Bitcoin Forum

Is it really profitable day trading with ALTs coin? if profitable which coins to use? which facts do we consider before buying alts?

I have tried trading some of the coins with good fundamentals like Monero, Dash and Litecoin. My strategy was that I will sell once I make a quick profit, but if the price drops after I buy, I would not mind hodling them since they are good coins for long term anyway.
The day I sold Monero and Dash, both of them spiked 40% and 60%. Then same thing happened with LTC the day after I sold at $100. So, I have stopped trying to beat the market and will continue to hodl the coins that I buy for long term.

Depend on what kind of market. I believe this is a lousy time to day trade with this type of market. I suggest sticking with swing trade. And if you want to daytrade find altcoins that had a big volume.

Believe my experience, day trading is the best way to lose all your gains.

Hold and scalp, this is the only efficient way to make benefit

Nope, most even say that day trading is worse as you're going to want to get involved in the big swingers which are obviously going to be the coins that are less reputable and then lead you to either making a small sum of money OR (most likely situation) you trying to limit losses and losing out on every trade you make.

If I were you, and wanted to get involved into trading, I'd recommend buying weekly, monthly, WHATEVER YOU WANT and continuing to do this for some time. Long term is the way to go IMO and it'll be better in the long run.

I'd rather go now day trading with bitcoins because as I analyze the flow of its price in the market it fluctuates every time and I keep on monitoring it every hour as I can. If I am just brave enough I think I always make profits on this way.
For altcoins, you really need to consider the development and updates specifically so you can determine whether it will rise or fall but I don't recommend day trading for it.

Exactly, day trading makes you do bad moves on shit coins just to get your daily benefit, which is very stupid, since i hold and look the charts from times to times, i made 5 BTC, while before i lost 3 BTC by day trading

Now, it is better to not doing day trading on altcoin.. it is hard to predict the price when bitcoin price keep rising.

Yes, its very profitable, good altcoins to trade is the top 5 coins. But you need to be very quick and make the decision fast to dump it and choose another coin if still have time. Facts to consider is the hype around the coins, positive or negative news. So there's research along with the buying/selling all the time. But it is not like day everyday, there are days that it lousy with only few movements but other days all trader are shorting and very much active.

That's why most of the traders don't like this day trading, very risk for beginners and even pro makes mistakes. I prefer long term holding though, not much stressed on my end.

Exactly, nothing beats buying and holding, I risked 400 eth to learn how to day trade, ended up with 26k by may but lost it all because I didn't have a good technical analysis foundation and stuff was not going well for me in life (house caught fire).  What could have been a really successful year turned into a nightmare.

Most people will say is still profitable but not for me, lost almost 40% with day trading strategy is bad experience. I suggest you try day trading but use investment mindset ( use long time period ) and martiangle money management. All coin is profitable but choose btc and second coin only ( eth, xmr, ripple, etc ). See the moment and also top/ bottom price before decides to buy/ sell.

Currently altcoin is heavily discounted due to the capital being drawn from altcoin and poured into bitcoin. At this point I think buying altcoin and waiting for it to increase is very reasonable. Watch closely before exchanging with the altcoin you want to invest.

Profitable or not depends on yourself how you choose the coins to trade. If you are good enough in predicting and reading the charts, it will be very profitable. Otherwise, if you only do some random trade with guessing only without doing researches then it might be really bad for your financial condition.

Yes day trading can be extremely profitable if you pick the right cryptocurrency to trade, if you have the right strategy, and at least know the basics of chart analysis but day trading is also the best way to burn your money if you pick the wrong coins. There is nothing really specific coin to use to day trade because you cannot always use the same coins everyday as the price of cryptocurrencies are unpredictable. You should also set the price on when will you take your profit, for me 5-10% is enough because if you're going to be greedy the coin you trade might fall short and you will get stuck waiting for another pump.

It might sound cool day trading altcoins but seeing the current situation(bleeding alts) it wouldn't be wise day trading alts. The price of Alts are dropping a lot and many investors are in a panic seeing them go down. Apart from that day trading requires a large capital to earn a good profit and investing a large capital right now will be a lot riskier. Better to invest in BTC and just hold on for a while until the market stabilizes.

Altcoin Day trading that paired with Bitcoin now will be more risky because the price of BTC strong bullish, so for the better to minimize the risk doing short trade with take small profit like 20%-30%, and also always patient to buy altcoin when the price really in oversold area. And will be more profitable and less risk if we trade in altcoin that has strong fundamental, because the price possible to increase again, those altcoin like ETH, DASH, LTC, WAVES, POWR, POLL, CCORE, AION and DATA.

true but you need to become active to monitor the potential coins have possibility to pump in the market cap wthin 24 hours, strategy and skills with comfident you get huge profits.

I agree with all opinions and I earn some BTC with day trading. What is good platform to do trading?