Day Trading 101. Question

[Mikegp]

Hi guys. I've been lurking for a few months but this is my first post. I'm new in the cryptospace and only started investing about a month ago.

I bought a few waves, siacoins and stratis and I'm holding them.

I want to start playing with part of my portfolio and day trade, that is buying and selling on a daily basis for profit. I currently use Bittrex.

My question is, lets say today I think the market will go down and I want to sell my alt coins. You sell to what? Bitcoins? Because bitcoin will also go down, you go to fiat? Can you hold fiat in bittrex? My question is, when you sell and wait to buy, in what format do you hold your money while waiting?

Hope someone can help. Thsnks

[BlackSilver]

I recently started myself so take my advice with a grain of salt but yeah bitcoin is pretty expensive so it takes a pretty big dip to make a substantial loss compared to other coins. Plus you generally only have the option of selling to BTC or ETH anyway. So in my own personal trades i'll keep it in BTC if i'm not doing anything with it or throw it in a longterm and see how it goes. But like I said I just started...

[organicblue]

USDT or xfer to another exchange and convert BTC or ETH to fiat

[Mikegp]

So while on bittrex i trade my crypto to USDT and keep them in the exchange while I buy again? It's like a crypto US dollar correct?

[RandomEvent]

you can do it that way yes. I sell to BTC and then rebuy with BTC that has always been the easiest for me personally

[wenzuo]

i will register other exchanges and sell the altcoin to btc, then withdraw btc to other exchanges, then tansaction the btc to fiat

[bamboylee]

Since you know that the price is going down, what I will do is trade alts to bitcoin then short bitcoin. This way I got the highest price for my alts and I earn more bitcoins from my short. This is if I am certain that bitcoin price will fall. You cannot short alts because as far as I know, there is no kargin trading for alts. You can only short bitcoin.

[coynedterm]

Hi guys. I've been lurking for a few months but this is my first post. I'm new in the cryptospace and only started investing about a month ago.

I bought a few waves, siacoins and stratis and I'm holding them.

I want to start playing with part of my portfolio and day trade, that is buying and selling on a daily basis for profit. I currently use Bittrex.

My question is, lets say today I think the market will go down and I want to sell my alt coins. You sell to what? Bitcoins? Because bitcoin will also go down, you go to fiat? Can you hold fiat in bittrex? My question is, when you sell and wait to buy, in what format do you hold your money while waiting?

Hope someone can help. Thsnks

Waves , Sia coin are my best coin and also stratis is a best coin but these are those coin where you need to long because these coins have better technology but they need more trust by the bitcoinerd to take interest them , so you need for month and these coins are not for day trading .
Now come at the panic selling of down price , first of all never buy those coins which are increasing and only buy those stable coins which are going down . If you already bought coins at high rate then never sell until its price get high , I mean don't sell in loss , even it take one year or even two years .
And never invest allmof your money in a single coin which is the first basic idea of trading .

[Herbert2020]

most altcoins don't have a fiat market so your only choice is to sell for bitcoin. in this case selling to bitcoin and then selling bitcoin for fiat is possible but the fees will kill any kind of profit you may make.
also if the altcoin has a fiat market and you were able to sell for fiat instead of bitcoin then there is still the problem with their fiat values. they all go down as bitcoin price falls. so you still lose money.

the whole point of altcoin market has always been to make more bitcoin by day trading, then to hold that bitcoin as the long term investment and make an additional profit. that is why the number of alt/fiat markets are very small.

it's like this:
you buy 1 bitcoin at $1200 then start day trading altcoins you make that 1BTC into 1.2BTC but bitcoin price falls down to $1000, you still hold the bitcoin and continue making profit on it. you make that 1.2 in to 1.5 and price of bitcoin goes up to $1500 eventually. then you continue making profit on it and make that 1.5 into 2BTC and bitcoin price is now $2500.

you invested $1200 but you gained $5000 in 6 months.

[styca]

So while on bittrex i trade my crypto to USDT and keep them in the exchange while I buy again? It's like a crypto US dollar correct?

Yes, but recently Tether (USDT) has been swinging a few cents either way. It's not necessarily exactly $1.
https://coinmarketcap.com/assets/tether/

[SmokerFace]

Better to do if you want to become a Day trader is you need a big capital to have a good profit, First you need to find a coins that shakey or the price is going up and down every minute or hour and have a high volume so you can do buy low and sell high and repeat it always but be careful you just need to watch seriously the movement of coins but profit is profit it depends on you if what price you want to sell your coins.

