With all the hype behind crypto-currencies, I decided to try my hand in being a day trader (A bad idea when you don't do you ENOUGH research and you have faith in tech, and I mean allot of faith). I spent a couples days trying to find trends in charts, scouting for what "looked" like a ride able wave, while not really spending time reading how others strategize or formulated their own ideas behind trends. After my first instance of bad luck, I simply disregarded my first big loss as just getting into the game of trading. Being a OK monero miner, I figured using some coins wouldn't hurt in the long run if I would be able to turn a profit (also a very bad idea, hold on to your coins for a better use).
Basically, I wished I used more wisdom, and was patient. If you are going to become a crypto day trader or a day trader of anything, make sure that you have enough money or capital to trade with that won't effect you actual money (If you are going in big at this point, you may want to reconsider unless you have a strong motive behind your actions). Also, and this goes without out saying, do you research. The crypto market is relatively young but is growing rapidly. If you want to hop on the bandwagon, do it responsibly and do it smart.
Have a great day.
Hm. I also went into it without knowing a lot. I think the biggest point to make (after, of course, don't risk money you can't afford to lose) is: never settle for a loss. If you buy a coin and it goes down, hold until it's up. Never panic sell. If you manage to buy in at a low point, and you sell for a bit higher, don't buy again until it's lower than what you sold for. Then, at least, even if you don't win big, at least you can't lose big. I managed to buy a few LTC at 25 and sold them at 39. So I'm happy to be ahead. And if it doesn't go below 40 again, well, it was a fun experiment. But if it does, I'll buy again, and ride them for a while.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations @blackmanta! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honnor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPBy upvoting this notification, you can help all Steemit users. Learn how here!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit