Investing and trading crypto currency...thoughts from a newbie
First of all, I'd like to say I'm fairly new to the world of cryptocurrency. I have a good bit of experience doing short term trades with stocks and options but I'm just now dipping my toes into the pool of crypto currency. In the interest of being honest I'm an engineer and not a trader but I am fascinated by trading and technical analysis.
I've been putting a little bit of money into ethereum the past week (buys made in the highlighted area) or so for the purpose of transferring it to a Kraken account and buying other currencies as small investments when the exchange rates are favorable. Managed to pick up a bit on the dip this past Sunday. I'm liking my sub $200 buys from the past week and when I saw ethereum go from 140's to 240 in a couple of days I came to the realization that I should start day trading small amounts of the more liquid currencies
I'm interested in acquiring small positions in Ripple, Lumen, ethereum and a couple others and am planning to scale in to EOS a bit more heavily than some of the others in the coming months. I will also maintain some capital just for the purpose of short term trading. Hopefully I don't get slaughtered (that's why I'm keeping it small for now). I discovered Steemit recently as well (obviously) and am looking to find like-minded traders / investors to share thoughts and insights with.
If anyone else is using crypto currencies for short term trades (I'm sure there's lots of you out there) I'd love to hear your experiences, advice, or whatever feedback you have!
It'll be interesting to watch it consolidate further and see when it breaks out of this downward channel. Time for me to go to my real job now...Have a great day everyone!
I just posted about my short term expectation for ethereum price in the coming weeks based on fundamentals.
As to more technical short term trade opportunities, the crypto market is young and naive and I feel it tends overreact particularly on the down side, so 1 strat I use is identify a trend line and buy when it is 20% below that in a big move, and stay buying on the way down, don't get greedy or you can go broke.
In this recent fall I started buying at 165 and continued down to 130, sold on return to trend line at 195. Too early as it turns out but, i am not greedy
Yeah I couldn't believe ethereum went back to 240 in just a couple days! I'll check out your take on it on your blog and follow you.
Thanks for the reply and have a great day!
It seems that you have got very good hands on crypto trading despite of being new to cryptocurrencies trading. Good work dude:-)
Thanks! I got started in the penny stock boom when pot stocks surged a few years ago. Once I figured out that penny stocks are mostly scams I moved to leveraged ETFs which are just as volatile and risky and finally to more boring stuff like normal stocks. So I have plenty of charting and analysts experience which luckily can be applied to currencies as well!
Great Post. I don't have any experience on day trading but I also invest in some altcoins but I am a long term holder. Hopefully I find the next DASH
I'm looking to hold a basket of crypto types long term as well but want to do some short term trading along the way. Buy and hold can easily get you rich in this new world! Just gotta find the right currency to invest in.
Absolutely right, there are many altcoins out there that are great to invest in. I am building my crypto portfolio day by day. I have followed you sir, will be looking forward to your next posts. Cheers
Hi im starting with cryptocurrencies to, but how do you chose a portfolio? do you research the coins or technical analisys? we can make a group, i don´t know many people talking about altcoins, maybe they are millonaires now and dont talk any more woow jaja
I really research the coins first, read the whitepaper, join the discussions on bitcointalk, and keep an eye on the projects, if they have slack or their projects are on github that are absolutely pluses to me. If the coins are gonna solve real world problems then the possibility I invest on it is higher. Yeah I think they are now millionaires and some day we are gonna be also.
Ethereum is great for short trades because of the volume it sees each day.
I'm new to trading as well, but the charts are so active it's been somewhat achievable to get some good trades in. If I misread the charts, I just hold a little longer.
Tradingview.com is a great resource that I check often as well
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STOPThe volatility is close to penny stocks. I am having a hard timing it so I stopped and just kept buying on dips. Thanks for sharing. It looks like you timed it well. What indicator works for you? Or you are plain price action?
Thanks,
@steemitph
I tend to use previous support and resistance levels as well as charting patterns such as channels (flat, ascending, or descending), rising / falling wedge patterns and Fibonacci retracement levels to determine my entries. I don't use all for one trade, they're just tools in my tool box that I use to identify possible trade opportunities. I'll be posting a lot more about my strategies in the coming weeks.
There are thousands of members on telegram channels socializing about what cryptocurrencies to buy into and market predictions . Channels promoting Pump Signals and our own analysised signals I have found interesting working with others to make some profit buying into the right crypto at the right time. Sharing some links maybe someone will find them resourceful.
(NOT INVESTMENT ADVISE)
https://t.me/Signalmarket01
https://t.me/cryptomaster09
Any donation, pls send to my BTC wallet
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