In the beginning of March, I purchased my first altcoin on the market called PIVX. I didn't have much to spend so I only purchased what I could afford. I managed to accumulate 7000 PIVX over the next 3 weeks and was able to start staking and earning rewards.
After spending time in the PIVX slack channel and starting to become more familiar with it's structure I started digging around and found more altcoins that looked very good.
I was dead set on reaching my 10000 PIVX accumulation so I could start a masternode. However, I had some bills to pay and PIVX just happened to explode in price and I was faced with the decision of selling some PIVX or not paying a bill. I tried as long as I could to hold on but in the end, I had no choice so I sold 2000 and kept 5000 staking.
After I paid my bill I still had .3 Bitcoin left and decided maybe I should look at buying something else or even try trading a little.
The following information is only my take on trading and I have no past experience at all, so please don't take anything I say here with any authority on the subject because I don't have any.
What I have learned about the Altcoin trading world is many new users will buy or sell based on what they see in forums or trollboxes and this can be the biggest mistake they will make.
The fear of missing out can actually be very overwhelming at the beginning of your trading journey and it does take a while to get that out of your system, I am very happy I was able to get unchained from this emotional response sooner than later.
If you have a competitive nature you always want to be on top. I found that the biggest problem I had with trading was I was always 2 steps behind and missing out on the best time to buy or sell.
I decided the only real way to become better at this was to try and find out the information before others did, or at least before the masses did.
So what did I do?
Well, what I decided to do was go through a list in a program called Coinigy that I had started a 30 day trial on. I started at the top and researched 2-3 coins per day.
My research consists of a few things:
- Read as much as possible of the ANN at Bitcointalk.
- Join the slack channel
- Look at the Recent Github commits
- Find any blogs/forums
- Current and past trading volume
If after all the above checked out and looked promising, I would then look at buying in.
I want to share a few recent trades that I did and I will be honest I have been doing this full time nonstop for 8 weeks which doesn't sound long but in the noncrypto world that's like 8 months. Like I said I am not an experienced trader but I do have a tendency to identify patterns in systems and people for some strange reason. The below trades are only for this month and really the last few days.
The green arrow is where Coingy adds a marker automatically when you make a buy and a red arrow when you sell.
[SYS]
I had traded Syscoin before and it looked promosing from many prospectives, but it was the latest news i spotted in the ann on this bottom of this page that let me know it was going to pump https://bitcointalk.org/index.php?topic=1466445.1400. Below you can see i bought on the 28th and I sold at the peak .
[Zcoin] I have always been interested in this project and when i heard it was going to be intergrated into Ethereum i new it would get attention, then i also got wind of more updates on the way so i invested. The yesterday the news got more widespread so purchased more. I new i could capatilize on a pump trade so i basically sold the entire wave to the top
[RDD] Reddcoin interested me the first time I researched it, I like the idea of sending tips with crypto through all social media platforms. I also really like projects with potential that have been dormant for a while but have news on releasing an update. RDD had given hints they were going to release in the next few weeks so I took advantage and bought some. I quickly came across something else I needed to invest in sooner and sold my RDD almost as fast as I bought it, which you can see on the image below. However 5 days later I got news again it might be going forward so I quickly invested once more.
[BTS] Bitshares is one project where the tech is so good that iam surprized its undervalued. I looked heavily into the project and purchased quite alot. I still made a good profit from my trade but was very unlucky to miss spotting the new ANN being posted which helped cause a great surge.
[IOC] I knew as soon as I spotted this video the guys were serious about this project and it had great potential so I invested. I decided to sell a little for another opportunity but kept the majority. This is a classic buy and hold scenario where patience is your friend. You can see below it was almost 4 weeks when I sold again.
[POT] Potcoin was a decision I made based on some information I received from another trader, and to be honest, i was hesitant and it was really more of a gamble than anything. I wanted to show you in this scenario where if you set a sell order and have patience there is a good chance your order will hit as it did here.
[STEEM] Well what can I say. You always have an advantage with trading a cryptocurrency that you're directly involved with. You see the overall picture you get up to date news etc. Steem is very volatile and that's due to market trends and trade manipulation but it's good fun trading it. I have to admit I don't trade Steem very often, it feels a bit weird trading something you're involved with.
The above are just a few examples of some recent trades. They are by no means the perfect way to trade but they seem to work for me.
WHAT I HAVE LEARNT
You have to research yourself. Utilize every resource known to man regarding cryptocurrencies. Don't make a trade purely on what someone else tells you or what you read in trollboxes/forums/chats. There are some smart cookies out there that will try to create hype then dump and leave you wondering what the hell you just did.
Don't invest in one coin. Be sure to diversify. As the saying goes "Don't put all your eggs in one basket"
If you make a trade and the price drops DONT SELL!!! it will correct sometime in the future. Remember there are many traders that manipulate the price with volume and they want you to sell on the decline so they can profit. Never panic sell just ride the wave.
When you have a decent amount of capital in your portfolio try to keep a % of each coin you value.
