I think you should always track your profit into bitcoin and not any other currency, not even USDT. I think it's a mistake to do it any other way, because bitcoin is the still the "main" cryptocurrency out there, and should be used as a way track your profit. Of course that if BTC is declining you should sell it to USDT or that currency you've mentioned, but that is still a way to increase your BTC, since you can now buy it back at a low price, and still increase your stack. If another currency is doing better than BTC, then go ahead and buy, and again you will be increasing your BTC.
Of course it would be better to sell bitcoin for fiat when BTC is decreasing, but if you are using bittrex you can't really do that.
Topic: I've come across a problem with day trading crypto. Suggestions? (Read 139 times)
January 19, 2018, 05:50:06 PM
First of all, I don't want to hear the arguments about day trading vs long term, as I do both and have been holding alt-coins for about a year and they're currently sitting really good. I do some day trading on the stock market and I'd to do some on the crypto market as well since it's so volatile.
Here's the issue though; say I buy $1000 worth of ripple on my bittrex account and then sell at a 5% increase at $1050.
Obviously, when I sell the money will now be in bitcoin which will also be moving up or down. Say as I sell the ripple, bitcoin is on a downfall and it falls 5% now I'm right back where I started basically.
So the issue is there's no stable currency that I can convert to between trades to maintain my profits. I looked into nubits which is a coin on bittrex which is always supposed to be worth $1 but I see that it has dipped before down to like 50 cents so I'm a little uncomfortable. That may be the only option is to sell and then buy into nubits each time to hold the profits. Anyone have any better suggestions?
Here's the issue though; say I buy $1000 worth of ripple on my bittrex account and then sell at a 5% increase at $1050.
Obviously, when I sell the money will now be in bitcoin which will also be moving up or down. Say as I sell the ripple, bitcoin is on a downfall and it falls 5% now I'm right back where I started basically.
So the issue is there's no stable currency that I can convert to between trades to maintain my profits. I looked into nubits which is a coin on bittrex which is always supposed to be worth $1 but I see that it has dipped before down to like 50 cents so I'm a little uncomfortable. That may be the only option is to sell and then buy into nubits each time to hold the profits. Anyone have any better suggestions?
As you know, there is two different markets for trading, Usd market and Btc market.
So if you buy ripple with btc and sale at 5% you will get btc with 5% profit and same goes with usd market.
Your above calculation is right when you want to trade with btc but calculated the trading amount in usd.
Whatever the calculation is, when you sale ripple for btc you still profited 5% right? No matter if usd fallen for sometime.
You should only concentrate in one market and follow your gain & losses within that market.
When I look at my portfolio, I see huge gain in USD. But I don't care much about it.
The thing I only care how much I've gained in btc, it is because I do trading in btc. Btc/Usd rises & falls and I only be worried if I traded in usd.
I'm not sure if I have explained it clearly what I have wanted to explain. It was tough!
I see what you're saying but if you sell the ripple at a 5% profit and while you were holding the ripple the price of bitcoin also rose 5% then when you sell the ripple you end up with the same amount of btc that you started with.
You simply cannot do the calculations this way as far as I can understand.
When you will sale those ripples you will profit some btc, so it will most probably recover the loss (5% btc rise during xrp hodl) when you were holding ripples. Isn't it?
And another point is, when you are hodling ripples and btc rose by 5% than xrp/usd value also rose by 5% as far as I can think off.
Btc/usd rise means all altcoins price rise (altcoin/usd)
I hate maths... I just tried to find the answers.
A simple solution is,
You should just look for the gains & losses of btc when you trade in btc market
You should just look for the gains & losses of usd when you trade in usd market
Now need a break.
January 19, 2018, 05:36:50 PM
First of all, I don't want to hear the arguments about day trading vs long term, as I do both and have been holding alt-coins for about a year and they're currently sitting really good. I do some day trading on the stock market and I'd to do some on the crypto market as well since it's so volatile.
Here's the issue though; say I buy $1000 worth of ripple on my bittrex account and then sell at a 5% increase at $1050.
Obviously, when I sell the money will now be in bitcoin which will also be moving up or down. Say as I sell the ripple, bitcoin is on a downfall and it falls 5% now I'm right back where I started basically.
So the issue is there's no stable currency that I can convert to between trades to maintain my profits. I looked into nubits which is a coin on bittrex which is always supposed to be worth $1 but I see that it has dipped before down to like 50 cents so I'm a little uncomfortable. That may be the only option is to sell and then buy into nubits each time to hold the profits. Anyone have any better suggestions?
