Day 12 - Diary of a novice trader - Daytrading altcoins on Bittrex
Hello Steemit!
I skipped writing yesterday, as not much happened. My balance stayed roughly the same and most of my altcoins went down a little or stayed on my buy-in level.
Balance at Time of Writing: 0.08739351 BTC
However, tonight some of my altcoins rised slowly and some are still on their way up:
I'm hoping this will continue! :)
Stay tuned and 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.
Check out my previous posts on altcoin daytrading:
Day 1: https://steemit.com/money/@musicolo/week-1-altcoin-day-trading
Day 2: https://steemit.com/money/@musicolo/day-2-diary-of-a-novice-trader-daytrading-altcoins-on-bittrex
Day 3: https://steemit.com/money/@musicolo/day-3-diary-of-a-novice-trader-daytrading-altcoins-on-bittrex
Day 4: https://steemit.com/money/@musicolo/day-4-diary-of-a-novice-trader-daytrading-altcoins-on-bittrex
Day 5: https://steemit.com/cryptocurrency/@musicolo/day-5-diary-of-a-novice-trader-daytrading-altcoins-on-bittrex
Day 10: https://steemit.com/cryptocurrency/@musicolo/day-10-diary-of-a-novice-trader-daytrading-altcoins-on-bittrex
Day 11: https://steemit.com/cryptocurrency/@musicolo/day-11-diary-of-a-novice-trader-daytrading-altcoins-on-bittrex
That looks great. Good luck dude.
Thanks :)
whats your trading strategy/method?
You mean for FTC in particular? I'm not very happy with the position I have now, so I'm looking to sell and get in at a lower point later on. On the long term, I should probably just hold, but I want to make other trades with the money.
I just mean in general. Like are you using some kind of technical analysis or trading off the news etc? I have been trading for a few years but just taking a look at trading cryptos now. I would say I am intermediate level. My advice for new trader 1. stick to ONE market and learn to read it (takes time) 2. try to work out a strategy that you can consistently use. ie when to take a trade, where to enter the trade and have an exit known before entering the trade (including stop-loss).
Anyway, I am interested to follow your journey - learning to trade can be an emotional roller coaster! But the best thing I have learned is how to read the price action of a market. this skill does not guarantee your trades will work but it can be applied to any market.
Thanks for the advice! An emotional rollercoster it surely is! Luckily, I haven't invested that much money yet. I'm still learning the ropes, so trying to keep the risk to a minimum until I know what I'm doing.
I now have a few coins that I constantly monitor and have been doing so for a while. I try to keep with those as I'm starting to get familiar with it's market movement. Generally, I try to have an idea as to at what point I will sell, but sometimes it just doesn't work out like you expected it too...