Making Money on Crypto Prices Going Down

[vilcakurt]

I had a roommate that used to day trade and would sit there for 12 hours a day staring at charts. He traded oil and I didn’t know what the hell he was doing but he was making around $250 a day. He tried to explain it to me several times but most of it went in one ear and out the other.

Then, he recommend that I trade cryptocurrencies, so I studied it for a while it and looked promising. Over the past couple weeks I’ve been doing more trades now that the market has become more volatile.

Going Short

This means that you’re making money as the price of a coin drops. Most coins drop daily with fairly predictable patterns. I use Poloneix but there are a few other good ones out there to trade.

Here's an example of a short I did last night:

https://ibb.co/hBJP7v

In about 4 hours by going short on XMR, I made 0.00163 BTC. By looking at previous patterns of when the coin falls, as well as the change in the market you can easily predict when to take a short position. You can see by the change in market price that everything is in red. This is a good time to short.

Which Coins to Short?

I like to watch videos on youtube to see which coins will be popular. The ones to short are usually the ones that people are going long on (investing in). Most coins fall on a daily basis and you need to study their charts to know when to get in and what to get out.

This guy know's his stuff. I don't really want to go into all the basics about margin trading. You can find youtube videos that explain . Once you get the hang of it it's pretty simple and a lot of trades have about a 90% success rate.

 

[Deleted member 969102]

Pretty basic stuff.

This only works if you already have a decent amount of the currency.

 

[DestinyInfinity]

The idea is very interesting and I think it will slightly drop in the future. Especially all the smaller cryptocurrencies which only succeed now because of the hype.

But at the stock market you can bid on short. But how do this on the cryptocurrency market? There is no centralized organisation to bid on short.

 

[vilcakurt]

Pretty basic stuff.

This only works if you already have a decent amount of the currency.

You can start margin trading with .02 BTC on Poloneix, which is about $50 today. That's with 2.5x leverage included, so you really only need about $20 to margin trade.

The idea is very interesting and I think it will slightly drop in the future. Especially all the smaller cryptocurrencies which only succeed now because of the hype.

But at the stock market you can bid on short. But how do this on the cryptocurrency market? There is no centralized organisation to bid on short.

You take a loan from others that have that coin in the market for up to 2.5x leverage. Usually for about $0.01 interest per day. So, if I want to short XMR for 1 BTC I can take out a loan for 2.5 BTC.

 

[ridersark]

I thought about this a few weeks ago but wasn't able to find other exchanges (apart from Poloniex) which allow short selling. Can u recommend any other exchanges that allow this? Because Poloniex Margin trading has less alt currencies listed for margin trading.

 

[GoodGuy77]

I do think you need a lot of money first for experiment.

 

[monkey-man]

Do they give any enhanced exposure when trading in coins. for example when i day trade in share, my broker give me 15 times exposure. So if i have 1000 in my trading account, i can trade for 15000. Do these crypto currency also work the same

 

[Nut-Nights]

Any recommendation for platform to trade crypto currency ? Legit ones.

Dont PM me anyone.

 

[joeb1ow]

You have to have the coin before you can sell it, right?
When did you buy the coin? When did you sell the coin?
How did you come up with a profit of 0.00163 btc with xmr?

Share your answer

 

[vilcakurt]

You have to have the coin before you can sell it, right?
When did you buy the coin? When did you sell the coin?
How did you come up with a profit of 0.00163 btc with xmr?

Share your answer

In Poloneix you only need BTC, then you can buy / sell any coin.

You don't buy / sell an altcoin until the moment of the trade.

The profit is in the box Unrealized P/L, which is profit/loss. This calculates your profit or loss after adding up all the fees, such as loans.

Stelar (STR) just took off this morning... I got in at the monthly low. It's expected to go way up!

https://ibb.co/jm4w5F

 

[Selfinflicted]

Any recommendation for platform to trade crypto currency ? Legit ones.

Dont PM me anyone.

If by "legit" exchanges you mean exchanges that are insured in case of hacks etc, or exchanges that have secured all deposits by having staked funds externally equal to what volum/deposits are on the platform, then you have considerably fewer choices. If I understand you correctly then I would recommend Kraken, a fully insured US based platform. However, they target only professionals. They require KYC compliance and is only available for "Accredited investors". You also need to be OK with limited coins to invest in. They only have about 10 of the most liquid cryptocurrencies.

The plus about Kraken is how you can execute trades lightning fast and their books show huge sell/buy orders, so best suited for high volume investors who executes big positions. Hope this was helpful.

 

[JaxPozzy]

If by "legit" exchanges you mean exchanges that are insured in case of hacks etc, or exchanges that have secured all deposits by having staked funds externally equal to what volum/deposits are on the platform, then you have considerably fewer choices. If I understand you correctly then I would recommend Kraken, a fully insured US based platform. However, they target only professionals. They require KYC compliance and is only available for "Accredited investors". You also need to be OK with limited coins to invest in. They only have about 10 of the most liquid cryptocurrencies.