Here's the issue though; say I buy $1000 worth of ripple on my bittrex account and then sell at a 5% increase at $1050.
Obviously, when I sell the money will now be in bitcoin which will also be moving up or down. Say as I sell the ripple, bitcoin is on a downfall and it falls 5% now I'm right back where I started basically.
So the issue is there's no stable currency that I can convert to between trades to maintain my profits. I looked into nubits which is a coin on bittrex which is always supposed to be worth $1 but I see that it has dipped before down to like 50 cents so I'm a little uncomfortable. That may be the only option is to sell and then buy into nubits each time to hold the profits. Anyone have any better suggestions?
As you know, there is two different markets for trading, Usd market and Btc market.
So if you buy ripple with btc and sale at 5% you will get btc with 5% profit and same goes with usd market.
Your above calculation is right when you want to trade with btc but calculated the trading amount in usd.
Whatever the calculation is, when you sale ripple for btc you still profited 5% right? No matter if usd fallen for sometime.
You should only concentrate in one market and follow your gain & losses within that market.
When I look at my portfolio, I see huge gain in USD. But I don't care much about it.
The thing I only care how much I've gained in btc, it is because I do trading in btc. Btc/Usd rises & falls and I only be worried if I traded in usd.
I'm not sure if I have explained it clearly what I have wanted to explain. It was tough!
I see what you're saying but if you sell the ripple at a 5% profit and while you were holding the ripple the price of bitcoin also rose 5% then when you sell the ripple you end up with the same amount of btc that you started with.
You simply cannot do the calculations this way as far as I can understand.
When you will sale those ripples you will profit some btc, so it will most probably recover the loss (5% btc rise during xrp hodl) when you were holding ripples. Isn't it?
And another point is, when you are hodling ripples and btc rose by 5% than xrp/usd value also rose by 5% as far as I can think off.
Btc/usd rise means all altcoins price rise (altcoin/usd)
I hate maths... I just tried to find the answers.
A simple solution is,
You should just look for the gains & losses of btc when you trade in btc market
You should just look for the gains & losses of usd when you trade in usd market
Now need a break.
January 19, 2018, 05:04:52 PM
If you are manually trying to scalp it is very difficult unless you use trading platforms like COBINHOOD which have 0 fees or you trade on an exchange using an API trading bot and you can scalp many times during the day to make it worth your while. Arbitrage is good if you can find opportunities to do arbing but then the fees are expensive and you need a lot of money to do arbitrage. So day trading is not the easiest of tasks, I prefer to locate crypto winners and hold for long term multiplier gains.
January 19, 2018, 04:59:05 PM
Day Trading in crypto sucks, it makes sense only if you need money tomorrow to buy a new dress for your wife.
January 19, 2018, 04:33:10 PM
First of all, I don't want to hear the arguments about day trading vs long term, as I do both and have been holding alt-coins for about a year and they're currently sitting really good. I do some day trading on the stock market and I'd to do some on the crypto market as well since it's so volatile.
Here's the issue though; say I buy $1000 worth of ripple on my bittrex account and then sell at a 5% increase at $1050.
Obviously, when I sell the money will now be in bitcoin which will also be moving up or down. Say as I sell the ripple, bitcoin is on a downfall and it falls 5% now I'm right back where I started basically.
So the issue is there's no stable currency that I can convert to between trades to maintain my profits. I looked into nubits which is a coin on bittrex which is always supposed to be worth $1 but I see that it has dipped before down to like 50 cents so I'm a little uncomfortable. That may be the only option is to sell and then buy into nubits each time to hold the profits. Anyone have any better suggestions?
Here's the issue though; say I buy $1000 worth of ripple on my bittrex account and then sell at a 5% increase at $1050.
Obviously, when I sell the money will now be in bitcoin which will also be moving up or down. Say as I sell the ripple, bitcoin is on a downfall and it falls 5% now I'm right back where I started basically.
So the issue is there's no stable currency that I can convert to between trades to maintain my profits. I looked into nubits which is a coin on bittrex which is always supposed to be worth $1 but I see that it has dipped before down to like 50 cents so I'm a little uncomfortable. That may be the only option is to sell and then buy into nubits each time to hold the profits. Anyone have any better suggestions?
As you know, there is two different markets for trading, Usd market and Btc market.
So if you buy ripple with btc and sale at 5% you will get btc with 5% profit and same goes with usd market.
Your above calculation is right when you want to trade with btc but calculated the trading amount in usd.
