Bitcoin Trading Basics with Poloniex | Jerry Banfield | Skillshare

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Bitcoin Trading Basics with Poloniex

teacher avatar Jerry Banfield, Teaches 105 Skillshare Classes

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

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Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

7 Lessons (49m)
    • 1. Enroll in bitcoin trading basics with Poloniex!

    • 2. Setting up a bitcoin wallet with Coinbase

    • 3. My system for making money with poloniex

    • 4. How to get started trading with live trades

    • 5. Deciding which digital currencies to buy

    • 6. Making buys based on down change

    • 7. Project for bitcoin trading basics with poloniex

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About This Class

Enroll in this course to learn trading bitcoin and other cryptocurrencies on Poloniex at!  Start with a Coinbase wallet like I do and get $10 of free bitcoin when you buy your first $100!  Next see how to deposit on Poloniex using your secure bitcoin wallet and then start trading using the system I have made which has earned me thousands of dollars in a few months of casual trading.  Finally, make your own system based on what I use!  Here are the amounts of each digital currency I have at the time of making this!

BTC Bitcoin 0.48565857 0.48565857

DGB DigiByte 580849.0142 0.29623299

MYR Myriadcoin 565678.4108 0.26586885

DOGE Dogecoin 774038.4615 0.25543269

XBC BitcoinPlus 57.27083334 0.24668609

LTC Litecoin 36.21418606 0.21505251

XST StealthCoin 5125 0.19475

SBD Steem Dollars 133.0000001 0.19092948

STR Stellar 49875 0.1865325

NBT NuBits 122.0355157 0.18610416

NOBL NobleCoin 908333.3333 0.17258333

VTC Vertcoin 2850 0.1616805

RADS Radium 266 0.16093266

NOTE DNotes 9975 0.16029825

BURST Burst 101826.9231 0.15172211

SYNC Sync 0.4 0.14848183

FLDC FoldingCoin 94354.83871 0.14341935

HZ Horizon 203653.8462 0.13441153

XDN DigitalNote 315000 0.126

PINK Pinkcoin 92234.04255 0.12267127

NSR NuShares 189761.7446 0.12144751

XRP Ripple 8804.752066 0.12115338

QTL Quatloo 2867.647059 0.11470588

VIA Viacoin 1710.880094 0.11161781

SC Siacoin 153870.214 0.10155434

MMNXT MMNXT 797.5 0.10113097

DIEM Diem 4987500 0.09975

POT PotCoin 5739.355581 0.09894649

HUC Huntercoin 2773.915462 0.09786373

CGA Cryptographic Anomaly 120.4710145 0.09773451

QORA Qora 681250 0.095375

CURE Curecoin 930.9379376 0.09511392

NEOS Neoscoin 589.8876405 0.09480674

BITS Bitstar 6650 0.0944965

RBY Rubycoin 433.6956522 0.09099802

GEO GeoCoin 423.75 0.08926293

C2 Coin2.0 30395.34884 0.08662674

RDD Reddcoin 1425000 0.0855

QBK Qibuck 249.375 0.08504685

NAUT Nautiluscoin 298.3990699 0.08150173

EMC2 Einsteinium 33562.5 0.08021437

BCN Bytecoin 997500 0.0798

PPC Peercoin 184.7222223 0.07970763

BITCNY BitCNY 356.25 0.079059

FLO Florincoin 11791.66667 0.0785325

XCN Cryptonite 30538.46154 0.07848384

XPM Primecoin 832.0820821 0.07603566

IOC IO Digital Currency 191.30676 0.07416963

ETC Ethereum Classic 46.37125372 0.07304724

OMNI Omni 11.33651552 0.07282781

NMC Namecoin 166.1875001 0.06813687

BLOCK Blocknet 167.0833334 0.0659127

BELA BellaCoin 8418.803419 0.06575085

VRC VeriCoin 1133.522727 0.06500752

GRC Gridcoin Research 5322.429907 0.06461429

XCP Counterparty 10.46837262 0.06275789

BTM Bitmark 232.5 0.05927122

NXT NXT 5104.462218 0.05773146

UNITY SuperNET 15.74000001 0.05745997

RIC Riecoin 2238.461539 0.05430507

VOX Voxels 1662.5 0.05323325

XMG Magi 1060.181428 0.05192768

1CR 1CRedit 10.12562816 0.05159706

ARDR Ardor 1973.249413 0.04191181

LTBC LTBCoin 54576.51607 0.04147815

XEM NEM 6958.09374 0.04077442

STEEM STEEM 122.5883838 0.03774741

LSK Lisk 108.423913 0.03002258

LBC LBRY Credits 255.6442308 0.01866458

Meet Your Teacher

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Jerry Banfield

Teaches 105 Skillshare Classes


You can become a MASTER OF DIGITAL MARKETING by following me on Skillshare and watching my classes each day!

