Bitcoin Forum

So, I started daytrading officially yesterday (I did some trials last week.) My strategy is to hold two altcoins until they are sold for 2% more than buying price. This was going good, until someone put a massive pile of ripple for sale just after I bought it. This is going to take a year before I can get rid of those.

It would be nice to know more about what you want to achieve and how do you want to achieve the goals of your journey, what you describe happens all the time, and it should not scare you, no one is going to be able to get the best possible price for their coins unless they are very lucky so keep holding and wait for your opportunity I am sure it is not going to be that long the time you are going to need to hold in order to get your target profits.

this is nice, and it is a nice way to see and take a look over your daily profits, i use to do this when i used to do forex, i had a daily diary on myfxbook and i used to post all my profits/losses in there, and i had a few followers in there, lol.
But 0.0354 is not a huge amount of money, and you should not be always in front of your computer to trade with that amount because it is going to give you a huge headache just for being trading with less than 200 dollars.
Good luck with this, i will keep a look in there in a few days just to see your profits.

My advice would be to buy and sell based on support and resistance. I'd recommend trading longer timeframes such as 1H and 4H charts but honestly I think your account size is too small for that. So you will need to trade shorter timeframes though I wouldn't recommend less than 15min charts.

I'm not sure on your knowledge and experience level when it comes to trading, but to find support levels look for previous lows and draw a line thru the lows to create a support line. The line can be inclined or horrizontal and you should see price bouncing off this line or bouncing back within that zone. Do the same but for highs to form a resistance line. These two lines should  be somewhat parallel and should form a channel. Buy when price bounces off a support line, and sell when price bounces off a resistance line.

Make sure to set a stop loss level so you don't blow your account and try to keep risk per trade to 1%-2% max. Set a take profit level too so you don't have to sit staring at your computer and charts all day.

With a small account it will take a very long time to make decent money but if you realise your trading is profitable then you can find the money to add to your account knowing that your trade strategy is working.

Best of luck! I hope to hear you're swimming in money soon!  ;D ;D

I still hold the ripple. Yesterday I did succeed with bitcoin cash and ethereum classic, both with 1.5% profit after expences.

I'm not very experienced. I have tried with stocks years ago, but that didn't pay off. In some level I know support levels but I'm not very into them. That's because I believe all well-know analyses have already been used up. (I realize that I may be wrong in this as cryptocurrency trading is very new compared to stocks or gold or fiat currencies or ...)

About stop loss: I bought some pot coins when trying this last week. Soon I realized that was a huge mistake and forgot them there with sell order higher than buying price. That had been fullfilled later, after all. With stop-loss it would have been a loss.

Time to update this. So I started week ago with 0.0354. I was doing quite good few days ago and almost reached 0.04 but today it was 0.355, so back in the beginning. The biggest problem is ethereum I bought before price drop. Maybe next week will be better.

ETH is almost hitting $370 now. You should have bought it when the price is below $300 because its really a roller coaster ride for ETH. But at least you are still on the + side of your trading and doing good. Still holding your ripple though?

And this shows that day trading is not that easy guys, sometimes you get lucky and buy in dips and then suddenly the coin goes to the moon. Just keep what you are doing and I think you could get to your goals, assuming your capital didn't get burnt with all of this price swings lately.

I may have said this before but I say it anyway: The thing is that I don't use stop loss. I think, and that's my personal opinion, that stop loss is no good. In crypto world some coin can easily lose 10% of its value and then rise again the next day.

I don't follow the ETH/USD trade, only ETH/BTC. I still hold the ETH but ripples got sold at the orginal pricepoint, that is 2% higher than bought.

That strategy definitely isn't good. It might have worked for you a few times, but don't expect it to work forever. Just like what happened to you, people with huge holdings can easily temporarily manipulate or move the prices, especially with coins with lower market caps.

is there any particular reason why you chose 2%?
because it is such a small percentage even if you want to be the safest there is still room to increase that. you are paying ~0.2% fee each time you trade an with a buy and sell that is 0.4% gone. your net profit is 1.6% right now and i am not even bringing in the transaction fees for your deposit and withdrawal which is a big percentage of 0.0354BTC that you are working with.

not gonna say buy/sell/hold. just want to mention that you should learn about what "stop loss" means. that can help you save a lot of money in the future.