Whatever the calculation is, when you sale ripple for btc you still profited 5% right? No matter if usd fallen for sometime.
You should only concentrate in one market and follow your gain & losses within that market.
When I look at my portfolio, I see huge gain in USD. But I don't care much about it.
The thing I only care how much I've gained in btc, it is because I do trading in btc. Btc/Usd rises & falls and I only be worried if I traded in usd.
I'm not sure if I have explained it clearly what I have wanted to explain. It was tough!
I see what you're saying but if you sell the ripple at a 5% profit and while you were holding the ripple the price of bitcoin also rose 5% then when you sell the ripple you end up with the same amount of btc that you started with.
January 19, 2018, 04:26:57 PM
First of all, I don't want to hear the arguments about day trading vs long term, as I do both and have been holding alt-coins for about a year and they're currently sitting really good. I do some day trading on the stock market and I'd to do some on the crypto market as well since it's so volatile.
Here's the issue though; say I buy $1000 worth of ripple on my bittrex account and then sell at a 5% increase at $1050.
Obviously, when I sell the money will now be in bitcoin which will also be moving up or down. Say as I sell the ripple, bitcoin is on a downfall and it falls 5% now I'm right back where I started basically.
So the issue is there's no stable currency that I can convert to between trades to maintain my profits. I looked into nubits which is a coin on bittrex which is always supposed to be worth $1 but I see that it has dipped before down to like 50 cents so I'm a little uncomfortable. That may be the only option is to sell and then buy into nubits each time to hold the profits. Anyone have any better suggestions?
Here's the issue though; say I buy $1000 worth of ripple on my bittrex account and then sell at a 5% increase at $1050.
Obviously, when I sell the money will now be in bitcoin which will also be moving up or down. Say as I sell the ripple, bitcoin is on a downfall and it falls 5% now I'm right back where I started basically.
So the issue is there's no stable currency that I can convert to between trades to maintain my profits. I looked into nubits which is a coin on bittrex which is always supposed to be worth $1 but I see that it has dipped before down to like 50 cents so I'm a little uncomfortable. That may be the only option is to sell and then buy into nubits each time to hold the profits. Anyone have any better suggestions?
As you know, there is two different markets for trading, Usd market and Btc market.
So if you buy ripple with btc and sale at 5% you will get btc with 5% profit and same goes with usd market.
Your above calculation is right when you want to trade with btc but calculated the trading amount in usd.
Whatever the calculation is, when you sale ripple for btc you still profited 5% right? No matter if usd fallen for sometime.
You should only concentrate in one market and follow your gain & losses within that market.
When I look at my portfolio, I see huge gain in USD. But I don't care much about it.
The thing I only care how much I've gained in btc, it is because I do trading in btc. Btc/Usd rises & falls and I only be worried if I traded in usd.
I'm not sure if I have explained it clearly what I have wanted to explain. It was tough!
January 19, 2018, 04:11:26 PM
You could try trading Ripple directly against fiat. See the following markets:
https://coinmarketcap.com/currencies/ripple/#markets
You can trade it against the Korean won on the Korean exchanges, against the Euro on Kraken, and against teh dollar on Bitstamp and Bitfinex.
https://coinmarketcap.com/currencies/ripple/#markets
You can trade it against the Korean won on the Korean exchanges, against the Euro on Kraken, and against teh dollar on Bitstamp and Bitfinex.
January 19, 2018, 03:50:34 PM
If you are for the long term, I'd say I'd take any increases in bitcoin as I can regardless of the current market value of it. Bitcoin's price is fluctuating, yes, but chart data tells us that in the long run, bitcoin has a tendency to go nuts in price, so why not aim for more bitcoin instead of aiming for more USD? Also, if you are in doubt, you can try out tether and see whether it works your anxiety out (though I advice you not to go this route). There's the dilemma: you enter the world of crypto to fatten your fiat wallet and not your crypto wallet. Why not do the former and win bigger?
January 19, 2018, 03:10:40 PM
First of all, I don't want to hear the arguments about day trading vs long term, as I do both and have been holding alt-coins for about a year and they're currently sitting really good. I do some day trading on the stock market and I'd to do some on the crypto market as well since it's so volatile.
Here's the issue though; say I buy $1000 worth of ripple on my bittrex account and then sell at a 5% increase at $1050.
Obviously, when I sell the money will now be in bitcoin which will also be moving up or down. Say as I sell the ripple, bitcoin is on a downfall and it falls 5% now I'm right back where I started basically.
