Day 10 - Diary of a novice trader - Daytrading altcoins on Bittrex

Hi Steemit!

I missed a few days posting on Steemit about my daytrading journey, so this new post is already Day 10 of my diary.

Obviously, in the meantime, quite a lot has happened. I made a few stupid moves and some small profits. Overall, my balance is actually lower then my last post but still a tiny bit more than we I started.

Balance at Time of Writing: 0.08438866 BTC

On the bright side, Bitcoin has crawled quite a long way back up since it's last crash! Good stuff.

Let's kick off with the mistakes!!

The chart speak for itself I suppose. I had read quite a lot of good things about WAVES and decided to buy some, hoping it would go higher up. I overestimated the power the news I'd read about WAVES.

Another bad, bad trade was with LITECOIN:

Although I didn't actually lose money with this, I'd certainly missed out on a lot of profit!!! I simply didn't check the news before I sold.

Always check the news before you do anything!! I might get that tattoed on my forearm...

No, I'm not. That was a joke.

In terms of profits, SiaCoin has paid off again:

As you can see, I could've maximized that a little more, but this was defintely a good trade. I'm not so sure if buying in up there was a good move, but I'm hoping that the Obelix news will do it's job the coming week. It seems people on Bitcointalk are not very flabbergasted by it though. This will defintely be a gamble on the short term. But on the long term, I have no doubt SiaCoin will grow.

What do you think about SiaCoin??

Also, I have adjusted my strategy a little bit. After I had sold some of my cryptos with a loss, which were XDN DigitalNote and RDD RedCoin. Especially with RedCoin, I had not done enough research and looking back I wasn't very confident buying. I kind of gambled on it. As I felt both were going to take a long time to earn a profit, if they even would, I decided to sell both with a small loss.

Looking at the charts now a few days later, it doesn't seem to backfire yet. Although I'm sure that will happen eventually. I might even buy into XDN at another point, as I think DigitalNote seems quite solid. I had just bought at the wrong moment and I'd rather try and earn back the money by investing it somewhere else then to wait for weeks until it's back up where I bought it. I'm daytrading after all, ain't I?

So, in order to prevent such losses again, I'm trying to limit my investing range to a smaller number of altcoins that I feel are solid in general and are expected to grow on the short term. In other words, I need to stay out of the smaller and newer altcoins. In terms of daytrading, they seem quite risky.

So, for now, I have in my portfolio the following altcoins:

• FTC
• HMQ
• MUSIC
• SC
• STEEM
• STRAT
• TRST
• XEM

That's it for today then. I hope you ladies and gents have a great day! Or night. Wherever you live.

STEEM ON!

Disclaimer: Please do not in any way regard the content in this post as trading advice. I am a total noob in this and have literally no idea what I'm doing.