Bitcoin Forum

Hi guys. I've been lurking for a few months but this is my first post. I'm new in the cryptospace and only started investing about a month ago.

I bought a few waves, siacoins and stratis and I'm holding them.

I want to start playing with part of my portfolio and day trade, that is buying and selling on a daily basis for profit. I currently use Bittrex.

My question is, lets say today I think the market will go down and I want to sell my alt coins. You sell to what? Bitcoins? Because bitcoin will also go down, you go to fiat? Can you hold fiat in bittrex? My question is, when you sell and wait to buy, in what format do you hold your money while waiting?

Hope someone can help. Thsnks

I recently started myself so take my advice with a grain of salt but yeah bitcoin is pretty expensive so it takes a pretty big dip to make a substantial loss compared to other coins. Plus you generally only have the option of selling to BTC or ETH anyway. So in my own personal trades i'll keep it in BTC if i'm not doing anything with it or throw it in a longterm and see how it goes. But like I said I just started...

USDT or xfer to another exchange and convert BTC or ETH to fiat

So while on bittrex i trade my crypto to USDT and keep them in the exchange while I buy again? It's like a crypto US dollar correct?

you can do it that way yes. I sell to BTC and then rebuy with BTC that has always been the easiest for me personally

i will register other exchanges and sell the altcoin to btc, then withdraw btc to other exchanges, then tansaction the btc to fiat

Since you know that the price is going down, what I will do is trade alts to bitcoin then short bitcoin. This way I got the highest price for my alts and I earn more bitcoins from my short. This is if I am certain that bitcoin price will fall. You cannot short alts because as far as I know, there is no kargin trading for alts. You can only short bitcoin.

Waves , Sia coin are my best coin and also stratis is a best coin but these are those coin where you need to long because these coins have better technology but they need more trust by the bitcoinerd to take interest them , so you need for month and these coins are not for day trading .
Now come at the panic selling of down price , first of all never buy those coins which are increasing and only buy those stable coins which are going down . If you already bought coins at high rate then never sell until its price get high , I mean don't sell in loss , even it take one year or even two years .
And never invest allmof your money in a single coin which is the first basic idea of trading .

most altcoins don't have a fiat market so your only choice is to sell for bitcoin. in this case selling to bitcoin and then selling bitcoin for fiat is possible but the fees will kill any kind of profit you may make.
also if the altcoin has a fiat market and you were able to sell for fiat instead of bitcoin then there is still the problem with their fiat values. they all go down as bitcoin price falls. so you still lose money.

the whole point of altcoin market has always been to make more bitcoin by day trading, then to hold that bitcoin as the long term investment and make an additional profit. that is why the number of alt/fiat markets are very small.

it's like this:
you buy 1 bitcoin at $1200 then start day trading altcoins you make that 1BTC into 1.2BTC but bitcoin price falls down to $1000, you still hold the bitcoin and continue making profit on it. you make that 1.2 in to 1.5 and price of bitcoin goes up to $1500 eventually. then you continue making profit on it and make that 1.5 into 2BTC and bitcoin price is now $2500.

you invested $1200 but you gained $5000 in 6 months.

Yes, but recently Tether (USDT) has been swinging a few cents either way. It's not necessarily exactly $1.
https://coinmarketcap.com/assets/tether/

Better to do if you want to become a Day trader is you need a big capital to have a good profit, First you need to find a coins that shakey or the price is going up and down every minute or hour and have a high volume so you can do buy low and sell high and repeat it always but be careful you just need to watch seriously the movement of coins but profit is profit it depends on you if what price you want to sell your coins.

it is worth reminding that "a few cents" while the price is small is A LOT OF change.
for example you may see $0.95 is only 5 cents but when you have for example 2 bitcoins in USDT that is $5000 @$2500 but it is 4750 USDT meanign $250 loss.

learn the patterns before trading them.

When it tips what does it usually do 9 times out of 10?

When it dips what is it most likely to do?

A lot of the day trades I make are all patterns.

Good advice, I apply the same rules with you. Emotional control is also important so as not to get stuck too long.
Provide backups to keep prices stable.

