What are you? Miner, trader, stockpiler, both?
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I Mainly mine but have started dabbling trading, dont suppose anyone can tell me how to read the charts properly, or knows of a guide Online somewhere?
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just mining for me, is a slow process. it has taken a bit of effort to get the small amount of 300 ftc i hold so i wont be risking trading them in a hurry.
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I can’t tell you how to read the charts properly as I don’t know how to, but my tip is to find a trading site that you’re comfortable with, set it up so that your favourite tickers are available to view on one page, then spend a few days looking at how things move relative to each other. Look for patterns in the charts. Get to know what’s a good price for the coins you’re hoping to trade. learn how far things can drop, how far they can rise. Use coinmarketcap.com to also see patterns in the data. You will be caught out once in a while, but even that can be used to your advantage.
Using this method I’ve kinda been able to predict when coins might rise in value. It seems to go in waves. People rush to a coin, the price goes up, then the prices crashes, then they move onto the next coin and do the same. You can see the patterns emerging looking at the charts. It’s like the fallow system in agriculture IMO. If it’s been flat for a while in a depressed state, it’ll probably rise soon enough. Every coin has it’s day!
Then as they say, buy low, sell high. The first few times you’ll probably be a bit breathless watching your hard earned coins leave your grasp, but learn to be VERY patient and don’t be too greedy. Agree a price with yourself where you’ll buy and where you’ll sell and do your best to stick to it.
You are going to take losses, get over it and learn why you lost, and then add it to your trading strategy. It’s like anything else on earth. You must do your apprenticeship.
The way I trade is definitely not scientific, it’s a bit emotional and holistic. Everyone has their own way of trading. That’s mine. :)
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Trading is like gambling, only gamble(trade) what you can afford or expect to lose.
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[quote name=“netnerd” post=“44244” timestamp=“1387023927”]
I Mainly mine but have started dabbling trading, dont suppose anyone can tell me how to read the charts properly, or knows of a guide Online somewhere?
[/quote]Yep.
[url=http://tuckfheman.com/post/60363097665/seat-of-your-pants-crypto-currency-trading-guide]http://tuckfheman.com/post/60363097665/seat-of-your-pants-crypto-currency-trading-guide[/url]
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I don’t trade, neither do I stockpile. I do mine but only tiny amounts.
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Many thanks to everyone who has voted! Very interesting
Many thanks to Tribesman and Tuck, great info!
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I’m not going to lie; I trade. I have my rig on multipool and mine everything and dump it into cryptsy. And when FTC is low, I dump the other altcoins and I buy it up. When it goes up a decent amount? I’ll sell half. If it dips below what I sold it for later? I’m buying again. I’ve been keeping an eye on what’s going on in different places on Reddit, too, so when something is about to happen, I take it under consideration. ProtoShares about to hit the block to pay dividends on a new altcoin? Liquidate everything, buy in, wait for the news to hit everyone else, sell to BTC, rebuy FTC I originally mined. I made 0.3 BTC doing that, which is not bad considering everything I’ve got on Cryptsy right now is everything I’ve mined. I don’t have cash or a bank account of my own to throw up there, I’m operating entirely on stuff my rig has made for me.
I’m anxiously waiting for when I can just let everything sit. I think those days are coming at the right pace.
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For now im mining only, currently collecting coins is a slow process for me(1.5 Mhash). But i will be adding cards/rigs as soon as i finish this semester(med student here :-\)
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All. There are many things I need to do
