That's really some good profit! I think setting realistic price targets, in terms of limit orders is what's a bit hard for me. It isn't unlike trying to be greedy to get more profit or being fearful and getting way less profit.
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I think setting realistic price targets, in terms of limit orders is what's a bit hard for me.
For Hive things aren't so complicated since when big price changes happen (due to Upbit pumps), unless we are in an alt season, the price almost always corrects to previous levels. So, it's a matter of not being greedy so that the limit orders get reached and you will likely make a profit during these volatile days, if you wait for the price to come back down below your sell point(s), to be able to buy back.
Right. I'm presuming the Upbit pumps have some form of pattern to them, in terms of how high the price pump reaches, percentage wise?
If that's the case, then it will be much easier to place the limit orders somewhere beneath those levels and wait for the price to retrace back down for a buyback.
I'm presuming the Upbit pumps have some form of pattern to them, in terms of how high the price pump reaches, percentage wise?
Nope. That I don't think they can predict either, since they have a reaction from the market.
You can place your orders up from the current price (and update them regularly). Something like a minimum of 20% for the lowest one should be ok, unless there are some levels where you anticipate higher resistance and you would place orders at a lower price differential. Always orders should be in ascending order of amounts when selling (meaning starting with the lower amounts at the lower prices and higher amounts at the higher prices).
You can tweak these thresholds depending how active you are in updating the limits and how interested in catching smaller pumps. However, the tighter the interval, the higher the chance of ending up on the losing side if the price keeps going up instead of returning to previous levels.
Sure. I understand it better now. Thank you very much! Great insight on placing ascending order of amounts when selling and the risk of ending on the losing side with tighter trading intervals. Didn't know such a strategy exist.