Is there any reason to day trade anything other than bitcoin? - page 2.

TheUltraElite

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Quote from: DeathProxy on October 14, 2019, 04:05:16 AM

Yes, we all know that Bitcoin is not as volatile as altcoins, Altcoin tends to give more profit in a short term than bitcoin.

Short term gains if make you happy then you should go for them. But having a huge portfolio it becomes tough to manage everything in one place. When you start adding on millions of shitcoins you are bound to get in a mess.

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But one must make sure that the altcoin in question should have enough volume so as to accommodate any dump and reduce chance of much loss.

Volume becomes secondary once the pump and dump beings. Bagholders pump their shills and make them buy while they dump on them. At that time you would be confused as to whether buy or sell and before you know it, all selling opportunities will run out.

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Another important thing to note is to make sure that if you must trade altcoin on day trade is to make sure that you trade altcoin that have good credibility score of which the team wont dump on you at the slightest chance

Every and everyone of the altcoin devs will dump on your head when they want. Advisors and devs are in it for the money. They are least bothered about the project. That was their main motif before starting and will remain so. This is the reason why the development of many projects is slow and questionable.

yulionoo

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in my opinion there are several reasons to hold other than bitcoin. because I myself prefer to trade and hold more than one coin. but I disagree with your statement that says altcoind can have far greater benefits than bitcoin in the long run. I think holding Altcoin with a long-term strategy is actually more risky than holding Bitcoin. I would suggest to trade altcoin by trading daily. because I myself have experienced losses when I have altcoin and have a strategy to hold for a long time. I hope with altcoin that I hold can rise to the first price of the coin appears, it turns out that expectations do not match reality.
for me trading altcoin is faster to get profits, because in my opinion the tide of the altcoin market price tends to be greater, and such conditions can be utilized to trade. and in the case of trading do not just rely on one coin if indeed we can still take advantage with other coins.

DeadCoin

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Quote from: ReiMomo on October 15, 2019, 05:17:49 AM

Quote from: DeathProxy on October 14, 2019, 04:05:16 AM

Yes, we all know that Bitcoin is not as volatile as altcoins, Altcoin tends to give more profit in a short term than bitcoin. But one must make sure that the altcoin in question should have enough volume so as to accommodate any dump and reduce chance of much loss. Another important thing to note is to make sure that if you must trade altcoin on day trade is to make sure that you trade altcoin that have good credibility score of which the team wont dump on you at the slightest chance

Yes, you are right. I have a friend who invests in altcoins way back year 2017 and that's even not a long term investment. It only takes around 2 weeks then he trades it and earns a big profit. His $5 turns into $1000 and it's a really big earning the reason why I do believe that you can earn more in altcoins rather than in bitcoin. But choosing potential coins is better to have, every decision you have made in trading is a very risky part. You should always do research when you are in trading and bitcoin is the best for long term holding.

I do trade altcoins. Yes we have number of best altcoins like Matic, One, BNB, ERD, COS and Ont. These are the altcoins i do have in my portforlio including BTC and ETH. I target 5 to 10% of profits and i get it in one or two days. Analyse and choose the best potential altcoin.

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Quote from: DeathProxy on October 14, 2019, 04:05:16 AM

Yes, we all know that Bitcoin is not as volatile as altcoins, Altcoin tends to give more profit in a short term than bitcoin. But one must make sure that the altcoin in question should have enough volume so as to accommodate any dump and reduce chance of much loss. Another important thing to note is to make sure that if you must trade altcoin on day trade is to make sure that you trade altcoin that have good credibility score of which the team wont dump on you at the slightest chance

Yes, you are right. I have a friend who invests in altcoins way back year 2017 and that's even not a long term investment. It only takes around 2 weeks then he trades it and earns a big profit. His $5 turns into $1000 and it's a really big earning the reason why I do believe that you can earn more in altcoins rather than in bitcoin. But choosing potential coins is better to have, every decision you have made in trading is a very risky part. You should always do research when you are in trading and bitcoin is the best for long term holding.

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Quote from: Arsenyo on October 13, 2019, 02:43:28 AM

I think it depends on your capital mostly, for small capital traders it is better to trade altcoins. Just choose those alts that have high volume and those exchanges that do not manipulate volume, for example binance. Of course btc and eth is the best choice to trade, it can make you a huge profit, but you should be able to wait patiently for weeks, months, or even years.

It is simple, if you want to make big profits then go trade altcoins that has smaller market capitalization because they have a bigger room to grow compare to the top cryptocurrencies in the market where their potential market capitalization is almost maximized. Trading bitcoin and other big cryptocurrencies is hard because you need higher skills and it will require more time since the big whales are also playing with you.

