Hi Steemit, Morpheus here. Today I want to talk about day trading and what it is, day trading means buying crypto (in our case) for low price and selling it at higher price to make profit. The difference between investing and day trading crypto is that in first case it takes way longer periods. Day trading relies on fast trades with quick profit, while investing requires patience and discipline, because it can take really a lot of time.
Now you know the difference between two, and it's up to you how you want to play your money, it's all individual choices, what works for me might not work for you.
Let's proceed to how day trading is done. First I want to introduce you to Bittrex, it's an exchanger where you can trade crypto, I suggest using bittrex because it's a trusted exchanger with good reputation. Go there register a new account and you are ready to trade. To start trading you will need Bitcoins which is the most popular crypto coin worldwide. You don't necessarily need to buy bitcoins with fiat money, you can sell your SBD or Steem on Bittrex in exchange for Bitcoins.
To transfer your SBD or Steem to Bittrex you have to do the following
- Log in to your Bittrex account and go to your wallet
- Make sure that the box "Hide zero balances" is not active
- Write "Steem" into the search box, "Steem" will show you both, SBD and Steem currencies, while searching for SBD only shows SBD.
- Click the blue plus button on Steem if you want to transfer Steem, and SBD if you want to transfer SBD.
- Open your Steemit wallet
- The memo field is what you have to copy-paste into "memo field" when you send your Steem currency to Bittrex
Ok good you have some Steem/SBD balance on Bittrex and you can sell them now to get Bitcoins to then invest your bitcoins into profitable coins to finally start trading! To find profitable coins open your Bitcoin Market and sort by "Percent change" this will give you a big picture of what is going on in the bittrex market, it's very easy to day trade even for new people, you just have to invest some time and pay attention to things.
Proof that I know what I'm talking about
As you can see I started with 0.00560000 BTC and after some time of trading I ended up with almost 0.00600000.
Yes of course it's not much, but the thing is that I invested 10 euros only. Well it's working to be honest, next week I will buy 150 euros worth of bitcoins guys, this is real shit. Thanks for reading and I hope you learned something from this post, see you later folks!
)
Day trading is touch even for pros. Buy and hold in the cryptocurrency sector because we are just getting started. Use auto trade programs for trading. HODL everywhere else.
Can I ask you to upvote this post? Thanks.
so how did your BTCD investment turn out? Is it working for you? I am only asking because I am relatively new to the crypto market.
good post, very informative.
I overholded BTCD and it resulted in nothing because I sold it at the same price I bought, it was a good opportunity though. I am playing with Neo now.
Gotta build my steem.
:)
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