Considering regularly trading btc/doge

Nxtblg

legendary

Activity: 924

Merit: 1000

Quote from: PYneer on March 01, 2014, 04:49:13 PM

Everyone knows to buy low and sell high but in reality it's much easier said that done.

Gawd, yeah. Needs repeating.

Quote from: PYneer on March 01, 2014, 04:49:13 PM

Everyone knows to buy low and sell high but in reality it's much easier said that done.

But there is one advantage to cryptos: you can get practice for only $100. Had the exchanges aped the discount brokers and exacted a minimum commission, it would be impossible.

Come to think of it, you could get a lot of practice under the belt with only $20 to start...

brokedummy

legendary

Activity: 980

Merit: 1004

I always recommend buying high and selling drunk.

PYneer

full member

Activity: 178

Merit: 100

Everyone knows to buy low and sell high but in reality it's much easier said that done. I see people stare at TA charts and think that charts for stocks will also work for cryptocurrencies. Honestly, if you think you can do it, then go for it. But also remember commission is different for coins (ie fixed for stocks whereas coin is percent) so volume doesn't reduce cost (unless you are on an exchange who lower commission fees for whales).

Personally, I wouldn't do it. I trust cryptocurrencies enough to believe they have a future with exponential growth and trading for a few more percent just isnt worth it to me in the longrun.

blatchcorn

sr. member

Activity: 952

Merit: 281

I refrain from calling this 'day trading', because I don't anticipate watching screens all day making micro transactions. But what I am considering is simply buy low, selling high btc and doge - there seems to be a healthy amount of volatility here - when ever flucations allow me to make a 5% profit. Based on the current market trends, this would probably be 3-5 trades a week. Does any one recommend this approach or advise against it?

(Although I am new here, I am experienced in trading stocks and have been a crypto holder for 6 months)

Topic: Considering regularly trading btc/doge (Read 411 times)