Some friendly advice if you're short on capital like I was
You hear people say the same thing over and over "if you can't afford it then don't spend it". The opposite can hold true also "if you don't take risks how will you ever know what could be".
There are a few different ways to trade. But let's face facts. Money makes money but you have to have money to start with. If you start trading like I did with very little then you have to make profits fast to build up your portfolio and this can be a big challenge.
The main problem is running out of Bitcoin to trade with. You have to wait until a sell order fills before you can trade again, and this can become highly frustrating and cause nonprofitable sells to satisfy your FOMO. People lose patience that's just a fact.
I found being aggressive and taking small profits worked for me. This is not the perfect way to trade and I have changed my methods now, but to begin with, that is how I got started.
Looking for coins that have a potential to become very volatile of a short period of time was/is the key.
Understanding what a pump is and how to get out before it dumps is another key to your forward momentum.
When you have enough in your portfolio look at investing in the projects you really truly believe in and just hold.
Coinigy - My weapon of choice for Trading
I am not a trader by profession and don't use all the tools, and TBH I don't think you need them for trading crypto currencies as much as for trading other assets, but I'm sure many will disagree and that's ok.....What I have learned without using all the tools, is that support levels are important to recognize and use for trades.
My advice is to get Coinigy for 30 days free and try it out if you don't like it then don't use it after the 30 days it is that simple. I have Bittrex and Poloniex connected via API keys, so no need to visit the exchanges and it makes it very convenient for trading.
And lastly
To be in a time where we can be a part of the Blockchain Revolution and create a permanent history for ourselves is something I feel blessed to be a part of.
The crypto world has changed my life in so many positive ways that all I can say is Thankyou with every ounce of my being.
I am happy to say my initial investment is now at 66x.
I hope everyone has as much success as I have had..Good luck and happy hunting!
Thanks, I'm going to look into this. Potcoins are one I really want to do well, and Reddcoins sound great as well with the social media tipping. Good insight!
POT has been on a pump today, if you have sell orders they might just hit!
Speaking of this one just hit now
https://www.coinigy.com/s/i/593f26bea750e/
Valuable and crucial information here. Time to trust this and implement this, thank you again @cryptoiskey!
Your welcome
Very good blog Shayne, you have changed my life for the better with all of the knowledge you have shared.. everybody should be checking this blog out! I resteemed.
Thanks for the comment man. That's what it is all about in this sphere it is all about unity :)..Glad I have helped:)
I really do not know how to trade buying have some coins
I tried trading and i think one of the main reasons you are able to make money on trading is you Need to be committed and informed the whole day through. You are not able to lose track of the news and info going around. Trading is a day job if you ask me
Exactly ...you have to be researching constantly and watching the markets like a hawk.
True, it looks a lot like stock trading, but there are so Many more things that influance the price. I find it hard to keep up with that info overkill
I must admit it is very time consuming. But also very rewarding. A coin can pump to 2x-4x in a few hours which is something you see on a regular basis, it is not very often you see that extreme volume in Stock trading. Yeah alot of variables in crypto trading that's for sure mate.
I voted your post, I liked it. Precisely I made a post about the importance of taking consideration in the markets. You may also like it: https://steemit.com/trading/@yamuz0/it-s-all-about-volume-the-only-guide-you-need-for-cryptotrading-part-i-my-first-steem-post
Pretty inspiring thank you. I'm hoping to trade in cryptos as well to help give me a bit more financial freedom and not be stuck in the 9 to 5 so much.
Man that's all of our dreams I think. But now with crypto it can become a reality..push hard mate and don't have any fear you will get there.
withdrew 50% of savings into btc to trade and its going amazing.. the more people find out about it and believe in alt coin trading the better for everyone
Congrats! .Nothing better than seeing positive progress, and yeah this is only the ground floor of whats to come.
You just got a follow and a referral to Coinigy from me! :)
Thanks, this was a great read.
Looking forward to more from you.
You're the first trader I've seen who is giving away his trade secrets. But it's going to benefit so many of us, that you're going to get good karma back. Well done @cryptoiskey.
I believe there is room for everyone. Helping others get started i think is important to increase participation in all aspects of crypto. It is such an exciting time to be in this space as many as possible should try to embrace it.
Very well said @cryptoiskey.
Great article and really nice documentation of your trades @cryptoiskey , we're all lucky that pretty much everything in the altcoin space has exploded this last month! :)
Thanks....yeah the volatility of BTC also helps with trading also.
I'm just starting out as well.
And think educating yourself about individual coins/tokens is important, and stay away from the trollboxes...
@cryptoiskey keep em updates coming.
Agree, it is very important to know if the actual project has potential and will be around in the future. Even if you buy in and it declines, you can almost guarantee it will bounce back in the future.
You have some great information here. I tried FOREX for awhile and it was exhausting. I applaud your patience. Good luck!
