First off, I'm a newbie. I joined the cryptocurrency world back in May/June of this year. I do hold altcoins which is where most of my gains can be seen.
So they say to always HODL.. and it's true. I'm in no manner a very good "day trader". Much of what I do is solo and I read news from reddit and youtube. I don't have much bitcoin - 0.07BTC to be exact. Most of what I have are in altcoins (which I do believe in what they're trying to achieve, and also for me to hold long term to make some cash).
But I've challenged myself to do some "day-trading" and work up to 1 BTC with 200USD. I take advantage of a rising coin, betting on the fact that the coin I just traded out of will either plateau or fall, increasing the ratio when I trade back into it. It's silly, I know but it's fun and serious at the same time. Last night I made 0.01 of a bitcoin which made out to be 70USD at the time. Taking advantage of the Bitcoin Cash Rally, which had jumped up from about 400USD to 900USD, then to 1400USD. While Bitcoin Cash was still rallying, I traded into that (knowing that BTC will fall or stablise), taking in with me some small gains. I didn't reach the top of the peak but sold after it did a small correction.
Today I lost 0.03 of my BTC but what a ride today! BCC hitting highs of 2.4k USD which I should have sold at but watching the price fall by the hundreds was quite something. I'd never see such numbers falling before and participated in it(not a big gamlber). My whole reasoning was that in the cryptocurrency world, anything can happen and as I watched BCC rise up to 2.1k, I decided to take the plunge and put what I had in BTC to BCC. Not even 10 seconds later do I see BCC come crashing down. I was shattered, despite it being on a couple of hundreds dollars which is nothing for some people, every little bit gained or lost mattered to me as I try to reach 1BTC with from 0.07BTC which is now currently a humble 0.18xxxxBCC.
Why did I make the transfer?
- Roger Ver's change of stance for BCC
- Double the trading volumn (at the time) for BCC over BTC
- Taking a bet for it to rally closer to 3k USD
- Market cap was rising
Currently I haven't sold out of BCC, here's hoping something will occur tomorrow or after the fork (13th Nov) so I can come close to breaking even or I'll have to look into some other altcoins - GNT, NEO, OMG.. etc.
Oh and none of this is financial advice.