Day trading altcoins

[ashapasa]

Is it possible to beat the altcoins market consistently, is it possible to make a profit trading altcoins in exchanges like BTC-E or will the transaction fee eat up any profit you can make. Is technical analysis of any use what other tactics are proven to work.

[balu2]

Many do daytrade but markets are thin.
I think there is more money in marketmaking than daytrading.
Yes, it is possible to have an edge (of course it is) but the environment is harsh.  
9 out of 10 traders will go broke.

[ashapasa]

Thanks for your input, I was thinking of buying only for a short time based on positive news and sell in a very short period of time like 6 hrs be with profit or without. E.g Bitcoin halving causes price to rise but since it's not possible to know by how much maybe a highly probable chance of profiting is maybe buying as soon as you know of the news and selling that same day. The gains may not be much in crypto terms but still is a decent profit.

Could such a tactic work?

[ravens]

Thanks for your input, I was thinking of buying only for a short time based on positive news and sell in a very short period of time like 6 hrs be with profit or without. E.g Bitcoin halving causes price to rise but since it's not possible to know by how much maybe a highly probable chance of profiting is maybe buying as soon as you know of the news and selling that same day. The gains may not be much in crypto terms but still is a decent profit.

Could such a tactic work?

Well yes, but it depends on where you hear the rumors from. If it's from a reputable source, maybe you should go with it, but if not, you are more than likely just wasting your time.

[50cent_rapper]

Is it possible to beat the altcoins market consistently, is it possible to make a profit trading altcoins in exchanges like BTC-E or will the transaction fee eat up any profit you can make. Is technical analysis of any use what other tactics are proven to work.

Just check the list of the richest people of the world and try to find daytrader in the list.

[ashapasa]

True trade based on rumours probably not good, I think news site such a coindesk can be fairly reliable no?

[balu2]

True trade based on rumours probably not good, I think news site such a coindesk can be fairly reliable no?

no. Trading according to coindesk will loose you money.

[50cent_rapper]

True trade based on rumours probably not good, I think news site such a coindesk can be fairly reliable no?

You are just a source of income for exchange. More trades - more fees.
Keep looking magic secret to beat the market  

[balu2]

Learning to code and read source will give you a solid edge, for example.

[ashapasa]

True trade based on rumours probably not good, I think news site such a coindesk can be fairly reliable no?

You are just a source of income for exchange. More trades - more fees.
Keep looking magic secret to beat the market  

I get it, your a skeptic but can you give me logical reasons as to why it is absolutely impossible?

[ashapasa]

Learning to code and read source will give you a solid edge, for example.

Thanks, but how so?

[balu2]

Learning to code and read source will give you a solid edge, for example.

Thanks, but how so?

By reading?  
Certainly books on the topic must exist?

[tokeweed]

Many do daytrade but markets are thin.
I think there is more money in marketmaking than daytrading.
Yes, it is possible to have an edge (of course it is) but the environment is harsh.  
9 out of 10 traders will go broke.

This.  Better stick to high liquidity and high volume coins.  BTC, LTC and ETH.