OP only looking for a day trade , we know that you can earn much higher profit in altcoin but for day trade i will not concidered this one. the better way to say is to choose wisely what coin will you trade daily.

DeathProxy

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Yes, we all know that Bitcoin is not as volatile as altcoins, Altcoin tends to give more profit in a short term than bitcoin. But one must make sure that the altcoin in question should have enough volume so as to accommodate any dump and reduce chance of much loss. Another important thing to note is to make sure that if you must trade altcoin on day trade is to make sure that you trade altcoin that have good credibility score of which the team wont dump on you at the slightest chance

yurekaa

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in my opinion, when we are able to make a profit from crypto, it's better we don't just trade with just one type of coin. indeed in trading altcoin has more risk, than the top 10 coins. but my reason for trading with other than bitcoin is because I feel that when the price of bitcoin is quite stable in some time and I cannot benefit from bitcoin, I can make a profit by buying altcoin and doing short-term trading. I feel that trading altcoin can also benefit, and my advice is if trading altcoin, try to trade daily, we must always look at market volume. and I prefer to trade more than one coin rather than just holding one coin.

barabarian1

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I believe that bitcoin is the best coin in the crypto world. but I suggest trading with altcoin too and not holding just one coin.
I have several reasons to trade other than bitcoin. because in my opinion, when we do daily trading, the up and down movements of coin prices in the market are not dependent on just one coin. for example when bitcoin prices go down, some altcoins are experiencing an increase. so that when we can not sell sell coins when the coin has decreased in price, we can still sell other coins that we hold when experiencing price increases. with a strategy like that, in my opinion can turn a profit. so in my opinion as a trader, it doesn't hurt if we hold and trade with other than bitcoin.

Arsenyo

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I think it depends on your capital mostly, for small capital traders it is better to trade altcoins. Just choose those alts that have high volume and those exchanges that do not manipulate volume, for example binance. Of course btc and eth is the best choice to trade, it can make you a huge profit, but you should be able to wait patiently for weeks, months, or even years.

Golstrim

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Well, I prefer to trade ethereum swap contract. I trade both bitcoin and ethereum daily. But you know, I understand ethereum more than bitcoin and there is enough volatility and liquidity for me.
I've tried to trade xrp and it is ok for day trading. There are different patterns and when BTC is fluctuating eth and xrp can show positive trend

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Quote from: CryptopreneurBrainboss on September 20, 2019, 04:43:56 AM

Quote from: TheUltraElite on September 20, 2019, 03:56:41 AM

Most altcoins are more attractive to the newbie traders trying to get lucky. Trading altcoins, you need to be a very vigilant trader and time aware.

You never know when the pump or dump is going to end and when the project owners are going to sell out their tokens.

That's why in my opinion altcoins are the most interesting coins to trade. The industry (altcoin industry) is so unpredictable that if you're at the right place at the right time and make the right decision you can profit massively than trading bitcoin. Trading bitcoin isn't that profitable with small capital like altcoins although you have to pick the correct period to engaging in trading them.

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Those are lot of ifs don't you think? It is true your profits can be many times better than what you can get by trading bitcoin but you are basically relying on your luck by trying to trade the right coin at the right time, but the issue with such a strategy is that you will never know when it is the right time and if the market takes too long to become favourable then there is a serious chance you will lose your money before you can see the growth that you were expecting.

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Quote from: CryptopreneurBrainboss on September 20, 2019, 04:43:56 AM

Quote from: TheUltraElite on September 20, 2019, 03:56:41 AM

Most altcoins are more attractive to the newbie traders trying to get lucky. Trading altcoins, you need to be a very vigilant trader and time aware.

You never know when the pump or dump is going to end and when the project owners are going to sell out their tokens.

That's why in my opinion altcoins are the most interesting coins to trade. The industry (altcoin industry) is so unpredictable that if you're at the right place at the right time and make the right decision you can profit massively than trading bitcoin. Trading bitcoin isn't that profitable with small capital like altcoins although you have to pick the correct period to engaging in trading them.

The current market period doesn't encourage Altcoin trading neither does it encourage investing in any random project out there. We're in the season of bitcoin trading, while holding your altcoins with hopes of future price increase. Very soon the bitcoin market will experience mostly uptrend as we build toward the halving of block reward incident then trading will become less profitable compared to holding.

Generally, altcoins were in major downtrend since 2017. It will be very difficult to predict its time to move up again. It is possible to gain 100% in several days but it it doesn't mean you are in profit because most altcoins dropped not just 100% but 1000% or even higher.

Trading bitcoin with a minimum capital can still profit big my margin trading. There are multipliers even reaching x100 in Bitmex. While this leverage trading is risky, I cannot see any big difference when trading with altcoins.

