Ripple update: Day Trading help For A Novice
Hey guys, I’ve been hodling for about a year now and have decided I’d like to start day trading a small percentage of my XRP.
I have thought of a fairly basic strategy and was wondering if anyone has tried it.
So say the value of XRP is at $0.60 I create a limit order to sell my XRP when it hits $0.61. Because the price fluctuates up and down so much it is almost guarenteed to rise up $0.01 above my buy in price at some point. When it does I sell and gain a few XRP per trade. Then i buy back in once it drops back down to $0.60 and repeat once its back at $0.61.
Is this a viable method? I have calulated that this will be enough of a profit margin to offset my fees and make about 20 XRP per trade. And because I am using limit orders I dont have to sit there watching the graphs all day, I just create a new order when I need to. I will also use stop orders to limit losses if the price goes up or down drastically.
Any improvements or advice on this would be greatly appreciated, thanks 🙂
About Ripple (XRP)
Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. XRP is the fastest and most scalable digital asset today.
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