Back in 2012, I tried day trading stocks on Plus500, a CFD platform and I got badly burnt. I started small and made some nice gains, and as my confidence increased, I was trading more. I was using the volatility of tech stocks to go long and short based on the movements in price. Some days I would lose, some days I would win, and some days I would win big.
Crucially, entry point is very important and I entered many of these coins months ago when they were cheaper, there may be better buys out there right now but as of the time of writing – early January – I am confident in my portfolio and expect my holdings to triple in the next few months.
Don’t be greedy. No one ever lost money taking a profit. As a coin begins to grow, the greed inside us grows along with it. If a coin increases by 30%, why not consider taking profit? Even if goals are set to 40% or 50%, you should at least pull out some of the profit on the way up in case a coin doesn’t reach the goal. If you wait too long or try to get out at a higher point, you risk losing profit you already earned or even turning that profit into a loss. Get into the habit of taking profits and for re-entry if you want to continue reaping potential profits.
Finally, if you want low fees but still want to go the traditional exchange route, I’d recommend either Gemini, a New York-based site which offers some of the lowest fees around (but doesn’t operate in all states so check first to see if your state is catered for), or Kraken, which also charges low fees but can be a bit tricky for new users and the customer service isn’t all that great.
Either way having got myself to a point where I no longer have to work a full-time job, time has become the most important thing to me, more important than money. Money is just a facilitator. As such my goal in life is to create as much free time as possible to pursue the things I want to do. As such I do not day trade for the following lifestyle reasons:
There’s been a lot of excitement about the explosive growth and profitability of Bitcoin lately in the news and investing circles, but not much information on how to actually buy Bitcoin. So I am assuming you are here to learn how to buy Bitcoin or BTC (Bitcoin Trading Symbol) and
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The world’s first bitcoin transaction took place when Harold Thomas Finney downloaded the Bitcoin software the same day it was released, and was rewarded with 10 Bitcoins from Satoshi Nakamoto. Satoshi is said to have mined an estimated 1 million bitcoins in the early days before he left the stage and handed over the reins to developer Gavin Anderson, who then rose to assume the role of Bitcoin lead developer at the Bitcoin Foundation. This foundation was set up in September 2012 to garner support for the development of the Bitcoin currency.
Lack of regulation for cryptocurrencies mean that they are highly volatile by nature, and an investment with this can make a lot of money fast, and at the same time it can turn and one can lose money fast. The reason it is not yet accepted by a lot of businesses is partly due to the lack of regulation.
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I tried day trading but it doesn’t work for me and now i must prefer in long term investing, day trading you must have a big start amount before you have earned a big profit and managed it well or else you can’t see you’re profit. It also cost time and effort in day trading and also electricity bill you need to look always marketcap for monitoring the chart price. It is not easy in trading you need to analized and calculate every coins you trade.
Since Entry June 2014: Portfolio is x 46.5, i.e. has increased 4,550%. My average Bitcoin buy price (June 2014 to December 2015) was $540. Bitcoin (at its current $13,947) is x 25.82, increase of 2,482%.
Once your account is funded, you can go ahead and make your first purchase. Remember, you do not have to purchase coins in full units. You can buy coins in fractions as low as one hundredth of a millionth, or about less than one-tenth of a cent at current prices. That makes bitcoin and other cryptocurrencies easy targets for speculation.
Understand blockchain – You don’t need to understand the technical complexities, but a basic understanding will help you respond to news and announcements that may help you predict future price movements. It is essentially a continuously growing list of secure records (blocks). Cryptography secures the interactions and then stores them publicly. They serve as a public ledger, cutting out intermediaries such as banks.
This is also one of the bigger mistakes I see day traders make. They think they are looking for “winners” but you should really be looking for coins that fit your set of conditions. You are trying to automate the process as much as possible to take out as much of the uncertainty as possible.
I ruled myself free to apply discretion in my index-tracking. It was very clear early on that Ripple was in a secular bear market against Bitcoin from 18 May and I quickly became and stayed underweight in Ripple.
While Ethereum focuses on dapps and Ripple on ultra-fast finances, Monero focuses on – privacy! This technology actually uses cryptography to protect all incoming and outgoing addresses, as well as the transmitted amounts. Monero is an all-in-one solution for all privacy enthusiasts, and as such, it holds tremendous potential for great success in the crypto world. Monero is my favourite coin.