Presented by Carl Runefelt, CoinSpeech team collected the most important takeaways from his recent appearance. In this article, we break down the essential steps and tips to make $20 per minute using a unique strategy on Bybit. You can find Carl Runefelt’s new video below.
Steps to Get Started
According to Carl, the first thing to do is “subscribe to my YouTube channel.” Then, create a Bybit account using his referral link to receive up to $50,000 in bonuses. He stresses the importance of depositing funds correctly by clicking on assets and then “choosing the coin you would like to deposit.”
Setting Up The Trading Interface
Navigate to the derivatives section, select USDT perpetual, and choose the asset you want to trade. Carl explains, “Choose your order type from limit, market, or conditional, and finally choose your leverage type.”
Understanding and Using the RSI Indicator
Carl emphasizes the correct use of the RSI (Relative Strength Index) indicator, often misused for finding overbought and oversold zones. “The RSI indicator is a momentum oscillator that measures speed and change over a set number of bars,” he elaborates.
Adding The RSI Indicator
To add the RSI indicator, go to Trading View and “click on the indicators tab, type RSI, and select this one here.” Modify the RSI bands to 80 (upper band) and 20 (lower band) to filter out false signals.
Using Multiple Time Frames for Confirmation
To get a clear picture, Carl advises using multiple time frames: hourly, daily, and even minute charts. “If you look closely, four out of these five signals are losing trades,” he observes, suggesting that confirmations across various time frames reduce false signals.
Executing Trades
Carl highlights the importance of additional confirmations and price action: “Add some price action confirmation, like a double bar break, to ensure a high-quality trade.” Ensure to set stop loss right above the breakout bar and partial profits at the midline of the RSI.
Strategies in Trending Markets
For a strong trend, “the RSI will be between 50 and 80.” Always confirm that the price bounces off the midline to enter long positions. For downtrends, wait for the RSI to hit the midline before opening a short position.