The plus about Kraken is how you can execute trades lightning fast and their books show huge sell/buy orders, so best suited for high volume investors who executes big positions. Hope this was helpful.

Yup, Kraken is a very good site.

 

[Ivex]

So what's th

I had a roommate that used to day trade and would sit there for 12 hours a day staring at charts. He traded oil and I didn’t know what the hell he was doing but he was making around $250 a day. He tried to explain it to me several times but most of it went in one ear and out the other.

Then, he recommend that I trade cryptocurrencies, so I studied it for a while it and looked promising. Over the past couple weeks I’ve been doing more trades now that the market has become more volatile.

Going Short

This means that you’re making money as the price of a coin drops. Most coins drop daily with fairly predictable patterns. I use Poloneix but there are a few other good ones out there to trade.

Here's an example of a short I did last night:



In about 4 hours by going short on XMR, I made 0.00163 BTC. By looking at previous patterns of when the coin falls, as well as the change in the market you can easily predict when to take a short position. You can see by the change in market price that everything is in red. This is a good time to short.

Which Coins to Short?

I like to watch videos on youtube to see which coins will be popular. The ones to short are usually the ones that people are going long on (investing in). Most coins fall on a daily basis and you need to study their charts to know when to get in and what to get out.

This guy know's his stuff. I don't really want to go into all the basics about margin trading. You can find youtube videos that explain . Once you get the hang of it it's pretty simple and a lot of trades have about a 90% success rate.

Yeah well, so far, "this" guy has a 0% accuracy in his top 10 july tips...

 

[vilcakurt]

Looks like the collapse of the Lumen and Ripple?

https://ibb.co/f6Ed4a

 

[cycooperman24]

Pretty basic stuff.

This only works if you already have a decent amount of the currency.

Agree. simple example, you can play on currency exchange.

 

[Delen Roxx]

I had a roommate that used to day trade and would sit there for 12 hours a day staring at charts. He traded oil and I didn’t know what the hell he was doing but he was making around $250 a day. He tried to explain it to me several times but most of it went in one ear and out the other.

Then, he recommend that I trade cryptocurrencies, so I studied it for a while it and looked promising. Over the past couple weeks I’ve been doing more trades now that the market has become more volatile.

Going Short

This means that you’re making money as the price of a coin drops. Most coins drop daily with fairly predictable patterns. I use Poloneix but there are a few other good ones out there to trade.

Here's an example of a short I did last night:

https://ibb.co/hBJP7v

In about 4 hours by going short on XMR, I made 0.00163 BTC. By looking at previous patterns of when the coin falls, as well as the change in the market you can easily predict when to take a short position. You can see by the change in market price that everything is in red. This is a good time to short.

Which Coins to Short?

I like to watch videos on youtube to see which coins will be popular. The ones to short are usually the ones that people are going long on (investing in). Most coins fall on a daily basis and you need to study their charts to know when to get in and what to get out.

This guy know's his stuff. I don't really want to go into all the basics about margin trading. You can find youtube videos that explain . Once you get the hang of it it's pretty simple and a lot of trades have about a 90% success rate.

Xmr means

 

[Fragmaster]

I'm already daytrading few BTC volume per day, but i can tell you guys, this is not for people with weak heart. Advice no1 would be :
don't go to sleep while holding altcoin.
I usually make 20% per day profit, but take -10% hits during night for being greedy and trying stuff.
Imagine you are playing video game to reduce stress.

 

[silverk]

I'm already daytrading few BTC volume per day, but i can tell you guys, this is not for people with weak heart. Advice no1 would be :
don't go to sleep while holding altcoin.
I usually make 20% per day profit, but take -10% hits during night for being greedy and trying stuff.
Imagine you are playing video game to reduce stress.

Which platform you are using?

 

[Fragmaster]

poloniex

Some tips for noobs :
Posting an order is FREE. You can cancel, and post again without penalty.
0.15% fee is applied if transaction happened, and you were maker - meaning you posted an offer, and your peer bought or sold your offer.
0.25% fee is if you are taker, meaning roles are reversed, you took available offer from market, reducing its liquidity de facto.
So both parties pay fee, one pays 0.15% other 0.25%, make sure you pay less, it matters in the long run.
For example if you are trading alt coin with 50k satoshi price range, maker fee will be 70 satoshi (per unit). So you need at least 140 satoshi markup just to pay for fees (you'll have 2 transactions), all above is your profit.

Trading is negative sum game, don't overestimate yourself. Always consider that big players are manipulating the market and have sure profits, leaving average joes in ever bigger trouble. This is not easy money.

 

[thexcity]

Did I understand this right?

On Poloniex you can trade with "borrowed" money or BTC? If you have 1 BTC, you can trade like you have 2,5 BTC? Or I'm wrong... Can you explain this please?