Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. Mar 11, · Why is everything I read about day trading crypto so negative? Bitcoin seems to fluctuate % every few hours, using coinbase pro and only using limits, you get charged no fees as a market maker. I get holding CAN being more profit, but you never know when it will crash and all that profit will vanish.. day trading you keep your risk to 1%. Day trading can be profitable but only if you're better than the average trader and good at managing risk. It's stressful though and I wouldn't recommend it. Better imo is to trade the more longer term swings in the market which are easier to predict and don't cause as much stress.
Day trading bitcoin redditDay trading BTC on coinbase? : Bitcoin
Neither is true. The reality is that you are simply gambling, and if you don't recognize this simple truth you should not even consider day trading. This couldn't be more accurate. I was one of those who did a full circle from buying Bitcoin first, dabbled in alts and tried to trade, lost potential profits because I couldn't sell, came back to Bitcoin full throttle and dont own any alts. Bitcoin is peace of mind. Wish I saw this a few weeks ago I just want to get back to 1 but I keep dropping further.
You almost have to go into some Alts with. Then you could get back to 1 btc. Consider this, if crypto is hear to stay. Money flows into crypto. And with history and mass adoption as an accelerant, it could be faster for some coins. Others may cost more to get 50 but that could be a goal. Maalox, gallon size, please. People that traded stocks and options for some time are numb to losses.
A HODLer is someone who gets it and decides to put money they can afford to live without into Bitcoin because it is 'our' money, not backed by debt and not controlled by any one entity. If you are just holding until some price point to 'cash out', you haven't understood what you are a part of or are just another trader.
You cannot make claim to be a HODLer. This is a much better idea. You are much more serious and devoted if it's your real money at stake. I gave people advice about getting involved with stocks.
After that, you will pay attention and have the incentive to learn more about trading. During that 3 months, think about the next stock you want and buy more stock. I wish I read that about 4 hours ago Now back to hodling, while hoping that small fraction lost will be worth millions down the line Nothing wrong with day trading as long you don't go crazy and day trade it all just like you shouldn't invest all your money into cryptos.
Invest only what you can afford to lose. Becoming a millionaire is not as easy as it sounds. Even the astounding gains of bitcoins this last year makes it difficult without a substantial initial investment. You only need 0. At today's price. This is a stupid statement to make. Day trading is a good way to increase your stack without putting new fiat in.
Some real advice would be good here. If you are a beginner and want to day trade then make sure you read all the information you can about it. Buy some books and watch some videos before getting started. Read read read and read. Don't go in a trade just because, you need to pick good trades where the odds are in your favour. Set your stop losses based on support and resistance levels.
Was so close to an even BTC number so tried to play my hand to get me there. Almost got away with it too and then some! So many crypto traders have given me the same advice. They say that they would have more bitcoin today if they just bought and held. But NOPE, extremely far from it. Especially seeing most of the advice on trading errors killing gains in btc. I've made a lot of BTC by day trading between eth ltc and btc the last few months especially this last 4 days holy shit the swings have been amazing Always risky, but patience and nerves of steel can make a big difference.
Just learnt this lesson unintentionally this week: tried a stop loss order on my BTC this week, but the order completed on an extremely temporary dip. Still, wasn't much fun Is it still considered day trading if you're just buying when it looks low enough to justify it and you aren't selling? I am gonna try anyway. Thanks for the tips. I know suffering awaits me on this road, but there is no stop now.
See you in the other side of the hyperbitcoinization river, my friend. Let's hope we're all alive and well when it gets there. And it's not sell then wait for the dip.
I only sell when I'm almost sure it will fall. Even dollars fall can make a lot of money if you count how many time you can repeat it with the current state of how volatile bitcoin is.
I just make sure that if I don't rebuy instantly I get bitcoins back even on lose. IMO key to good day trading is safe spread trade. Sounds like a good run of luck! Are you going to quit while you're ahead or keep gambling? Dice is pretty fun as well if you're into that. You strike me as someone who would rather slap coins into a slot machine and pull HODL over and over and over.
I accidentally sold 2BTC last night. Because the professionals are batting newbies back and forth to see how many coins they can shake out of their pockets. For most people it's too hard, too stressful to manage funds on a global market, and just not worth the risk compared to long term investing.
Yeah just had my worst trading day all year, so my trading style isnt working anymore meaning this could be a real trend change.
Should have just sold at 16k and just left it for a few days after that crazy 20k blow-off-top head and shoulders pattern played out, oh well hindsight is a bitch. Too difficult to sell now gone down too much. RSI's are already reaching oversold, felt like bitcoin was in a slow death today which is probably a good sign as unless some whales start dumping huge volumes im hoping for a turn around soon.
