December 10x challenge update - day 3
Today has been a tough day on the market.
Bitcoin has maintained a level above $11500 and Some select alts have mooned. I should have been able to predict the Weed and marajuana coins would pump in tandem - like they always do - seemingly monthly now. Going forward I'll be looking for one of them to make a move first then take a position on one of the others to try and ride the wave.
At writing Hempcoin - THC is 84% up. this kind of rise is daily. If you are new to crypto then its not uncommon for seemingly useless coins to pump and dump 50% or more in a day. The tricky part is Predicting it.
Today I have been slightly unsettled. I see a long term future for NEM/XEM (New Economy Money) and I would take a long term position without hesitation. Today however I tried to day trade and I failed.
The first blue vertical line represents my buy point. the second is where I sold. I was hoping when i bought it that that would be the bottom of the downtrend as indicated by the support line of its previous short term low (orange horizontal)
So i took a small BTC loss. Had I let it run longer the price would have decreased as is shown in the graph and I may have panic sold at that point. ad i waited even longer then the price would have recovered to the level where I sold at already. in my opinion this was a good call to exit the position so that I can free up funds to look for another opportunity.
Entry - 0.00002515
Exit - 0.00002443
A loss of 2.86% - 3.36% after fees
Where I did do well today was with NXT.
The price had pumped already when I noticed it at first today. I was monitoring the order book for about 15 minutes and I noticed the price begin to approach its 24 Hr high. I then noticed the Sell walls starting to fall and thought there may be an opportunity to ride the next wave up.
I did so and I entered my position at 0.00003578 - I exited at 0.00003769 - a gain of 5%. perfectly healthy. If it was possible to consistently make even 1% a day guaranteed; I could afford not to work full time and live off the proceeds of my main portfolio.
Next trade was Unneccessary but i spotted a potential opportunity on Binance Exchange
GVT Is in an overall uptrend and the ascending triangle was about to converge. I felt that it had more chance to break out up rather than down.
Unfortunately the price decreased and I took a loss of about 8% net
I also sacrificed some BTC by transferring to and from Bittrex to Binance exchange.
Opening BTC balance - 0.00571788
Closing BTC balance - 0.00484326
(Transfer fees are low in value but high as a percentage of the small amount of money this experiment uses - if the overall value was say £2000 the transfer fee would be negligible)
Every day is a school day.
I think tomorrow I will actually either sit down at a table and trade or I'll head out to Costa or Starbucks or somewhere for a while - time permitting - to devote time to trading. Today I was trading in between cleaning, watching football and running errands. Not ideal and quite distracting.
The next learning outcome from today is not to naively jump in to a position. I got lucky with NXT, I got unlucky with XEM and GVT. Tomorrow I will be lucky twice out of three times.
If any more seasoned traders read this and can critique my TA, particularly on GVT and XEM it would be appreciated.
Dan