Day Trading with cryptocurrencies?

unkel · 27-11-2017 10:39PM

The One Doctor wrote: »

Up €345 last week, lost €43 to following the charts too closely (was looking at the 1 and 5 minute charts). Learnt some more lessons about getting in and out at the right time. Up €77 so far this week.

I'm glad you're in the black

But to be fair those figures don't mean anything when we don't know how much money your are playing with.

The One Doctor · 27-11-2017 11:11PM

unkel wrote: »

I'm glad you're in the black

But to be fair those figures don't mean anything when we don't know how much money your are playing with.

That's more information then I'd be comfortable giving out as people I know in the real world know I post here.

Actually, mods can you please delete this thread? I've been an idiot talking about this stuff on a public forum.

unkel · 27-11-2017 11:41PM

That's the reality of life with social media. I wouldn't worry about it. There's me with tens of thousands of posts on boards. A psychologist digging through all of them would get to know me better than I know myself

And anyway, if you're playing with a 4 figure sum and making a 2 or 3 figure profit each week, you're doing very well. Many times better than sticking it in a stock tracking fund. Never mind it sitting in a bank account on deposit making you 0.1% per year...

grindle · 28-11-2017 10:22PM

unkel wrote: »

That's the reality of life with social media. I wouldn't worry about it. There's me with tens of thousands of posts on boards. A psychologist digging through all of them would get to know me better than I know myself

What if someone he knows in real life who knows his pseud gets to have spite for him?
ring ring

"Oh, hey Revenue! Sooooo..."

Deleting the thread could be a very good thing as he keeps trading into taxable events for CGT which he'll have to start keeping records for once he's over €1270 in profit.

Fiery mutant · 29-11-2017 08:35AM

I’ve been day trading Cryto’s for a while now. Have money invested in Bitcoin itself, and also day trade on leverage on forex sites.

It’s worth it if you can keep yourself from cracking up with the volatility. It’s something i’d Like to do full time, but the wife is not too keen. I guess the on,y advice I could give would be set yr stop losses, and your take profit positions, and don’t chase losses.

soirish · 30-11-2017 02:34PM

KilOit wrote: »

I don't focus on day trading but I buy a coin really low that has good fundamentals

Care to explain what you mean by good fundamentals?

grindle · 30-11-2017 06:36PM

Something that has a reason to exist.

Bitcoin: Ehh... Money go up? Lot's of devs working on it, it moves slowly but surely and is relatively secure because of that - newbs will always buy it and we're only just hitting the mainstream properly without the constant negativity, so I guess the value will climb as it has the biggest brand and it's one of the main entry points, so I guess more than just newbs should buy it.
Monero: Privacy
Ethereum: Smart contracts, enterprise use and interest and a huge dev base anchored by a bright mind like Vitalik.
IOTA: the IoT gets larger every year and these guys aim to be the monetary lynchpin for microtransactions.

When looking at any coin/token, ask if the business model is sound and then check to see if the token is actually necessary.
Not necessary? No buy.

topgolfer101 · 28-01-2018 03:43PM

Fiery mutant wrote: »

I’ve been day trading Cryto’s for a while now. Have money invested in Bitcoin itself, and also day trade on leverage on forex sites.

It’s worth it if you can keep yourself from cracking up with the volatility. It’s something i’d Like to do full time, but the wife is not too keen. I guess the on,y advice I could give would be set yr stop losses, and your take profit positions, and don’t chase losses.

I've been trading forex profitably for 3 years. I know what you mean with volatility but it's easily avoided with good entries, in the right direction. Setting stop loss is a must. But using your higher timeframes to set wider targets, it extends your reward. So your risk to reward ratio should be 1:4 for a decent trade. Taking 2 or 3 trades a week, risking 2% on each, you will win 2/3 definitely if you analyse right so 10% a week is a reasonable target. But if you like day trading that can go way higher

my number is [snipped] , message me on whatsapp/telegram or by text but no calls please. If you want to talk further or learn how to trade I can teach you

99 Bortles of Beer · 28-01-2018 04:38PM

Going to have lots of fun with that phone number.

Me thinks some highly paid cleaning jobs with a generous hourly rate and no references required in London are about to be listed on Gumtree.

topgolfer101 · 28-01-2018 04:41PM

99 Bortles of Beer wrote: »

Going to have lots of fun with that phone number.

Me thinks some highly paid cleaning jobs with a generous hourly rate and no references required in London are about to be listed on Gumtree.

Don't worry I have multiple phones mate. Sad to see you lurking on boards instead of doing something productive and researching what I say. But nice try friend, good luck with a couple grand on the alt coins, life changing !

Pussyhands · 23-02-2018 05:39PM

Anyone have tips on how to daytrade? How does one take advantage of these high rises and falls?

