Today was my first real foray into trading on @poloniex and I must say, it taught me a lot. Mostly about putting my money where my mouth is, and having faith in your gut reactions; but also know when they are being forced.
I decided to use a few hundred dollars today and try my hand at some day trading; and I learned quite a bit from my experience, lost a few bucks, gained a few bucks and overall left untouched but still I feel satisfied with my journey and intend on picking up where I left off tomorrow, living in risk-ville.
It wen't a little something like this...
I logged into @Poloniex, cashed out a power down and sent it over to see what I could do with it. Now mind you I also bough a few MAID last week as well with that powerdown and overall lost money on it during the week so i thought hell, why don't I try to catch one of these pumps happening today? There was atleast 10 coins with quite low volumes up anywhere from 20%-300% and Neoscoin had just broke 300% for the day. I was convinced it was a pump as the coin had recently had a coin swap etc but I decided I wanted to gamble a little and make a bit of money on the way as it didn't show much sign of slowing down, so I bought in and went out for a smoke.
I am by no means a good or educated trader. I just have a knack for being "ahead of the curve" for some reason and I have been watching Bitcoin since 2010, watching and dissecting patterns and charts ever since. I just have never really took the plunge into day trading until last week, well mainly today.
First there was Neoscoin, followed by SWARM, Fibrecoin, Gapcoin & Aiden. These coins taught me quite alot today.
After buying a decent amount of NEOSCOIN around +350%, I got a bit frantic and sold at +500% which soon after became 600% then 700% I got back in after making a small profit on MAID again of just a few % and put it back into NEOSCOIN thinking some amazing pump was coming, it sort of did, but I was stuck towards the top, forced to sell for a very small profit. Which was fine by me honestly I didn't expect to gain much.
While I was waiting for the top of NEOSCOIN I decided to sort the Polo charts by % and it listed a few coins in a row that were all very low volume, but had high gains for the day. I sort of got a hunch all of these coins were going to pump further and started telling everyone in Dash slack about it, but I didn't buy in.
It all looked like it was going so well... I was up a good 75% on the day! Then...
Within about 10 minutes of me basically saying SWARM was going to pump it did. I bought right in and rode it to the top, or so I thought. While getting my free money I started thinking what coins could be next and noticed Gapcoin was making a move next but didn't have the confidence to buy in and just continued to "call it" on slack. Soon after this the next coin I called out pumped +300% and I had not bought in on that one either. My confidence was shot.
While all of this is happening, SWARM starts dumping, I freaked out and decided to hold and next thing you know all the profits I made today plus some of my initial investment was gone... into SWARM. So now I am a proud owner of well over 10k SWARM, woot?
So it looks like I'm a SWARM bagholder now eh? Word to the wise; tell idiots like me not to try and follow pumps k thx!