Coin: ADX
Exchange: Bittrex
Bought at: 80999
Sold at: 100000+
Profit: 27%
Duration: 12 seconds
This trade was taken last night, but I thought it was cool to use as trade of the day.
SCANNER NOTIFICATION
Crypto scanner alerted of sharp 20%+ decline at 10:55 PM last night. A sharp rise was followed so these transactions happened very sudden and would quick reaction for next drop.
PLACE ORDER ON BITTREX, NOT COINIGY
Because these are instant transaction spikes, I thought it was prudent to place orders directly through Bittrex. Coinigy has some lag in displaying information, as sometimes the exchange would take a couple of seconds to tens of seconds to refresh information. Instead I logged into Bittrex to scan transaction history. This is sometimes referred as performing trades at level 2. An order was placed at 80999 making sure it was above any major orders.
12 SECOND BUY AND TRADE
Within a couple of minutes, there was a huge dump again of the coins and my buy was completed. I immediately put a sell order at 100, and order fulfilled immediately for a total of 27% profit! If I had done this transaction through Coinigy, I would have likely been late on this trade because of the lag of information.
CONCLUSION
Depending on the circumstances of taking trades on low volume coins, sometimes it is better to log directly into the exchange, review the history logs, and place trades within the exchange. Coinigy has limitations in displaying and processing events in real time; sometimes it will take Coinigy upwards of 10 seconds for a proper refresh.
DISCLAIMER AND CREDITS
Nothing here is meant as financial advice. This is just a strategy that I'm using as a cryptocurrency day trader. Please seek a duly licensed professional for any financial advice. Never forget, cryptocurrency trading is extremely risky and never invest more than you can afford to lose!
I'd like to give a special thanks to Luc for his selfless contribution in teaching cryptocurrency trading. Please visit his blog at: https://steemit.com/@quickfingersluc
Thanks for visiting my blog and happy trading everyone.
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STOPI wonder exactly how much money you can put on these kind of trades.. 100 usd?
it depends on the coins volume, look at the market history and bids and you get an idea of what you can bet.
This particular coin has a good volume on bittrex so you can probably get away until 10 eth bets
12 seconds. Wow. Extremely quick. Good work.