$1,000 to $1,000,000 day trading crypto 700 trades : Daytrading

Hm sounds a lit better than my “Buy High, Sell Low” strat.

Ill have to give it a try.

You need to be quick to recognise and close out unsuccessful trades and move on to the next.

Mind must not be attached to a thesis.

Ie, the market is going up or down today.

You must let the market dictate and guide you.

You must be prepared to have a string of small losses without getting discouraged.

Learn to recognize FOMO growing in your heart. If you notice this strange emotion, go take a walk and only come back next day.

Don’t overtrade, don’t trade on margin. The latter is gambling because despite the claims of some people, those extreme moves up and down are almost unpredictable, and on margin you’re likely facing drastic consequences.

You can trade on margin but ALWAYS use stops and never trade more than 1-2% of capital.

Why is everything I read about day trading crypto so negative? Bitcoin seems to fluctuate 1-2% 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%..

I just started yesterday with 170$ in bitcoin.

I lost out a bit on profit when the price dropped out of panic, but it almost always spikes back up. I did the calculations, assuming there’s no bull market soon, if I make 3 trades a day, at 1% profit, my investment will go to 400$ worth (I dont care for waiting for a bull run, they always end and people get suprised when they dont get out in time and lose 75%..).

This investment is exponential too…

the next month itd be 1k..

till I’m making enough to live on…

For every trade that makes a loss there is the counterparty and the exchange making a profit. So all daytraders are on average losing money.

I would classify it as similar gambling as playing poker. Also there you are on average losing money because the house takes their cut.

> For every trade that makes a loss there is the counterparty and the exchange making a profit. So all daytraders are on average losing money.

Depends on the exchange.

Coinbase offers 0% limit orders.

There are ways to mitigate expenses day-trading to the point that it comes down to whether you have the temperament and if you are backing the right horse. A profitable venture is better than zero-sum, because the investments that gain value sap resources from the investments that are duds.

So I lately invested in cryptos as a long term investment, but soon realized that there is massive potential for day trading as well.

If someone starts trading with $1,000 and makes 1% profit per trade (which is not even that much in crypto – it happens multiple times a day on most coins, even in the current crash), all someone really needs is 700 trades due to the power of compound interest.

Sounding like that makes the possibility of becoming a millionaire fairly “possible” & relatively “easy”.

if you do 2 trades per day (which again, is not even much), you could do this in 1 year.

EDIT: I don’t understand the downvotes. If anyone of you actually goes on a graph of the top 200 crypto coins you’d see that even upon crashes, they get back up 1-3% per day and then back down..

As someone who knows absolutely nothing about day trading and has only read and watched a few videos here and there. Where would I even begin to learn how to get into crypto trading?

Trading crypto is most like trading forex, with 24/7 markets… only thing is the crazy volatility you have to watch out for.

I would first start with learning the very basics of trading, investopedia has a great videos on these, you might have to dig through though. Just ignore the business-ish stuff and focus on the invest/trading videos 🙂 This is the biggest playlist on that I could find.

After that, learn some indicators, just get the basics like MA, MACD, RSI etc. I would recommend tradingview to start out, its free and pretty much as every main asset/pair to start out is on there!

Then you can work on making your own/learning more in depth on how they work.

If the price dips way out just say you are a true HODLer, if the price skyrockets sell and you are a master trader, win/win.

Aren’t you spelling Hold wrong there? If that’s a new term, please enlighten me.

Cool, do it. but do it with demo money until you have had 12 consecutive months of gains.

This isn’t a meme.

12 consecutive months.

Most will win their first couple, and then they think they have the hang of it, and will lose the next 6.

12 consecutive months, and then ask yourself if you really want to gamble with your life savings (the only way you are going to have enough margin to trade correctly, for most people) as a profession. It’s too stressful, and there is too many automated solutions that the average joe can take advantage of to make manual trading way more stressful than any ones day job should be.

Source: trading forex for 2 years.

I have been trading for the past week on binance and I am able to increase my total investment (in BTC) by about 5% per day so far. My basic strategy has been looking at a lot of different charts and buying dips and basically selling once I reach anything above a .5% increase unless the specific trade looks more promising.

I use BNB for fees so the total fees on each trade are only .1%.

Granted, I’m only trading around with a little under 300 dollars worth of bitcoin, but if I was trading with much more it seems like I would be doing pretty well for myself. I have only lost 2 times out of over 40 trades in the last week, and the losses were under .5%.

But I imagine it would be very similar to gambling at a casino.

Or investing in credit default swaps.

I don’t use RH to trade crypto, but my experiences have been great past few years. I just went in with the mindset of it being nothing more than penny stock land where 99% of the coins are pure shit with no future, and it has served me well. Smart “investors” secure their profits after huge gains, while the dumb ones hold forever waiting on the 1000000000000% gainer that never materializes.

Just gotta go in knowing anyone placing serious money down is dumb (relative to their actual investments), and the even dumber people are the long-term holders that never flip their stockpile. So much daily volatility to exploit for extracting profit and to help amass a larger stockpile if you truly believe in a coin.

Stay away.

People here seem to be against day trading.

But whats the issue with buying a relatively stable currency (Bitcoin, Ethereum, etc) and just buying large quantities on the -5% to -20% days and selling on the same or next or couple of days leter when it hits +5% to +20% days.

Sure coins like Cardano and Ripple, while still big can drop and stay there as we’ve seen. But big old coins like ETH typically don’t fluctuate all that much and consistently rise over time.

Looking at the 3 month trend of ETH, you really couldn’t have lost this way.

Personally I don’t do this because it would; A. Require a large initial investment or you’d be making only $10-$40 every few days, and; C. Taxation would be quite chaotic.

Nothing wrong with it, it’s just that grand majority attempting will just lose money.

This. More people lose than make money.

I want to daytrade but I don’t have 25k is it possible to do that with crypto?

Using normal rules, nothing special. Its pretty much like any other asset, except news doesn’t have too much impact on it.

There’s also no earnings or fundamentals.

(very little)

Yes you can trade crypto with 0.01btc.

Im going to try simplefx for under 25k .

People seemed positive about simple fx.

Yes you can…if you are good (aka lucky) you can make huge profits per day.

Yes, there is no PDT rule for crypto.

You can trade with whatever amount you want 24/7.

You can also trade futures with less than 25k and they have nice tax implications if you live in the United States. Profits from futures are taxed as 60% long term gains and 40% short term gains.

One reply on “$1,000 to $1,000,000 day trading crypto 700 trades : Daytrading”