RE: Steem Dollars are $8 EACH??!?!?!! Sell as much as you can!!
But..but.. I can't attack your new account!
As for daytrading, it sounds like a good idea and everybody has this exact same idea. It's not so hard to do it once, twice or three times but inevitable you're going to buy at a price which you think is low, but then it dips and you're left holding coins that you wanted to sell for a little bit more, but instead your 2% and 5% gains that you made over the last few days disappear in an instant and you're left holding the bag, as they say. It's very risky and requires a lot of indepth knowledge on how to predict the charts. You could try it for sure, but be sure to do it with a coin that you don't mind holding if it does go down. So pick something you've researched and believe in, then daytrade that. Whatever you do, don't go chasing whatever goes up that day, it won't work. Instead, try to buy it at what appears to be 'the bottom', before everybody buys in.
Also, with daytrading, especially on Bittrex, the trading fees do add up. If you want to daytrade, you'll need to make more than 0.5% profit in order to make it worthwhile and pay for the fees. While it is easy to gain 2-5% on a trade, you have to wonder also wether such a small amount is worth risking the whole stack.
I do daytrade sometimes though, but I mostly do it when I discover some special news super quick and I know I can probably get a quick gain. But mostly I have found that if I just held Bitcoin, I would have had a lot more than if I had now. About 3x more. I am still confident that all will be okay, and that altcoins will be making their runs now. Who knows, it's crypto... this is a crazy world!
If you want to follow the news, start by watching Youtubers like DataDash, Boxmining, Crypt0, Crypto Daily, Crypto Lark, TheChartGuys, The Cryptoverse, Coin Mastery. There may be others but these I have found useful. It's a dayjob though, to keep up with the news... the pace it happens is unbelievable. But it is an amazing ride, so much conspiracies, plot twists and manipulation...game of thrones could learn from this
First off, you can still attack me (although I don't recommend it ;P), but yes not on my new account yet. I'm thinking I might switch over once the beta is over and we go live.
I guess when I say "day trading" i'm probably more referring to "multi day or week trading" lol. But yeah, I really have no idea what I'm doing other than the saying, "Buy high and sell lo..." wait that isn't right, "buy low and sell high".
I'm only playing with a small amount of $ and i'm not expecting huge gains. I just sold some QTUM for about $9 profit I bought the other day - I figure as long as i'm ending on the + side, no matter how small, it's a good thing!
Yeah I was reading your other post where you talked about Binance vs Bittrex so I have thought about switching if the fees are indeed smaller there; I don't want to withdraw just because of the fee, but if I only do it once I guess I can bite that bullet.
I know this isn't any sort of day job thing and I find it fun more than anything; I'm being very conservative so there isn't much I have to worry about losing, at least so far lol
If you have the funds on Bittrex I would just keep it there for now. Otherwise you're paying a lot extra just to withdraw it again and get it on Binance.
But yes, week-trading, let's call it that, can be profitable and a lot of fun to do. The same risks apply though.. It's just very hard to time the markets right, so it is a bit like gambling. Could gain a bit but could lose a lot.
Just look into the coins that you like and find a few that you're sure that no matter what, these are going to go somewhere. Maybe they have big partnerships, maybe it's a great product, maybe it's Bitcoin. It's a good thing to diversify and spread it around.
I started out just like you: with a couple hundred bucks of crypto, wanting to trade it and see if I could get it to grow. But trust me when I say, when you start down this road... it sucks you in and it never lets you go!!
By the time that $400-500 gets to be $2000-3000 you'll be looking differently at things.. I did, anyway! :)
It has now become my main hobby... I cannot put my blockfolio down (great app to install on your phone to keep track of your funds) or tear myself away from the screen
alright, sounds good to me. The only thing I sort of find frustrating about bittrex is how the "amount" is always relative to bitcoin from a % perspective. For instance, what I would love is to easily see the $ associated with each % as well. For instance, I will bid .000034452 and I would like for it to say that's $8.45; I know it says it on the actual page, but I want to also see it other places, like on my orders page or my transaction history on the SBD page instead of just showing the crazy percent that I have no idea what $ value that equates to. Do you know of a way to fix this? So I exported my orders in csv and put into excel to then put a dollar amount on the percentages, but the annoying this I still don't know the exact $ amount I bought or sold for because the percent changes based on what the current Bitcoin $ amount is (at least I think this is how its working....) I want to see the actual $ amount I bought and sold for at the time of buying or selling.
I'll have to check out that app.
Nope, the only way to trade in dollar values is to trade it in dollars. Usually this means USDT (which is not USD, but a crypto tethered to USD.. lots of distrust going around it currently). Bittrex lists only a handful of coins in USDT.
The way I do it is that I keep an eye on coinmarketcap.com and write down the dollar amounts when I buy. It's not perfect, but it's something. Unfortunately the Bitcoin price makes everything look like it's going down, but really Bitcoin is just going up a lot.
The fact everything is traded in Bitcoin is also the reason why Bitcoin is valued so much by the way. It is like how dollars are worth a lot because that is what oil is sold in, Bitcoin is worth a lot because that's what you use to buy other crypto. Oftentimes you can also trade in Ethereum, by the way.
cool, thanks for the info. Yeah I bought one Ethereum, then sold about athird of it to buy smaller stuff for my "weekly trading". I also bought 1 Litecoin which I plan on just holding.