Topic: Any advice for altcoin day trading? (Read 21059 times)

You could make few buck,
it is cool for a trial.
The best source for trading is this forum, I always follow this forum and there are issues of the next rally or possible pump.
Follow the thread, it may be useful

pretty sure the daytraders all use bots and take advantage of larger holder's impatience in waiting for the price they want.. they put up big block limit orders and both the buy and sell side and try to profit from the spread.  Better off simply investing in the technology of a coin for the mid to long term.   You can see them when trading because they often change their prices based on market demand.. the orders pop in and out of existence frequently at different prices.

Day trading is extremely hard, you need to spent a lot of time on internet, and to watch graphics all day long and wait for your moments. I wasn't successful in day trading, I always miss good time for buying/selling, and I couldn't spent all day watching exchange site ( I tried, but that is not guarantee that you will make money ). I'm buying and holding alts for a while, I think is less bothering and higher profit, daily trade have one more flaw you constantly watch price and you wait price to go up but nothing is happening, anticipation is just killing me.

Many people in present time are not interested to invest their money in altcoins, and the reason is that the price of bitcoin is increasing from time to time. but I am sure that when the price of bitcoin will come to stable then they will invest their money in altcoin sections and therefore I will invest my money Etherium

Most day trader on altcoin use exchanger to get the different price for profit but on trade, they usually use Marti angle system. But of course, need knowledge and practice to get a perfect strategy. Principal buy low sell high not always work with day trader, sometimes they get sideways market. Marti angle system can use if you have enough fund and know where is spot to take the option. For now there's nothing to say to you my friend, just try a strategy with the little fund you have to know your skill. Don't forget to discipline about taking profit or cut loss. Never hold too long or you'll be loss. Have a nice day.

Probably not worth it full time but you could combine it with other work done from home or from your desktop. Clickworking, trading.
Keep an eye on fees. The lesser trades you do the better.

The altcoin ANN section at https://bitcointalk.org/index.php?board=159.0

You are welcome

Can you give an example of altcoin that has a high price fluctuation every day in the market?
cause i don't know much about it...

Op, stop with day trading. Don't do it unless you have bot established which will do it for you.
It is time consuming and profits (unless you are willing to invest thousands of dollars) will be pitiful - you will earn couple thousand satoshis.

You need to understand that trading is not a win-win game. It is like in gambling, someone needs to lose so other can profit.
The longer you will trade the higher chances you will lose money.

As other said already, concentrate on swing trading or, even better, on position trading.

Yes, we need to investigate the things related to the coin before deciding to invest in it,
in a hurry to invest in the hope of get much profit later, will only make us regret when it turns out the coin is not sold

Experience is what you need.
Start small.. gradually grow your risked money in time with your skill.
Know when to hold them and when to fold them  

There was times i planned on flipping a coin short term and missed my chance.
So i had to decide.. dump now for a loss or maybe break even ?
or ? ..wait ?

That is often going to be the key.. waiting !
But for how long ? (time is money)

Many times i simply kicked back and waited knowing the coin would go back up.
And i knew it would not be all that long before it happened either.
So many times i seen guys on chat bitching about the price going down and i'd just laugh to myself quietly knowing i will have my profit while the noobs panic dumped.

But on some occasions i had to take my loss.  
For example with obscure nearly dead shitcoins you may only have 1 or 2 chances in a year to sell.
Miss it and your fucked.. and the more you wait the more of an eventual loss you will end up taking.

KNOW WHEN TO TAKE A LOSS !

You just can't teach this stuff.
Beware FOMO and emotions..
Be cautious and patient and ease into it all.

I was lucky to have done trading the way i did.
Which was i invested nothing.
So my early learning experiences where i lost money cost me nothing and were easy to rebound from.
I started with 0 cents.
I started using an old Core 2 Duo CPU mining and an old Nvidia card mining..
Then i took that "dust" to exchanges and started flipping for profits.
I still have some notes of my portfolio from years ago saved.. from Cryptsy.
It took me forever just to get one Litecoin.

I am GLAD i did not walk in with a big wad of cash trading.
I walked in with dust.. and learned over time.

