TRADE TIPS from a man with his finger on the crypto-pulse
I have been trading for 3 weeks now on Poloniex and Bittrex, and have seen huge gains in a total of 12 currencies.
From an initial investment of $350 I now have over $1000. I have been able to do this quickly because I am very focused on the daily peaks and troughs of each currency. The overall pattern is usually up, so long term holding works too, but I am impatient and want to keep the money moving, so most of my investments are for a few days only. My only rule is that I cannot sell at a loss. So if the current price is lower than my buy price, I hold.
Tip of the Day
I bought 200 PIVX yesterday (on the Bittrex exchange) at $0.35 (for $70) and just sold at $0.60 (for $120) which is a profit of $50.
PIVX moves around loads during the day so if you watch for the peaks and troughs, it isn't that hard to make fast gains.
I will move the $120 back in to PIVX when the value drops below $0.40 again.
I am told that it is unusual to see PIVX in the top 20. So I cannot say for sure where it will go from here!
For now the $120 is in Dash which is a little lower than usual and I expect to see it grow by 10% today, at which point I will will move it into Bitcoin...
...because Bitcoin is back to it's usual steady upward movement.
I am very grateful for Steemit, without which I wouldn't be trading at all. The initial $350 was 100% compliments of Steemit.
I have made no fiat currency investments at all as have not had a bank account for over 3 years.
Now I bank with the Crypto Markets!
The picture at the top is my current office at Taman Petanu Eco Neighbourhood, Ubud, Bali.
Happy Trading Folks :)
Come join my Facebook group, Aspiring Steemit Whales & Dolphins if you want to learn more & engage with a very friendly & helpful community: https://www.facebook.com/groups/1281526168558106/
Thanks for share this info my friend! You and other users make great Steemit!
I hope yo have a beautiful day! Cheers!
Nice... Sam ! :)
Thank you my friend for always being a great supporter :)
Thank you Tincho for being a very positive and friendly person. A great asset to my FB group and to Steemit. Hope you have a beautiful day too :)
haha its my pleaseure! Now I'm going to sleep, here are 12am. Good day for you, and good night for me! haha
Sleep well :)
Nice!. I'm a long time stock and option trader (amateur though). I have about 16 years of trading off and on. I've recently added cryptos to my arsenal. I traded Ether up last year until it rolled over. But I started back on it at $8 as that was a key bottom pattern. In and out of BTC too. Tonight I'm in Dash but will stop at $93...Always know you're stops or I promise you will be out of the game before too long. (that's my tip from experience).
Thanks for the tip! Still lost on the majority of trading terminology, (only been at it for about 6 months, but the desire has been in my heart for years) my presumption is that you're stating to always know when to trade out?
Yes. Every trade must have a stop where your thesis is wrong and a target where you take profit. And, that profit should be 2x or more your stop. And, IMO no trade should be more than 3% of your account at risk (entry to stop). Following these rules will keep you from going broke. Every trader has a series of bad trades. Keep the losses small.
Many thanks for all your wisdom here. I really appreciate you taking the time to share what you have learned. And yes you are so very right of course. Though I have not been good at sticking to the no more than 3% rule however!
Apparently I entered at a time when Ethereum & Dash were growing uncharacteristically fast, so basically got lucky with my main investments and put the rewards back out into the field when they stopped growing.
Only time will tell how I did with my choices :)
Good picks and I concur.. " So if the current price is lower than my buy price, I hold." That's the best thing you said Sammy. All love :)
Thanks bro. Love a good simple system. I'll let you know in a year if it works :)
for those curious what PIVX is...
BitcoinTalk Thread: https://bitcointalk.org/index.php?topic=1262920.0
Funny how lately, more than ever, cryptocurrency trading has become the electronic version of otc pennystock trading without the market makers trying to rip you off by holding your orders, ignoring your cancels, etc.
I even started tracking Steam/SBD (#STMUSD) in my platform:
https://twitter.com/search?q=%23stmusd&src=typd
Still waiting for that ideal highly liquid decentralized exchange to materialize. OpenLedger seems close but somehow it just doesn't seem quite there yet.
Also, trading on exchanges such as bittrex and others may not seem expensive at 0.25% per trade, but by comparison that would be like paying USD$88 to buy 100 shares of BA at $177/share, which is nuts considering that same trade would cost under 50 cents at brokers such as IB.
If you make 50% on a trade, it may seem negligible, but let's say you get chopped around on 10 trades in a row, you're down another 5% over your losses just from the commissions.
