I recently transferred a little over 150 STEEM to Bittrex with the intention of trading some altcoins. My hope was that I would be able to double, or triple the investment and then return it to Steemit to power up. I have never done any type of trading before, so this was to be a simple experiment for me.
Once on Bittrex however, I couldn't find an altcoin that I felt comfortable buying into. I'm not versed on how to read the statistics to know when is a good time to buy or sell, so I'm really just trying to work out my own technique, primarily based on the history of the coins.
A moment ago, I discovered ArchCoin. I was hoping that someone with a little knowledge in trading could tell me if I am reading into this wrong by thinking that this is an excellent coin for a short term, low investment. It appears that I may be able to multiply my initial bankroll by 4-500% should the coin continue to follow its most recent behavioral pattern.
Can one make such an assessment from merely looking at a graph, or should I try analyzing the data in more depth? Please comment below if you have any advice- Thanks.
Hi, ARCH coin may not be the best start, but who knows, the owner seems to be a "bit" away last time i checked he was getting hammered on foruns and might have choose to be away, seemed like a nice start, but you should try others, wait for advice, or put a small part on that one, ill just say some, listen to others... XMR, ETH, LTC, for daytrading. To hold , i would suggest (appart from a few more that i would) STEEM, check out the MAIDsafe project, and Vericoin and Vertcoin, happy trading !
Thank you! This was very helpful. I shall buy a little of it and diversify my investments as you suggested. I have heard of others speaking highly of this MAIDsafe before, so I will have a look into that one also.
Thank you for asking for advice. I'm no expert, but I have learned from trial and error and at a cost of many thousands of dollars, a few things.
First: Be prepared to lose everything a few times if you want to try trading. That is the cost of entry.
Second: Don't trade on margin . . . You are playing on an unregulated field. You have know Idea what is going on behind the scene.
Third: This is really a buy and hold game. IMO. You will find that out when you kick yourself for selling too soon.
RR
Great advice, though I don't intend to lose everything as I won't be making large investments. I gamble with poker and do okay with that, but I wouldn't risk too much in altcoins until I have a much better understanding of trading. I'm just attempting to increase my STEEM power through some small trades. Thanks once again!
OKcash has proven to be really strong. Really strong dev and a passionate, committed community. Check out this market cap chart. http://coinmarketcap.com/currencies/okcash/
Thanks for the message. I checked out that coin and its history certainly gives reason to be optimistic for the future. I found another coin, GAMECREDITS which has an equally fortuitous history. It appears to be consistently rising on an upwards curve.
GAMECREDITS is another great one. I'm not in that one yet but I've been looking for an entry point. Definitely looks promising and stays relevant with news and updates from the dev team.
Hi, ARCH coin may not be the best start, but who knows, the owner seems to be a "bit" away last time i checked he was getting hammered on foruns and might have choose to be away, seemed like a nice start, but you should try others, wait for advice, or put a small part on that one, ill just say some, listen to others... XMR, ETH, LTC, for daytrading. To hold , i would suggest (appart from a few more that i would) STEEM, check out the MAIDsafe project, and Vericoin and Vertcoin, happy trading !
Thank you! This was very helpful. I shall buy a little of it and diversify my investments as you suggested. I have heard of others speaking highly of this MAIDsafe before, so I will have a look into that one also.
Thank you for asking for advice. I'm no expert, but I have learned from trial and error and at a cost of many thousands of dollars, a few things.
First: Be prepared to lose everything a few times if you want to try trading. That is the cost of entry.
Second: Don't trade on margin . . . You are playing on an unregulated field. You have know Idea what is going on behind the scene.
Third: This is really a buy and hold game. IMO. You will find that out when you kick yourself for selling too soon.
RR
Great advice, though I don't intend to lose everything as I won't be making large investments. I gamble with poker and do okay with that, but I wouldn't risk too much in altcoins until I have a much better understanding of trading. I'm just attempting to increase my STEEM power through some small trades. Thanks once again!
I collect only Steem and Bitcoin.
Good to know but, doesn't exactly help me much in terms of advice. Lol
maybe it does but you don't know it yet
OKcash has proven to be really strong. Really strong dev and a passionate, committed community. Check out this market cap chart. http://coinmarketcap.com/currencies/okcash/
Thanks for the message. I checked out that coin and its history certainly gives reason to be optimistic for the future. I found another coin, GAMECREDITS which has an equally fortuitous history. It appears to be consistently rising on an upwards curve.
GAMECREDITS is another great one. I'm not in that one yet but I've been looking for an entry point. Definitely looks promising and stays relevant with news and updates from the dev team.