BIO: 6 years sober, 4 years plant based diet, 7 years married, 4 years parenting, and 9 years as an entrepreneur online with 103 video classes on Skillshare, 21 books, 1082+ blog posts, 2,500+ YouTube videos, 1,000+ podcast episodes, and 70 songs on iTunes/Spotify!

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1. Enroll in bitcoin trading basics with Poloniex!: Welcome to this Polonia X Trading to toil, Big coin and crypto currency Trading on Polonia Axe. In this class, I will show you exactly what I've learned and how I've earned good money by trading Bitcoin and other crypto currencies on Polonia Axe. Here's what I've actually earned. So I started doing this a few months ago. This is how much I have today and this number, just like if you have stocks, goes up and down all the time. First, if you don't know Bitcoin is a crypto currency, it's a digital online currency made by and managed by users. It's amazing power to send money anywhere globally nearly instantly without using a bank makes it one of the biggest technological advances for money in our lifetime. It's kind of like a Wikipedia for money. In simple terms. What I'm doing is making money today, investing in new currencies like Bitcoin and trading them. I've got over $5000 now on Polonia Axe, and how much did I have before? I'll show you my notes here, So my starting balance was 900. I added some or and eventually put on up to five Bitcoin and deposits which around when I started this in August 2016 was worth $3500. Now, without adding any more big coin, I've made another $1500. On top of that pluses, you'll notice there was nearly a big coin up here, So I've made over $2000. By doing what I'm going to show you the basics of in this course right here. When you enroll in this course, I will show you as I make live trades, and I will explain a simple system that's based on logic and reason and love and faith. There's no cheap tricks. There's no super fancy ways to do it in here. This is a anyone conduce this kind of system, and it's not out there to make a bunch of money overnight. It's there to invest and love and give generously to others who are trying to advance our digital currencies online and in exchange, when there's a big run of excitement and a bunch of people by the one currency at once, then you make a little bit of money every time that happens, enrolling this course today to see how to do Polonia X digital crypto currency, trading online here with me 2. Setting up a bitcoin wallet with Coinbase: thank you very much for enrolling and getting started with this course. I'm very grateful you're here. And that's why make new skill shorter courses every day for you from the good of my heart. And I have loved and faith that if I just honestly present what I have to say in real time that it will give you exactly what you're looking for today. What you need to get started with this. If you want tohave this set up, you need to goto polonia ex dot com and we'll Jerry, would you please spell that? Yes, I will try and zoom in so you can see there's how you spell it Here it's polonia x dot com p o l o n I eat X and what you need before that Why I have the jury banfield dot com slash resource is what you need before that is toe. Have some Bitcoin or ethereum to send over here and deposit now. Technically, yes, you could theoretically get doge coin light coin. You could get any of these other ones and deposit those too. But the main way you're going to need to get on here is to buy some Bitcoin to change your US dollars or pounds or euros or one or whatever it is you're trading in to change that through your bank into a Bitcoin or ethereum wallet. I use coin base as my wallet because coin base is based in the US, which is where I'm based and it is insured. So I have $2478 today in my coin based wallet. And I also have an ethereum wallet over here that has $915 in it. And then I also have a US dollar wallet that I've already This is basically money I've taken from my bank account and put on coin based that I can instantly change into Bitcoin or a theory. Um, Then what I do with this This is essentially my big coin bank account. So I use coin based as my Bitcoin bank account, which then you look at this is kind of the bank account, and then Polonia ax is where I'm actually able to trade. So Polonia ax is something like you might use to actually make trades in stocks online to give an equivalent example, and this is essentially my Bitcoin wallet or bank account with Bitcoin in it, so to speak. It's insured just like a bank account, which is nice because left of Bitcoin is one of the greatest practical concerns for trading with it. Now, the number one greatest concern trading with it is ego, essentially you getting in your own way and getting emotional and making bad decisions. I've lost $5000 when I started doing this by trading that way, so that's the biggest concern. But secondary to that secondary to messing up your own opportunity is someone stealing your Bitcoin. So I use coin based because it is an insured wallet. Now, if you go on my website at jerry banfield dot com slash resource is you'll see I have a link to an insured Bitcoin wallet here that I will zoom in on for you with a notice that you get $10 in Bitcoin. So if you use coin base and you use the link, I give you to sign up on my website and you, by your 1st $100 of Bitcoin coined based will give you an extra $10 as there Thank you for signing up through my referral and they will give me $10. Is it? Thank you for taking the time to tell you about their website and getting you to sign up so it's a win win for everyone involved in it. So if you click the 10 get the $10 in Bitcoin and sign up, you have 10 extra dollars, then to start doing this with once you have a wallet set up. Or you can make wallets lots of other ways to I show you what I do. Because that's honest. That's really that's what I use once you get the wallet set up to deposit is a simple is this. You click the deposit button and it will give you an address to send your Bitcoin to. So