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May 26, 2013, 09:15:47 AM |
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Guys I've been playing with BTC for a bit now. Brought in early this year at $20, and again at $38. Tried my hand at day trading. Had 10 tabs open daily, watched the graphs, read the forums, news alerts etc. Needless to say first few trades I either made 0.01BTC or lost a bit. Dont mind as this is something completely new, and took it as a learning curve.
I was over the effing moon when it shot up close to 260 (I trade on BitStamp), and heart broken when it plummeted (I was out for dinner, and could only watch it fall on my phone (2factor verification stopped me logging in and panic selling in time)). It went up a bit that night to 180 when I thought of selling but was convinced the "correction" was over. Big mistake.
Anyway, since then I've been using all the info I have available (graphs, news alert, forums), but been more trusting of my gut when making a trade, and also been looking at it purely on a daily basis (ie if I lost money yesterday, I dont cry over it, and treat today as a fresh start). This has honestly worked out great for me (I have double the amount of coins I have).
So Im wanting to know, what is your golden rules about day trading and how well have the worked for you? With the price climbing (which I am happy about), it also makes it harder to profit on day trades (before all I needed it to day was change a dollar or 2 to make a good return, where as now Im looking at a minimum of a $3 difference to make a coin).
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