But, Bitcoin is a solid choice for a thirty day period usually.  Two years back it was under $250, so it can be a good place to sit, but over the last two weeks the price varied within a $1000 range.
 

Rule #1 of Day Trading: Don't do day trading

You need to set a Stop loss between your trades to prevent loses and getting stuck long in one coin you wish to trade making Stop loss is helping you to prevent from losing on day trade, Day trading is risky too it's like gambling because you need to put a big capital on it and no one can predict what's the price of that coin in that day.

I plan to increase the capital trade, so it can put on a variety of potential coins. In addition, I can make a lot of orders at cheap prices when the price drops I've got it to sell.
Daily strategy may not always work, at least every 3 or 4 days I've earned money.

My strategy is the same with any trading - 6h bar charts for weekly trading, 1d bar charts for monthly trading.

I started with this stuff recently as well and it seems pretty easy as compared to big bulls like bitcoin, ether and litcoin. They are costly investments for average guy like me and I’m afraid of putting big money into it. On top of this, I would be panicked if something goes wrong with them and ultimately with my investment in to it. Better go for small coins which can lead to bigger profits but less losses which I believe completely. So its just personal and well, profitable.

Hard hard times to start dude.But its still very OKAY in mid-long term.Maybe short too)
Keep some in BTC,USDT,ALTS 35/30/35% and dont worry about current dump of everything :)
At least try!not to worry

Your investments seem like good choices to me and as for the buying and selling, I trade the alt coins got BTC and move it onto other exchanges and xfer it back when required.

Ok, I do not know what your overall exit strategy for FIAT is, but whether you are going to withdraw from that exchange or not, you can usually trade into USD, as long as you do not try to withdraw, that is when the regulations come up.  I think that is true of Bittrex, not sure.

Generally, because the overall trend is up, I fall back into Bitcoin, but if you are really trading daily, then you might find that too volatile. 

Beside FIAT, there are some older coins that do not move a whole lot, Litecoin, Doge and a few others, but a huge buy into one of those, like $1000 or more could have a pretty big effect on the market, so look at the candlesticks and be careful. 

I suggest doing the opposite because small coins don't really do too well in the whole day trading scene since they usually receive a random pump like a year after they get placed on an exchange. Day trading the top 5 coins is the easiest method to day trading because they have high volume within a 24 hour period. Litecoin, Ethereum, NEM and even Namecoin are nice coins that may bring you some income if you know how to trade.

Yes in both Poloniex and Bittrex you can convert BTC to USDT and keep that in USDT and anytime you can buy btc again with that. I always do that when I see btc is going down I convert them in USDT and when I see btc come to a level from where it can go up I buy back BTC from USDT like this my BTC amount also increase and I get profit when BTC get to its old place again....

If i trade i trade to btc,or i trade to have more alt if i see coin has chance to gain or to btc,if i have some free btc i move part of them to my spectrocoin wallet exchanging to fiat and loading my card

I will give you a hint...

handle your emotions and take advantage of other peoples emotions while trading..
Learn a few forex trading methods

I would prefer a book to start from
I guess something called Naked Forex trading

You Don't have to thanks me!  ;)

That’s neat. I don’t usually notice people using USDT to daytrade for Bitcoin since that coin is not promoted that much within Bitcointalk. This really shows how much people are missing out when they don’t research coins themselves because there’s a bunch of coins out there that is able to get exchanged for profit each day.
I will keep note of USDT and see if it’s worth purchasing while calculating the trend on Bitcoin someday.

While bitcoin will go down if there is a big crash most of the time altcoins will go lower in value than bitcoin in terms of proportion so even if you lose money in fiat you will be able to buy more altcoins with this new bitcoin, so in a way you will get more altcoins than the ones you had before the crash and when the price recovers your earnings will grow as well.

Mostly i exchange it to ustd if i fell that the crypto will go down. But sometimes i exchange to other crypto that has a capability to pump up.

I usually hold in BTC or ETH whatever one I think will be most stable that day  :)