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I tried it and in the end I’m just happier HODLing. Alts are just pumped and dumped way too often and if you’re not watching constantly you can get screwed so quickly. Actually even if you watch you can get screwed. It’s a tough business to be in.
Analyse historical price charts to identify telling patterns. History has a habit of repeating itself, so if you can hone in on a pattern you may be able to predict future price movements, giving you the edge you need to turn an intraday profit. For more details on identifying and using patterns, see here.
The trading bitcoin for profit is actually a universal cryptocurrency trading strategy that can be used to trade any of the 800-plus cryptocurrencies available to trade as of today. If you’re not already familiar with cryptocurrencies it’s best to first start with a brief introduction.
In the same period I shut down my company, Bitfountain, after running it for 5 years. Bootstrapping my own company gave me an unprecedented amount of freedom. I lived in 4 countries, traveled to many more, and only worked a few hours per day. However, since the company had run its course, I needed a new source of income.
The project went live in 2015 but by 2016, the value of an Ether skyrocketed to $14 per coin. If you spent $100 then, it would have given you 250 Ethers and by the end of 2 years (in 2016), that would have been worth $3,500.
One big difference to Forex are the big spreads. A spread is the difference between ask and bid prices. The ask price is the highest price that someone wants for a given cryptocurrency, this is essentially the buying price. The bid price is the lowest price someone is willing to give you for a given cryptocurrency, this is basically the selling price.
There are crypto traders out there who sell subscriptions to their private groups where traders are given signals on buys and sells, and discuss their trades. I am a member of one, and while they provide a good insight I know, it isn’t for me. The same people are there all the time; I wonder if they even sleep, stressing about entry points, exit points, break even stop losses and so on. They high five on good trades and cry through the bad ones.
On top of that, the cryptocurrency market travels at lightspeed compared to other markets. New coins enter the market on a daily basis (in 2016, there were about 550 different coins, today there are about 1,500), and each one has news every day. I’m not doubting your ability to consume and analyze news, but that level of information bombardment will always be more effectively consumed as a group. In these communities, you’ll see members link news and relevant articles about coins you’ve invested in and coins you’ve never heard of. The community will definitely expand your knowledge much faster than doing it all yourself.
The thing is thou that crypto currencies will never go away, it simple cannot be erased or ignored anymore, the banks start to fear as they are losing business and some smart countries like some Scandinavian ones are integrating some cryptocurrencies in their society making it more mainstream and accepted.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Why not learn how to trade actual currencies? I remember when I came on this site while all of the Russia praising was going on and said the country was a shithole and that its currency was gonna crash. Most people ridiculed me.
Gatecoin is a regulated digital currency exchange focused on security, reliability and cost-efficient transfers. They also provide other related services such as prepaid debit cards, merchant and remittance solutions.
The government is also asking financial institutions to step up their oversight of the virtual currency sector. Lenders were told to closely monitor crypto trading that exceeds 10 million won ($9,338) a day or 20 million won ($18,676) per week, and also crypto trading accounts owned by corporations or groups and report any suspicious activity to the authorities.
yeah let’s encourage people to dump their money in some shady exchange trading a ‘currency’ that nobody uses. It is really stupid to expect having an edge with trading without spending at least more then a year full time learning how to do it.
Also, a strategy includes your in and out prices. What are you looking to make on each trade? Do not just buy a coin then wait for it to go up. You should have your sell prices already set before you even put a penny in.
Coinbase gives users the option to store coins in what it calls ‘the Vault’ (a more secure location because allegedly not even Coinbase can access coins in the Vault). This is good because security can be a concern with some of the lesser known sites. In short, Coinbase is a trustworthy brand and a safe and secure place to buy Bitcoin.
Tidex is a new bitcoin and altcoin exchange that trades popular digital currencies, including several Waves assets. based in the UK and officially endorsed by the Waves Platform. It trades WAVES, Waves tokens and other popular cryptocurrencies including LTC, ETH, DOGE, DASH and BTS, although no fiat currencies. It launched with zero-fee model for traders and liquidity guaranteed.
Once bought and sold a few bitcoin on Coinbase, you should graduate to the big leagues. Coinbase’s more advanced trading platform is called the Global Digital Asset Exchange (GDAX). It uses the same login and password as Coinbase, and you can easily transfer currency between the two platforms, which is really convenient. The GDAX features a pretty interface with real-time pricing data, order book, charting tools, trade history, and a simple buy/sell order process so you can at least pretend to be a pro.
In the late 90’s a lot of people made money by following news on the nascent web all day and taking advantage of new technology to quickly buy and sell stocks in response. These “daytraders” made money because they took advantage of new market efficiencies created by emergent technology mastered only by a few. They basically got paid by the market for being tech literacy outliers.
Volumes indicate the liquidity of an asset. The greater the liquidity the easier it is to buy and sell, even when there is turmoil, and the lower the Bid-Offer spread and therefore the cost of trading. You want to avoid assets with tiny liquidity as when the shit hits the fan it will be costly to exit. Bitcoin has world-class liquidity. I run a crypoasset analysis site named Blocklink.info. Here is a screen-grab of the most liquid assets in the world.
I looked into penny stocks as well, but did not have the 25k needed to truly day trade. I have an account with Polo and now on OpenLedger (because why not use an exchange on the block chain right?) Do you invest in any coins, or is it all day trading?
Note: Your limit buy order will only execute if the cryptocurrency meets or falls below your limit price, and your limit sell order will only execute if the cryptocurrency meets or goes above your limit price.
Imagine turning $500 into a six-figure retirement fund. Forget the Wolf of Wall Street, this is a valid possibility in the crypto world for anyone with skill, patience and discipline. Last year’s growth in cryptocurrency was nothing short of surreal, and 2018 looks set to be bigger. Day trading cryptocurrency could be an unbelievably profitable venture for those who put in the work and remember the golden rules of trading.