Nov 01, · The Best Day Trading Cryptocurrency Tips [Safetrading Guide] Day trading came to the crypto world from other markets and is nothing new. For this type of trading, you need to choose volatile assets that can dramatically change their value during the day. So, in fact, there is no best crypto for intraday trading – all of them are quite volatile. Day trading cryptocurrency has boomed in recent months. High volatility and trading volume in cryptocurrencies suit day trading very well. Here we provide some tips for day trading crypto, including information on strategy, software and trading bots – as well as specific things new traders need to know, such as taxes or rules in certain markets. Bitcoin Day Trading - Find Best BTC Brokers Can you.
Day trading btcDay Trading Cryptocurrency: Crypto Trading Strategies
There is no business in the world like that, except one. Here at Mitrade we want to help you make your trading journey both as enjoyable and as profitable as it can be. Day trading cryptocurrencies CFDs is just one of several routes to do that. Mitrade is an ASIC regulated broker. They provide reasonable leverage based on different trading instruments Gold , Bitcoin , most forex Also, Mitrade provides you protection against negative balances, allowing you to control the trading risk and trade with peace of mind.
Zero commissions, low overnight fees, and competitive and transparent spreads. All costs will show on your deals order. The minimum size per trade is as low as 0. Leverage up to You will enjoy seamless trading via both iOS and Android mobile apps along with web platform. Provide more than popular global trading instruments. The content presented above, whether from a third party or not, is considered as general advice only. This article does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
Mitrade does not represent that the information provided here is accurate, current or complete. Mitrade is not a financial advisor and all services are provided on an execution only basis. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
Please read the PDS before choosing to start trading. Welcome to Mitrade. Forex Indices Commodities Shares Cryptocurrencies. Trading Platform. FAQ Help Centre. Basics Education Insights. About Us. Simplest Day Trading Strategy Ever. John Williamson Post Contents [ hide ]. Thoughts On Day Trading. Latest Release. This protects from you a sudden decline in price, or if you were not at your computer to do it yourself. If you feel that you will not have the mental desire, time or patience to become a day trader, you could always consider long-term investing instead.
Long-term trading is far less stressful, as once you buy a coin you can leave it to grow over a longer period of time. This could have been achieved without you needing to sit at your computer all day to check for any price movements. You can also apply the same trading techniques too, such as setting stop-losses or market limit-orders. However, if you are certain that you want to become a cryptocurrency day trader, then the next part of my guide is going to show you how to get started!
Looking for more in-depth information on related topics? We have gathered similar articles for you to spare your time. Take a look! Learn how to make money with Bitcoin in the latest making money with Bitcoin guide. Trezor VS Ledger: the complete overview of the two hardware wallets. Now that you know what day trading cryptocurrency requires, as well as what you need to consider, I am now going to show you how to get started!
The first step when looking at how to day trade cryptocurrency will require you to find a good exchange. A cryptocurrency exchange will allow you to buy and sell coins 24 hours per day. It is important to think about what kind of cryptocurrencies you are looking to get involved with. If you are looking to day trade full time, then it is well worth choosing an exchange that has lots of difference pairings listed. Note: A pairing refers to the two coins that are being traded. It is also important to find an exchange that has lots of liquidity.
This will ensure that you can always be matched with a buyer or seller, otherwise, you might not be able to close your trade when the price is falling! A good place to start would be Binance, as they have hundreds of trading pairs available and they also have one of the largest trading volumes in the market.
To find out more information on setting up an account at Binance, see my guide here! Once you have opened an account with an exchange, it is time to deposit some funds. If the exchange that you want to use does not accept real-world money deposits, then you can first go to Coinbase to buy some Bitcoin or Ethereum and then transfer it across. You also need to consider how much you are planning to deposit.
Never forget that the cryptocurrency markets are really volatile, so there is always a chance you could lose your entire investment. Start off with smaller amounts first. Once you are set up and you have deposited some funds, take some time to understand the different features on the trading screen.
