Topic: My Daytrading Diary (from 0.0354 to the moon!) - page 2. (Read 753 times)

I may have said this before but I say it anyway: The thing is that I don't use stop loss. I think, and that's my personal opinion, that stop loss is no good. In crypto world some coin can easily lose 10% of its value and then rise again the next day.

I don't follow the ETH/USD trade, only ETH/BTC. I still hold the ETH but ripples got sold at the orginal pricepoint, that is 2% higher than bought.

ETH is almost hitting $370 now. You should have bought it when the price is below $300 because its really a roller coaster ride for ETH. But at least you are still on the + side of your trading and doing good. Still holding your ripple though?

And this shows that day trading is not that easy guys, sometimes you get lucky and buy in dips and then suddenly the coin goes to the moon. Just keep what you are doing and I think you could get to your goals, assuming your capital didn't get burnt with all of this price swings lately.

Time to update this. So I started week ago with 0.0354. I was doing quite good few days ago and almost reached 0.04 but today it was 0.355, so back in the beginning. The biggest problem is ethereum I bought before price drop. Maybe next week will be better.

I still hold the ripple. Yesterday I did succeed with bitcoin cash and ethereum classic, both with 1.5% profit after expences.

I'm not very experienced. I have tried with stocks years ago, but that didn't pay off. In some level I know support levels but I'm not very into them. That's because I believe all well-know analyses have already been used up. (I realize that I may be wrong in this as cryptocurrency trading is very new compared to stocks or gold or fiat currencies or ...)

About stop loss: I bought some pot coins when trying this last week. Soon I realized that was a huge mistake and forgot them there with sell order higher than buying price. That had been fullfilled later, after all. With stop-loss it would have been a loss.

My advice would be to buy and sell based on support and resistance. I'd recommend trading longer timeframes such as 1H and 4H charts but honestly I think your account size is too small for that. So you will need to trade shorter timeframes though I wouldn't recommend less than 15min charts.

I'm not sure on your knowledge and experience level when it comes to trading, but to find support levels look for previous lows and draw a line thru the lows to create a support line. The line can be inclined or horrizontal and you should see price bouncing off this line or bouncing back within that zone. Do the same but for highs to form a resistance line. These two lines should  be somewhat parallel and should form a channel. Buy when price bounces off a support line, and sell when price bounces off a resistance line.

Make sure to set a stop loss level so you don't blow your account and try to keep risk per trade to 1%-2% max. Set a take profit level too so you don't have to sit staring at your computer and charts all day.

With a small account it will take a very long time to make decent money but if you realise your trading is profitable then you can find the money to add to your account knowing that your trade strategy is working.

Best of luck! I hope to hear you're swimming in money soon!  

this is nice, and it is a nice way to see and take a look over your daily profits, i use to do this when i used to do forex, i had a daily diary on myfxbook and i used to post all my profits/losses in there, and i had a few followers in there, lol.
But 0.0354 is not a huge amount of money, and you should not be always in front of your computer to trade with that amount because it is going to give you a huge headache just for being trading with less than 200 dollars.
Good luck with this, i will keep a look in there in a few days just to see your profits.

It would be nice to know more about what you want to achieve and how do you want to achieve the goals of your journey, what you describe happens all the time, and it should not scare you, no one is going to be able to get the best possible price for their coins unless they are very lucky so keep holding and wait for your opportunity I am sure it is not going to be that long the time you are going to need to hold in order to get your target profits.

So, I started daytrading officially yesterday (I did some trials last week.) My strategy is to hold two altcoins until they are sold for 2% more than buying price. This was going good, until someone put a massive pile of ripple for sale just after I bought it. This is going to take a year before I can get rid of those.