Now Trading Crypocurrency -- (advice for a noob)
So recently, instead of cashing in my STEEM and SBD, I decided to try trading cryptocurrency. I was able to make a small profit with about $11 worth of Bitcoin. I decided to start trading more! I have only been trading for a couple of days now, so I'm pretty new to this. The only thing that really happened yet, is that I made a profit buying Zcash, then selling it back for Bitcoin. If I held onto it for another day, my profit would have been a lot bigger though (oops...). I've been trading through Poloniex, and I'm excited to see where this takes me!
If anyone has any advice for me, please leave a comment. I really only have two strategies so far.
- Buy low and sell high (this one is obvious).
- I look at the charts, and I only buy when I see it hitting an all time low for 6 hours, 24 hours, 2 days, and 4 days. If all of these charts are generally sloping downwards, then I buy.
I like trading currency because the market is so random. This makes it easy to invest smaller amounts and profit in a short amount of time. I haven't been following any crypocurrency news/rumors though. I feel like people make up crap about the market just because they can. If anyone has had success keeping up with any of that, I'd like to hear it. I read somewhere that if you don't keep up with it, you might as well just be rolling dice... I kind of doubt this is true because I already have made a profit...
I can't wait to hear from you fellow steemers!
I recently started investing in cryptocurrency, but not actually trading per-se. My advice would be to find a few coins that have really solid tech behind them, and real world use. Some examples would be Ethereum (ETH), Monero (XMR), Synereo (AMP), Sia (SC), Ripple (XRP), and of course Steem! Buy a few of these for sitting on, and hopefully in 5 years time you will reap the rewards from one of them.
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What exchange are you using?
Poloniex
I was going to answer this by pointing you to how to setup Fibonacci levels in your chart so you could monitor what might have potential to go up based on it's Fib level. It would take a lot of explanation. You might be better served to go to the steemspeak chat and ask @fyrstikken and the others in there their advice. Make sure to tell them that idiot vegascomic told you Fib Levels and see what they say :) PM me in steem chat if you want to talk privately on this.