Trading For Fun & Profit: Steem Dollars SBD On Poloniex, An Entry Level Method Of Trading
Here's a simple way I trade steem dollars by capitalizing on the whale dumps and the entry of buyers. I simply follow the graph of the dump in red(traders/whales dumping, make a purchase then exit in the green(buyers driving it up). Let me show you here:
I proportion my share trade sizes to what each market is currently trading/turning in the form of buys and sells by looking at the market history. Trade data example on my office account:
So far I've posted simple/basic trading methods with my style in order to help anyone who is new to trading.
*This is one of the methods I use to trade for fun and profit for myself and I cannot guarantee your future profits so please trade at your own risk.
I hope you benefited from this post and if so, I kindly ask for your upvote as an encouragement for me to continue.
Have a great week, @bluehorseshoe
Cool! I'm doing something similar on my account @cryptochannel!
Although I'm relatively new at trading, I focus more on long-term and have been involved in the alt-coin side for a long time now.
I do both. With my long term positions I sell off 1/2 pulling back my initial investment once the coin price exceeds double. The initial investment btc goes into a new coin for the portfolio where I do the same. Requires patience and it's as fun as day trading. Thank you for your post and happy trading.
Any chance we can see the profit/loss as well? ;)
Sure, updated post.
I just started, had a trading account for a while for penny stocks. That was just random luck. Had 5 SBD to toy around with on Poloniex, so bought 10 steem on a %13 drop. Imagine when the whales dumps calm down and more folks come to steemit it ramps up =). Bouncing in and out i guess is cool if you have volumes to make some on small ups. Would like to get into some Dash tho.
A good plan @eight-rad. It's limiting to how much btc you can expect to trade in any given coin which can be frustrating so I find myself trading within the range of the commonly traded amount of shares in any given coin, that will allow me to day trade in and out teeny little satoshis of profit. The key is to try and build up several coins to day trading at a time.