How to Trade Cryptocurrency
Let’s get to the fun part now. So let’s go back to the Bittrex market.
Let’s go down here to Bitcoin markets. I have about $200 worth. So we’ll just treat a small fraction of that to show you. Purpose of this. Let’s base this off of the volume here. So NEO seems to be very very popular right now. It is down at 18 percent right now. It is at 0,01011 it went to 0,00975. It’s been holding around 17 percent for a little while now and the highest has been 0,0124 which is you know quite a bit higher than 0,0097. Right off the that’s probably an all right investment. I believe at some point this will go up but you definitely check the graphs and do some more research on that and see where other people are doing to like a lot of people on YouTube are talking about different cryptocurrencies all the time.
Kind of get the feel of the market where people are headed And remember go where the money goes so you want to try to get in before the money floods in. But it’s OK to be a little late. You just don’t want to start buying when everyone has already put all their money in at the very beginning. Maybe a little later. That’s OK.
Another thing to note is you know this is a 101 percent green for Monaco. So it’s pretty much guaranteed that this will go down. That is a huge increase. And as you can see here this is 0,0016 whereas 24 hour high is 0,0018. So it’s pretty close considering this was 0,0008. So this is a huge increase from 24 hours ago. And that would not be a good investment right now because it’s pretty much at its high point.
So a quick way I kind of base what I’m going to buy off of is I sort of buy volume and I kind of see the big players of the day like NEO or AdEx, Ethereum, Monaco, Tenx, QTUM.
These are clearly the ones where all the money is being pumped in at this point there’s a lot of people putting money into it. Based on all this because this is -15 as you know a minute ago was -17. So this is probably on the way back up. It’s hit the bottom and it’s going to slowly get better.
So this would probably be a good thing to buy. This is minus 15 and you can see right now the 24 hour high price was 54 USD. The low was 42 and it’s currently at 44. It’s asking for 44 I should say. 44,82 was the last purchase. It has a big long green candle here. And the last one was red after it went down and it’s been going down for quite a while currently This seems like it would be a good buy.
So let’s go with this. So since this is an actual signed in account you can see the buy and sell Windows. And so this is basically where all the action happens. You can study the graph here you can see some quick info about the last price of volume what the volume is worth in dollars which is a gigantic amount what the bid currently is what the gas currently is 24 hour high 24 hour low and then this is again the buy window sell window.
These are the current bids you have the current asks these would be my open orders if I were to place an order. You have the market history of what actually is going on right now. You can choose to extend it to let’s say 25 if you want. And then I’ll show you a whole bunch. You kind of get a trend of what’s going on.
There is seems to be a lot of buys as you can see a lot of people are buying because like I was saying they probably are seeing that you know chances are it’s going to go higher up again there’s a huge chunk of sales so I mean this might give you an indication alone of where the market’s headed. But again it’s not completely foolproof. It’s not concrete. Again there’s a giant chunk of buys. With that being said you can see this has already increased.
So this would be a good time to buy. So to buy let’s just if we were to do our the last price. That’s how you do that. You can also set a bid or you can ask a higher price if you want. This is also a way to set a buying order for the future. You just set a really like low price and if the price drops to a super low time then your order may fill a lot of people set up by order. That’s very very low in hopes of predicting. You know where the market goes down and then back up so that hopefully their low part matches what they set in it auto buys for them.
All right. So we’ll hit the gas price here if we wanted to buy all of the NEO we could with the Bitcoin we have available we could hit max instead I’m just going to buy a portion and to do that you would want to see how much it’s going to cost you the total you’re going to pay which is in BTC and 0,0000. So it’s just you 0,002. And they’ll give us a 0,19 in NEO.
So let’s buy this. It will show us that this is what we’re doing. This is the commission they’re going to take we’ll confirm that and then it’ll set a buy order and then if we go down here to our open borders we can see that this is up. No one has purchased it yet. And as I was writing somebody just bought it. So that was filled for the price we did. If it hasn’t sold in like 30 seconds or a minute then I normally just hit the cancel button cancel it and then update the the last price and try again. All right so now if we go over to Wall it’s we have successfully purchased some NEO.
So we have $190. Now it’s gone down a little bit. And that’s either because Bitcoin went down while we were trading or NEO has gone down since we’ve purchased now every so often you can press this and then this will update if there has been a change. You know see here if we unhide your balances then everything will show up. But since we only have holdings in these two cryptocurrencies that’s all it will show up if we have this selected. Over here you can see that now we have a withdraw and deposit icon for NEO as well. So we could do the exact same as we did with Bitcoin descended out somewhere else or to receive more if we wanted if we held NEO in a different world from a different platform.
All right so now that we’ve purchased this normally I would just wait 24 hours and see where it is and I’d sign in kind of periodically to check on it. And eventually this will most likely be in the green and it will go you know go up to let’s say 5 percent,10 percent are way higher. So at that point I would sell back but for our purposes I’m just going to sacrifice the dollar I lost just for the purposes of teaching this and we’ll go back into the marketplace and sell.
In order to do that quickly within your wallet how balances area you can just click on NEO and that’ll bring us back to the exact same area.
So for here let’s go to sell instead of buy now because. I’m going to teach you how to sell so to sell it’s the exact same thing. You can go to price you can set it to last bid or ask. So in our case we’ll do the last again. In this case I want to sell all of our NEO to hit max and then down here I’ll show you what we will get. And once I’m ready I’ll kind of look over the numbers and make sure this is exactly what I want to do.
Once that’s good I’ll just click this just to make sure it’s a good thing. As you can see it has updated. While I was writing. Which means you know this might be a worse price or a better price. But the point here is if you don’t update sometimes that will just mean this will sit here for a really long time. It’s kind of a waste of time. So if you do intend on selling quick then it’s the last step should be to just updated. In that case go to sell check everything here is good to confirm you’re going to set an order for selling.
All right you can see down here that this is the bit I asked 0,0102 and this is what it’s selling for right now. This is the bid. All right. So somebody just bought mine the order is filling and now I’ve successfully sold the NEO that we just purchased a few moments ago.
OK let’s go back to wallets. OK. Now you can see I only have Bitcoin here. I no longer have the NEO because I sold all of it. And as you can see we’ve lost about a dollar doing so so that was obviously not a good trade. Like I said normally you’d hold this until the NEO or whichever cryptocurrency you’re going ends up going back up for a profit. That’s when you sell and you know that’s kind of the the principles behind day trading you just buy low sell high.
On the other hand if you’re just looking to buy for the long running or holding then it doesn’t really matter what price you buy in on of course helps if you buy in a low state. But realistically if you’re holding in for five years it doesn’t matter what the current price is now because most likely it’s going to go up.