Whelo79 · 23-02-2018 06:31PM

Pussyhands wrote: »

Anyone have tips on how to daytrade? How does one take advantage of these high rises and falls?

Stop jumping in and out of coins pal. You are getting burnt nearly every time. People advise to hold for a reason. When you have bought into a solid project that has a long term positive trajectory, just stick with it through the ups and downs. You'll come out on top in the end.

banie01 · 23-02-2018 06:59PM

Pussyhands wrote: »

Anyone have tips on how to daytrade? How does one take advantage of these high rises and falls?

Whelo79 wrote: »

Stop jumping in and out of coins pal. You are getting burnt nearly every time. People advise to hold for a reason. When you have bought into a solid project that has a long term positive trajectory, just stick with it through the ups and downs. You'll come out on top in the end.

+1 on what Whelo has said.
You have been burnt, and now you seem to be chasing a profit to break even.
In day trading there really are only 2 sure fire ways to make worthwhile profits.
1. A large bank roll so that minor variations are actually profitable. This can also be achieved by leverage, but I'd advise you to never trade on leverage as losses will quickly outstrip gains unless you have plenty of 2!

2, Knowledge and confidence! Be it a tip, intuition insider knowledge or analysis. A source that you have confidence in trusting, be it your judgement ot someone elses.
Without this, you are basically just spinning a wheel.
With just a little of this, you run the risk of fooling yourself into thinking you have a workable system to veat the market and noone has that!
With enough, you can analyse and take a position that may make you a profit.

I have made money on day trading through both arbitrage and analysis.
I gave up day trading crypto as no matter how I frame my analysis there is no actual consistently predictive trends.

Look the advice always given is only invest what you cn afford to lose.
I'm of the opinion noone can really afford to lose, given the apparent naivete of your posts/investment knowledge.
My advice would be to
1. Realize that until you sell, you have not lost anything. There is no loss intil you crystalize it. As it stands you have a potential loss.
Based on that, you can either
1.Hold and await rises to lift you past your initial investment.and at least break even, then either grow your knowledge and become more comfortable with crypto risks or cash out and find an investment that suits your risk appetite.
Or 2. Cash out now and take the loss.

smacl · 23-02-2018 07:43PM

Pussyhands wrote: »

Anyone have tips on how to daytrade? How does one take advantage of these high rises and falls?

In addition to the very solid advice already given, my approach is start by playing small. Have a look at what you think will make money, make a prediction, put a small amount on it, and see how the outcome matches your prediction. Basically, go through the learning curve on money that is neither here nor there and only play with bigger sums when you have some degree of confidence that you've got your game down. I lost a bit starting out, made a bit the last couple of weeks, and am arriving at the conclusion that I'm reasonably crap at this game and won't being putting any big money into it any time soon. I enjoy the game at the same time, so will continue to play small and win or lose.

hogandrew · 23-02-2018 08:38PM

Pussyhands wrote: »

Anyone have tips on how to daytrade? How does one take advantage of these high rises and falls?

If you can see a big event for a coin coming up there's a good chance you can make a decent profit. If you look a litecoin or VeChain they both have events coming up on Monday. They have both went well for a few weeks leading up to it. I think monero has a fork on the 14th of march, funfair is launching it's first casino and tron has a mainnet scheduled for end of march. These events seem to increase the value of coins but then they drop just before the start of the event from what I've seen. I aim for about 10-15% increase in ETH and set a sell for this. This is what has worked best for me but only as fun, not with a large amount of money and there's loads of ways it can go bad. I also try to set a buy a few % lower than the coin is valued in the hope that bitcoin drops, usually causing ALTs to drop. It gives a little buffer to avoid loosing on coins

WhiteMemento9 · 02-03-2018 03:08PM

hogandrew wrote: »

If you can see a big event for a coin coming up there's a good chance you can make a decent profit. If you look a litecoin or VeChain they both have events coming up on Monday. They have both went well for a few weeks leading up to it. I think monero has a fork on the 14th of march, funfair is launching it's first casino and tron has a mainnet scheduled for end of march. These events seem to increase the value of coins but then they drop just before the start of the event from what I've seen. I aim for about 10-15% increase in ETH and set a sell for this. This is what has worked best for me but only as fun, not with a large amount of money and there's loads of ways it can go bad. I also try to set a buy a few % lower than the coin is valued in the hope that bitcoin drops, usually causing ALTs to drop. It gives a little buffer to avoid loosing on coins

Nice shout on FunFair.

hogandrew · 03-03-2018 01:24PM

WhiteMemento9 wrote: »

Nice shout on FunFair.

