A few ?s on how to trade Bitcoins and others

[DigitalEd]

Hi i am new to this and trying to learn how to do this right.
I want to start day trading bitcoins and others but I see many problems or things I do not understand so i have a few ?s

Lets start with using say using poloniex I am in the US so am limited in what trading sites I can use.

With poloniex they want me to add money into trade with by adding in Bitcoins that just seems nuts to me for example.

Let's say I added in Bitcoin that is at say a value of $2700 I use that to then buy other coins and it see a gain of say $100 so i sell the other coins back to bitcoin but in the same amount of time Bitcoin drops to $2600 so after trading fees I have now lost money do to the price of the Bitcoin going up and down over the day.

I would like to trade and buy with US money so lets say I use US money and buy a $2600 bitcoin and it then jumps up to $2700 and I sell it back to US money so i now have $2700 - any fees making a profit as the US money is not going up and down
I see no way to do this with the poloniex trading system.

Am I missing something here with Bitcoin going up and down so much i would not want to use it as the base money to trade with?

It looks like after i ever get approved a few other sites will let me buy in with US money and then buy and trade Bitcoins but they only trade Bitcoins and one other coin so i am left out of trading all the others I want to be able to trade with as I want.

Thanks for any insight on this.

[1714519824]

1714519824

[Fortify]

Trading can be quite stressful, especially with a volatile digital currency like bitcoin. You're right that if you buy high and then the currency drops, you'll be left with less money unless it rises again. I'd personally look at localbitcoins, if you can buy bitcoins off other people directly it'll likely go much cheaper and then you could move them to an exchange to cash out.

[arpon11]

Your understand on how  trading work at poloniex is right! You should know that people or traders are still making huge profit from poloniex trading system and I am one of them. One thing you should learned and become successful in trading is to leaned how to flip coins. If you lean the secret? your wallet will be full of coins.

[BitcoinHodler]

With poloniex they want me to add money into trade with by adding in Bitcoins that just seems nuts to me for example.

how exactly did they want that? poloniex doesn't even have a fiat deposit option. or at least i have never seen any, they have an altcoin with a similar name called USDT though.

Let's say I added in Bitcoin that is at say a value of $2700 I use that to then buy other coins and it see a gain of say $100 so i sell the other coins back to bitcoin but in the same amount of time Bitcoin drops to $2600 so after trading fees I have now lost money do to the price of the Bitcoin going up and down over the day.

I would like to trade and buy with US money so lets say I use US money and buy a $2600 bitcoin and it then jumps up to $2700 and I sell it back to US money so i now have $2700 - any fees making a profit as the US money is not going up and down
I see no way to do this with the poloniex trading system.

Am I missing something here with Bitcoin going up and down so much i would not want to use it as the base money to trade with?

i don't quite understand what your confusion is. the fluctuations happen, and there is nothing we can do about it.
besides it is not everyday that price of bitcoin goes up $100 or drops down that big. the big changes are usually rare.
and one benefit of bitcoin is that it always goes up. it has gone up in the past 8 years, that is why traders go to altcoin market and trade with bitcoin to earn more profit on their bitcoin not on their USD.

It looks like after i ever get approved a few other sites will let me buy in with US money and then buy and trade Bitcoins but they only trade Bitcoins and one other coin so i am left out of trading all the others I want to be able to trade with as I want.

Thanks for any insight on this.

poloniex is an altcoin exchange so they have altcoins listed and there are crap load of altcoins
those other sites you saw are bitcoin exchanges which added one or two top volume altcoins. that is why you see limited number of markets.

[avatar_kiyoshi]

Poloniex doesn't offer usd/fiat exchange, Tether (USDT) is centralized altcoin.
About the fees, poloniex charge trading fees in %, more info: https://m.poloniex.com/fees/ and charge around 0.0001 btc as bitcoin withdrawal fees.

If you want to trade btc to fiat, you can try coinbase, of course they charge fees in fiat, more info: https://support.coinbase.com/customer/portal/articles/2109597-buy-sell-bank-transfer-fees

[raven7886]

It outweighs the international stock market in regard to financial involvement and in the quantity of deals which take place. Indeed, you should be quite careful in attempting to make an investment and with the case of trading too.
It is being said that bitcoin will raise and develop further, and could end up being an important e-commerce tool. If active trading is not feasible with cryptocurrencies, it is highly recommended to go with investing kind of passive trading.

[MCS23]

It outweighs the international stock market in regard to financial involvement and in the quantity of deals which take place. Indeed, you should be quite careful in attempting to make an investment and with the case of trading too.
It is being said that bitcoin will raise and develop further, and could end up being an important e-commerce tool. If active trading is not feasible with cryptocurrencies, it is highly recommended to go with investing kind of passive trading.

It seems to me that here you are a little mistaken, because it is the active trolley that assumes a successful outcome of the case of scriptinitis. If you look at the activity of the dregobic and the price fluctuation chart for different tokens, including Bitcoin, then we will be able to determine that only seeing the actual visual observation of the change in the exchange can make a very good profit.

[DigitalEd]

From what I have been seeing Bitcoin has been jumping $100 or more up and down today is a good example from $26 plus to $24 plus  a good $200 in the last few hours.

I did buy some at $2498 today then it dropped a little more I also have some in at $2540 and plan to buy more Monday if my wire transfer is done and the price is in the 24 to 25 range still.

I am signed up with

Coinbase
gdax
gemini
kraken
and
poloniex

With the top 3 it looks like I can buy in and out with US money so i do not get a drop after a sell.
and will use poloniex when i want to trade other coins.

Seems like the drop today in Bitcoin would be a bad deal in poloniex if you sold other alt-coins today.