Thanks, yes it takes alot of time and patience thats for sure, but well worth it :).
excellent post. thank you
Your Welcome
Great post! Really inspiring. I have quite a lot of questions if you don't mind :)
I will make a video this week and answer any questions and show a quick overview of what I do and what strategies i use :)
That's awesome!
I'd recommend everybody to be selective, but to spread the risk across at least 6 coins. Even if you have only $600 available. You don't have to deal with minimum fees like paying $10 for every stock exchange transaction.
I have more than 6K available now, invested in two dozen coins, but most of that money came from putting $40 into the Ether presale.
so much good information in one post. This is motivation for me totally man.
Awesome man glad to be some help. Yeah it comes down to researching and keeping things simple, don't get over whelmed by all the tools in the trading software. What i am doing over time is just watching the occasional trading video to learn a new thing every so often, it is important not to saturate the brain with to much to fast. Alt coin trading is not traditional trading there are way more factors to consider like "Pump Teams"
Yeah man, i've been going nuts trying to figure stuff out for myself..im fairly new to this stuff still and its been hard trying to figure out what to invest in..and then i invested in ETH back when it was $19 and sold too early..lol...i already got my first head bang on the desk moment.. I'm sure things will get easier over time though. I hope so.
Yeah that's one thing you have to let pass by fast is the "what could have beens"..whats important is you make profit on all your trades. It doesn't matter how much whats important is always profit and never sell on a decline. Just hold those and they will eventually turn the corner.
thanks man, i needed to hear that..I'm sure ill get the hang of things. This is a great example of why i love steemit. peace man, be blessed!
@cryptoiskey Loved the post :)
Thanks mate :)
Good read
I want to study of trading to you. you want teach me that. thanks very much
I will try and post a bit more regularly and even post my daily trades if I can get time. It may help with getting in on some early pumps if youre lucky :)
Good read
Nice progress!
When did you first hear about crypto?
I knew about it since 2012 but failed to acknowledge it was something to take seriously. In 2016 i found Dash after looking for an alternative way for a Facebook group to gamble online. I then clicked on a link from @thedashguy in the Dash forum for steemit and ended up here in July last year. But only started actual crypto trading in March for the first time, but not seriously until about 3 weeks ago. 80% of my profit has been made in the last 3 weeks.
I'm trying to get started in crypto myself, this is a good guide as any I have seen, consider me your newest follower! Thanks!
Awesome... Welcome to the world of crypto!..followed back :)
That is very kind of you! Thank you!
What's inspiring is the shameless audacity with which you are both getting $65+ for the post and $15/per referral for coinigy, well done and "happy hunting"..
Followed :)
Thanks a lot, this gave me some extra insight.
This is exactly how I've built up my portfolio.
The more time you spend trading, the more you make...
unfortunately this'll keep you busy 24/7 :(
Its true...also holding and not taking losses always pays off in the long run...they all circle back and hit the sell orders.
Bitshares gets so little press, it's like a conspiracy. It is a top 10 smartcoin in market cap, shoving aside Monero and breathing down the necks of Dash and Litecoin, 2 cryptos which are practically household words.
Sometimes I think it is a stealth coin that is in plain sight, but pops up out of nowhere to everyone's surprise and takes the top spot. Or, at least, let's hope so;)
Agree 100% It should be well beyond the others if you actually compare the tech.
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Thanks for the info. I will be trying coingy today!
Awesome...ill be making a basic video on how to use it for us non techy guys.
Hi there. I'm trying to reach out to you because I see you are a big time curator and a member to the @travel-trail. I'm new here, just three weeks. I've been writing posts about travel, using my 10 plus years of experience living out of backpack. @luzcypher has taken note on my quality. I'll actually be meeting up with him in person next week in Playa del Carmen, Mexico. He helped boost my "World Travel Report: Ecuador" post big time, says it was well deserving to make to the front page of the travel-trail. I just posted another well done article all about how to get the best deal on air-fare. As a newbie here, trying to make it. I would be greatly appreciative if you took a look. Thank you in advance. - Daniel Gardner, World Travel Pro
If it is not limited supply. What future does it have?
thanks for sharing! Definitely, worth of further digging into this coins and see their future development.
You are Welcome :)
Great info. It's important to research your coins. Lot's of people throw good money on coins purely because of hype due to FOMO...and end up buying at the top before the correction kicks in. I've been using the Pivx.Slack#trading. Some good info being shared over there...Good luck on your investing.
Very true...I also use to browse through that channel but found more success when I decided to research more in depth myself. But some channels can help with some tips that's for sure :)
YO...That Potcoin wick is the craziest thing I've ever seen...one hellava stop limit order you pulled off...way to go...on our way to financial freedom...I notice you don't post technical analytics...and you work on the Bittrex exchange...good huh?...I've been on Poloniex ...gonna tag up Bittrex...Danke
Thank you, you have said it all that is a great eye opening that is going to change many on there take on cryptocurrency and how to invest on it. That's great, all the coin listed above are great coin
Great article and thanks for sharing. Just wondering if you would elaborate on what you are looking for when doing your research, what type of news events make for a great trade. Many thanks.