To be honest I think that was just a little bit of an over correction on it's price relative to bitcoin. I'm hoping it falls a good bit. I've about 75-80% of my holdings in monero which has been gradually rising. I bought it a little over a week ago at 0.3205 ETH and it's sitting at about 0.4 at the moment after falling back a little so I'm hoping it could make a similar profit before the 14th and get in on funfair and/or tron then.

I think funfair is safer but tron will have better chance for really large returns. I wouldn't be surprised if it hit 10 cent or higher before the end of the month if their mainnet goes ahead and bitcoin stays the same/improves but I haven't been following any news on it lately

WhiteMemento9 · 03-03-2018 01:49PM

To be honest I was happy to take 20% gain off FunFair and run. I wasn't really looking at it as a hold but just a quick way to make a few quid. I may look to buy back some if it corrects down.

I am already an XMR holder. I didn't buy anymore ahead of the fork because it looks like a complete scam so I didn't really know what to make of the situation. The market though has reacted positively.

hogandrew · 03-03-2018 02:14PM

WhiteMemento9 wrote: »

To be honest I was happy to take 20% gain off FunFair and run. I wasn't really looking at it as a hold but just a quick way to make a few quid. I may look to buy back some if it corrects down.

I am already an XMR holder. I didn't buy anymore ahead of the fork because it looks like a complete scam so I didn't really know what to make of the situation. The market though has reacted positively.

Nice profit, fair play. Ye I don't understand why the fork drives up the market at all

WhiteMemento9 · 03-03-2018 02:23PM

hogandrew wrote: »

Nice profit, fair play. Ye I don't understand why the fork drives up the market at all

I think overall it is an excellent strategy. How are you keeping up to date with upcoming events. Reddit forums, twiiter?

I found this guy who seems to do a decent run down of upcoming events.

https://www.youtube.com/watch?v=7EOj_QDmb2g

hogandrew · 03-03-2018 02:55PM

WhiteMemento9 wrote: »

I think overall it is an excellent strategy. How are you keeping up to date with upcoming events. Reddit forums, twiiter?

I found this guy who seems to do a decent run down of upcoming events.

https://www.youtube.com/watch?v=7EOj_QDmb2g

To be honest I just Google something along the lines of 'cryptocurrency event calendar' then scroll through to see if there's anything I like the look of. Then try read up a bit on the coin. I'll keep an eye out for that guy tho. Cheers

smacl · 08-03-2018 10:08AM

Missed a trick yet again in terms of leaving my funds in ETH on the Kraken rather than swapping to FIAT at a point when I was signficantly up. Would have been nice to have been in a position to buy back in today. There does seem to be a series of event in the last couple of months creating a sharp downward trend followed by a more gradual return and flattening out. Makes me think that I'm better off leaving funds on the exchange in FIAT moreso than crypto until such a time as we start to see reasonably sustained growth again.

CelticRambler · 10-03-2018 12:47PM

Same here. I was enthusiastically day-trading a the start of the year and set up 48-hour reminders for myself for forthcoming events like the expiry of futures contracts, to remind me to not buy back at 2-4% less ... but then I got busy with real life, forgot to adjust my reminders, sold at the recent peak and ... ... bought back too soon, just as the slide began.

Not sure I would have hung on long enough to buy at Thursday's price, though. Ah well ...

roosh · 25-03-2018 05:45AM

Pussyhands wrote: »

Anyone have tips on how to daytrade? How does one take advantage of these high rises and falls?

I'm starting to dabble a bit myself. I got tired of seeing the market fluctuate so much while HODLing and seeing nice gains get wiped out. I've been watching a lot of youtube videos like thechartguys, trading212, and others, just trying to get a handle on Technical Analysis (TA). Also, have just been looking at youtube vids for lots of different indicators as I've come across them. Also been watching videos on trading psychology and have been reading a book called "thinking fast and slow" by Daniel Kahneman.
I've seen in a few places that a lot of the algo-trading bots would be set to react to the fibonacci levels, so have been watching out for those. It's been a bit of a pain tho, bcos my job has been getting in the way :P. When I've had the time to sit down and do a bit of TA, I've done OK, but trying to watch charts while working and do stuff on my phone is just not feasible.

Stop losses, I think, are essential, or at least having a price at which you are going to exit if it doesn't go the way you want. There'll be times when I want to enter a trade but it might be late at night when I have to go to bed and I don't want to risk waking up to a 10% drop. It also saves you having to sit at the computer for hours. Although, profit targets are important as well, bcos a price could go up, hit a resistance level and then start coming down again, wiping out your gains.
Not something I've got down yet, but risk to reward ratio is important as well. Your TA will help to inform this. For example, if a price is approaching a Fibonacci level, and you expect it to rebound, you can try to buy at this level with a stop somewhere below it. If it bounces from this level, the profit target might be the next Fib level up (or some other level based on your TA). If it doesn't hold that level, then you get out with minimal loss.

