don't lose
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too much before you can earn that's
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another important lesson to survive
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number three don't forget to check the
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news if there is an important
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announcement about to come up tomorrow
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you'd better close all your positions
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today it's probably that the
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announcement will have an
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unforeseeable impact on your coins
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that's what you should try to avoid
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number four don't leave your positions
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open overnight
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you know that prices in crypto can
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change unimaginably
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just a few minutes it might be amusing
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to open up your
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block folio at night and check your
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portfolio but you can't keep your eye on
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it all the time
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if you want it's safer to trade just a
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portion of your total coins
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number five twenty percent rule whenever
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you see your target coins going up
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twenty percent while
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others remain unwavering you should go
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ahead and sell them
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more often than not the price will
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decline by ten percent
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in the very next session follow these
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five rules
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and you'll be closer to claiming the
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lamborghini they promised you
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when you were introduced into crypto
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gotta get rid of that whole moon and
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lambo thing
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i'm just kidding let's not do that but
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now it's your turn what other rules
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do you know about swing trading are
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there any other strategies you want us
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to explain
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let me know down below in the comments
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section i hope you enjoyed this video
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if you did please make sure to smash the
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like button and hit subscribe to become
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a member of the bit squad
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thank you so much for watching have a
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blessed day
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[Music]
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you
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