Topic: So far my 2nd day of trading has been quite a bit different than the first day (Read 582 times)

This. Try to hold siacoin for a least a month and see where it progress. If you don't like what you are seeing then sell your coins with a small lose then invest on other coins. My experience is 3 weeks, holding it then selling if it is not going my way. I'm also not into shorting, I don't like how it works, maybe its just me. If you have extra, then at least diversity 3-4 coins and hold on it.

If you find short-term trading too risky maybe you should try long-term.. hold for1week— 1month. Am holding Siacoin too. I have strong feeling Sia will hit 700—900 soon. It is still undervalued if you ask me

Seems you have some reasons why and how to trade altcoins, for some coins sometimes it pump and the dump without any chance to get back. Many people think to buy cheaper coins as a way to doubled their funds instantly, I don't think it works due mostly people will loss while some lucky to get profits from others.
I recommend to invest on some famous coins, such as bitcoin, or good project such as dcorp crowdsale.

that is how trading altcoins work!
one day they are all good and rising and the other day they are dropping like a stone. from outside it all looks random but when you get deeper in and study the movements you can see it is not really random at all.

what happens is that pumpers come in and start pumping an altcoin, there can be many methods such as the pump groups telling the sheeps following them to buy that coin to get it pumped. and as soon as they start buying the pumpers leave. that is why you see a drop and death after the rises.

I think you are at a pivotal moment right now as a trader. You need to ask yourself whether you want to invest, trade, or gamble. If you are making trades of any asset (especially crypto) every single day, you are gambling. Nobody, no matter what they tell you, can consistently profit from daily price fluctuations.

If you want to make a reasonable amount of money over a long period of time, you should be investing, not trading. This might not be what you want, and if it is not then I don't blame you. 8% annual ROI can et pretty boring, even if it is safe.

If you want to try to make a ton of money super quickly, the. Keep doing what you are doing, but know that it is gambling and almost entirely luck based. You have as good a chance of losing all that money as you do winning.

Lastly, if you want to consistently make solid profits, learn trading. However, don't trade every day and don't stay exclusive to crypto. You can make 50%+ annually if you are good, and that is how people generate a lot of wealth... not through massive one time gains, but steady growth over years.

I would recommend you spend several months at least going back to the drawing board. Learn about fundamental and technical methods of determining an asset's value. Learn about value investing. Learn to take advantage of disparities between an asset's price and value. This is how wall st makes money, and how good traders become great traders. It requires patience and the ability to keep a calm and steady hand while managing your emotions during times of volatility.

I would also highly recommend spending months practicing trading before putting your own money in. You can do that with the paper trading simulator here: www.demoinvestor.com.

Just FYI, I usually make maybe 5-7 trades per month. I've found trying to profit on fluctuations over 1-3 month periods of time to be extremely effective. I've doubled my investment over the past year, and been consistently profitin on the majority of my trades.

So anyway, you can keep gambling if that's what you want to do, but know that if you are willing to put the time in, learning how to trade can yield a much bigger reward over a longer period of time.

Currently I'm in a loss situation because of my own stupidity I dumped Bitcoin thinking that I've found a perfect altcoin to earn a %100-%150 profit.

But even now after more than 8 months of active trading I know nothing about trading, I know however most of the exchanges are manipulating

The markets, besides that devs of coins will dump as soon as the price starts pumping and leaving traders like me hanging with loss.

Every day the market varies. We need to have a perfect analysis before selecting a particular altcoin. Random selection gives profit only if you're lucky, else you need the backing to hold it for a long and sell once again it pumps. Else it's not the way to make a profit out of trading.

Don't panic sell if you loss huge from the fall. Better hold them and wait again for pump. Trading is a difficult but high earning job. But im not recommend that you go full time on trading. Its very dangerous. Anyway, i think you've just jump on the peak. That's a wrong move, my friend. Don't just jump on a coin because of what you see. Make a study first before jumping. Read some news about the particular altcoin. Sometime its easy to determine whether the coin will pump or not.

I had the same experience before when I first started trading, I didn't know anything about what coins to buy and bought the cheapest one too since I didn't have that much capital. What I did though when I bought a coin and it kept on dumping was I did averaging, that's one thing I've learned about trading too. If it keeps on dumping, make sure you have enough profit to buy them at its current price.

I follow a general rule which mostly helps but sometimes even incur losses too.

- Unless you know altcoin if you are investing , do not invest in such coins. Only invest in btc
- Keep a set target and once it achieve it buy/sell it . Do not wait for price to rise always.

every single trade that you make must have a damn good reason for it.

(i am assuming you mean this when you say SC: http://coinmarketcap.com/currencies/siacoin/)
i have a feeling that you are randomly selecting these altcoins and then buying them at price that your gut tells you to. if my suspicion is true then this won't end well for you. this is just a start of your money loss.

mistakes i see you have made:
1. choosing a random altcoin
2. bad timing, you are there in the dumping phase or at least it is after the pump happened.
3. holding it without selling during the dump. you should learn what "stop loss" means and use it.

also there is no weekend in cryptomarket. it is global and there are a lot of people from a lot of countries in it and because of that you can't really come up with any time or day of the week for pump and dumps.

The idea of double buying from my own experience is not a good one. Most time you will get more hurt especially when the coins is at a dump stage. The ideas that most currencies are drop at weekend is not realistic to me. I do double in profit from my coins investment weekend infact last two weeks I make 210% profit from weekend investment.

I purchased SC on a pretty decent drop.  Then it continued to drop.  And continued to drop.  It took about 4 hours to rise back up to a price where I could sell for 1% - 2% profit.  Since I'm waiting for my bank transfer $ I didn't have enough in my account to double down on the continued drop.  I have a question about the double down concept...should that be used as a last resort only?  Would I set my selling price to just get out of the trade at a slight profit?  I guess these question would depend upon what was happening in the market.

I wondered what changed between yesterday and today.  Yesterday SC was pumping all day long.  Today it was sluggish.  After looking at the rest of the alt coins I recognized that just about all of them were sluggish today.  So it is possible that today was just a sluggish day.  I remember reading on this forum where one person observed that most market dumps occur on the weekends.  Maybe I should be careful about trading on the weekends???  Or Sunday more so than Saturday.

Can anybody recommend a course that would teach Bitcoin trading? 

I'm still asking questions and still learning.

Scott