All very basic stuff, but stuff that needs to be done and can help make more sense of what seems completely random.

TheJackAttack · 08-04-2018 09:19AM

If you’re serious about trading I recommend technical analysis of financial markets by j Murphy. It is the bible when it comes to TA.

Also get on to podcast ‘chat with traders’ by Aaron fifield and ‘two blokes trading’ (first 100 or so episodes)

If you want a no-nonsense opinion check out trader Dante on YouTube.

Trading can be profitable but displine is needed

SteelyDanJalapeno · 08-04-2018 09:53AM

Been day trading quite successfully in 2018 so far, the main strategies I use :

Looking for Base Cracks : I sit in the side lines with mainly USD/EUR and a small amount in USDT, waiting for a baseline value that I have determined to be strong resistance, if this value is broke 99% of the time the price will tumble a lot further once this value is broken, it's usually emotionally driven imo. But once it drops 10, 20 or 30% below the value it is oversold and most of the time it will recover, this is clear in the history of all the charts to see, examples in BTC, NEO, ETH and so on and on and on. So I've got alerts set up for these baseline values and some buy orders layered below these, increasing the further the drop, once these get filled I start layering my sell orders based on the percentages I'm happy with making.

High volatility, low volume coins : This method is only used to build my funds for the method and can be used with very frequency, and needs to be as the percentages and volumes you make can be very limited.
This involves scanning charts across multiple exchanges, I personally use Coinigy as it's a central point to monitor the charts on 20+ exchanges, what I'm looking for here is a whippy up and down chart where the coin bounces daily from -20% to +20%. The volume on these coins will be low as this is an important factor in the whippy profile of these charts so you wont be making much on any one trade, but if you can repeat this a number of times across a number of coins you wont be long building a nice bankroll.
I'm not gonna give much of my current coins I am trading in this away as I dont want to draw attention to these, high volume will decrease the volatility on these, but for an example, check out WILD/BTC and WC/BTC on Cryptopia.

These are my 2 current methods to make some profits in the current climate, PM me if you would like more information or more examples of above.

SDJ

nelson9 · 24-04-2018 12:19PM

My general strategy is not to day trade but swing trade over 2-7 days, I think day trading takes discipline and time I don’t have. I hodl also, but I feel a bit helpless sometimes watching blockfolio go up and down so, for me, swing trading I think is the answer that fits well with 9-5 life. Appreciate any other advice people have.

I use some TA from traditional markets, it seems to crossover well for short-term wins. My first step is to check what has the most volume on Binnance over the last 24hrs, then check percentage points. I find an asset that has high volume and narrow Bollinger bands, where the price is below the day average and getting close to support with a low stochastic. Ideally finding an asset that looks like is squeezing down before it's about to break out. I then put in a stop limit to sell at the top of the band usually on the 4 hours or one day chart. I usually trade against ETH and of course take into account BTC price and overall market cap. Generally going for small wins. I think there is a nice mini bull right now, earlier than expected. For now I have made more money hodling, but that’s just down to dumb luck.

I don’t trade on any technology, vision, marketing, or adoption in the short-term.

Also a noob to boards crypto, would appreciate any threads you recommend on the topic.

asteroids over berlin · 24-04-2018 03:53PM

risky business, i purely hodl as they say but at the moment, if you are not too greedy, Bitcoin fluctuations are proving quite stable, still risky though

good luck

Pussyhands · 20-07-2018 10:13PM

Well lads,

So Tether stays at 1 dollar.

This market sees swings of multiple % in a day.

How about this...you buy Bitcoin when price decreases a number of %.

When it increases you sell.

When it decreases again you buy again.

Each time trading in Tether.

Risk is if the price stays down below the price you bought at and it never goes above that price.

Thoughts? Been thinking about trading my 16 dollars of vechain (originally 100 euros, sigh) and playing with this idea.

SteelyDanJalapeno · 20-07-2018 10:16PM

Pussyhands wrote: »

Well lads,

So Tether stays at 1 dollar.

This market sees swings of multiple % in a day.

How about this...you buy Bitcoin when price decreases a number of %.

When it increases you sell.

When it decreases again you buy again.

Each time trading in Tether.

Risk is if the price stays down below the price you bought at and it never goes above that price.

Thoughts? Been thinking about trading my 16 dollars of vechain (originally 100 euros, sigh) and playing with this idea.

You will eventually miss out if it ever goes "to the moon" again as you will have sold for you 2 or 3% by then.

Not the worst method thou, needs a bit more TA maybe

Day Trading with cryptocurrencies?

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