Firstly please notice that this article is just a point of view by Bitconsul Cryptoconsalting team for trading process, and your profit is always depends on your actions. Anyway, in this bearish market which is lasting from February 2018 we learned that very important part of longterm trading process do not stuck in alts, which is always going up and down repeating Bitcoin up- and downtrends, and this is not cool losing your bitcoins when you’re trading in pair with altcoins.
We will take 15mins chart (1) and you can see that only for 15mins price went up and down which showing us huge fluctuating rally. As you know this fluctuating on the Crypto Market is a big plus and more harder minus simultaneously. So, using smart stop limit in profit will bring safety for your funds with which you are trading. That’s why let’s imagine that you bought some (nonexistent) CoinX in trading pair with BTC with price which was support (2) 3000satoshi (0.00003000 BTC). Then on chart we see price firstly goes up to 3300satoshi a few times, then was correction 3036satoshi and after that was high uptrend candlestick which was closed with price 3200satoshi, again correction and price dropping to 3050satoshi (4). In all cases we always recommended to set stop limit in profit with price not much higher than entry — 3015satoshi. Meanwhile that stop limit order wasn’t filled and you are keep holding your position with entry 3000satoshi for further gain which you are expecting. Why isn’t better to book your profit with point 3300? The only answer is YES, book profit in the bearish market is always better than midterm holding of some altcoin. And one more important thing — if you are using this stop limit in profit and price of some coin is surging move your stop limit in profit higher and higher level for maximize your profit. And don’t let yourself FOMO (Fear of miss opportunity) if your stop limit in profit order has been filled — more important not to lose your Bitcoins or stuck in alts instead to get profit. Just rebuy later those coin with new dip price. Trade safe and smart.
Sincerely yours — Bitconsul team.
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