How to make money by trading Altcoins 100% Working guide

Everyone loves making money, who wouldn’t love it when they can support themselves and their family with ease. Okay that’s enough let me come to the point. Before we start I should tell you that this is along post, so you should have a little patience to go through It. I am assuming you know about Cryptocurrencies and know at least the top coins like Bitcoin(BTC), Ethereum(ETH) and Litecoin(LTC), (I am ignoring Ripple as it a centralized coin and goes against the idea of decentralization). People buy and hodl these coins and sell at profit when the price rises, when it comes to day trading on the other hand we look at altcoins which comes around at $1/coin. Almost everyone can afford to buy these alt coins as they are comparatively way cheaper. Buying them in large quantities and selling them at profit on price rise is the obvious way to make money, but what if the rates go down after you buy? You know cryptos are always volatile and anything could happen in seconds. This tutorial will give you an idea to make money using the trading platform called Bittrex.

First Rule: Have an entry point and exit point

Everytime you wanna buy a coin you should “do your own research”(DOYR), DOYR is famous term like HODL which means “hold”.  For day trading basic research and Information would do, as you won’t be holding the coin for long. You should always have an entry point and an exit point for the coins you buy, because in day trading the point is to make profit by trading. So once you decide an entry point you can place a buy order. for eg: the coin NXT is 0.00003500 as of now, if you are buying it at 0.00003500 itself that would be your entry point, the rate at which you decide to sell it is your exit point let's say you wanna sell it for 0.00004000, then 0.00004000 is your exit point. You can also wait for a dip and buy it at 0.00003300 in that case 0.00003300 would be your entry point.

Your exit point is the rate you wanna sell the coin if you bought it for 0.00003500 you can sell 40% the coins when it reaches 0.00003800, 30% when it reaches 0.00004000 and 30% when it reaches 0.00004500 or If you can have a single exit point like 0.00004500 where you sell 100% of the coins. If you don’t have an exit point your greed for profit will make you wait for more price hikes and you will end up when prices crashes all of sudden, you will start panicking and may sell the coins at loss.

Second Rule: Stop Loss to control greed

So Second rule of day trading is to hold back your greed for money, you don’t have control over the coin rates, so put a stop loss order soon after you buy a coin. How could you do that? Its pretty simple go to sell order option, select the volume of coins you want to sell, then choose a Satoshi price lesser than the buying price. 

(ah ah I know, What the hell is Satoshi right? A satoshi is the lowest value of a bitcoin which is 0.00000001, in bittrex you trade your coins in Satoshi value, i.e to buy an alt coin you should have some bitcoin balance, once you put a buy order your bitcoin balance is deducted and whichever coin you bought will be credited with the respective Satoshi value. And now why is Stop loss important? let’s say you bought the coins and you were tired with a busy day and you went to sleep and you wakes up checks the rates and finds out the coin rates have gone way way down, and you are in terrible loss )  

Ok now let's see how to place a stop loss order, look at the below Image,

• In the unit section you should enter the volume or number of coins you want to sell, more the volume more the profit. 
• After that in the price tab, choose the option named ask, this lets you enter the satoshi value at which you are willing to sell your coins

(but don't put all of your coin balance in a single coin distribute it between different coins by buying different potential coins, do some research before you buy any coin, join bitcoin and crypto related Whatsapp, facebook and telegram groups you will get to know about the best performing coins ) 

• In the type section of sell option choose conditional and under conditional choose less than or equal to, then an option called "sell when" would appear in the "sell when" column enter a price slightly higher than your ask price.

(ask price is what you enter in the price tab, Coin will get sold If it comes down to the price you enter in the ask tab) because your sell order for your ask price will only be triggered when the coin comes down to the price which you enters in sell when column. 

Advantage is your loss will be much lesser incase coin price crashes. Unfortunately you can’t put up a stop loss order and a buy order at the same time because if that’s possible nobody will be at loss and prices would stabilize most of the time. Here is what you can do, let's say you have a stop loss order and the price goes up like a 200 points, immediately cancel your stop loss order and put up a new stop loss order just 50 points below the current price. (eg: you bought the coin for 0.00003500 which was your entry point, then you put a stop loss at 0.00003450, now the price has gone up to 0.00003800, you cancel your stop loss order for 0.00003450 and put up a new stop loss order at 0.00003750, now If the price goes below 0.00003750 It will automatically sell and you will have your profit, If the price goes up from 0.00003800 you can put a higher point stop loss order, by doing this not only you control your greed for money, you will be at profit and you will never face a loss.)

Third rule: Is to follow 1st and 2nd rules :D

Now you have learned basic rules to make money with day trading.

Tip:  Only look at Satoshi value in your balances and ignore dollar values as at the end of the day whatever alt coin you play with have to be sold against bitcoin aka btc and not against USD. If you don’t know what Satoshi value is, satoshi is the lowest value of a bitcoin which is 0.00000001. And never ever sell a coin at loss(Repeating this Infinite times)

Feel free to comment doubts if you have any.

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