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First of all, I don't want to hear the arguments about day trading vs long term, as I do both and have been holding alt-coins for about a year and they're currently sitting really good. I do some day trading on the stock market and I'd to do some on the crypto market as well since it's so volatile.
Here's the issue though; say I buy $1000 worth of ripple on my bittrex account and then sell at a 5% increase at $1050.
Obviously, when I sell the money will now be in bitcoin which will also be moving up or down. Say as I sell the ripple, bitcoin is on a downfall and it falls 5% now I'm right back where I started basically.
So the issue is there's no stable currency that I can convert to between trades to maintain my profits. I looked into nubits which is a coin on bittrex which is always supposed to be worth $1 but I see that it has dipped before down to like 50 cents so I'm a little uncomfortable. That may be the only option is to sell and then buy into nubits each time to hold the profits. Anyone have any better suggestions?
Here's the issue though; say I buy $1000 worth of ripple on my bittrex account and then sell at a 5% increase at $1050.
Obviously, when I sell the money will now be in bitcoin which will also be moving up or down. Say as I sell the ripple, bitcoin is on a downfall and it falls 5% now I'm right back where I started basically.
So the issue is there's no stable currency that I can convert to between trades to maintain my profits. I looked into nubits which is a coin on bittrex which is always supposed to be worth $1 but I see that it has dipped before down to like 50 cents so I'm a little uncomfortable. That may be the only option is to sell and then buy into nubits each time to hold the profits. Anyone have any better suggestions?
As you know, there is two different markets for trading, Usd market and Btc market.
So if you buy ripple with btc and sale at 5% you will get btc with 5% profit and same goes with usd market.
Your above calculation is right when you want to trade with btc but calculated the trading amount in usd.
Whatever the calculation is, when you sale ripple for btc you still profited 5% right? No matter if usd fallen for sometime.
You should only concentrate in one market and follow your gain & losses within that market.
When I look at my portfolio, I see huge gain in USD. But I don't care much about it.
The thing I only care how much I've gained in btc, it is because I do trading in btc. Btc/Usd rises & falls and I only be worried if I traded in usd.
I'm not sure if I have explained it clearly what I have wanted to explain. It was tough!
I see what you're saying but if you sell the ripple at a 5% profit and while you were holding the ripple the price of bitcoin also rose 5% then when you sell the ripple you end up with the same amount of btc that you started with.