Also not sure if the Korea ban is true but that might play out more significantly in the coming days. I mean is a good to set fee for minors. Just did bitpay. I think the advice in general is don't day trade whether it is Crypto or not. Most people aren't cut out for it and you are throwing away the flexibility of more sensible longer term trades. Day trading is like formula 1, in that you might want to learn to drive and go cart successfully first.
I guess everyone has their own strategies and goals with day trading. If you learn to analyze the data, you'll start to understand where and when these opportunities occur. It's almost predictable I've built an app for myself that does the analysis. Finding a way to wrangle the data for yourself will show you where to invest.
Otherwise you are shooting darts in the dark. Good question, and possibly no better off than just hodling. I'm hodling some currency, but also thought I'd try trading with small well really tiny amounts.
Mostly a fun hobby at the moment, but come tax time, I may feel otherwise. Is this a good strategy? It takes hours, days or weeks for some of them to hit the mark but when it does I make profit. Would it be better just to hold? But generally yes, you are probably just better off holding. I've traded for a living for over a year now. Make good money. Destroyed my sanity and body and everything about my life except for trading. Listen to OP. I made money in the first two trades that I made[sold when the prices increased , bought more when they decreased ] in the previous two days.
If you're trading BTC and just trying to make more USD there is literally zero risk since Bitcoin will always be going up so you know it's gonna sell at some point. Instead of having to minimize losses you can try to maximize gains.
Just been doing if for a few days now but it's soooo much easier and less stressful that trading altcoins. If you want to get into alts you should do lots of research and pick 5 to 10 you really believe in and just invest in them long term. Few people actually make money trading them as they can literally crash at any point. Well I ended up selling my bitcoin cash from the fork and a few of my bitcoin unfortunately i didn't sell the bitcoin until the price got low so I have several tens of thousands of dollars to trade with.
I've been doing that off and on, depending on if my trades are stuck or not. And at times, like now, when the price drops I'm just waiting for it to go back up for a while to get my trades out. I have a couple times taken big losses by selling for a loss in order to be able to keep trading when the price dipped a lot, but for the most part it took longer to make that loss up than it took for the price to go back above my original buy positions, so now I'm just sticking in trades until I can sell for a profit.
I need to get better at trading, my trading strategy has been more FOMO than safe. So far I'm very pleased while recognizing that my trading has been pretty bad so I could be doing much better with a more conservative trading strategy. Nice, i was really expecting a reply. That was a nice surprise. Im making the switch from stocks to cryptos and really enjoy the input.
I got 4. What do yall think? Hey Bezos.. Did you try it out? That's the only thing that concerns me is how accurate these unregulated exchanges are. They might not be operating in true real time or are broadcasting fake information because they are all arbitraging back and forth with each other.
I day trade crypto. It's been working for me for 18 months. Profit from day trading is my primary source of income. If you're interested in learning some technical analysis and patters, I wrote a guide to trading here.
Day trading isn't something where you can sit back and wait for the profit to roll in. That's HODL. But if you are consistent, disciplined and have emotional control, day trading can work out. Are the current exchanges out there fast enough to get in and out in time? And if so How do you recommend currently locking in a gain without having to use the highly suspicious USDT tether?
Very true but ive had friends put laptops side by side to see any flaw.. All One.. Buy XRP if you can plz. Does GDAX have zero trade fees? If that's the case, wouldn't you have to go on a long losing streak to blow your bankroll? Couldn't you just keep putting stop losses in place so that if a coin goes in the wrong direction, you won't get hurt?
I'm new so I'm trying to understand how this works. Dont look at the price, dont look at the graph. Dont try to beat the market cause nobody can.
To sum it up: HODL. I'm wanting to trade crytos.. I bought bitcoin a couple of years ago and they've done well. Id like to know what people recommend as a trading platform and who has the best fees please. Ok, so I don't get why day trading is bad. Like just sell your profits, and keep your principle involved. I would be very satisfied making a hundred bucks a day this way. There's actually an excellent beginner's video course at www. You shouldn't make this your full time job but there are ways of making good profit with crypto trading and not just holding.
It's all about investing when the market isn't too volatile. If you study the market a little, you can profit off of these. Minimize risks. Once that objective is achieved, just pull out. Don't let your greed get you caught in a bad storm. I nearly doubled my money on my first investment in less than a month. I should've pulled out and cashed in. But greed said: don't pull out yet!
There might be even more money waiting for you out there! There wasn't. The profit melted. There is no worse feeling on earth than to see profit disappear in a heartbeat. In reality, I don't think you've described day-trading well. Day trading is essentially gambling, and so your advice IS relevant, but it's only as relevant as saying stop while you're ahead at the casino.
The whole point of giving yourself growth objectives and pulling out once you hit them is really just to minimize risks. In crypto, your winning strategy can turn to poop very fast so in a sense it is quitting while you're ahead.
