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March 13, 2014, 09:20:50 PM |
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I've been wanting to get onto the BTC train for a while and I bought some for the first time soon after MT. GOX went down. Despite the shriekers, I knew it wasn't going to be the end of bitcoin. And behold, BTC is still alive.
I used a portion of my BTC to get in on some altcoin scrypt mining on the cloud which suits me very well as I don't have the hard funds for high end hardware.
I used another portion to try my hand at daytrading. It was a disaster. I spent far too much on, ugh, TakeiCoin. It seemed to have a lot of hype, and it being a new coin I assumed it would do very well. I bought in at 700 satoshi. Then later in the day it was around 100 satoshi. Awful. I could either wait, or sell and take the losses. It seemed obvious to me at this point that TakeiCoin was a scam coin that never had Mr. Takei's backing. I wish I had just used that bit of common sense at the beginning.
So anyway, I recovered what I could, and have been trying to get back the lost BTC through daytrading ever since. With mixed results, mostly good, though still a ways yet from recovering what I lost.
What I've found useful is learning about charts, and observing chart patterns. And observing the real time buy/sell pattern for a while to judge which way a coin is going. Also researching particular coins, looking to see what their particular advantages and disadvantages exist.
I've experimented with different sell prices for the same coin, to see just how much profit I could get. I've learned from this not to be too greedy, as if I set the sell price too high, the coin value could go down before reaching it.
I mean, the whole trading thing was alien to me, so I'm learning everything from the beginning and learning new terminology. Taking it in as I go.
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