Hello again for month 3,
So, with the last 2 months being stuff that is interesting, but also kind of pointless, I decided this month I'd get into something that is both very contemporary on steemit and also very interesting. Also if it went well I could make money. So this month I decided to start day trading cryptocurrency.
I have previously invested in crypto for a long term investment, and I have been thinking about day trading for a while but have been very cautious. I thought that there was no better time to start than the first month of 2018 (what a month to pick lol).
Before I get started, I want to clarify that I am by no means in any position to give advice. I went into this with a couple of youtube videos, a couple of steemit articles, a lot of observation and a bit of self belief (only a bit) under my belt. What happens next will shock you!! Nah it was pretty much exactly as I suspected.
I'd already been set up with bittrex, poloniex and binance, which I find are the best ones because they have A LOT of altcoin pairs between them and they have some really good indicators (binance and bittrex especially), but I ended up trading with binance because bittrex wasn't accepting ETH and poloniex deposit was 0.5ETH+ (which I was not ready to day trade with). So at the time of entering the day trading game, I deposited about $165.
My first trade, with Ethereum Classic of all coins, went alright. I think I made about 5% (fees included), and things were pretty underwhelming. I remind you that a 5% gain on $165 is like $8, so I was kind of like "huh. sweet", there were no celebrations or tears, everything just went along like normal. The next trade though, oh boy. So I chucked all of my $173 into GTO because I'd done my analysis (bare minimum for a day trader no doubt), and that looked like a good option. Within 10min, GTO crazily just spiked about 15%, in 10min, then dropped down to about the same price again. I managed to sell at about a 12% gain, but then GTO just kind of went back to normal, like nothing had even happened. I maintain that I was very confused, but I'd just made a bit of money in like 20min, so I was quite happy. Once again, I made my 3rd trade and things went relatively well again. Finally, I made a final trade and I was up again, finishing on like $203 or something. This is where my luck ran out though. I put my money into SALT just before the market "crashed", so it took a big hit, and is still down by quite a long way at the moment. I am lucky though because I believe in SALT as a long term investment, so I'm kinda just going to leave it there for a bit, and see what happens.
Now, with day trading, in my limited experience, you need to do a lot of research. I had been researching day trading since like September, so I had done plenty of study. I'd say the main things you want to familiarise yourself with is your MACD, RSI and Stoch charts, and I really do recommend getting to know candlesticks. If you are unsure, just do it with hypothetical money (remember to account for fees as well), have a crack with that and keep track and when you feel confident, chuck some money in and back yourself (although I'd recommend starting low). One thing I advise you to do though is to be fearless, don't settle for regular investments, learn and make money.
Thanks again for listening, if you have anything that you want me to do next month comment down below and I'll have a look.
godspeed,
galvin