Upvoted and Following. I've started dabbling in day trading recently. I've made a few trades but now am stuck on certain coins that have had massive downtrends such as Ark, Rise, Komodo and Ubiq. Now I'm left hoping that will blow up at some point soon or rise in value long term. What techniques do you use to try predict movement and what coin you decide to buy?
RE: Bittrex Day Trading #3
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Bittrex Day Trading #3
Well, first of all, thank you for the comment I really appreciate it.
Okay so I assume you trade BTC/altcoins on Bittrex.
So Ark, Rise, Komodo and Ubiq are platforms that pretty much promote ICO`s and tokens. Businesses in general. The trend is that the ICOs are starting to get banned and widely regulated so investing in these coins is not advisable. Also, what is the added value if you hold Komodo instead of Ethereum or Ark instead of Rise. If you are a business that wants to develop a new product would you not use the Ethereum block chain. Ubiq has some potential because it improves the Ethereum blockchain technology.
So I would pretty much sell all my assets into BTC. The reason is that you are losing your money twice. 1st Bitcoin price is dropping and then the other cryptos prices are dropping relative to the BTC.
Answering my questions of what coins I buy I have a $1000 invested in BTC, ETH, and LTC. I wrote a post about it with the Exodus picture. Where I go in detail of what I hold, but this is for the long term.
Short term I am going to be a bit vague, but try to get to the point.
Here are my considerations:
1, Is the market cap going up down or sideways.
Ideally, I only invest when the market cap is going up.
I'll be more specific in my future posts.
2, I look at the individual coins if anything is out of the ordinary.
So, Ripple, I hate because it is a boring coin. Anyways usually has a low volume and low price around $0.2.
When I see the volme rival Ethereums volume and the price going up more than the usuall %. Then I go to step 3. How does the graph look like is it a sharp spike or are people throwing their money at it hoping to profit from it.
So a slightly growing positive trend is ideal.
4, I also have stop losses to lock 1-2% of my profits if the market goes up by 5% .
Okay hopefully this was helpfull.
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Thanks for reply, some helpful tips. For now since market is tanking hard and all my btc is tied up in trades because of it (Down 150 USD in last 2 days in value), I'm just gona take on a hold mentality for now to avoid loss. It's likely value of alts will go back up when the fork coins are dumped back into alts. Will rethink my trading strategy when comes back in, and be a bit more selective when it comes to choosing coins to trade. Also how do you set stop loss limits? I thought can only set 1 sell limit at a time on bittrex. Would be handy to set to set two limits for sure.
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