then, over here, if you're using coin base, you click. Send a request, and then when you put the address that Polonia X give you so it's easy to sign up for a PLO necks account. You just go to bologna ex dot com, sign up for an account, and then the key thing is to deposit. So you hit the deposit on Polonia Axe, and then what you do on your coin base or other wallet. You send it to the exact address there to deposit it. And I would send a little test amount first, send something like 1/10 or 100th of whatever you're planning. The send, you send that. And then once that goes through, then send the rest over. And what I do is I keep I keep a good percentage of third of my Bitcoin on coin base, and then I trade with the rest on Polonia ax because Polonia axes not insured. If something happens to it of Polonius gets cleaned out. There goes my Bitcoin on coin base. It's sitting there safely in my account. And if it gets stolen that theoretically the same as if it gets taken out of a bank, they'll give it back. So that's how you get started. You can't do anything else before you've got this Bitcoin on here. So what? You need to trade. You need the Bitcoin right here. You need your Bitcoin to be able to buy into these other ones with. Now you can use a theory, um, to do it. I'm coin base. You see the ethereum wallet you can use a theory. Um, I could go deposit this ethereum on here, and then I could use the exchange over here. I could use the exchange toe, Then go change the Bitcoin I have back into Ethereum. So that then I could trade in all these other currencies. So you ultimately really need Bitcoin to be able to fully effectively do this fast. So if use Bitcoin deposit Bitcoin like I show you, then you're ready to go and start doing the rest of the trade. So I'll show you my exact strategy next along with making some live trades here with you. 3. My system for making money with poloniex: What strategy do I used to make money on Polonia X? The basic strategy I use is to buy low or undervalued un interesting, boring digital currencies and hold them indefinitely. And then when there's a wave, a spike, a big run on that one, then what I do, I sell it. So I've sorted this by volume. What I often do toe decide which ones to buy, I sort by volume. This way this shows you which ones of these have been actively traded. I find ah, lot of the good deals come in the form of ones no one else is interested in trading because often these are much lower price thes air kind of boring. And then when a new story comes out about one of these, or when there's some development everyone gets excited about, then what happens? There'll be a massive spike in one of these, and then they'll go up often 5 10 20 sometimes 100 times in value what they were before. So I usually sort by volume. And as you see on this my BTC, which stands for Bitcoin value, you'll see that I'm holding most all of these low volume ones because I want to hold them before there gets to be a lot of volume. And usually if they're low volume, more volume means an increase in price now, not always. Sometimes it means a big selloff, but usually the low volume ones present a good opportunity for making money. So what, You can see all of these on here. I've got Bitcoin and all of these until you go down to C G. A. So let's look at C G. A. In particular here. What you can see on this graph with C g A. This is I'll show you the last month of it. So C g a had a big spike recently up here where I will quote the price here in just we'll forget about the decimal, so I'll show you the price here. So in the last months, E g a. At a price of 325,000 with a low price off 40,000. So the current price today is 81,000. So it's somewhere between the low and the high, but it's closer much towards the loan. It went from 40,000 up to 325,000 so eight times or so increase in value. Now let's look at my trades on C g. A. We'll zoom in and then you'll get a good idea of how I've made money. So I bought C g A. When it was right at 40 something 1000 when it was boring. So I bought it between 48,000 and 44,000 when it was boring. Un interesting. Who's paying attention of this? No one cares. And then I I bought it on the 18th of September. And then it had a big increase in value 10 days later and I sold all of it. Then I'll show you the complete trade history on this one and what I do I put in my coin up here. C g a. It's called cryptographic anomaly. I hit. Analyze. Now I'll zoom in average by price 46,000 Up here. I'm when I look right. I'm checking the monitor to see how this is coming out for you. Average sell price. Ah, 170,000 total buys total cells. You see, there was a small commission that Pony X took in between and then I sold almost exactly I bought. And then here's the prophet. That's 1/4 of a Bitcoin. If you look on coin base, you can see 3.8. Bitcoin is worth $2400 because of Bitcoin, today is worth $652. That means I made 1/4 of $652 on this, which comes out to a little less than $200 a little greater than $150 on this one crypto currency within a month from buying it. Now, I just do this repeatedly at scale. You can see the individual buy and sell orders. What I I'll show you how I actually set the trade up next. The one thing I'll show you. One more example of this to show you this isn't a fluke. This is what happens over and over again. Most of these currencies that get traded are pretty boring most of the time, and then one or a few traders get really excited buy in and then it starts all these big increases. So if I show you the all on this, this isn't the first time this has happened. I'll go back to a month and all scroll back here. So you see, I bought it when it had been kind of boring or steadily growing for a while. Then there's a big, huge influx. I sell everything up here. Then it goes back down over here. Then I school back over here and you can see that there's there was a similar big upswing over there. There's a on ah wave movement over here. Keep scrolling back farther. And then when it first got released, there was a huge