In recent months, I've dabbled in day trading and while it is a bit of dopamine, it hasn't been profitable. I started my journey with $400 and currently sit on an astonishing $340.
It's the price you pay to learn, I guess. I actually haven't done any personal research to develop proper strategies beyond social media ramblings.
I don't have the technical knowledge required to succeed but what I lack in skill, I make up for it in tenacity. While taking Ls, I've managed to understand oversold/overbought indicators in the charts.
Another thing I picked up from trading random assets is the difference between Meme coins and utility assets, if you may.
From my experience, trading patterns for meme coins are erratic and don't seem to adhere to any specific pattern. They're good for short term speculation but not the kind of assets you keep in your wallet when you're sleeping.
I'm slowly unlearning some concepts I deduced from exclusively interacting with Hive and it's ecosystem. One of which is that stability is not promised, especially for meme coins that I can only describe as tools for speculation.
Some meme coins have pseudo-intrinsic value. I say pseudo because while there's a project behind the asset, the market cap and trading activities do not reflect this.
Meme coins communities also act different from Hive community in many ways. There's a lot of emphasis on short term gains and there aren't holders of last resort.
I've learnt over the past few weeks of trading that trading meme coins actually requires technical knowledge because there's hardly any long term benefit. You simply trade the market and go back home with your gains or losses.
This differs from Hive that could maintain a price range for months and then make alight deviations depending on market sentiment, promotion or development in the project.
Hive also has a significant number of holders of last resort that hold and stake the asset for various purposes. This leads to a predictable trading patterns that allows you to buy and just hold for the long term.
So, in summary, if you're looking to scalp short term gains, trade meme coins but don't hold it in your wallet while you sleep. The alternative is putting stop loss and stuff like that. Meme coins have crazy volatility, so you can a turn a little into a lot and vice versa.
If you're looking for stable and predictable gains, then trade Hive. Your losses and gains are never too significant in short space of time. There's still significant selling pressure but ultimately, fluctuations are hardly significant over a short period of time.
On top of that, you can also stake Hive for the APR. However, be aware that there's a 13 week unstaking period to prevent nefarious players and exploits.
This is not financial advice, just sharing my thoughts. Please do your own research before trading crypto.
