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If I Were to Trade Bitcoin and Cryptocurrencies…

What would my plan of attack be if I decided to trade bitcoin? Or for that matter, start to trade any cryptocurrency. I walk you through the exact thoughts I would have and how each question I ask myself would help me lead me to a logical place in regards to helping me execute the goals I have. What tool would I choose to use and why would I choose it? I go over these very critical steps in the process.

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Transcript:

If I we're gonna start to trade bitcoinor any of the other cryptocurrencies,what would my plan of attack be?What would I use?I'm gonna talk about that, map out what my lineof thought, what my plan of attack would be.(whoosh)At this moment in time as I stand here,recording this video, I don't have any plansto start trading any cryptocurrencies, bitcoin,but in full disclosure, that could change.So maybe by the time this goes live,who knows I may be some huge hardcorecryptocurrency trader, but right now I am not,however, I do wanna walk through what my thoughtprocess would be in terms of approaching,you know, something new like this, so the first thingright of the git-go is I would ask myselfand this is something that you should probablyask yourself too, is you gotta differentiate the words.Invest or trade.Now I kinda let the cat out of the bag,and I've already answered this for you,but I would be wanting to trade.Now if you're saying no, I just wanna invest in it,then you would go off on a totally different path,and what I'm about to talk about,my path is gonna be different than yours,because obviously you're on the investing path.I'm gonna be on the trading path.So if you just wanna use broad ideas, I think that bitcoinis gonna be worth more 10 years from now,so I'm gonna just buy and hold,well then you're investingand I'm not looking down at that.I'm not saying that's wrong or anything.I'm just saying that your plan of attackis gonna be much different than mine.So right off the git-go, are you looking to invest or trade?You know, be more active in it.Second part is well, how are you gonna gaugehow you make decisions.Decisions about what?What actually matters with bitcoinor any of the other cryptocurrencies?Well there's two kind of main driving forces.There is gonna be a time factor,and then there's gonna bea price factor, right.I realize I'm stating the obvious, but stick with me.Bitcoin trades over a period of time.It's been trading over time,and it's gonna continue trading over timeunless it gets shot down or something crazy,but as it stands right now, time is passing,and that's gonna be a big element of it.And then, of course, well how do you even value bitcoin?Well you value it with price.So for me, I want something that's going to bevery straightforward, very in your face,in regards to what is happening within time and price.As in what is going on?Not what I think is going to go on.Not what other people say is gonna go on,but what is?So the keyword that I want is, is.What actually occurring?All you have to do is go through the headlines,and you see one person saying that bitcoin,cryptocurrencies, are the worse thing ever.They're usin' the word scam, Ponzi scheme.They're usin' all sorts of bearish lingo,and then as you scroll down on the mouse,you scroll down on your phone,and all of sudden, hey, I am super, super longon bitcoin, this is, you know, the whole block chain.Oh this is a disruptor.This is the next greatest thing, and headlinesare all over the place.So I'm not very good at gauging that sort of stuff.I don't know what I think should happen,'cause, I mean, I see bullish stuff.I see bearish stuff in the headlines,so, I just wanna know what is.What is actually going on right now?As a trader, that's what matters.What is currently happening.Now going back to time, this is where what sort of,you know, time efficiency are you lookin' at?Meaning are you defining time efficiencyas, yeah, I wanna like make five bitcoin trades a day.I wanna make five bitcoin trades a week, maybe a month.So those are all gonna be different types of trading,but you need a way that's gonna help you implementwhatever that time efficiency is.Being me, I would consider myself a pretty short-termday trader, so I would wanna be, you know,I need some sort of tool that's gonna allow meto approach bitcoin or cryptocurrenciesin a very rapid manner.A day trading manner.So I need something that's gonna allow meto look at lower timeframes.Reminder, am I saying this is the exact path?No, am I saying that this is probablya thought process to map out your plan of attack?Yeah.So for me, I wanna lower timeframe,because I'm gonna be looking more so as a pretty rapidday trader approach to all this.So I need to once again, while looking a lower timeframe,lower timeframe of what?Well a lower timeframe of what's going on with the price.So that brings us down here,and you know, it all kind of maps out and centersback to the circular thing.In order to track time and price, and a very low timeframe,those are gonna be the two kind of goals.So is there anything out there that's gonna allow meto accomplish this, centered around what is happening?Not what I think's gonna happen.Not what I'm predicting is gonna happen,'cause I suck at predicting.I'd rather just know what's going on right nowand then react to that, form trade plans around that.And, yeah, there is actually,let me grab, oh it's a mess.I don't think you can see down there,but markers all over the place.But for me the tool that I would be using,technical analysis.Pretty sure I spelled that wrong.That's alright.And this is the use of charts.You my be thinking,for those of you that are pretty cynical,oh I see Clay!You offer course on charts!That's why you want me to use a chart.No, go do it.If you're a really good predictor, and if you can decipherall the headlines then go do that, by all means.I'm not tryin' to persuade you but for what I would betryin' to accomplish, within my plan of attack,technical analysis, the use of charts,is a very, very effective tool.You my be thinkin', wait a second Clay,like there's that one site, stockcharts.com.So those are just charts for stocks.No, no, no.The powerful thing about chartsis they center around two things, time and price.So whether you're talkin' about stocks,whether you're talkin' about Forex,whether you're talkin' about futures,or whether you're talkin' about bitcoinor any of the other cryptocurrencies,does cryptocurrencies, does bitcoin have a time element,and a price element associated with it?Of course.Therefore, technical analysis is relevant.So if I were to trade charts,or if I were to trade bitcoin,charts would be exactly the tool that I would centereverything around, because it would make what I'm tryin'to accomplish very, very straightforward.Even if you're not tryin' to do a day trader.Maybe you're sayin', "No, Clay, I just wanna make"like three or four trades a month."Well then you don't need to go to the lower timeframeslike I would need to.But you would still go to various timeframes.Again, you can manipulate technical analysis.You can manipulate charts to goto any sort of timeframe that you so choose.So the flexibility that charts give you,is pun intended, off the charts.There really is all sorts of different avenuesand manipulation that you can do within the toolof technical analysis.So if I were to do it, that's what I would do.I would use technical analysis as the primaryfoundational cornerstone of my strategyand of my approach, and you know, within the chatroomthat I offer the Inner Circle.There are members and quite a few actually,that are now switching and getting involvedwith cryptocurrency, and it's amazing.One day they're not doin' it,the next day they're doin' it, and making money.Why?Because a lot of members, they use chartsand it's not like a chart is differentfor cryptocurrency than it is for, you know, stock.It is what it is,because all charts factor on time and price,and that's exactly the same two componentsthat factor into bitcoin and all those othercryptocurrencies out there.So that's my plan of attack, if I were to do it!That would be my thought process,and I well end right there at wanting to use charts,a/k/a, technical analysis.If you are out there trading alone, currently,and maybe are in the market, looking for a communityto join to assist you in your tradingor to just help you, give you another set of eyeballs,then I do have a private trading community,where you can trade along side me,and other experienced traders.So what you see popping up on this screen right now,is both an information link, so if you click onthe Inner Circle one, that is going to take youto the page, where I explain all the detailsof what exactly come with the community,both the chatroom and the newsletter,and on the other image that has popped up,is the behind the scenes tourwhere you can see exactly what is going to,you know, be contained within the community.I take you through, like I said, a behind the scenestour of everything and that way you'll knowprecisely what you are getting when you join.So, definitely check that stuff out,if you are interested and thinking about, you know,wanting to join a community and let me knowif you have any questions.

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