What I learned in Day Trading today

in bitcoin •  7 years ago 

Good day

Recently came to know from articles and Youtube that there is this group of people who are considered entrepreneurs by doing own freelance trading on cryptocurrency and a lot of them are doing fine, some of them are even millionaires. This is what I am going to do (together with Steemit and blogging), to be a highly skilled Day Trader earning a living on-line. Going to spend 10,000 active hours learning and doing it.
I have been spending hours in Poloniex today and slowly figured out on what and how Poloniex's charges is when I  buy an altcoin. The following is an important "discovery" to me so that I know where I stand every time I click buying the altcoins. 

Say I want to buy 1 ETH (Ethereum) at the price of 0.10750000 BTC, Poloniex will keep 0.25% of the 1 ETH as commission and what I get is actually only 99.75% of 1 ETH, ie what I get is actually 0.9975 ETH and not one whole 1 ETH!. What this actually means is that I actually buy 0.9975 ETH at the price of 0.1075 BTC, ie my unit price of 1 ETH is actually 0.1077694236 BTC (0.1075/0.9975 = 0.1077694236 BTC). Thus in order to break even, the price of the Ethereum must go up and hit 0.251% higher at 0.107769825 BTC. The extra 0.001% on top of the 0.25% is to eliminate the discrepancies in calculation.
Thus in summary, if you buy 1 altcoin, what you get is actually only 0.9975 of that altcoin and you have to anticipate the price of that altcoin to rise by 0.251% for you to make even. This is where you stand whenever you buy an altcoin!

After finding out the above I find it very fulfilling. The commission Poloniex charged is so low as far as I am concerned and I like using it pretty much.  I am going to keep posting any findings I have and if anybody who does read and find anything I wrote is inaccurate or wrong, I highly appreciate if you can correct me or point to me where I can find correct answers.

Thank-you.

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When you want to trade on the stock market, some banks charge over 9.99$ for every trade you made.

wow.. that is high.. i never touch stock before, cryptocurrency trading is d first trading i get to know and reckon is a good field to start as compared to stock, cause its much cheaper to start with for a beginner. just with $10 i can start learning and doing real time trading at d same time. is fantastic!

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