Hi steemians, I would like to share to you my strategy on doing day trades on bittrex or on any trading platform. I am not a pro but this is just my way of trading. I hope you'll learn something on this tutorial and always trade at your own risk.
Before you buy any coins, you must first know what are the upcoming events for a particular month. You can head over to http://www.coinscalendar.com and pick a cryptocurrency with an upcoming event. In this tutorial I selected NXT
In this hard fork of NXT, there will be an airdrop of IGNIS ICO. below is the details of the event.
Now let's begin trading this coin. Since there is an upcoming event, this coins will not totally affected by the ups and downs of BTC. Head over to bittrex and select NXT.
At the time of writing the price of NXT is 4025 SATS, and remember when you are trading, you should not look into the fiat value of a coin. When you are trading altcoin you mission is to accumulate BTC value so you should always look in satoshi value no matter what.
Now lets start by putting the trend of NXT by selecting line on tools.
Using line tool, find the start of the uptrend, left click and hold, you refer to the image below.
Now let's put the resistance level using fibonacci tool. You should click from the start of the trend and up to way to the highest point of the trend. You should click to the highest peak.
In fibonacci tool, you can use it to identify the resistance level of the trend. In this picture below there are 3 levels (38.2%, 50%, 61.8%). This indicates you buying points for this trend.
Now lets make another fib for you selling points.
In this fib, you should sell at 38.2%, 50%, 61.8%. You can divide your sell order in these 3 points. When it continues to rise you should wait for a dip make another fib all over again when it peaks. You should also know when it is overbought and oversell. Head over to https://www.cryptocompare.com/coins/nxt/overview.
Select advance chart. Then under the selection of Bottom Chart NXT - BTC. Click the RSI 21
This will indicates if overbought or oversell. When it is overbought, you should sell, then buy when oversell, make sure you always look at the chart and don't buy on pick do not FOMO and always trade at your own risk.
I think that's all I can share to you guys, and again, I'm not a pro trader and it's up to you if you want to follow my tuts, always keep in mind that there is always a high risk when doing day trading. Thank you and I wish you all guys to have a great day! Happy trading!.
