How much can you earn on trading to a novice investor. Part 97. Trading (continued)

We continue the series of publications about trading in order to understand in practice how much you can earnnovice investor using only forecastspublished on our website. To understand how useful they are, we decided to conduct an experiment and simulate a situation in which a person who knows about trading only what you need to “buy cheaper and sell more expensive”, tries to get additional income in his spare time by investing part of his money in cryptocurrency trading

In today's publication, we will tell you how our purchase of 3 LTC at a rate of 56.50 USDT per coin ended.

The entry point to the long position is indicated byIN 2 chart. We counted on a re-test of the level of 64.00 USDT, but on the night of January 30, due to falling prices below the support of 78.6% fibo (59.31 USDT), our position was closed on the Stop order, which was set at 59.00 USDT (on the chart this level is indicated by Stop Loss 5).

Thus, our income taking into account the commission,amounted to approximately seven dollars. We believe that many market participants were counting on the support of this Fibonacci level and placed their protective orders in this area. However, the bears managed to break through this support level and knock the hapless longs out of their long positions.

After breaking through support, the decline stopped andthe price began to recover. In the morning, we managed to jump on the departing train and bought three Litecoins at the current market rate of 59.92 USDT for 1 LTC. According to ForkNews forecasts, the asset price still had every chance to test the resistance of 64.00 USDT, so we had to act very quickly, as the price growth was gaining momentum.

In the afternoon, the price tested64.00 USDT mark, and we put another twelve dollars or so into our piggy bank. Within an hour, the price rolled back below 64.00 USDT and we were confident that the Take Profit level we had chosen was correct. 

However, very soon the intensive growth continued,and we were not prepared for such high volatility. Until the end of the day, we just watched in frustration as the growth continued into the 100% Fibonacci resistance area (69.40 USDT).

All this time we did not risk buying the asset, soas after the annual maximum, the forecasts were only for a price rollback to the 66.00 USDT mark. In this area, the Litecoin price actually turned around, and the recovery began. 

According to today's forecast, the price may test the level of 74.00 USDT. After breaking the average price level, we bought 3 LTC again at 69.00 USDT (on the chart IN 4).

It is logical to place Stop Loss 6 at 66.00 USDT, and Take profit - accordingly at 74.00 USDT.Read about the results of this deal in our issue next Wednesday.

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