Crypto Day Trading - Week 2
Hey everyone!
Welcome to week 2 of my weekly series day trading cryptocurrencies. I am sharing my progress with you all for anyone who is interested, and also for those who don't have the time or energy to day trade and want to live vicariously through me. :-)
If you didn't get a chance to read week 1, you can find it here:
All the rules and details of my little day trading experiment are posted there if you need to catch up!
DISCLAIMER: This is not financial advice, and I am not a professional trader. I am learning along the way and am sharing my experience for those of you who are interested and/or curious. I don't recommend anyone try this just because I'm doing it. I do it so you don't have to. Having said that, if you have any questions, don't hesitate to ask and I will try my best to answer!
WEEK 2
Last week was...a little weird. Bitcoin was in unpredictable territory and still is at the time of this post, alt coins were all over the place, many of them tanking hard, Litecoin and Ethereum Classic both had a surge (which I missed out on, unfortunately), Binance had a huge competition involving Gifto (which I also missed the entry point for to gain on the uptrend), and Ethereum lost a lot of ground to Bitcoin.
Because of how weird the week was, I was very cautious and didn't do a lot of trading. The times I did try to capitalize on some big moves, I ended up either chickening out shortly after and selling for a tiny gain or loss, or I had a stop loss set and it was executed.
The important thing is that despite all of that, I still came out on the plus side, and that's the most important thing.
Here's the link to the updated Google spreadsheet:
The summary of the second week is as follows:
Starting ETH Value: 0.40149797
Current ETH Value: 0.43180108
ETH Return %: 7.55%
Starting BTC Value: 0.03767099
Current BTC Value: 0.03965407
BTC Return %: 5.26%
BTC + ETH Return %: 12.81%
Overall (and you can see this on the first tab of the spreadsheet), I am up 67.11% over the first two weeks. So far so good! Remember though, all this can change with one bad trade. Day traders/scalpers profit by many minor gains. Recall that my rules are 1% - 5% gains per trade. More is always welcome but unless I'm extremely confident about something rising past that point based on a few indicators, I will generally flip at that point.
Last week could have been extremely profitable had I not missed out on a few key moments, but I always try to look forward and never look back. Well, sometimes I do. ;-)
We'll see how things go in the third week, but I'm cautiously optimistic that I can keep the momentum going.
Thanks again for reading! If you like this series and want to see more, I'd be grateful for an upvote, follow, resteem, or any combination of the three.
Hope you all have a profitable week!