Every exchange will have a chart, so it is a good idea to learn how to analyze pricing movements. You can visit their free guide here. The green bars mean that the price has gone up, while the red bars mean that the price has gone down. Learning how these tools work is really important as it will allow you to identify when there is a good chance that a coin is going to rise or fall.
However, once again, there is no guarantee that your prediction will be right, so always make sure you are ready to exit a trade if things go badly! I know I have given you lots and lots of information, but I think it is really important for you to understand all of the risks involved.
If you have read my guide from start to finish, you should now know whether day trading is right for you, as well as how to trade Bitcoin, and how to trade cryptocurrency in general. As you have probably noticed, there are a lot of steps to consider before you begin your trading career. In reality, it will take a really long time before you are able to trade successfully as if you do things correctly, you will need to build things up slowly.
Even though losses are never a good thing, when you do experience them in your early days of trading, it will help you learn not to make the same mistake again!
So what do you think about day trading cryptocurrency? Is it something you are going to consider, or do you prefer the sound of long-term trading instead? Just make sure that you never invest more than you can afford to lose and that you never chase your losses.
Now that you know how to day trade, and how to make money with cryptocurrency, let me know your thoughts in the comments section below. We do not publish biased feedback or spam. So if you want to share your experience, opinion or give advice - the scene is yours! Picking out the best crypto exchange for yourself, you should always focus on maintaining a balance between the essential features that all top crypto exchanges should have, and those that are important to you, personally.
That said, many users believe that Coinbase is one of the simpler exchanges on the current market. The exchange platform i. Binance acts as a middleman - it connects you your offer or request with that other person the seller or the buyer. When considering cryptocurrency exchange rankings, though, both of these types of businesses exchanges and brokerages are usually just thrown under the umbrella term - exchange.
This is done for the sake of simplicity. No, definitely not! As previously discussed, the number one choice you need to make is to pick coins that have high volatility and high liquidity.
There are more than coins on the market and growing. Day trading smaller cryptocurrencies can also be a very lucrative business, but there are higher risks. Remember, crypto prices can crash just as fast as they have risen. This specific day trading strategy uses one simple technical indicator, namely the Money Flow Index.
We use this indicator to track the activity of the smart money and to gauge when the institutions are buying and selling cryptocurrencies. An MFI reading of shows the presence of the big sharks stepping into the markets. They inevitably leave tracks of their activity in the market and we can read that activity through the MFI indicator.
Namely, during the current day, we need to skip the first two MFI readings of and study the crypto price reaction. We can now wait for the third MFI reading above The close of this candle needs to be near the upper end, giving us a candle with very small wicks. This brings us to the next important thing that we need to establish when day trading cryptocurrency, which is where to place our protective stop loss and where to take profits.
The obvious place to hide your protective stop loss is below the low of the day. This can also signal a reversal day. However, the only rule you need to abide by is to take profits during the first 60 minutes or the first hour after your trade got triggered. Holding the trade longer than one hour will result in a lower success rate.
If you took the time to read the whole day trading crypto guide, then you should be able to buy and sell Bitcoin and alts and make some daily profits. If you are interested in learning how to day trade cryptocurrency , be sure to equip yourself with enough information before diving into the market. Making a living day trading cryptocurrency can be a lot easier due to the high volatility nature of the crypto market. High volatility suits day trading very well, so you have the right environment to succeed.
You may also be interested in reading our guide on the Best Cryptocurrencies Investments for Please Share this Trading Strategy Below and keep it for your own personal use! Thanks, Traders! We specialize in teaching traders of all skill levels how to trade stocks, options, forex, cryptocurrencies, commodities, and more. Our mission is to address the lack of good information for market traders and to simplify trading education by giving readers a detailed plan with step-by-step rules to follow.
I am based in the UK How do i set default buying and selling levels from 80 to and respectively from 20 to 0? Nice strategy, I live in Nigeria, what time will be appropriate for me to trade? And please, I really want to master the day trading, do you have more strategies to learn? Which MFI did you use in traderview and how do you change the default buying and selling levels from 80 to and respectively from 20 to 0?
I would love to speak to you by phone because this is complicated. Where do I get the charts that have the Money flow indicator.
Are you using Binance or Coinbase?