As you know, I don’t provide signals for currencies I don’t trade myself. And this is the same for trading Bitcoin. I am going to be trading Bitcoin on my live accounts, and those are the signals you will be getting.
Starting in 2018, subscribers will be getting 2 signals for Bitcoin…
- Bitcoin Swing Signals: These are signals looking to profit on swings in the market. There should be more trading opportunities with this strategy.
- Bitcoin Trend Signals: These are signals looking to profit on trends in the market. There should be less trading opportunities with this strategy.
As subscribers, you need to decide how best to use the signals. Here are some things about the way I am trading the Bitcoin market that can help you formulate your own trading plan.
I will be trading BOTH signals packages on separate accounts. As you probably know by now, I like to keep things separate. Once you have a broker account, it is quite simple to open multiple accounts. I will be trading the Bitcoin Swing Signals on one account, and the Bitcoin Trend Signals on a second account.
You need to decide of you are going to trade the Bitcoin signals. You may decide not to. If you do want to participate in the Bitcoin market, which I hope you do, you need to decide if you are going to trade one signals package or both.
If you decide to trade both, I highly recommend you set up two accounts and keep the trading separate.
I will be trading 10% of my account per trade. Since we are only trading the BTCUSD, there will only be one live trade placed at a time on each account. Since we are only placing one trade, I feel comfortable using 10% of the account per trade.
Furthermore, using 10% of the account, with trades of a potential 1:10 risk to reward ratio, means I can potentially DOUBLE my account in one trade. For example, if you have a $1000 account, risk $100 on the trade and get a 10 TIMES the risk winner… that would be $1000 profit. This means it is possible to double the trading account in just one trade.
Keep in mind, there is lower leverage available for Bitcoin trading, so you’ll need to see if using 10% of your account works with the broker you are using. I have been doing this with Forex.ee and have not had any problems yet.
The starting Target will be 5 Times or 10 Times the risk. When the trade is placed, there will be a stop loss.
- For the Bitcoin Swing Signals the target will be 5 times the stop value.
- For the Bitcoin Trend Signals the target will be 10 times the stop loss value.
Now, just because the target is 5 or 10 times the risk, that does not mean every trade will end that way. Some trades will be losers. And due to trailing our stop, trades can end up being stopped out anywhere along the way to the 1:5 or 1:10 target. But, it IS possible to get some of these big winners and when the target is 10 times the stop, double our accounts in one trade.
I will be using the Daily charts and taking trading actions only once a day. As you know by now, this is how I trade. I use the Daily charts, take trading actions only once a day and then get back to my life. As far as the signals are concerned, they are just like all the other Forex signals I provide. All you need to do is login to the Member’s Area around trading time and see if there is anything to do.
IMPORTANT: I will be looking for trading opportunities and managing trades 7 DAYS A WEEK. Remember, the Bitcoin market is not tied to a central bank. Therefore, it does not have banking hours or close over the weekend. So, as long as the charts are being updated each day, I will be taking action each day. And those actions will be recorded inside the website.
You should now have a good idea about what I am doing. You need to decide how you are best going to use the signals.
I want to give you a better idea what is will be like to follow the Bitcoin Signals I will be providing. Therefore, I am providing Case Studies for 2017 for both signals packages I provide. Let’s start with Bitcoin Swing Signals…