Not much to say really.
Patience & Experience is what you need.. and don't be trusting of anyone or anything.

PS:
Exchanges are --> not <-- BANKS
Be careful storing money on them !

Choose the altcoins that has high fluctuation of price daily in the markets, they are good choice for day trading
 we can take profit daily from this fluctuation of price,
we must use candle chart in analysis technical for short time between 5-15 M, but the weakness of this method
we must stay on the computers and always do cut lost.

I agree with everything BitWhale said.
Buy when others are selling. Sell when others are buying.
Good advice about ICOs too. Remember that right now EVERYONE is trying to create a coin and get people to pay them to do it.
"Hey we have this really great idea just give us two million dollars so we can make it." ROFL

Read up on new coins. How many developers are working on the project? Do the developers have a previous track record?
How many people are mining the coin? How many exchanges is it on? Has it been added to any new exchanges recently?
Is there an old project that has new developers?
Things like this might be an indicator that the coin will see more interest and a rise in price.

I agree with you because movement of price altcoins are not too fast if we use strategy day trading
 trading altcoins will be suitable use long time strategy,
but if we want use strategy day trading will be good on trading stocks,forex than trading altcoins
because stocks market and forex has large marketcap.

Solid advice. Day trading is a myth, the unicorn of profitable trading. I've yet to meet a profitable day trader that wasn't using HFT or some other program-based trading method. The vast majority of all trading strategies can't beat a simple buy-and-hold strategy in the long run.

Hunt down coins with solid, new technology and buy the dips. Don't mess around with Ico's, buy them after they stablize if/when they are proven not to be vaporware & worth your investment. Hold for the long term.

And, it is 100% true that the exit is way more important than the entry. I can't tell you how many lessons I've learned by either selling after it goes down on me and losing money when I should've made money, or selling too early and missing out on a major amount of profit. It's always bittersweet, your goal as a trader is to take as much profit for as little risk as possible, make that your goal. Trade profitably by trading less and never let your emotions decide whether it's time to buy or sell. Be mechanical.

Also know that the Altcoin boom won't be here forever. The time to buy was in 2015-2016 when most of the coins were stagnant and everyone was saying "Litecoin is officially dead, you bag holders".

As Warren Buffet says: "During times of greed, be fearful. During times of fear, be greedy".

Feel free to PM questions, I enjoy trade talk, even though I'm nothing spectacular nor should anyone follow investment advice from strangers on the internet, feel free to ask away.

First of all, leave day trading to the bots . Try to go for longer term trades on recently heavily dumped coins. Big green candles are scary evil stuff (except when selling), stay away from those (big reds will follow soon). Use the last month and last year charts as well, not just the 24 hour chart so you can get a better overview about the previous life of the given coin. Don't diversify too much, and don't buy small amounts of a lot of coin, or you will end up only with scraps (and even that can be wiped out by just one bad choice). Concentrate on few well researched coins instead.

Apart from banhammer take nothing seriously in trollbox (they are lying even when asking questions). The mods too ("We are working on it").

Stay away from pump groups. The good ones are closed clubs with rather high buy-in price the open and "fair" groups (with "randomly" picked coins) are only good for making losses... and those random picks are not always that random...

Maybe you can try holding longer,difference with day trade.

I recommend to become meticulous in picking and trading of other altcoins. Also you need to research and know first the credibility of the altcoins you want to invest because if you cannot do that I'll make sure that your investment has not earn income.

Though I am not trading altcoins for the moment what I have read online and information I have gathered through tutorial, altcoins has no much different from forex trading and as an experience forex traders, the best way to succeed in trading is through sounds skills on money management. Don't over used your risk capital.

In fact no one really gets a high price increase. If you still want to pursue a high price increase, could cause losses. How to overcome the loss of playing alt. Limit yourself to a 5% smpai 10% profit. If it has reached the target point immediately sell.

No. Without any preparations and knowledge, you just like throwing your money to altcoin and make you lose.

Trading isn't for full time work because the price sometimes stable and vice versa, also small capital really helpful for trading and you would get doubled if you lucky enough.

I'd like to ask same question . Can you hold your altcoin till next year ?