wave movement up there. So you Now the question is, is it a good bye now or is it going to go down further? I don't know. It's choices highs when I bought it before, but it's been four times as high in the past. You can't tell what's going to happen. What you can do, though you can have certainty. If you're holding a bunch of these, you're going to get in the middle of a bunch of these wave movements. So what I'll do, I'll show you all sort by change, and I'll show you another example of this. I'll go down here to folding coin, so this is the last month of folding coin folding coin is pretty much went straight down, So I'll go back a little bit farther here and lets you see back here. Folding coin wasn't worth hardly anything. Well, let's look at my orders on this one. Same thing. Scroll down. You'll see my trades. I go by folding coin when it started at 48 which you could say, that's one of the lowest currencies on a website. I bought about 1/2 off a 10th of a Bitcoin. So 1/20 of a Bitcoin. So about $30 or so I put into it. And then I sold a bunch of it when it had one of those wave movements, the same as the seed as the last one. The cryptographic anomaly it did. The same thing is boring, boring, boring, huge spike all in one day, and then it pretty much trends straight back down from there. I'll show you my complete trade history on this one. Well, so I'll go down here complete trade history, and we go fl. And then I select folding, coining, analyze. I'll zoom in so my average by price unfolding coin is 49 my average sell price to 81 now. I don't do this manually. Most of the time I set it up. I'll show you how I set it up so that it automatically cells whenever things blow up. And I still I'm holding some folding coin, which is cool. So I scrolled down here and I'll show you what happened. So I bought my folding coin at 48 49. I bought it on August 21st 2016. Then it starts to go up and I sell a little bit of it at 91. So I doubled a little bit of it, and then I sold more. I think I fooled around and did this manual. He whoops and sold some in here at 110 and then guess what it does. Then it blows up toe over 500 here, and I put my cell order in up here. So then it sold a bunch more of it up here and now the prophet lost so far is 5000.39 eights, almost 0.4 of a Bitcoin 0.1. Bitcoin is worth $65 so four times $65 is about $260. So I made about $260 on this one folding coin here. So what you want to be able to dio is you see all these coins here, you want to be able to take advantage of these opportunities on all these coins. And the nice thing is, you're not I'm not just making money for myself doing this. All these coins, these air, digital currencies. When I buy these, I am increasing their value. When I increase their value, I am giving the people who are creating them, mining them, putting their heart and soul and love into trying to build these. I am giving them essentially my Bitcoin, which has verified value through us dollars. I'm essentially trading my U. S. Dollars for their currency. I'm giving them something of proven value in exchange for something with pretty shaky value that I'm getting. I give it freely. I buy into a bunch of these different currencies. I have love and faith that these whoever's doing these is doing their best. And while many of them will fail, any of the ones that succeed are likely to be very profitable essentially to make really good money. If they succeed and they do well, then I have the chance to make often a lot of money by believing in them before anyone else did by investing in them early. The same is if you invested in Google and Facebook or any other big company. Early on, you would stand to make a ton of money. So picture investing in lots of essentially new currencies here, and when you're right, you'll make a lot of money on it or you'll make enough money to cover being wrong on all the others. So that's what happens. There's lots of these. I've been wrong on there. I'll show you my favorite one here, there. This one has done nothing but bleed money. Steam. So this one, I made the mistake of buying in when things were going well. So if I show you here, I bought in somewhere up here and look what it's done down, down, down, down. Not even bought in again. So let's look at my trades, and this is why I like to do courses and teach online. I like to be honest with this stuff. I don't just do this right? Let's look it wrong. So I bought on July 23rd 1 of the first I bought, I bought 1/2 big corn. Ah, half of 1/10 of a Bitcoin. So 1/20 of a bit coin of steam. At 539,000 I then bought in again with 1/10 of a Bitcoin at 87,000. As you can see, my original hat half of 1/10 of a Bitcoin or 20th of a Bitcoin practically disappeared. So I doubled down. And now, after putting 0.15 Bitcoin into steam, so I put 0.15 into it. I now have 0.386 In other words, I've lost about 60 or 70 $80 on steam. It's continued to get more and more worthless since I've bought into it. Now the question is, will it go back up in value? Should I buy into it again? You'd think it. How far much down can ago? I don't know. I hope this has been useful for you to see the system I'm using, and what I'll do next is I've got one Bitcoin that's burning a hole in my pocket I'll make some actual trades and show you how I set that part of it up. I appreciate you watching this and hope this is helpful for you. 4. How to get started trading with live trades: here is how to do a live trade on Polonia Axe and set up the system. I'm showing you now to begin. There's one key thing we need to highlight. This process is full of uncertainty. That's why there's opportunity in it. If you're thinking I want to pick out the perfect one, I do, too. It's hard to pick a winner all the time. In fact, very often I'm wrong. It's hard to tell which is going to work, So you just have faith essentially in most or all of them. And I try and avoid buying ones that have recently hit a big wave movement up a lot and try and stick with ones that are little bit boring. Or maybe on the downside, which