Yeah, it's got nothing to do with day trading but it's an hybrid strategy between day trade and hodl. And thus miss out on the greatest financial opportunity of our lifetime because you didn't trust your ability to learn and some random person on the internet told you not to. Do what you want, you can do anything you set your mind to. Many people are doing it successfully, you can to. Read books. Also fuck demo accounts. The truth always wins, no fakery will get you anywhere.
Pay your tuition to the market. Day trading cryptocurrencies? That's like dunking your head into a microwave oven full of cement and waiting for it to set! I mean there is no way anyone would be stupid enough to do that?!
Don't daytrade cryptocurrencies and don't listen to advisors who manipulate you into daytrading as well, they tend to act as oracles and then use that asynchronous info to manipulate the markets. There are whales and traders with asynchronous advantages over you so you are at a disadvantage and will likely lose money day trading -. Also you will be exposed to a lot of capital gains taxes and complexity vs just buying and holding for long term investment. Every single time you make a trade between each asset is a taxable event and tracked and reported on an exchange.
At most use an exchange as a means to set buy limit order to automate buying on dips and than withdraw for longer term investing, but immediately withdraw your BTC from exchanges after buying.
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Become a Redditor and join one of thousands of communities. Bitcoin submitted 3 years ago by freebitties. Want to add to the discussion? Post a comment! Create an account. Cool, do it. I saved these comments in a notepad file. It didn't take me long to get started once I looked at it with this way :D. I get torn to shred when I try stocks, he gets torn to shreds when he tries analysis.
You seem to have a good grip on this. Glad I could help. What would YOU do? Learn there. Just wow. Hodling is relaxing. Holding is relaxing, but don't pretend it's more profitable than trading. My effort is 0. Of course a good trader will make more, but I put in infinitely less effort.
People spend money and time more on school than the potential payout of trading. HODLing is waaayy easier and a lot more rewarding. If you really MUST try, if you just have to, my best advice: Do not take advice from the "twitter investors". A lot of them just spout BS, some don't but it's incredibly hard to tell them apart sometimes. Do your own research. I'll do the inverse trades. Play on paper. That way you'll be a millionaire soon.
Go look it up. Partially because you should have done nothing. Works for all sorts of things in life. So far, when I wanted to sell, I dug deep on that experience and did nothing. Shoud've done nothing. If you have a fairly powerful computer that is almost always online, you can help the network by running Bitcoin Core. You can also use Bitcoin Core as a very secure Bitcoin wallet.
Check out his other work here. We previously collected donations to fund Bitcoin advertising efforts, but we no longer accept donations. The funds already donated will be spent on some sort of advertising, as intended. As of now, If you have ideas for the remaining BTC, see here for more info. Day trading BTC on coinbase? How would you close a position and cash out to usd without the irs finding out?
All my tokens are in cold storage. Yes, if you're technically savvy you could essentially launder your money via privacy focused alt coins like Monero. Eventually the govt will audit those and you're more than likely to be discovered. I'm not a fan that the IRS treats BTC as "property", but it's much easier to keep accurate records than go to jail for tax evasion.
There are lots of other people day-trading on GDAX. What you have to ask is whether you have any advantage over the average market participant. If you can't work out what advantage you have, you will lose money. If you can convince yourself that you have an advantage, you will probably lose money anyway, but it might at least be worth trying.
Note that even if you have an advantage over the "average" participant, the well-informed participants will exploit your weaknesses unless you are about as good as they are. If you are trading manually, you will probably struggle to out-compete automated trading strategies.
Half a percent? Of course it varies a lot, that's why I asked what your average or expected rate of return is for each dollar invested. It's cool if you don't want to say, I was just wondering how much you have to grind on this sort of thing. I thought you were asking about rate of return per trade, I don't have a number for that off the top of my head, so I gave you the closest thing I had.
Assuming you invest the same amount per trade, that is what I am asking. But I understand your answer now. Also, if you make a new bot, so you can compare appropriately to see if it is actually better or not. The only way it is a positive-sum game is if you know which direction the market is going to move long-term.
And if you do, the only advantage to active trading is if you think you can beat that anyway. You can daytrade your heart out and I suggest doing so whenever volume is above average. Most investors can't beat the index in the long run, and then there are the fees. If you don't, you might as well go to a casino. You will still lose your money, but have the same adrenaline rush Plus free drinks. But I found that, in practice, you get hit with partial taker fees because of the constantly shifting order books.
Not to be rude, but if you're asking a question as reductive as "is it worth it? Yes, many traders are profiting in GDAX and elsewhere. But before doing so they analyze the question for themselves Etc, etc If you're looking to go into trading BTC without a plan, you will get spanked by the market.