If I we're gonna start to trade bitcoin or 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 line of 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 plans to 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 hardcore cryptocurrency trader, but right now I am not, however, I do wanna walk through what my thought process would be in terms of approaching, you know, something new like this, so the first thing right of the git-go is I would ask myself and this is something that you should probably ask 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 bitcoin is gonna be worth more 10 years from now, so I'm gonna just buy and hold, well then you're investing and I'm not looking down at that I'm not saying that's wrong or anything I'm just saying that your plan of attack is 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 gauge how you make decisions

Decisions about what? What actually matters with bitcoin or 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 be a 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 time unless 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 be very 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 long on bitcoin, this is, you know, the whole block chain Oh this is a disruptor This is the next greatest thing, and headlines are 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 efficiency as, 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 implement whatever that time efficiency is Being me, I would consider myself a pretty short-term day trader, so I would wanna be, you know, I need some sort of tool that's gonna allow me to approach bitcoin or cryptocurrencies in a very rapid manner A day trading manner So I need something that's gonna allow me to look at lower timeframes

Reminder, am I saying this is the exact path? No, am I saying that this is probably a 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 rapid day 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 centers back 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 me to 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 now and 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 decipher all the headlines then go do that, by all means I'm not tryin' to persuade you but for what I would be tryin' 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, stockchartscom

So those are just charts for stocks No, no, no The powerful thing about charts is 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 bitcoin or 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 center everything 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 timeframes like I would need to But you would still go to various timeframes

Again, you can manipulate technical analysis You can manipulate charts to go to 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 avenues and manipulation that you can do within the tool of technical analysis So if I were to do it, that's what I would do

I would use technical analysis as the primary foundational cornerstone of my strategy and of my approach, and you know, within the chatroom that I offer the Inner Circle There are members and quite a few actually, that are now switching and getting involved with 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 charts and it's not like a chart is different for 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 components that factor into bitcoin and all those other cryptocurrencies 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 community to join to assist you in your trading or 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 on the Inner Circle one, that is going to take you to the page, where I explain all the details of 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 tour where 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 scenes tour of everything and that way you'll know precisely 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 know if you have any questions