often means you lose money a little bit at first. But over time things tend to work out. So I've already got all of the low volume ones I've sorted by volume. I've already got all of the lowest volume ones. Now I've made the money I've shown you. Even though Polonia Axe delisted 20 or 30 of the currencies I was holding, which meant not nearly instant 50 plus percent loss on almost all of them. My portfolio, you might say, went down almost $1000 or so in one day when that happened. I have still made thousands of dollars, even with that happening. So this strategy works good enough that you can afford to be wrong most of the time, because when you're right, it tends to be really profitable. So I'll go down here. I'll find C g. A. This is one of the lowest volume ones I don't have, so I'll click C g. A. And we already looked at this one a bit in the last example. So what we've got on C g A. This one, just somewhat recently hit during the last month, hit an up wave. So the low on it I'll zoom in. Over here. The low is 40,000 the highest, 325,000. And as you'll see what happened, it just had a big up bubble here and now it's kind of trended back down over time. It may go down further, or it may go up again. If we go back farther in time, you can see overall, it's up pretty high from where it's been and you have to go back pretty far to find it up much high. So this one, you can't be certain it could be in a currency that's growing and exciting, that people are going to keep making more and more valuable. There's no good way to tell. What you can see is on these low volume days. There seemed to be a good opportunity on these high volume days. There's hundreds of Bitcoin being traded while the low volume on Lee a few. So theoretically, if you're holding onto it on one of these initial high volume burst days here, then you have a chance to make a profit. So what I'll do, I'm going to put 1/10 of a Bitcoin into C g A. And just give it a shot and see what happens. Now I can look at my previous trades. I bought it at 40,000 before and sold most of it up towards double that or towards the top . So it looks like buying in at 80,000 seems reasonable enough, given at the history. So I put 0.1 Bitcoin in here. That's about $65. I'm going to put into this I check the open orders here to see so these sell orders mean sellers have already agreed that if I pay this price for it, I can get this much. So with 1/10 of a Bitcoin, I need to go down here to grab this price. That's the price there. And that looks like is already the list populated. So I hit by and whoa, I it it changed. It changed. So you can actually click on it to buy everything straight out below that. So what I want to do, I've got the price in here. And I got my Bitcoin here and I hit by and now it automatically buys out all the lower price orders for me. And now I've got 1/10 of a Bitcoin, which is good for 120 c g. A cryptographic anomaly. Now, what I'm going to do is go over here and put up sell orders for when the price goes up. So I like this one to buy it because the upside in the last month is four times higher. Then it is right now. So I've got a theoretically a good shot at an upside. Now, you'll notice a soon as I buy it, my value goes down. Another reason this strategy is not initially something exciting. I've had a few people complain. I've done free tutorials. They said Jerry have lost money. You haven't lost money until you cash out. This is a long term kind of retirement portfolio strategy. I think in a long term this will be way better in investing in the stock market. I think this is the kind of thing you'll look back in 20 years and say, I wish I had done what that guy showed in his videos because now these things are worth so much, so I'm here doing it. It seems like a good opportunity today. So what I'm going to do now is list about half of this to sell if the price doubles because then I've essentially got back what I put in, and I still have the same amounts off the price doubles. Let's say and I try and stick to the set up it has here, so it's easy to keep up with that way, so we'll put it in the hundreds of thousands. So let's say the price goes up to let's say 161,000 and a couple of random digits and I'll sell 60 C. J there, so you'll notice I'll get back almost what I've put in, and then I'll still have the same amount available if it goes up higher. So this is a little more conservative way to do it. If you want to get aggressive, you can just what I've done on some of these stagger it out into different amounts. The problem is, if it doubles, you might only make a little bit If it doubles. I want to go ahead and cash out, so I've got and if you do this wrong, you'll sell it at a little bit lower price than you bought it. It's no big deal, so I hit Well, if you totally butcher the price, you you can clean yourself out a little bit. But just take your time with this. Put it in here 161. I hit cell, and now that's what you want to see. Order to sell placed. So if the price doubles it automatically throws a sell order up, then I've got to sell order in right now. If you go deep enough, you'll find my exact sell order. If all the sell orders below mine get cleaned out because the price increases, then my cell order will be up next. And if anyone buys than I cash out for double what I bought it for now what? I want to do a split this up and get a bit more creative with it, especially since I see how far up it's been. So what I'll do, I'll split this into two more. Here, I'll keep it a little more simple. I'll go up. If the price goes up three times, then I'm going to sell half of what I have left. So about 1/4 of the original Mount all hit cell there. And then if the price simply goes back toe where it's been before, I will sell the remainder off what I bought, and I will then cash out essentially three times or so as much as what I originally bought in with. So I'll hit sell on that. So now I've got three sell orders up. If I go down to my open orders now and you, you'll see my open orders, I'm now