Why I have choosed 2% is a good guestion and I think there is still room to adjust that. First I tought I would go for 5%, but then tought that it would be easier to get three times 2% than one time 5%. But it is plausable that the best percentage is still "out there" for me to find.

I know what stop loss means, I just don't want to use it. For long and slow decrease I can make the decision myself, for very quick one there is high probability for correction upwards.

The sensible decision you've made is to choose a coin with volume. If it was an obscurity then you could indeed be waiting a long, long time to gain again. With something like Ripple some action will be along shortly.

Where are you trading? Fees are likely to pile up rapidly if you're running in and out of coins.

I'm trading in Bittrex. Maybe that's not the best place but as I already moved those bitcoins there moving would be more trouble.

there are several meaning to the moon and usually on cryptocurrencies people use to the moon words to explain the price starting climbing up rapidly but trading is unpredictable jobs and there is no guarantee if today you will get profit but tomorrow not necessarily you will get it too however 2% is good and might be you can reach that profit target daily because it doesn't so high

Interesting; I'm currently doing a similar self-imposed challenge myself although without day-trading. You're currently holding Ripple and Ethereum, right? The fact you haven't run into the red numbers after the first week is already a positive thing.

I have ETH and verticoin now. Hopefully at least one of them will be sold soon so I get back in business.

So, do you mean that you actually trading daily with your strategy, but your invested coin stucked now and waiting for the price to reach... So, what should you write in your daytrading diary recently  ::)

Nice target for profits, not too big and not too small that it will eat up by transaction fees. I suggest that you post at least a screen grab of your trades, just blur those parts that are sensitive. This will also motivate those who wants to start with trading but are too afraid because they thought they cant start with just a small amount of money.

And you experiment with different coins to see what is right for you or just for the sake of interest. Just from what you said clearly only one you do not have a goal to make a profit, but there is a goal to try to play everything that is.

It is a good strategy for trading. Seting up a prior target profit will help you are not greedy. But I think with each coin, you should set a different percent target. And with coin fall down too much, let cut loss soon.

OP, can you post screenshots of your trades? I believe it will improve the visual quality of the thread and it will make it easier to follow you point by point.

What altcoins are you trading? Do you have a set list or do you pick one at random?

Good luck on your trades.

it is a big mistake to do this though.
keeping the investment funds idle for a long time (a year as you said or even 1 month) is nearly just as bad as losing money in a bad investment. you are imprisoning your funds which you could have used to make profit elsewhere.
sometimes you need to take a small loss and accept it in order to be able to make bigger profit.

and I am saying this generally, as an advice. not just about Ripple, it may get pumped tomorrow for all I know. but this general advice is something that will help you maximize your profit most of the times when you are trading altcoins.

Since there is some correlation between different altcoins, selling with small loss could result to other loss with other coin. Of course artificial pumps are different but I don't foresee those pumps.

I won't post screenshots because exact information about ones account can be used to claim that account. I don't know how common this is but why take any risk? Today, I'm holding Okcash and ETH, total value 0.0376.

If this post to give trading signals I really appreciate this, you deserve some followers to buy the same coin with you.
In fact I will believe it, even if the evidence you give is incomplete. ;D ;D

your doing a quite safety strategy and its too impressive
Doing it with that amount i am looking forward for your success
And dont bother about criticism its part of your journey to the moon
Focus on your target and let things happen by all means

P.s ..if this campaign of yours becomes successful i would love to use it
Too after your success.LongLive

So how are you going now mate? Have you had any luck increasing your balance?

Usually altcoin only has very small liquidity, I think we should start trading btc and fiat. I think day trading is more appropriate in pair of btc and fiat. Basically trading cryptocurrency is very risky so we have to understand what we want to do, I mean we don't trading like gambling.