ANOTHER ADVANTAGE OF LIMIT ENTRY THAT MANY TRADER TEND TO FORGET! (THIS WILL MAKE YOU PROFITABLE)
If you haven't noticed this advantage with limit entries, then, let me show you.
Market entry advantage involves being able to react to the market in a timely manner. For limit entry it's mainly on how the trades will be executed by the setups you make even when you're not looking at the market. That's a highly favorable advantage, although, the advantage that we're talking about is the fact that whenever limit orders don't hit your entry. We consider this as an advantage since limit orders that aren't hit will never hurt your brain unlike market entries that are hit but will most likely get rekt. As a wise man, it's better to not hit your entry rather hit a losing entry that's not properly calculated and the risk isn't managed well. Hence, this is the greatest advantage of a limit order.
THIS RULE OF THUMB MIGHT SAVE YOUR TRADING CAREER TODAY!
If you're new to the cryptocurrency market and haven't noticed this 1 rule of thumb. Let's discuss this.
There are many traders who get trapped by the misconception that no one else will think of buying low and selling high on a day-to-day basis. Hence, most would trade on a minute or hourly basis. This is not wrong or it's not a bad idea. Although, the things that could go wrong with these kind of setups is overtrading. Those who trade without checking the days high and low will most likely fall into the trap of trading more than 20 times a day which is not normal for an individual newbie trader. Thus, to make it easier for newbies to understand. We can refer the realistic approach of daily high and low with this rule of thumb. Always remember, by 11 AM EST there are instances when the market reverses. Mostly when the market is stable the volatility will be lesser since it will just a movement from daily high and low. So every time the market reverses by 11 AM EST, the tendency is, it will continue to do this until the next 11 AM EST. If not, then expect no reversal for that day. Hence, it's best to check the daily high and low to understand the zones where it would be best to enter.
Stay wise, trade cautiously.