Daytrading takes discipline. I followed the bitcoin exchange rate sporadically for 2.5 years before selling any. Selling a bitcoin is tough speculation, there are very few people in this world who have made money selling bitcoins. Most money is made by buying them.
I agree with some posters above, there are great opportunities for daytrading/swing trading constantly present. But skill is required. Today we watched the rally with my broker, and I had instructed him to sell
BTC1,000 aggressively to the thinning volume followed by the turn in Bid/Ask ratio, before the price turns down, or immediately after it does. Then buy back at 61% fibonacci retracement with a limit order.
Although we were spot on (61% fibonacci from 13643-9500 is $111.16, which would have enabled us to buy back the position in 60-90 minutes after the sale at anything between 10-20% profit), the trade never materialized.
- My broker had been away for 15 minutes, just when it was starting to turn. If you work 40 hours per week, you miss 76% of the positions.
- The sell signal was not clear enough in the beginning.
- The volume was not there after it was clear enough.
- I called my broker when the fall was intensifying, distracting him
- I canceled the plan when we had already hit $124ish, because I deemed a 10% profit potential too small. From the hindsight, I made a mistake. Should have sold anyway.
So we made exactly
BTC0 today. I forbad any additional trading, because when excited, you make mistakes. And excited we were after busting this one
