the more cardano I buy...the more it drops :(
good thing I’m a HODL
Try doing a head fake, and if it drops, buy! :-)
Gotta have limits... I.E., budget.. money manage, etc. :)
I set buy orders by what I'm willing to live with if the price drops drastically. I have the ETH orders at about $50 levels or 3% price differences both for buying and selling, with at least 25% loss or price gain covered by both orders.
I watch how the orders are stacked and try to place my orders just inside large blocks of orders, even if it means a bit of a price adjustment sometimes.
Usually the only time I modify my orders is if the large buyers/sellers move their orders (I like to check this at least twice a day) or on news. If news is very good or very bad, I double the margins/percent of price level between order blocks.
As soon as an order fills, I place another in the opposite direction if the price margin is there 2.5% or greater. I don't make a lot on each trade, but I usually make a little something.
The danger is getting trapped on top, but even if I have to take a haircut/loss, it's not that much due to the small blocks I work with.
The psychological benefit of this type of swing trading is you don't stress too much over which way the market is trading. The less you stress the better job of trading you are able to do.
Stick with one, or two, or at most three, whatevers. Watch trade volumes. If you don't know what the average daily volume is, in your head, you probably shouldn't be trading that particular whatever.
This is mostly about news and money flowing in. I think the recent spike was in part due to stimulus money.
Directing this at inexperienced traders... :)
Everything said, I'm still a partial holder too.
Just what works for me. YMMV...