Topic: Has anyone lived off of just trading altcoins? (Read 1385 times)

guys i just stumbled accross this forum, check out crave on bitcointalk, get in asap btw 

UltraCoin is a perfect example of an easy opportunity for buying in on a cheap coin that will make a comeback with great returns.
You don't even need huge capital on this one for easy Profit.

It is possible if someone has a huge capital of btc.
He can just buy some promising altcoin when they are dropping.
Once he has accumulated enough of that altcoin, he just place a huge buy wall to raise the price.

This is very true.
The key to altcoin trading is finding a potentially good coin, buy in early days at few satoshi price, and then patiently wait for the coin to get popular and gain momentum.

I did the same with DOGED (DogeCoinDark).
I bought some at 2 satoshi (could have bought at 1 satoshi, but I took longer to research and read about it before investing).
Then the coin took off after a few weeks and I sold at 16 satoshi during the pump, making 8x profit. If I had bought at 1 satoshi, I would have made 16x profit.

But the challenge is to find a potentially good coin. If the coin you invest in never takes off, you're risking your investment. And it will happen sometimes. But the key is to win on more coins and lose on less.

This is where most people have made money to live from, the money trading is in bitcoin very very few make a living from trading altcoins now some of the guys who pay devs to make the coin and then they promote and dump make a very healthy living.

Ask bobsurplus he knows how to make money trading altcoins, not sure if he has moved onto btc/usd now though.

I have not made enough to live from alone but i have made some nice money from trading.

why not trade bitcoin at the same time

Not by hoarding VIA, I assume.  

I didnt mean a good potential coin as very innovative or very successful coin. It just means it has a potential that its price can be increased enourmously. It can be just speculative or innovative or dumped recently. Yes, there are always risks for that kind of coins.

Besides , after finding a potential good coin. You have 2 conditions to get profit. And of course there is not 100 % guaranteed profit. But after selecting 4-5 coins and at least 2-3 of them will move accordingly.

1) You should buy this coin @ cheap prices . Cheap is relative term, this doesnt mean you buy @lowest peak. But after comparing with similar coins or market cap , I can decide whether the price is cheap or not. Also, Im following my potential coins for a long time.

2) Wait enough. This is  also important ,  if you believe your coin is still undervalued but price is 2x of your original bought price , then you can sell some portion of it , then sell remaining at higher prices.

Here are a few examples -that I couldnt execute my system correctly:

First one was QUARK : I started to buy from ~170 satoshis and at finally bought at 30 satoshis. I had 1.5 millions of them. Then  with max keiser manipulation and also lots of FUDs , its price went from 30 satoshis to 35 000 satoshis. Yes 1k multiplication , What did I do ? I sold last coins of QUARK @350 satoshis. I didnt like the FUD and manipulation but never expected such a big increase. And after selling it , I never returned to that coin.

Second one was more closer today, OPAL:  I bought @ 500ish satoshis level. I bought ~45k of them. Sold some @1k , @2k satoshis( about 2-3k OPALs). And then also sold nearly 15k @5314 satoshis but not sold every OPALs. I thought it can raise a little bit but then bought back @3k levels.
To sum up , I profited from OPAL but again I didnt execute my system correctly.

Third one was HZ is again a similar story . I bought @ 40 satoshis . And its price now @140 satoshis. Sold most of my HZ below 100 satoshis. Patient is very important key for profit.

I have some more good potential coins. And I believe I can make good profit them. System is easy but hard to stick with it.

ahh stop preaching your doom and gloom and be honest with the people! 6 btc a day is a reality for a lot of people, some people posting here are making that much money from trading but they are lying to you to keep noobs out! 6 btc a day is 42 btc a week, alot of people are making this amount of money even if you look at the bittrex volume you will see

I used to daytrade altcoin about 6 months - 1 year back, and it was much easier to profit back then by trading. I have a bankroll of 10 BTC and could easily earn 0.1-0.3 per day. But now it isn't really profitable.
I still can earn around 0.1 per day, but it isn't much of the worth I used to get an year back.

Nowadays ppl are using trading bot detecting the low price or arbitrage opportunity 24/7. Their funds are always ready at the exchange. Once you see the cheap price at the exchange, they are found by others or trading bot as well. If you have no fund deposited there, then you will lose the opportunity definitely.

I think this is nonsense and random blabla.

1.) the quality 99,99% of the coins and projects are historically proven way to bad, for that strategy to work

2.) "finding a good potential coin" is kinda impossible today, every half-serious coin that launches announces itself with a roadmap & list of 1000000 top-features and sexy infographics (+ public devs, expensive marketing)

--> you cant judge anymore if its 100% scam, likely scam or honest project & even for honest projects you cant use announcements and roadmaps as indicator, because you never know if the devs stay active and will ever deliver, even 10% they announced

IHMO: to really, realiable judge a coin it has to be at least six or more months old, and if its that old and trust-worthy, then its already to expensive

-----> you may can be right by the judgement of one coin early (and get lucky & rich), but IMHO strategic, long-term altcoin investment is impossible
(because of the problems mentioned above)

Correct but most people to make money from trading prefer keeping their money in the exchange so they can buy an altcoin at that right moment when it's price is low.

Otherwise it takes a while to deposit and reach 3 confirmations and by the time that happens the window to make a profit is already closed.

I gained lots of profit just by trading altcoins. But also I lost some of them at exchanges due to hacks.

Anyway, I just dont prefer day trade at most coins. The key for altcoin trading is patient and finding a good potential coin. If you really find this kind of coin and buy at cheap prices and wait enough , you can easily multiply your coins to 3-4-5 even 10x.

If you start with good amount you can easily make $100-300/day from daytrading and there is no need to work for someone else.

Deposit + Trade + Withdraw = You'll never get robbed

Leaving your coins on an exchange is like leaving a debit card at a strangers house and expecting it not to be drained

OT: Many people do. The margins and splits are higher than pretty much any other trading platform

There surely are and if not there will be many soon

I am sure some do it but it's not easy and there's always the risk of exchange running away with your funds and then you end up losing not only your profit but your initial investment also.

Im sure the guys who started the exchanges are making a living. Probably a few devs e.g. NXT? DASH? probably have enough of their own coins to live off. I doubt many others. I think the pump group guys are more talk than actual profits.

Those men of to-day, see just how they roll into my depths! .... Anyone can set up an anonymous exchange over Tor, and it may even ... As investors look at a new altcoin that has come out, they might ...... The current Bitcoin market is tiny, relative to the future desires of the 6 billion people who live on Earth