[talkbitcoin]

So while on bittrex i trade my crypto to USDT and keep them in the exchange while I buy again? It's like a crypto US dollar correct?

Yes, but recently Tether (USDT) has been swinging a few cents either way. It's not necessarily exactly $1.
https://coinmarketcap.com/assets/tether/

it is worth reminding that "a few cents" while the price is small is A LOT OF change.
for example you may see $0.95 is only 5 cents but when you have for example 2 bitcoins in USDT that is $5000 @$2500 but it is 4750 USDT meanign $250 loss.

[CarrollFilms]

learn the patterns before trading them.

When it tips what does it usually do 9 times out of 10?

When it dips what is it most likely to do?

A lot of the day trades I make are all patterns.

[doedz]

Better to do if you want to become a Day trader is you need a big capital to have a good profit, First you need to find a coins that shakey or the price is going up and down every minute or hour and have a high volume so you can do buy low and sell high and repeat it always but be careful you just need to watch seriously the movement of coins but profit is profit it depends on you if what price you want to sell your coins.

Good advice, I apply the same rules with you. Emotional control is also important so as not to get stuck too long.
Provide backups to keep prices stable.

[mrayazgul]

most altcoins don't have a fiat market so your only choice is to sell for bitcoin. in this case selling to bitcoin and then selling bitcoin for fiat is possible but the fees will kill any kind of profit you may make.
also if the altcoin has a fiat market and you were able to sell for fiat instead of bitcoin then there is still the problem with their fiat values. they all go down as bitcoin price falls. so you still lose money.

the whole point of altcoin market has always been to make more bitcoin by day trading, then to hold that bitcoin as the long term investment and make an additional profit. that is why the number of alt/fiat markets are very small.

it's like this:
you buy 1 bitcoin at $1200 then start day trading altcoins you make that 1BTC into 1.2BTC but bitcoin price falls down to $1000, you still hold the bitcoin and continue making profit on it. you make that 1.2 in to 1.5 and price of bitcoin goes up to $1500 eventually. then you continue making profit on it and make that 1.5 into 2BTC and bitcoin price is now $2500.

you invested $1200 but you gained $5000 in 6 months.

But, Bitcoin is a solid choice for a thirty day period usually.  Two years back it was under $250, so it can be a good place to sit, but over the last two weeks the price varied within a $1000 range.
 

[stupid_seb]

Rule #1 of Day Trading: Don't do day trading

[SmokerFace]

Better to do if you want to become a Day trader is you need a big capital to have a good profit, First you need to find a coins that shakey or the price is going up and down every minute or hour and have a high volume so you can do buy low and sell high and repeat it always but be careful you just need to watch seriously the movement of coins but profit is profit it depends on you if what price you want to sell your coins.

Good advice, I apply the same rules with you. Emotional control is also important so as not to get stuck too long.
Provide backups to keep prices stable.

You need to set a Stop loss between your trades to prevent loses and getting stuck long in one coin you wish to trade making Stop loss is helping you to prevent from losing on day trade, Day trading is risky too it's like gambling because you need to put a big capital on it and no one can predict what's the price of that coin in that day.

[doedz]

Better to do if you want to become a Day trader is you need a big capital to have a good profit, First you need to find a coins that shakey or the price is going up and down every minute or hour and have a high volume so you can do buy low and sell high and repeat it always but be careful you just need to watch seriously the movement of coins but profit is profit it depends on you if what price you want to sell your coins.

Good advice, I apply the same rules with you. Emotional control is also important so as not to get stuck too long.
Provide backups to keep prices stable.

You need to set a Stop loss between your trades to prevent loses and getting stuck long in one coin you wish to trade making Stop loss is helping you to prevent from losing on day trade, Day trading is risky too it's like gambling because you need to put a big capital on it and no one can predict what's the price of that coin in that day.

I plan to increase the capital trade, so it can put on a variety of potential coins. In addition, I can make a lot of orders at cheap prices when the price drops I've got it to sell.
Daily strategy may not always work, at least every 3 or 4 days I've earned money.

[HardFireMiner]

My strategy is the same with any trading - 6h bar charts for weekly trading, 1d bar charts for monthly trading.

[trecore4]

I started with this stuff recently as well and it seems pretty easy as compared to big bulls like bitcoin, ether and litcoin. They are costly investments for average guy like me and I’m afraid of putting big money into it. On top of this, I would be panicked if something goes wrong with them and ultimately with my investment in to it. Better go for small coins which can lead to bigger profits but less losses which I believe completely. So its just personal and well, profitable.