So the issue is there's no stable currency that I can convert to between trades to maintain my profits. I looked into nubits which is a coin on bittrex which is always supposed to be worth $1 but I see that it has dipped before down to like 50 cents so I'm a little uncomfortable. That may be the only option is to sell and then buy into nubits each time to hold the profits. Anyone have any better suggestions?
I always make USD or tether as a benchmark in trading, you can check in marketcap the value of tether (usd) is almost always flat, if you trade in the local market you can make your country currency as its benchmark. Here's the issue though; say I buy $1000 worth of ripple on my bittrex account and then sell at a 5% increase at $1050.
Obviously, when I sell the money will now be in bitcoin which will also be moving up or down. Say as I sell the ripple, bitcoin is on a downfall and it falls 5% now I'm right back where I started basically.
So the issue is there's no stable currency that I can convert to between trades to maintain my profits. I looked into nubits which is a coin on bittrex which is always supposed to be worth $1 but I see that it has dipped before down to like 50 cents so I'm a little uncomfortable. That may be the only option is to sell and then buy into nubits each time to hold the profits. Anyone have any better suggestions?
January 19, 2018, 03:07:13 PM
I just realized that on bittrex you can just sell the bitcoin for tether after trades I think that will be my solution here.
January 19, 2018, 03:01:32 PM
Im new at daily trading and I have the same problem when I started few weeks ago.
The only way I consider a trading a SUCCESSFULLY is if it gives me more SATOSHIES instead of USD, no matter the price, the only thing I just looking for is an extra satoshi.
It took me 2 weeks of daily trading only to have more balance in USD but less in BTC, so I decided just to try to get more satoshies instead of money.
Forget about more USD, you will get more USD if you get more satoshies, no other way, even if BTC price drops you need to be happy if you have more satoshies.
Just my two cents, I only have 1 month of daily trading experience but at least I got 25% more in my btc balance so Im happy.
The only way I consider a trading a SUCCESSFULLY is if it gives me more SATOSHIES instead of USD, no matter the price, the only thing I just looking for is an extra satoshi.
It took me 2 weeks of daily trading only to have more balance in USD but less in BTC, so I decided just to try to get more satoshies instead of money.
Forget about more USD, you will get more USD if you get more satoshies, no other way, even if BTC price drops you need to be happy if you have more satoshies.
Just my two cents, I only have 1 month of daily trading experience but at least I got 25% more in my btc balance so Im happy.
January 19, 2018, 02:52:37 PM
Thanks for the input, however; a 5% target isn't bad in my experience with crypto trading and stop losses will always protect from "ending up nothing." For me, I will always be holding cryptos as long as the market stays strong like it's been, but I also need some excitement; quick trades give me a rush. Of course you won't always be right you'll win some and lose some. I'm a firm believer in setting stop losses though and I manage risk quite well.
January 19, 2018, 02:43:28 PM
First of all, I don't want to hear the arguments about day trading vs long term, as I do both and have been holding alt-coins for about a year and they're currently sitting really good. I do some day trading on the stock market and I'd to do some on the crypto market as well since it's so volatile.
Here's the issue though; say I buy $1000 worth of ripple on my bittrex account and then sell at a 5% increase at $1050.
Obviously, when I sell the money will now be in bitcoin which will also be moving up or down. Say as I sell the ripple, bitcoin is on a downfall and it falls 5% now I'm right back where I started basically.
So the issue is there's no stable currency that I can convert to between trades to maintain my profits. I looked into nubits which is a coin on bittrex which is always supposed to be worth $1 but I see that it has dipped before down to like 50 cents so I'm a little uncomfortable. That may be the only option is to sell and then buy into nubits each time to hold the profits. Anyone have any better suggestions?
Here's the issue though; say I buy $1000 worth of ripple on my bittrex account and then sell at a 5% increase at $1050.
Obviously, when I sell the money will now be in bitcoin which will also be moving up or down. Say as I sell the ripple, bitcoin is on a downfall and it falls 5% now I'm right back where I started basically.
So the issue is there's no stable currency that I can convert to between trades to maintain my profits. I looked into nubits which is a coin on bittrex which is always supposed to be worth $1 but I see that it has dipped before down to like 50 cents so I'm a little uncomfortable. That may be the only option is to sell and then buy into nubits each time to hold the profits. Anyone have any better suggestions?
