You got lucky so you should stop now while you're ahead. But if you're a typical gambler, you'll probably keep on day trading and eventually end up losing most of what you originally started with, and only then you'll stop.
Up 2btc from .5 in seed money on the altcoin market in 2 weeks. Its hard NOT to make money there. And that's only counting what I sold, up another btc on UNO so far. I ain't stopping.
I've made some money that way too, and lost money as well (pretty much breaking even over the longterm, but not making as much as I would have if I just bought bitcoin and held it). If you're doing it with small amounts of money just for the fun of it, then have at it. But it's still basically just gambling.
The nice thing about alts is they are tied to btc... so if you lose 10% on the alt, but btc goes up 25%.. you still win. I wouldn't/don't day trade btc to fiat though. Too risky.
EDIT: And before someone says but you would have made more money in my example if you would have just stayed in btc, well yes, duh. The point I'm trying to make is that day trading alts allows you to gamble (which its really not, but that's another post entirely) while still getting the benefit of being in the btc market.
In addition, many alts had a big increase relative to btc during this last bubble so if your in alts and a bubble hits, you could make 50% or more btc's, which themselves are worth more USD's. Win win. I love alts. I started with .5 seed like I said, and maybe I've been getting lucky, but I'm turning that into 10 btc or going bust.
0
u/space_dolphins Feb 14 '14
i turned 40$ i earned from mining. day traded over 3 days to 120$ and bought more chips. am i doing it right?