Welcome to the first installment of “5 Things I took Away From My Interview With …” In this series, I will be shortening my podcast interviews to 5 short points I think are important to note, and give people who may not be able to listen to the weekly episode a chance to still soak in new information. This is the first time I am doing this, it may not be perfect but hopefully, I will continue to improve and provide another form of quality content to help you grow in the crypto space. I plan to release a new article every Thursday at 3 pm EST. These will be available on my website, thecryptosky.com, my Steemit account (https://steemit.com/@thecryptosky ), and my Medium (https://medium.com/@thecryptosky ).
You don’t always need to be in a trade!
One of the mistakes Josh mentioned was when he would make a big winning trade he would try to go back and make another winning trade, he realized he was not very good at this and was better suited to be patient and wait for the trades to present themselves. I think this is a great point to mention, take it slow, be patient. There are times where you need to simply preserve BTC value and capital.
You won’t be able to go full-time crypto overnight.
Josh mentioned it took him years to transition into a full-time crypto trader and content creator. He also mentioned the timeline does vary on the market. You must be able to trade both sides of the book to be full time, and you also have to use great risk management. Josh also mentioned multiple streams of income, this is something I think is very key to becoming reliant on the crypto market. “Don’t trade your lunch money!!”
If you have a small trading stack and want to grow you should be making fewer trades and taking more profit.
Josh mentioned he felt like people wouldn’t agree with this, but from his experience, this strategy was successful for him and growing his portfolio. He mentioned it greatly depends on who you are personally. Josh mentioned you have to get to the point where you are simply trading numbers on a screen. Set levels, and don’t adjust as things are happening! Set your stops, and sell targets, and let them be! In saying all this ultimately you have to develop your own strategy that suits you!
The Ichimoku cloud is similar to moving averages, it takes highs and lows of a certain time frame depending on certain factors.
It has certain breakpoints, that tend to lead to different things. You also don’t have to continue to draw new charts, you set your setting, and leave them. This takes away any bias, which is very important for a new trader. It also does a good job of giving you unbiased buy and sell targets.
Checklist for Ichimoku cloud
- Is the price above or below the cloud?
- Buy – price is above green cloud. Sell – price is below cloud,and future cloud is red.
- The TK lines, looking for a buy or sell at the cross points, when they match the cloud. (Means low and high time frame moving averages are the same)
- The lagging span, (current price 30 periods back), which says if the current price is above or below the previous price.
- For more information on Josh’s strategy using the cloud watch his YouTube video here: https://www.youtube.com/watch?v=J3t2Tsn_Imk
Thank you taking the time to read this, I really hope I offered you value, and helped you learn something new! If you would like to listen to the full epsidoe, and learn more about Josh, and his trading streategies, you can do so here: http://thecryptosky.com/2018/07/ep-022-interview-with-josh-olszewicz/