You are doing trading for a year now so it's obvious that there's no stable price in cryptocurrency. Also with the test that you made you must already made an analyzation that day trades is not applicable at all altcoins. 5% increase target just to have a quick profits in day trades is not a wise way to execute. You will end up nothing with that method.
Since you have some sort of confusion on what to do, then stick with the idea of holding while at the same time taking closely the price watch. Here is the challenge for the volatile world of cryptocurrencies, we must find our winning strategy in order to gain profits at both short or long term trades.
January 19, 2018, 02:30:48 PM
there are no solution for that,
because everything is valued in general,which mean when the price for 'Coin X' increased in term of Bitcoin,
on the other hand,its value will not increase.
because Bitcoin movement right now is not in a stable range which will cause a huge upward or downward movement.
so,the best thing that you need to do is to stop it.
or accumulating more Bitcoin for a long run,
doing a daily trading is not an easy task,because Bitcoin price can change at anytime.
because everything is valued in general,which mean when the price for 'Coin X' increased in term of Bitcoin,
on the other hand,its value will not increase.
because Bitcoin movement right now is not in a stable range which will cause a huge upward or downward movement.
so,the best thing that you need to do is to stop it.
or accumulating more Bitcoin for a long run,
doing a daily trading is not an easy task,because Bitcoin price can change at anytime.
But that is where you are wrong pal, the solution is simple. Don't day trade! You cannot "secure" your profits by going into anything else I don't think because Bitcoin is volatile. You may be able to use Tether but I haven't looked into them because of the Bitfinex scandal, it may be what you need or want though take a look.
January 19, 2018, 02:01:56 PM
If you doing day trading these days, it is risky because bitcoin market movements are very high. If you have btc or alt coins keep them safely. We don't know exactly where the market goes. Many news all around the world and those are affect to the crypto market as well. But my view is bitcoin has a future. Buy your coin bottom and don't sell without profit. I bought 1 btc at 950 $, see now, is it not a profit. Keep Calm and Hold.
January 19, 2018, 01:51:17 PM
there are no solution for that,
because everything is valued in general,which mean when the price for 'Coin X' increased in term of Bitcoin,
on the other hand,its value will not increase.
because Bitcoin movement right now is not in a stable range which will cause a huge upward or downward movement.
so,the best thing that you need to do is to stop it.
or accumulating more Bitcoin for a long run,
doing a daily trading is not an easy task,because Bitcoin price can change at anytime.
because everything is valued in general,which mean when the price for 'Coin X' increased in term of Bitcoin,
on the other hand,its value will not increase.
because Bitcoin movement right now is not in a stable range which will cause a huge upward or downward movement.
so,the best thing that you need to do is to stop it.
or accumulating more Bitcoin for a long run,
doing a daily trading is not an easy task,because Bitcoin price can change at anytime.
January 19, 2018, 01:30:32 PM
Do not do day trading anymore! When are you going to understand that is not profitable anymore? Just stop doing that, if you want to buy ripple, just buy it and keep it until the price goes up again. Do not do day trade, you can easily earn much more money if you just hold some coins.
January 19, 2018, 12:51:29 PM
First of all, I don't want to hear the arguments about day trading vs long term, as I do both and have been holding alt-coins for about a year and they're currently sitting really good. I do some day trading on the stock market and I'd to do some on the crypto market as well since it's so volatile.
Here's the issue though; say I buy $1000 worth of ripple on my bittrex account and then sell at a 5% increase at $1050.
Obviously, when I sell the money will now be in bitcoin which will also be moving up or down. Say as I sell the ripple, bitcoin is on a downfall and it falls 5% now I'm right back where I started basically.
So the issue is there's no stable currency that I can convert to between trades to maintain my profits. I looked into nubits which is a coin on bittrex which is always supposed to be worth $1 but I see that it has dipped before down to like 50 cents so I'm a little uncomfortable. That may be the only option is to sell and then buy into nubits each time to hold the profits. Anyone have any better suggestions?
Here's the issue though; say I buy $1000 worth of ripple on my bittrex account and then sell at a 5% increase at $1050.
Obviously, when I sell the money will now be in bitcoin which will also be moving up or down. Say as I sell the ripple, bitcoin is on a downfall and it falls 5% now I'm right back where I started basically.
So the issue is there's no stable currency that I can convert to between trades to maintain my profits. I looked into nubits which is a coin on bittrex which is always supposed to be worth $1 but I see that it has dipped before down to like 50 cents so I'm a little uncomfortable. That may be the only option is to sell and then buy into nubits each time to hold the profits. Anyone have any better suggestions?
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