So you’re thinking about leaving your job and becoming a full-time day trading cryptocurrency expert? Well before you do, I think you should read my guide first!
Day trading cryptocurrency isn’t for everyone and there is a lot to consider before you get started. In fact, it is estimated that almost 95% of all day traders eventually fail.
In my “Day Trading Cryptocurrency” guide, I am going to tell you everything you need to know.
Cryptocurrency is still in its infancy.
It first entered the tech scene as an idealistic notion: taking control away from big banks and governments and returning it to the people.
This would be accomplished by the creation of digital currency that could be secured via cryptographic methods and spent, peer-to-peer, without third-parties either taking a cut or tracking transactions.
That was the original vision for cryptocurrency, as laid out by the earliest so-called cypherpunks and the still-mysterious Bitcoin founder Satoshi Nakamoto.
Nakamoto’s creation, however, really entered the public consciousness when its price began to skyrocket. Bitcoin millionaires cropped up almost overnight as the coin surged in value, multiplying by many thousand percentage points over the course of just a few years.
This, then, was the new normal for cryptocurrency.
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.
We also list the top crypto brokers in 2019 and show how to compare brokers to find the best one for you.
Scared of missing out? Here is a quick plan to get you trading cryptocurrency quickly;
Congratulations, you are now a cryptocurrency trader! Remember, you can run through the purchase or sale of cryptocurrencies on a broker demo account. Unfortunately, you cannot practise on an exchange.
Trading crypto generally revolves around speculating on it’s price, rather than owning any of the actual coins.
by TradingStrategyGuides | Last updated Sep 29, 2019 | Advanced Training, Cryptocurrency Strategies, Indicator Strategies, Indicators | 0 comments
Would you like to learn day trading cryptocurrency and make a consistent $500 per day? We often hear about all the money you can make by day trading stocks. But what about crypto day trading? In today’s lesson, you’ll learn how to day trade cryptocurrency using our favorite crypto analysis tools.
Our team at Trading Strategy Guides is lucky to have over 50 years of combined day trading experience. We’re going to share with you what it takes to day trade for a living, and hopefully, by the end of this trading guide, you’ll know if you have what it takes to succeed in this business.
First and foremost, when day trading, it’s essential to have a structured approach and a rule-based strategy.
Paul Tudor Jones, the trader who predicted the 1987 stock market crash, famously observed: “The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge.”
If you’re considering getting into day trading cryptocurrencies, you’ve chosen the right place to start trying to quench that thirst.
A day trader executes several trades per day.
He or she is the opposite of a HODLer.
For example, if you buy bitcoin in the morning, your aim is to sell it for a profit in less than a day – usually within a few hours or even minutes.
Day trading is diametrically different from HODLing, which is when you buy and hold a cryptocurrency because you feel it’s going to increase over a considerable period of time. It takes a sustained drop to put your initial investment at risk.
Crypto trading can appear mysterious and complicated, but it’s not as tough as you may think. In fact, with a bit of work and some discipline you can get started day trading cryptocurrency in no time at all.
First, we’re not even going to talk about predicting what’s going to happen next in the markets. That’s important, sure, but it’s second to something more vital in trading: discipline.
Crypto trading is a game of probabilities and risk. If you are interested in day trading cryptocurrency, the first thing you need to understand is risk management.
No trader wins with every trade. In fact, most highly profitable traders would tell you that their winning trade percentage is just above 50%. Profit in trading is accrued over time by respecting risk and using it to your advantage.
First and foremost, you must only enter a trade you are sure about.