Coin: HMQ
Exchange: Bittrex
Bought at: 0.00055009 ETH
Sold at: 0.00063999 ETH
Profit: 16%
Duration: 60 minutes
ACTIVITY
There was an increase in volume for HMQ in past few days. The 30%+ consistent swings looks like a safe bet to capture some good day trades.
DECISION TO TAKE TRADE
There are two factors I use to decide to take a trade.
- Figure out lowest price possible at the current moment and see if percentage profit is worth getting into the trade. My goal is to always get 12%+.
- The other factor is consistency, i.e. good chart history.
Looking through the bids on HMQ, the books look pretty thin starting at a price of 65000 but big walls didn’t hit until 50000s. So it seemed pretty safe to buy just above the bidding wall at 55000 which would be close to the lowest price for the day (consistency) and anticipate the buys to move back up after hitting this price point.
With the 30% swings, there should be no problem getting at least 12%.
SELLING POINT CONSIDERATIONS
There are two points I use to come up with selling point
- Chart history
I look for consistent high price points and try to target those areas for sells. - Ask data in Level 2
I look through ASK data in Coinigy or Bittrex and see where the price points are thin. This gives you a high chance that getting into that area will complete the sell within a day.
CONCLUSION
The price went past 70000 in 60 minutes after buying at 54000. My sell order was set at 63999 still giving me 16%.
CREDIT
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
Also thanks @tizzle for telling about the ‘Forecast’ feature on Coinigy.
Thanks for visiting my blog and happy trading everyone.
Happy to know I helped just a little bit, I also liberally use the price range and measure tools. I stopped using the brush, and instead use trend lines colored to help me remember my points of support and resistance. I've even started messing around with Elliot Wave formations so I can get a better picture of how the market is performing, but I will not use Elliot Waves while determine my buys - I'm too much of a believer in @quickfingersluc's swing trading philosophies.
Keep up the great work, looking forward to seeing a few position trades soon in addition to your day trades. I'm also curious if you would be willing to share a log of your trades over the period of a month along with your ROI (in percentage of course).
<<I'm too much of a believer in @quickfingersluc's swing trading philosophies.>>
I concur!
<<Keep up the great work, looking forward to seeing a few position trades soon in addition to your day trades. >>
I would definitely post some of my position trades since the majority of my followers came from Luc's group, and it makes sense. However my position trades that complete are very few because I have higher expectations on taking a position trade now that i day trade. I only take a position trade with really high volume coins like Eth, BTC, NEO, ect., and all my position trades have been on Poloniex. however, I stopped trading on poloniex. Currently I am in a couple of positions; SC and EOS that are both doing terrible for me now.
Also, since I trade with BTC and ETH, I always just have that. My portfolio is 70% btc and 30% eth based off USD value. If the balance of portfolio changes by more than 10%, I'll rebalance....that is essentially my position trading. Maybe I can write a blog on that
<<I'm also curious if you would be willing to share a log of your trades over the period of a month along with your ROI (in percentage of course)>>
This is something I'm considering, I just need to consider what information I share. I feel comfortable now sharing the value of my whole portfolio in ROI increase in USD based off 'Balance' information in Coinigy. But keep in mind as btc and eth increases, the roi increases and vice versa, so this doesn't reflect my "trading ROI" if that makes sense. In the future, I'll do how much btc and ethereum i made by trading....that's a little harder to get and need to get csv report from bittrex. I've done it in the past and rest assure I'm in the positive :)
EDIT: The first screenshot I posted didn't reflect my withdrawals.
No need to show the actual earnings, thats kinda private. I don't think you should ever disclose how much you buy or sell - just where your selling, the spread, and the % increase or decrease is more than enough. See you in the Slack soon!