Wow, many thanks for all this useful info here. Much appreciated. Yes, I have been feeling this 0.25 tax on some of my exchanges and as you say, unless there is a big increase on the value your investment it's not worth it to trade. Still need to check out openledger. Will do that now. Thanks again :)
Amazing. I wish I could be good in trading but I have regrets with it because I trade before and lose everything, but that was fiat though. Im trying to figure it out if the same lose will not happen with crypto.
If you look at the growth chart of most cryptos you will see a clear upward movement. So, if you are prepared to hold long with these, your chances are very good. Always important to check the growth chart so you can see the entire life of the coin. Some (like Steem!) don't look like such good investments because the value is generally going down. Haha. Though we still love Steemit :)
nice post
Thanks. Appreciate the comment :)
Good to see that you hav earned soo much with less investment .. truely inspiring ..
I wound surely join your Facebook group
Thank you :)
Great! Looking forward to seeing you there :)
I'm having very similar experiences as you with my trading, however I'm not seeing gains as quickly as you are and I've had to spend a lot of time messing with faucets ( obviously a pain in the a**, but free) to keep from investing my own money. I'm going to check out your FB group for sure, but would you happen to have any other info, recommendations etc. that would offer me worthwhile knowledge?
I've only been investing in crypto for about six months now. I have invested $90 of my own money, but I've been able to get my portfolio up around $500.
Any information you could lead me to or provide would be appreciated beyond words.
They say that when someone does you a favor most feel psychologicly obligated to repay them in a manner of equal or greater value. Reciprocity. I don't get this feeling the way others do because I run a ship based on respect and not all favors are based on that fact.
What I'm lengthfully trying to get across is that if you can help me you will see repayment, not out of psychological obligation, but as a show of gratitude and respect for your help.
Honestly my repayment will more than likely be in the plural because the value of this knowledge to me is priceless and the respect for your kindness worth millions.
I apologize for such a lengthy comment, it's just that this is the first time in a long while that I've been happy and the crypto world is the reason for this. It has honestly given me that which money could never buy and it's more than just happiness.
Thanks and praise. V
Hello friend. I enjoyed your lengthy comment, so no need to apologise. And I am honoured that you should seek further trade tips from me. I am just a beginner who happened to enter at the right time. The recent spurt from Dash & Etherium did well very well for me as they were my first big investments 3 weeks ago. Today, now that Bitcoin seems stable again, everything else seems to have slowed down on the growth front.
Though as I said in this post, PIVX seems to be the one to watch. Every time I dip in and pull out at what appears to be a peak, increasing my money by 50%, I end up kicking myself because it just keeps on growing. Clearly this growth spurt will stop at some point, but for now it seems good.
Best of luck to you :)
I think part of the reason is the outflow from Bitcoin.
I was at meetup where the author of Mastering Bitcoin think that's what's driving the other currencies.
Even gold has picked up last few days.
Very interesting. I think you could be right. Now that BTC is stable again, the others have stopped growing so fast. With a few exceptions.
"My only rule is that I cannot sell at a loss. So if the current price is lower than my buy price, I hold."
It a nice a game ! With a bit a patience and some knowledges, profit is assured ! I think I'll begin to trade too soonly ! What do you think about Bitshares and openledger platform ?
That is the way I am playing it. And for now all my investments are being held. There does seem to be some growth going on right now for Ethereum and Ripple. And now might be a good time to get in with PIVX. I have $100 in Bitshares, think it should be great, but still waiting for it to make any significant movement. And don't know much about openledger yet, but sounds like it could be better on the exchange tax than others.
hi sam, can you teach me how to buy pivx with steem? since pivx has an account here, shouldn't that be just easy already?
You will need an account with Bittrex to do this.
Once you have an account, open the Wallets tab and hit the + key on Steem to get your Bittrex Steem wallet address. Use this address when transferring out of Steemit.
Use bittrex as account name when transferring out of steemit and put the Bittrex Steem wallet address into the Memo box.
When the Steem appears in your Bittrex Steem wallet, go to the Markets tab, find Steem and sell what you have for Bitcoin. And finally buy PIVX with your Bitcoin.
This post will help with getting your Steem or Steem dollars from Steemit to Bittrex: https://steemit.com/bittrex/@blocktalk/how-to-send-steem-dollars-from-steemit-com-to-bittrex-exchange
yes, i can transfer to bittrex but the actual trading is what i don't know, the part that says bid, asking, max etc, i dont know what the feel, are there big fees?
The transfer fee on Bittrex is 0.25%. As far as the bid, asking, max, I would only be guessing to try and explain this. Thank you for alerting me to my lack of knowledge here! Going to look it up now...