My First Successful Crypto Trade!

in cryptocurrency •  12 days ago

I have tried a few times day trading cryptocurrencies a couple of months ago and I have not been very successful. At the time, I put 0.05 BTC in Bittrex and 0.05 BTC in Poloniex, which was about $300 in total.

I have different long-term investments in cryptos, but day trading is something I really wanted to try. I am no expert, just a beginner, and I welcome your comments.

Would you read about my experience learning day trading with me today?

My First Successful Crypto Trade!


After doing a few trades two months ago, which were based more on luck and tips from others, the value of BTC I had on both accounts decreased. I had a few small successful trades purely on luck and failed in others simply because I didn't know what I was doing and didn't monitor the progress of the trades.

Thanks to Bitcoin increasing in value, my Bittrex account went back to $150, I then bought Steem and sent them back to my wallet on Steem. My Poloniex account showed yesterday a balance of 0.02096647 BTC, and a value of $159. Basically, I am back at the same value in $USD, but I lost quite a lot in BTC.

Learning cryptocurrency trading


The difference between then and now is that I took the time to seriously study about trading cryptocurrencies and learn some methodology in order to get a better chance at getting a profit.

So, seeing that I went nowhere with trading, I stopped and bought a cryptocurrency trading course with lifetime access by a professional and successful trader. There is a free webinar that you can access there, which can teach you quite a few valuable things about trading cryptocurrencies as well. I took the course, read two recommended books about trading, and I have just scratched the surface of all the other resources available.

Disclaimer: if you click the link above and purchase the course, I may get a small commission.

This being said, I today decided that it was time to do some practice and use my newly acquired knowledge.

First successful trade with Poloniex using Coinigy


One of the tools I tried for free a couple of months ago was Coinigy and I finally paid my subscription to continue using it. If you would like to try it please use my referral link https://www.coinigy.com/?r=842aeb1c because I will get $15 if you purchase later on.

After looking at several coins to trade, I finally decided to go for XVC, which had a bottom formation going on. I know nothing about this coin and the choice was based on what I saw in the chart.

This is the first Coinigy chart where I placed my first trade. 

I put 25% of my BTC on the first entry point, and then I wanted to add 10% entries a bit higher using stop buys, but I messed up in Coinigy and two more entries went immediately. If you are trading crypto, you might be laughing right now!

As it was going up, I put a stop loss above my entry points so that I won't have to worry losing the trade. 

The fourth 10% order was done successfully at a higher entry point as I was monitoring progress, and then I moved my stop loss much higher, so I could take a profit anyway.

I went outside and about 15 minutes later received a notification on my phone about the sell.

This is the second chart showing when the sell occurred.



It was going down and the stop loss worked perfectly while I was away.

I started with 0.02096647 BTC in Poloniex and finished at 0.02116335 BTC with a profit of 0.00019688 BTC.

Now, fellow traders with more experience than I have, you may laugh out loud because this is a very small profit, $1.41 exactly and less than what this post on Steemit will get, but this trade was successful because that's the first time I felt in control. I didn't lose money, traded small amounts and got a profit, all I need to do even better on the second trade.

This post is kind of a trading journal for me and I hope you enjoyed reading it.

Would you upvote this post and follow me for more because this will encourage me to write more trading posts like this one?

Michel Gerard

www.michelgerardonline.com

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Well done!

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Thank you Tomas! Still a long way to go.

I am afraid to join trading platforms. I simply BUY crypto coins at lower price and SELL when price is higher. 😊

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Why is that? You just have to secure the account properly.

Congrats for your first successful trade. I will have a look at Coinigy ;-)

Good stuff Michel. Wish you continued success with the day trading!

Nice post, and thank you for sharing. Always nice to get insights into other peoples experiences with crypto.

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Thank you @spartanza. I'm glad you like the post.

Good Information Brother

This post has received a 3.51 % upvote from @buildawhale thanks to: @gmichelbkk. Send at least 1 SBD to @buildawhale with a post link in the memo field for a portion of the next vote.

To support our daily curation initiative, please vote on my owner, @themarkymark, as a Steem Witness

Nice journal. I would love to try day trading one day but not right now as I don't have that safety net to cover the bills if I pursue it.

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Thank you very much @lazybot. I actually played with less than $100 today... Can start small and then grow.

Congrats and keep it up!
I also just entered the crypto world especially trading and I am very excited what the future will bring.
There is so much potential in the whole area and I think we all will have much fun in this new world of crypto :)

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Thank you very much for your kind comment @infinityroad.

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You're welcome!

upvoted and followed, looking forward to further content :)

If you are interested by the crypto course I mentioned in the post, use coupon code "michelsentme" and you will get a 20% discount.