got three sell orders up. If the price doubles also half of it. If it triples, I'll sell half the remainder. And then if it goes up to back around where it was before, I'll sell the rest. If I sell all of these olive invested with 1/10 of a Bitcoin and I'll come out pretty close to 3/10 of a Bitcoin, so I'll make three times my money if on any one day ever the price goes up to this one again to around where it was before. Now, if it doesn't, I never have to cash out in less Pony X Delist this, in which case I would have to cash out again. So, as you see, I've listed it at prices around where I've already sold it. So I already sold it before at 1 57 So I've got this one at 1 61 I've already sold it at that price before. It's very reasonable to think it might go back there, so I I can go to my complete trade history now, and I can look at C g A. And I still have a 0.15 profit loss. That means if I never sell any of this and it becomes totally worthless. I'll still have made around $100 or 90 issue $100 on it. I'll still have made that much on it. And if I'm able to sell all of this out, my earnings will go up too close to half a Bitcoin. So that's a pretty sweet deal. So now my average by prices up to 60,000 on this in my average sale price 170,000. So that's a pretty sweet margin for profit. So that's how I do one of these trades set up from start to finish. What I'll show you next is how I go decide, outed by another one. 5. Deciding which digital currencies to buy: repeating this process is key. And the cool thing is, you can do this with 1/100 of a Bitcoin. Whatever amount you do doesn't matter what you can do this with bigger amounts. The bigger amounts you get, the more volatility you'll introduce just by entering the market. So if you do all these with one Bitcoin, you will drive Ah price spike all by yourself, which then may drive a wave movement. So the more you put into this, the more chance you have to be a driving force between a big run on that individual currency. The less you put in, the less you'll disturb things. And easier it'll be to, I think, make a good profit cashing out So you can do this with any amount of Bitcoin. That's why this is really cool. You could do this with $5 on each one of these and have a good chance to make 10 $2030 if things go well and then you know the most you're going to lose is $5. So this is whole coin trading, too. So this is not trading on a margin or anything. You never have to cash thes out unless Polonia ax stops trading them. But you could still transfer them to another exchange where they're traded them now. What you might want to know is, how do I pick another one of these to trade? So I'm into the two Bitcoin daily volume, so I'm out of the very lowest volume and I start looking at Well, which one should I buy next? And it's tough because some of these you have no idea how they're going to dio. So this one has been trending upward. The highest 5600. The current prices 3500 and has been trending upward over time. And there's no big spike on this for you. Go back quite a while. You go back several months toe when it got listed, and then quickly it dropped way down here. So it's never been up that high, and it's consistently growing a little bit. But it's hard to say. Is this a good bye or not? There have not been a lot of people trading it today, at least, but it has had some days where it's been a little bit higher volume where the price is taking a big spike. So it's hard to say. Rather, this is a good buyer, not, you'd think the downside. The nice thing is it hasn't went down that far recently, although actually, just a month ago it was 2200 so it's been down about 30 or 40%. But you look before it was in the hundreds before that. So this could continue to go up more can continue to be a big loss. You don't know with these things, you just have to kind of guess repeatedly, Do I want to buy this one? I don't know. I I try to buy into a lot of them and there's a lot of uncertainty with these. You can see this is one. I don't think I've traded this one before, its newer. So I will just try and jump in on this one. I have no idea. Rather, it'll go well or not. The data is inconclusive. The day it could be a great opportunity. Some of these there's no indication they're going to be a huge break in it. But it also could be a total waste. So what? I'm going to dio ah, look down to the sell orders. I'll throw 1/10 of a Bitcoin into this one, and I click the price that I know I can get 1/10 of a bit coin in it. I hit by. It buys 1/10 of a Bitcoin. Now I'm ready to sell it, so I'll do the same strategy I did before and divided up among this. So there's 2000. I'll zoom in a bit more so you can see better. There's 2000 of these that I have now, so what I'll do, I'll sell 1400 of them. If it goes up 50% I'll sell 1400 of them at, say, 7100. So if it goes up, 50% are actually. If it doubles, I'll sell half of what I bought. I'll make my initial investment back, and the nice thing is, it only has to do that on one particular day. If it has one good day, I cash out and I've got back my original investment. Plus, then I'm holding some of it. So now what I'll do. I'll split it into 700 I'll put one up here. I'll put one in it like 10.1 to self, it goes, If it goes up really well, I'll put that in and then I'll copy and paste the rest of it here and get creative and maybe say, like, 23 or something like that. So if it does really good, I'll cash out and make similar money on the last one. So now I've got 10.972 in this one, so I'll go down here and select another one. So I look at this one and I'll try and manage the zoom so you can see and it fits on the screen, right? So this one again, Not very conclusive right away. Some of them. It's kind of obvious there on the low end, and this one is a little bit on the low end. Over the last month, it's been up almost twice, a much in the low hasn't been down farther. I can pull this bar to see our higher period, though, and I see that it currently just had a big spike here and might be on the