Just a quick update as a few lessons re-enforced and one learnt…
Yesterday I put money on FUN as a trial short term trade. I’d spotted a pattern where there was oscillation between 880 and 960 satoshi. It is a trend that has been coming down over the last few days, i.e. it used to be 920 and 1020 etc. My theory was even in a market that was decreasing in overall market cap that I could make money on the fluctuation.
So I bought last night and set a sell value. On the plus side the sell value 941 sats was hit. On the down side only 20% of my coins sold at that level before the price dropped. A few things therefore to think about for next time…
- Make sure there is enough volume to carry out the trade that you’re looking to do. (in this case I think there was, but I just set the sell price slightly too high)
- I was doing this manually, but with the bot, I could have set a lower trigger price, i.e. 910 sats and then had the bot sell all the way back down from 941 to 910 constantly changing the sell price to make sure I sold. I think that would have resulted in maximum profit.
- Finally the usual! I went in slightly too high… I.e. I was slightly impatient and if I had waited to go in an hour or so I could have got in at 880 instead of 899 and thus would now not be holding coins which are very slightly underwater.
So that’s it for now, I’m waiting for a price of 905 to get out and make a tiny profit.