I'm not a stranger to currency trading, I've been trading on the forex market for over 10 years, but this is my first dive into the world of altcoin trading. For those new to cryptocurrencies, altcoins are basically anything other than Bitcoin although I personally classify some of the higher valued and popular coins, Doge, LiteCoin as well as Ethereum, in the mainstream coin category.
I have been involved in the cryptocurrency world for quite some time. I bought Bitcoin at $90 to give some perspective. At the time I thought I'd missed the boat buying at $90, The next week it dropped to $30 and I thought we hit a bubble. Now I realize this is the life of any Bitcoin investor. The sudden drops do not even phase me any longer.
The reason I never really got involved in day trading cryptocurrency from the start was mainly lack of an effective trading platform and no option for leverage. I had been trading Forex with slick MT4 platforms and leverage up to 400%. Leverage is the additional value given to currencies to make trades more valuable. It sounds awesome but in the end, it also gives extra value to bad trades which can sink your account very quickly.
In December 2017 found some forgotten Feathercoin (FTC) I purchased in the early days in a wallet in archived files on my laptop. "I wonder if these are worth anything?", I thought. I had bought it at a higher price back in the day when it was first released and it quickly plummeted. I have come to learn this is also the nature of many of new coins. Since then FTC has gained value but has never been worth the initial price. However, I did notice recent gains in momentum, as was happening with all the coins back in December, and I thought I would like to buy some more.
I joined the cryptocurrency exchange, Cryptopia. I don't know why exactly I chose Cryptopia, it certainly wasn't the most popular exchange but there were things I liked about it. It had little features like a marketplace to buy and sell things for crypto. I have stuff to sell so that was appealing. I transferred some Bitcoin from my wallet to my account and proceeded to buy Feathercoin when I noticed there were two! Feathercoin (FTC) and Feathercoin classic (FTCC) This is where I made my first noobie mistake. I didn't do my research. I immediately thought Feathercoin classic was the original FTC and the one I wanted so I bought it, then did the research. Seems FTCC has nothing to do with FTC and the creators of FTC say its a scam coin trying to get popular by using their name.
I decided to take some time to study the charts and the buy and sell orders, in Forex Trading they do not show Buy and Sell orders so this was new to me. What I noticed were high trading volumes and spikes on the chart. I decided to place a sell order midway up the last two spikes and within a week my sell order hit and I made 100% profit on my investment.
I then I had to make the decision do I want to continue trading FTCC and hope for more spikes or go back to my original plan and buy the FTC for long-term investment. In the end, I decided to do both. I bought Feathercoin and a few other coins I researched that seem to hold integrity and potential. The rest I re-invested in FTCC.
Here are the results.
This is how I made over 250% on my account. I know there are risks. I know I could have a trade open and the currency could drop to nothing where it probably belongs. This is why I am not putting all my eggs in one basket. Although it is tempting given my results so far.