I decided to take the plunge while the prices are so low!
I have started small, literally only £1 per coin for both long and short positions. My theory behind this is that the market is so volatile right now, we are either going to see further drops, or the prices will begin to climb again, so either way, I should profit. Even if it is only pennies lol
SO which coins have I gone for you ask? Well, I will tell you!
I have gone with:
- BTC
- Litecoin
- OMG
- Etherium Classic
These are the 4 main coins that I know about, and I didn't want to start playing with new coins as I would basically be gambling.
I have set my automatic selling points at 1% profit. Again, I know this is low, but this is really about me having a go on the platform and seeing if I have correctly understood all of my lessons so far about trading in cryptocurrency.
The EU platform I am using is IQ options https://eu.iqoption.com . I chose this one because it also gives you the chance to have a play with pretend money before investing actual cash. It is pretty straight forward and after practicing for a few hours, I had pretty much got the hang of it. I woud definitely recommend trying the practice option, it really does help and the prices are actual real time prices, so make your mistakes here, rather than in the real version.
So here are my graphs and buy/short positions:
I will watch with bated breath over the next few hours and practice NOT panic selling :D Wish me luck!
Thank you for reading @beautifulbullies xx
If you feel my post is undervalued or you would like to donate towards my crypto journey, here are my wallets adresses, all donations most gratefully received! :D
ETH - 0x6A4D6911feB50E197a10d3f14b745188063972D4
Litecoin - LXCX9NBAosQ5U6HkZhmcpPkwhpxwcpwFh3
OMG - 0x6A4D6911feB50E197a10d3f14b745188063972D4
BTC - 1McmDAEeouGJmSuqQM6f6fmcxNKGQM73wT
Maybe 1 % as a sell point is a little too short... But that's just my opinion.
Good for you that you're getting the hang of it!
Upvoted and following
I know, but it is my first go lol give me a break! haha
Thank you, I am taking baby steps...
out of interest, what percentage would you set it at?
at least a percentage that pays for the exchange fees :)
hard to tell as it is different for everybody depending on risk and what reward you expect.
lol yea, fair point!
Definitely check out the exchange rate, @palme is right.
I did my first trades with 1 usd starting budget lol
I made 10 usd in a week
I did scalping
if you are trading that small just for the kicks as I did - I would suggest poloniex as the fees are lower there.
Check out tech analysis - it's better to get some fundamentals knowledge about trading.
Aaand I can also suggest following some peeps at Tradingview
https://www.tradingview.com/symbols/BTCUSD/
Check out tech analysis there by people, you can basically check profiles for previous predictions and see if person gets the guess right more or less consistent.
Anyways good luck with your trades!
thank you so much! Yes ive been using trading view graphs they are amazing! Ive also moved over to tge bittrex platform, so much better and ive set my minimum profits to 2 percent 😀 thank you for your advice!
Was just thinking that i haven't "read" you in a while!
Great move you're doing there, plunging right into the action.
I have tried IQ option before, only in practice mode, didn't like the platform much.
I think i hated that you would really just predict whether price goes up or down and get paid for that. At least that's what i recall.
Anyhow keep us posted on your wins .. i hope :D
I have to admit after using it today, it feels more like a gambling website which I am not really into, so I think I may look into a different platform going forward. I did however come away with a profit, even if it was only a couple of £'s haha. I'm loving using www.tradingview.com charts and learning to set my indicators, especially when I set my support and resistance lines and then they actually do bounce off them! I am having so much fun with this lol
Exactly!
Ive dug into forex, stocks and charts a lot in the past, especially day trading. You got to put a lot of effort into this, and I just didn't have the time.
Now with crypto it's the same thing, just with .. well .. crypto currencies.
Just keep in mind, to make good money, got to risk a lot. Risking a lot means big wins, or big losses.
They all used to put up some warning at the site, like you could risk your whole capital.
Anyhow playing with small amounts wouldn't harm if you keep an eye on the risk levels :)
what wallets are you using to store your cryptos ? is there one that stores them all ?
I am using Exodus. Mainly because I don't like the idea of storing my crypto online, and this is a desktop wallet. It has all the main coins in it too, which is great! :)
You already chose the good options but i don't know about OMG much. You should also consider investing in NEO also, its going to be next big things also.
thank you, i will look into it! 😀
You are always welcome :)
hey thanks for the headsup about that. how did ya learn about trading at all? any sources you learned from or did you blog about them already?
I have a great teacher...My Bro! lol @dobsdies has been teaching me for a while now, but it is only just starting to make sense. I guess it takes a while of watching before it finally sinks in with me lol There is also another great blogger @barrydutton, his posts have really helped me as he writes with noobs in mind as well as seasoned traders! He is also really helpful if you ask him for advice, he is always kind enough to offer some words of wisdom. I really would recommend having a play on the IQ Option practice mode, I have learned a lot just from playing about with it. They also give you a really high amount to practice with so you can go crazy and get it out of your system before investing real cash!
decent. i'll take a look. thanks!
how are you friends steemit @beautifullbullies hopefully still given the safety and health.
this is a very interesting and useful post, I have voted and followed you.
voted back @bangmimi