I need someone to explain it to me why is this bad, so I open my trading platform see what coins are up by 40+% in the past 24 hours and I short them, make 10-30% in a day and call it a quit. They do seem to be very volitale where I was down 48% on a position and still ended up making 2% profit, seems like they all go down sooner or later.
EDIT: If you cant answer on why is this bad just dont bother commenting, no need for this
You’re playing with fire
I’ve seen some bad crypto strategies, but this might just take the cake.
This must be your first crypto bull run.
It’s bad because you’re asking for investing advice on Reddit.
It’s bad because you’re opposing the trend. It’s bullrun now, one mistake and your portfolio will be wiped out.
It’s not really a bad strategy. It is very risky though. Because on every trade you risk getting liquidated. And than it’s all gone. But until then you could
Make some money. Just remember to take out some profits every time. So you don’t risk 100% each time.
If you risk a 100% each time, it only has to go wrong once for it to all be gone.
Doing the same methode works great
This works in a bear market.
Look into how the 4 year cycle works.
Your shorting alts in the wrong month/year imo.
This is where you long in a cycle.
If a volatile altcoin went up 40% in a day, what prevents them from going up another 40%? They are more volatile than BTC & ETH, so if it goes another 40%, it wouldn’t be out of the ordinary. What if you unluckily shorted recent Doge/Shiba 🙂
Every single thing in this market is going VERTICAL. Let me go ahead and SHORT the strongest performing assets. Why don’t you just buy the ones up 40%+ and hold for longer than 3 minutes and you might actually make some profit for once
What platform you use
Sounds like a viable strategy since most of those shit coins will eventually crash.As long as you dont use high leverage and are patient.
You are playing with fire, my friend. Shorting cryptocurrencies that are up by 40+% in a day is a very risky strategy that can backfire badly. You may have made some profits so far, but you are also exposing yourself to huge losses if the price goes against you. You are also paying interest and fees for borrowing the coins, which can reduce your profits or increase your losses. Not to mention, you are betting against the success of the crypto ecosystem, which is not very ethical or wise in my opinion.