My foray into Crypto Trading
Mid – April :
Annoyed by the combined successes of individual crypto traders on a Mongolian 18th Century Map enthusiast forum and the incredible depth of mud at my workplace I decided to move several hundred dollars into Poloniex and fill my spare time in work-camp with cryptos.
My early trades made 5-10 usd a set, but I never really spent too much time taking it seriously until my second week of layoff, May 12th, and I set my starting amount as $1200 Canadian. By the 17th I was up to $3100 US in Poloniex. My first major loss was on the 18th where I lost almost $400. It is interesting to see how traders with large piles of money whales can easily manipulate the prices to their advantage. Setting parallel buy and sell walls and slowly closing them in on one another, dropping the support or wall, depending on whether they are short or long. The only way I can foresee making any profit in the long term is either developing a similar strategy or continue parasiting off of their moves.
Some observations : My biggest enemy so far has been my impatience and accidental order entry. More than once, while I was in a discussion with someone, I accidental shorted instead of bought long on a run up, and another time I got tired of waiting for a recovery from a bad swing and sold, only regretting when it climbed 10% immediately. Bots are incredibly active on Poloniex, you can see them attempting to drive the price either up, by placing in tiny buy orders to close any gaps, or down, doing the same for sell orders.
Day start totals :
April 15th-May 13th : 1200 Cad
May 14th 2017 : $1440 Usd
May 15th 2017 : $1700
May 16th 2017 : $1950
May 17th 2017 : $2900
May 18th 2017 : $3101
May 19th 2017 : $3215
May 20th 2017 : $2900 was as low as $2500 wow!
May 21st 2017 : $2970
May 22nd 2017 : $3147
Bitcoin has jumped incredibly in the last 36 hours, and I am sure I’m not alone in kicking myself from not buying more ethereum 20 days ago. Well, Peerplays and aeternity will have some news shortly, both of which I jumped on the ICO.
Until next time