way down. But the nice thing is, the big spike it had back here took it up to 79,000 in value and it's currently only at 16,000 and value. The problem is it might take a year to go back up to that, or it may never get back to that again. If I look back farther, I can see that it's been relatively worthless over most of the time. It's been on here and then it just had a big spike back at the beginning of September, where in one day it went from What is this over here? 3500 all the way up to 67,000. So now it's down to 16,000 again. It's not clear whether it'll be a good buyer, not, but what I'll do. I'll throw 1/10 of a Bitcoin in right here again, and we'll give it a chance. I don't put it in smaller, and I don't mess around with by orders too often because I'd rather buy it. What I can see is a good value today and set things up and then sell right away. So I bought in 1/10 of a Bitcoin here and now what I'll do. Same thing I'll put around half of it to sell. If the price goes ahead and double, so we'll just go 33,000. I just put random numbers in here. We'll pull like 300 of it there. So if the price ever doubles, I cash out and get double. So let's just say then let's let's put the price straight upto four times on this one, and we'll split it down the 1 50 If the price goes up good, I sell their, ah, copy and paste this and then I sell the rest of it. I'll get a little even more creative will put it into an even higher number. So while it currently is only in the 16 thousands today, I can list it in the hundreds of thousands. And the nice do really good if it goes up high. So now I've got some NEOs in here Now I've got all of these low volume ones. I'll go down and check this next one, and this is the same process I just used over and over and over again. Now this one upon initial inspection looks like a pretty bad by in the sense that it's often been up a lot higher, or that it's kind of relatively if you look at the last month. It kind of looks like it's on a high note, but the price for this one's 443,000 the ones I've lost the most on are the highest price ones like steam. So this one you look, it hasn't ever been higher than what, like 800,000. So it's on Lee ever been double what it is right now? Now that doesn't mean that it's not a good opportunity. But this one doesn't look that attractive to buy into right now, So I'm going to skip that one. That is one of the few actually say That looks pretty bad. I'm not going to fool of it. Now let's look at cure. This one spiked up to 46,000 back in September, and now it's kind of trending slowly up the lowest Ben around a couple of 1000 for it. And as you'll see back here, continuing to grow over time. So this one has a nice high with a pretty recent spike to it, and it just the problem is, though it just spiked up. It was down at 778 before, and it went way up here now, so it's had a pretty recent spike, so relative to where in the last month or so it's kind of in the middle, So this one is hard to tell what it will do. Also notice how much uncertainty there is in this whole process. So if I go back farther, though, I do like that it had this massive 46,000 spike in one day, and it's kind of low volume now, so I'll give this one a shot as well. I'll go down here and I'll go down and find if there's an order. There's a lot of lower sell orders here. There's not a big there. Here's 1/10 of a Bitcoin saw going and put that here. I'll buy 1/10 of a Bitcoin of this, and I got a lot of it at a cheaper price. So now I've got 930 cure over here so you can see how fast this goes to. And you can tell all the research and trying to predict is kind of worthless, in a sense, because you really don't know what's going to happen. These air also uncertain, so that kind of adds a simplicity to it. So I'm going to do. I'll put in 4 50 I'm going to put this one in at a doubling. So if I double cash back out and I've still got it, So now over here and put to 40 in and we'll go something like 39,000 on that and then I'll copy over the rest of this paste and then we'll put it even higher. So it's been up pretty high already. I'll get a little optimistic and put 70 something 1000 here. So now cure has a good chance. If it goes up, then I have a chance to make a profit on that one, so you can see how fast these go. Let's look at this one now. If I go back a month on this one now this looks like a complete disaster. This one's just pretty much went straight down like the steam, so I do not want to fool around with that. At first glance, one of the ones and I'm clicking on these ones I haven't bought any of yet. Now this one's just recently went up a lot. Also, I don't want to mess with that. So now what I'd like to do is actually I'm going to I'll show one more different way to do this here and then wrap it up. 6. Making buys based on down change: if you're looking for another way to do this strategy. Besides using volume, what you can also do is use change and double down on some of the ones you already have. So what I'm looking at here is on some of these. Now I can try and go in and manually sell it. But most of the time I've manually sold stuff. I've came out behind doing it that way. I've even their sold things right before the bubble went up or I've went and fooled around and not sold things right before they went down. So it's almost it's easiest to just stick with the system on it and then toe by some things when they're temporarily down. Now, sometimes if you buy things that are down or you're going to do is double your losses on stuff like I showed you on the steam. I bought it when it was going down, so I essentially just lost more on it. So if you look at this one, this one's down a little bit, so that might be worth putting more into some of these. This one's down a bit, and some of these I've made profit on before. If you've already made some good money on it, it makes sense to buy back into it. Now this one's down. This is pot coin I've been looking to get. This one is just recently had a really big spike here, and if you go