4 May, 2022 seen 30For most of the time, I have been using a Coinbase Pro account just to buy and hold Bitcoin once a week. Just recently…
Originally I planed to start learning crypto currency day trading with the January 2018 (that's about 5 months from now), but then I realized - why wait?
Let me explain - I've been in crypto currency investments for about 2 months now. I'm the one from buy and hold camp. I use averaging dollar cost approach to buy more crypto coins once in the month. So far my experience with crypto currencies have been like a roller coaster with a positive return. After my first month with crypto investments I experienced a negative return -17.35%, see: Invest in Crypto currencies - Review After One Month, currently when writing this article, my portfolio is with positive + 18.55% sign. And that all have changes just in the past 2 weeks.
Day trading sounds kind of boring, too much time to spend watching numbers and charts going up and down. When I started to my crypto adventures I decided I will stay away from day trading, but rather I will be a long term buy and hold investor. It was so until today, while I had a free time today I decided to watch a few YouTube video's on alt coin trading, here is one of them, after watching it, I decided to try my luck with day trading: How I made 100K in 5 months trading Bitcoin & Altcoins with PROOF by Vincent Briatore. Now, make sure to watch that video, author explains a lot of interesting there.
Instead of waiting 5 months and start trading alt coins for profit, I decided to spend next 5 months and learn how to trade alt coins for profit.
As I've already have crypto investments I thought ok - I should try with some small amounts in day trading just to learn the system.
So I went to Coinbase.com, bought litecoin for EUR 25, next step I transferred litecoins to poloniex.com and exchanged them to bitcoin. I could buy bitcoins directly on Coinbase, but hey I just wanted to make some strange moves today.
Once I had spare bitcoins on Poloniex (the rest are lent, see: Invest in Cryptocurrency (Bitcoin, Ethereum and other) Peer to Peer Lending - Poloniex.com ) I decided to split it over 3 altcoins, as market were failing at this time, I bought following altcoins: Clams, Stellar and Monero
Day trading with crypto currencies
Do I have much clue what these coins are about? No, I don't. I bought low with aim to sell high. Was I right? Don't know neither yet, technically it should be the right way to make profit on crypto currency profits.
Well that's the reason I oped to start day trading crypto currencies to learn most of it - as, yes I do believe it's possible to make significant gains here - again, it takes time, determination, patience and smart decisions.
Best way to learn some stuff is by actively participating in it, at least that's what I believe in.
Now, I don't think I will manage to increase my initial EUR 25 investment 22 fold in next 5 months, what I'm looking - not to loose money in the next months. By the end of 2017, I'looking to invest EUR 125 in total for day trading activities. If I will end this year with EUR 125 in my ballance, after active trading - that will be a very valuable lesson already.