Daytrading Shitcoins = MILLIONS?
What's up my Steemians?
I'll start by saying I am a long term cryptocurrency investor. I believe in a lot of these projects and think they will succeed long term. I am what many would call a "seasoned hodler", as I have seen a many of bloodbath here in these parts. I have steadier hands than most people, like I'm sure many of you do too. The crypto space truly is like the wild west. You never know what you're gunna get so you have to be ready for anything. People will panic. People will sell. Anxiety will rise. It's all part of the game.
OK, so what's the point of this post?
Well, I have been seeing a lot of people making very good money by trading shitcoins. What are shitcoins? They're small crypto tokens that will probably never amount to anything. They're pump and dump tokens. Contrary to popular belief, they can make you quite a bit of money given the right timing and strategy.
Do I recommend it?
Absolutely not. Don't throw in more money than you're willing to lose by the click of a button. I dont believe in this kind of trading, but people do it every day. Times are tough, and sometimes you just have to find a way to make some money. So I decided to try my hand at daytrading Shitcoins. I set up an account on Yo it because they seem to have the largest selection of shitcoins for trade. I sent over about $20 worth of bitcoin and didn't know where to begin. I had no clue which coins to buy, when to sell, or really anything.
After a few hours, I had found my first coin. I bought and nothing happened. A small dip, then nothing. I let a few hours pass, and the pump began. I ended up pulling out a little over $100. Not bad. There seems to be huge potential for these pump and dump coins. DO NOT try to hodl these coins long term unless you honestly believe in them. Better to just pump, dump, and hedge your profits into Bitcoin or Steem Backed Dollars if you want something consistent.
Should I do an update post after one week?
Let me know if you guys would like to hear how it's going after my first week. Hopefully things will go well, and I won't end up crying myself to sleep. Who knows, but I'm definitely going to try.
Do any of you trade like this? If so, what has your experience been like? Have you made or lost money?
Drop a comment below and let me know. As always, thanks for reading.
Peace.
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STOPI am new to the world of cryptos :) How long would you guess shitcoins are going to be around?
As long as there's cryptocurrency, there will be shitcoins.
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STOP