This guide has been made by me.
I will try and explain as much as possible, feel free to PM me for questions.
Well, now we have all the things above, I will explain the basic functions of bittrex.com first.
At first sight it might seem a bit difficult, but when you understand it it's quietly easy.
Bittrex has over 200+ different alt coins on their sites, which are able to sell/buy.
On the index of bittrex, you'll see a loads of information. Let's break it down.
Market: Bitcoin to alt coin
Currency: Alt coin it's name
Volume BTC: How much of
the alt coin there has been on the market (so it's called supply irl),
it's counted in BTC and it is from the last 24h. (So the one with the
most is the most active). *important*
Change %: Price change over the last 24 hours. *important*
Last trade: The amount of BTC there has been put in too trade.
24H High: The highest amount of BTC spent on one total coin. (So for example, someone bought a full startcoin for 0.00079950 BTC)
24H Low: Opposite of above, lowest amount spent.
Spread: The spread between the highest amount and lowest amount. *important*
Added: Speaks for itself I guess.
Now you see I tagged some parts as important, this will determine if we will continue and invest in this specific coin.
There are various of factors which you need to look out for, such as:
Is the market active? We check that with Volume BTC.
Is the market stable? We check that with change % & Spread.
Now obviously, this is a lot of information in a short time, but you'll understand it if you put your mind to the task.
Now, real life investors prefer unstable
markets to invest in, after they invested they hope the market will rise
and become stable, which is what we want to do too.
We want to find an active and unstable market, where we will put our money in too.
Also good markets are the one who have been stable for awhile but collapsed (went down in worth) and now are back climbing.
You want to purchase the alt coin at the lowest possible price and sell it at it's highest moment.
We're now ready to start investing, with some basic information from me.
Let's click on a coin on the index page, which we find appealing and seems good (see above).
I will be using Startcoin as an example in this tutorial.
This is how the page looks at the moment:
As you can see, loads of options, pretty confusing.
I prefer selecting the "zoom" (time span) of the coin to the max, it gives me a better view of it's growth and stability.
As you can see at the screenshot above, it's at 6h zoom, but if we put it at max zoom, it looks like this:
Looks good right? The coin has been rising a
lot, but recently dropped down a lot after it went sky high. It's back
on climbing, so it'd be a good idea to put some money towards it. We
could eat enjoy the small profit!
Now let's look at this little table over on the right side of the page:
It basically illustrates how much the last trade was in money, the volume, the bid (buyers), ask (sellers), 24H High & Low.
I guess most speaks for itself.
As you can see, the buyers are willing to pay $0.1670 for each startcoin, where the sellers want $0.1756 for each startcoin.
Let's say, we've bought 15 startcoins, for
$0.12 each, we could easily sell them to those buyers and have $0.04 in
profit x 15 times.
I hope this explains some of it.
It's basic techniques, I will probably post more tutorials in the future.
0 comments:
Post a Comment