back farther, you can see it has been pretty worthless most of the time. So some of the biggest areas I've seen to make money are on the low value ones, and especially when they're down. So right now the pot coin has went up to 6900 at its best day, and it's down a 17 22 right now. So it's still pretty low in value, and it's down a little bit more today, so this could be like the steam. There could just be a one time excitement here that never happens again. And I could be buying in when it's high and it could go down way lower. I don't know what I'm going to do. I'll pick a price out here, put 1/10 of a Bitcoin into it and grab up some pot coin. Someone's got to be excited about that, so I've got 5700 and 39 pot coin will do the same thing if the price of pot coin and I'll even throw it a little optimistic. Lee here, there 37. It's actually been up higher than this before, so there's no reason it couldn't go back to it. It's all throw that up here, and then I'll even divide it into 1000 to give me a little bit more specific room to grow. So I'll throw increments of 1000 here and then put it upto like 6400 and then I can grab this last one and put it down here and then put it up to even something like 9000 self pod coin as a good run. Then I will make some good profit on. And if it doesn't, while I I don't have to sell out any time soon, as long as Polonius doesn't unlisted, so I can continue and go down and do the same price. One of these I looked at that looks good folding coin. I made good money as I showed you before on Bolding coin, and it looks like it's been trending down lately. It had that nice spike up to 8 20 and now over the last few months is kind of trended back down a bit. So I sold most all of my folding coin before. So now seems like, Ah, good time that I can then buy back into folding coin so I can grab some or folding coin here. And then I can be prepared to sell some or folding coin going forward, so I'll do the same thing. And actually, I'll split this up into thirds because it's had such a good upside, so I'll sell 1/3 of him. If the price doubles up here, I'll sell 1/3 of it, and then I'll continue to increase it from here. So if it goes back up to where it waas, I'll sell another third of it. And then if it actually goes even higher than it was before, I'll sell the rest of it over here. And as you see, if it goes upto way higher than it was before, then I'll make a I'm great income on it before, So that's not too much of a stretch. So I've invested in some or folding coin on a day that it's down. So this is how I go about doing this trading. It's worked out pretty well for me so far. Another quick thing I do, I sort by price. So if I see like this is down on the price today, the problems some of these really low price ones. The upside is kind of hard to get into because they're so low price that everyone sits there and tries to make big money when they change. So, ah, lot of these don't go anywhere. And if you look over time, this one's been a low of two and Ben up of 21 but it hasn't been up to 21 quite a while, so it's down today. I've already got 1/10 of a Bitcoin invested in this, so it's hard to say. Rather, it's worth while in buying any more of it. So I've got 1/2 Bitcoin. I don't know what to do with it here, and that's okay. I can I can invest it in about anything. So I looked down the very lowest one this deem won. This thing is, it goes up it as the ridiculously low price. Here you'll see there's tons of buy orders in it. Three are by orders in it, too. And then there's lots of sell orders in it. Three. So lots of people buying it to trying to sell it. Three. So there's not a whole lot of room left to even buy it, too, before it goes down toe one. So if you had a lot of Bitcoin, you could buy it all the rest of this at two and then start buying in a bunch of the Bitcoin at one. So for now, I think I've done about enough trading today. It's nice to do a little bit of this over time instead of doing it all in one day, because you might be able to get in on a day where there's something really good to buy that's new. And then So I try and just log in overtime and check this little bit each day. So as you'll see, I'll go back over here to my deposits and withdrawals. My I've spent 1/2 Bitcoin investing in some of these other ones. I still have about the same I started with, and then I will keep you updated over time 7. Project for bitcoin trading basics with poloniex: thank you very much for enjoying this course with me for the class project. Would you please share a screenshot of what you've done with it? Rather, it's something you didn't set up before or something you just set up from the course. I love to see anything you have to show. Rather, you've just set your wallet up with coin base and just bought your first Bitcoin or show your Bitcoin values. If you're already are trading, I would love to see a screenshot of what currencies you're currently holding. Maybe I can get an idea to buy them, and then they'll go up for you in value or show me things like you could do a screenshot as I've shown you before off my trade history and analysis. And if you've made some money trading something, I'd love to see a screen shot of that. So what I'll do, I will put a screen shot in their leading by example. I'll show you the top ones I'm currently holding, and all of the screen shot off the best that things have worked out so far, which is folding coin. I'll put that in there. When you do that you're helping me to see and get some feedback on what you're actually using the course to do. It helps me to figure whether I should teach more courses on this subject. And you're helping more people just like you find in this class and use it as well. If you've enjoyed this, would you please help me out by quickly leaving a review? That's one of the most helpful things you can do, especially if you also share project. And let's skill share. No, this is a good course worth taking. Thank you for spending this time with me today, and I hope you have a great day.