CryptopreneurBrainboss

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Quote from: TheUltraElite on September 20, 2019, 03:56:41 AM

Most altcoins are more attractive to the newbie traders trying to get lucky. Trading altcoins, you need to be a very vigilant trader and time aware.

You never know when the pump or dump is going to end and when the project owners are going to sell out their tokens.

That's why in my opinion altcoins are the most interesting coins to trade. The industry (altcoin industry) is so unpredictable that if you're at the right place at the right time and make the right decision you can profit massively than trading bitcoin. Trading bitcoin isn't that profitable with small capital like altcoins although you have to pick the correct period to engaging in trading them.

The current market period doesn't encourage Altcoin trading neither does it encourage investing in any random project out there. We're in the season of bitcoin trading, while holding your altcoins with hopes of future price increase. Very soon the bitcoin market will experience mostly uptrend as we build toward the halving of block reward incident then trading will become less profitable compared to holding.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: awik p on September 16, 2019, 11:40:08 PM

I think it depends on everyone's trading style to choose BTC or altcoin

No. Bitcoin traders are those understand the risks associated with bitcoin and the possible sources of price reduction or gain. They are more veteran of the traders and most of the time have been those disgruntled by the problems with different altcoins which have promised something but failed to deliver it. Most altcoins are more attractive to the newbie traders trying to get lucky. Trading altcoins, you need to be a very vigilant trader and time aware.

You never know when the pump or dump is going to end and when the project owners are going to sell out their tokens. This is also the reason why altcoin projects fail to deliver anything at all useful and is the source of dissent among the community.

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Quote from: awik p on September 16, 2019, 11:40:08 PM

Quote from: 1BTC EQUALS 1CAR on September 14, 2019, 07:23:23 AM

If you are impatient and does aim for a maximum profit then yes. I mean, honestly I don't have a lot of money and I will not just wait for bitcoin to spike because it will take me months. However, my chances can be increased if I gamble on other altcoins. It's still up to you bro to make the final decision and I am just here to give suggestion. My decision has given me good and best results though.

There is nothing wrong with your mission, the important thing is we must know our goals and be consistent with the plan. we must know that trading on altcoin with greater volatile means it has a greater risk. but if the market reality is in accordance with the analysis, big profits will be obtained. I think it depends on everyone's trading style to choose BTC or altcoin

It is like how to survive, people usually have their own strategy. As long we can manage profit and can manage our trading activity, day trading, or long term trading is not a serious problem. But it is true if day trading with bitcoin sometime not good thing to do because bitcoin price move slower and sometime it is only a little percent. So for day trading will need big capital of money.

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Quote from: 1BTC EQUALS 1CAR on September 14, 2019, 07:23:23 AM

If you are impatient and does aim for a maximum profit then yes. I mean, honestly I don't have a lot of money and I will not just wait for bitcoin to spike because it will take me months. However, my chances can be increased if I gamble on other altcoins. It's still up to you bro to make the final decision and I am just here to give suggestion. My decision has given me good and best results though.

There is nothing wrong with your mission, the important thing is we must know our goals and be consistent with the plan. we must know that trading on altcoin with greater volatile means it has a greater risk. but if the market reality is in accordance with the analysis, big profits will be obtained. I think it depends on everyone's trading style to choose BTC or altcoin

1BTC EQUALS 1CAR

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If you are impatient and does aim for a maximum profit then yes. I mean, honestly I don't have a lot of money and I will not just wait for bitcoin to spike because it will take me months. However, my chances can be increased if I gamble on other altcoins. It's still up to you bro to make the final decision and I am just here to give suggestion. My decision has given me good and best results though.

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Quote from: pinkpanther03 on September 09, 2019, 11:40:20 AM

If you feel that day trade can give profit everyday, you can able to implement anytime you want.
Because for me Bitcoin was only good for long term only then for day trading altcoins was the best
tools on this method for us to ear more in trading.

Day traders usually use at least 5-7 pairs, and Bitcoin is not always the best choice for this business. Everything depends on the chosen strategy. The first step to do here is to create a portfolio, filling it with the "right" tokens that can be good pairs potentially. Further, the exchanges should be chosen (and not one as some guys offer here). Pick at least 3 exchanges to deal with.

hizzy

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I thought about this several times, but have not yet found a suitable exchange. Do you think Whitebit will be good?

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Bitcoin is a more reliable investment and has a higher capitalization, but compared to many other cryptocurrencies, it is less likely to grow 10-20 times in the next few years

Yes, sure, but the question was about day trading. There is a lot of conflicting information about these strategies with cryptocurrencies. People can also use different of them, some of which are meaningless. You will meet “experts” who advise you to choose altcoins with minimal volatility. However, since volatility is a friend of the day trader, such advice is contrary to common sense.

Topic: Is there any reason to day trade anything other than bitcoin? - page 2. (Read 20936 times)