Bitcoin Forum

I am trying to daytrade alt coins, it's not gong to well. LTC was the coin I used to go to, but it's not going up and down as much as it used to. Any tips for a newbie? Preferably would be a site which shows big drops fast.

I have learned to be more patient than in the past, and the profits from a couple of big winners is much better than excessive "scalping" or daytrading. A combination of bigger and smaller trades can work really well.

re LTC:
Not too long ago it went up a full 50% in less than a day, so waiting through the dead time is worth it.

Yes btc and ltc are very quite these days.
Lets hope for a big increase.
Something must happen soon!

Any special coins you would recommend except LTC? I am ready to wait for a while, but less than a month would be nice.

What's the deal with doge? Is there any vol on it that makes it suitable for daytrading?
Serious question, thanks

I've tried with doge it's tricky. There are millions if not billions of them out there so the volume is huge. However the hype for them is gone now, I can see it it's dropped from 60 to 57 today and it will propably rise to 60 again. But I dont think it will go up to 100 again within 1 year at least.

I try to go against the crowd, and also avoid being on the wrong side of a huge move.
Primecoin (xpm) is something only a "complete fool" would be interested in right now, but it is probably set up for a 50%+ short-term up move.

Also, some of the older "failures" (i.e. PPC, Namecoin, Earthcoin, Devcoin, BBQcoin, etc) are good to buy low, since they have a following and are "almost certain" to eventually have a good % rally.... BUT you need to start slow and have BTC in place if/when prices go even lower.

I am considering to trade the highest volume crypto from the top 10 market cap (http://coinmarketcap.com) , which should be btc, XRP, LTC, Doge, BTS. They are accepted by most crypto believers and have highest liquidity.

I think it is more risky than buying the promising and popular altcoin. We don't definitely know whether they have following as they promised for some crapy altcoins! Or the following will attract investors' attention.

I had managed to do quite well with nushares but things have gone a bit quiet recently. It is down low to where I was trading so maybe it's a good time to buy?

Be sure to trade "high volume" altcoins.
Sometimes, you can find a really cheap coin and sell when it changes Satoshi.

Good idea. I've a heap of Tigercoin that are worth something in small amounts but can't trade the volume I have

Thanks for that tip, but doge have enormous amounts of trade and I have tried it in the past without being successfull. Bought when It was at 90 and now it's at 60 :/

The older failures are good I've noticed but you gotta have a lot of patience then. Wrong side of the wcrowd? Do you have any website tips for me?

Wrong side of the crowd?
The majority of traders are "correct" during a strong trend, but way off at significant tops and bottoms.  ('contrarian' == "a person who opposes or rejects popular opinion, especially in stock/financial exchange dealing.")

The idea is to buy when others panic and sell when greed gets too strong, but (of course) timing is vital, especially if you don't have deep-pockets to begin with.

Do you have any website tips for me?
It's unlikely any "world-class" trader would teach you much, since you would turn into unwanted competition if you are a good student.

I was watching markets and trying to trade, before the word 'website' was invented. I lost "big money" as a newbie options trader and then (much later) learned how to really trade starting with tiny amounts of BTC and alts. Great % returns are possible, but if you start small and/or take out profits (to spend), then it's tough to ever make exciting money.

Nothing can replace years of experience, so start buy learning not to buy DOGE at 90.  :D

I see, thank you for the information. The reason I bought doge at that price was that it was at 110 the day before so I thought it would jump back up, appears I was wrong :)

There is no 100% winning strategy for trading altcoins like other financial instruments. Probably we need some sort of risk management to avoid losing all our capital in one trade. We should use some factors to stop loss and should always have some bitcoin left for further trading. Sickhouse mentioned he bought doge at 90, and expected it would increase to 110 again. But the market went the opposite way. He can liquidate his holding of doge at 80 to get back his capital for further trading. When the price went down to 80, it had more possibility the price would decline further. The traders can't afford further loss.

Thanks for the information, and you are right will use this to my advantage in the future when trading. Right now I am hoping that Doge will jump up to 59 :)

What do you guys think about URO?

Will the price recover?  (like last time?)
Cos it is quiet cheap right now.

I don't think anyone can really predict the actual price movement without mistakes. As an investors, we consider all the associated factors and made the decision. We bear the loss or get the profit.

it's already hard to day-trade bitcoin, let alone altcoin, to many coins die after they born, other seems good at launch but then die too, because they were a scam coin/rootkitcoin or something

other get good pump, but now there are few of those if you can catch them, you can make a good profit otherwise is a loss situation

Yeah captcoin was a good example of a coin that looked good after launch but turned out to be a pyramide scheme.

That's another reason why I like to trade several of the older coins listed above. They may be really cheap and "struggling for hope", but at least they have established some credibility.

I've seen a lot of ups and downs on Clam's price maybe you should try daytrading Clams?

it's very hard to do day trading, at least holding coin for 1 day minimal
if you invest in altcoin you have to know what development on progress, and it can't be finish in just 1 day or 1 week
you have to be patience if you trade altcoin
try trade with small amount of your btc, and the increase your amount little by little to minimize the risk

I don't think the extent of fluctuation is the only criteria to pick up for risky daytrading! We should consider some other factors as well, such as the dev team, the specification, and potential application in our daily life etc. If the chosed altcoin complies with most of the criterias, then we can consider it promising.  If the altcoin sinks, we still get a chance.

Clams got good devs. JD and some other gambling sites accept Clams. That's the reason i mentioned Clams.  ;)

That is great! Clam seems good! Sorry for my ignorant about Clam!

I would buy (or even better mine) 42 coin in the 4's - wait wait wait - and sell in the 5's.  Then it drops down to the 4's and the process repeats again and again.  It seems to happen every month or so.

But I guess that is far from day trading :-)

I don't think you can day trade alt coins and make much money.