December 10x challenge -Day 5 - Another good day
In my last post I detailed that I had taken a position on Siacoin at 101 Satoshis (hundred millionths of a Bitcoin); which I was forced to exit with an 11% loss.
It was to be another day for Monaco.
I didn't actually post my net gain or loss yesterday because I simply forgot to add it in at the end but I ended the day/ entered my Sia position with a total BTC balance of:
0.00609048 BTC
or at the time approx $68.97
Buoyed by the increase in my main portfolio and the promise of new exchanges for Monaco, I knew there would be a lot more trading activity on Monaco.
One indicator of this was that the total trading volume increased from about $700,000 to $55 million in the space of a 7 hour sleep.
What followed between 9am and 1am is the best example of how you can make good money by having a little bit of knowledge about how markets work and a general understanding of trading psychology.
Allow me to show all of my trades, the chart and then I will explain as best I can what I was trying to do.
The best way of describing this if you are new is that I was simply buying low and selling high. I timed the market movements almost perfectly and took minimal small losses as you can see from the buy/sell orders on the table above. The green vertical lines re my entry points, and the next pink lines are my exit points
This was PROPER day trading, something I have never done before and it was exhilarating.
I could have simply held the position from my entry at 9.09pm until it reached its peak and I would have more money. but pumps (significant price gains) do not go up in a straight line - rather there are mini pullbacks where the price can fall back below its initial price pre-pump. I thought it was prudent to take small chunks of profit and look for a better time to buy back in if there is another wave of buy orders coming through. The risk of holding the whole time is that you miss the opportunity to lock in profit.
I exited all positions at 1.42am by setting a sell order at 160000 satoshis. This order was filled when i was sleeping at about 5 am
In summary a very good day
I started the day with 0.00609048BTC
I finished the day with 0.00748465 BTC
An increase of +22% BTC
BTC has also increased to $11800 today - Approx 3.5% increase (diffrent exchanges have slightly differing prices)
I therefore have a dollar amount of $88.32 according to https://99bitcoins.com/satoshi-usd-converter
I started with $57 - an increase of 54% in 5 days
Ill leave you all with the table below to illustrate what I'll have if i continue at 10% a day - do note it is extremely unlikely I will sustain this level.
Until tomorrow...