Bitcoin Forum

Hello guys! I was thinking about financial freedom and how to reach that. I was trading for 3 years in classic markets and now I moved to crypto. My plan is to day trade with 1000 usd without any additional income from any other job. What do you think should I try this or that's not a good idea?

real. possible.

becuzz so soft markets for pro traders. so easy predictable for pro. no any regulation no any goverment surveillance. %90 population amateur fish home trader.

well if you did really trade in other markets for that long a time then you should already know a thing or two about trading. it can be a profitable job as well as one with lots of losses. it is risky, and to earn a living from trading alone without any other source of income aka another job is going to be hard and risky. one day you may make a lot of money and another lose as much.

if you think you can manage your finances in a way to not lose in total and reduce the risks then go for it. there are people who are actually doing this for a living. but I personally prefer it as a secondary job to give me additional income.

That is exactly my main argument. As no big players in crypto who can manipulate markets as they do it in classic markets

Yes it is possible to make a living in trading cryptocurrency it is just like trading stocks. Crypto trading is more profitable but with higher risks of losing your money due to the unpredictable market movements. The most important thing is make your own reasearch and by that you should be able to spot investment opportunities depending on the information you have acquired. Just don't expect too much profit, it is better to have a target profit maybe 2-3% is enough and don't be greedy because cryptocurrencies are very volatile. I used to be greedy when I do day trading and lost my money.

I don't know what's the median monthly wage in your country, but if you imagine you can trade with $1000 bankroll and make a living solely from it (let alone grow that money) then even in crypto it seems very difficult.
You'd have to trade with very significant leverage (and hence with significant risk of large drawdowns), which in turn is not compatible with the goal of achieving stable income.

On the other hand, if you mean like 1k USD per trade (which should normally not exceed ~2% of the bankroll), then it's a whole different story.


I couldn't disagree more, have you heard of the 'whales'? Look at BCash pumps, for example, or weekend Bitcoin dumps.

If you traded for 3 years in classic markets, I imagine you didn't do so professionally? Here's the thing: you need to have a nice cushion set aside for when you have a bad run. Even the best traders have bad runs due to variance and, well, markets being markets. You need to have at least a year or more worth of living expenses saved if you plan to live off your trading income. Depending what part of the world you live in, 1000 USD is a very small bankroll to live comfortably on, especially without additional savings.

First and foremost, trading crypto is quite a bit different than trading classic markets. Maybe you should trade part-time and get a feel for the markets first. Maybe make a little money first and decide if this is the right direction for you. I wouldn't recommend diving in head first without a back-up plan and savings.

If you already have enough experience in day trading at the classic stock market, I am sure you know what it takes. It is not a myth and can be achievable. But you need to live,eat and breathe the market with constant monitoring. Unlike other classic markets, crypto market is open 24X7, so you may have to look for trading opportunities whenever you get time. While the availability of the market gives you an wider opportunity to earn profit whenever you want, it also leaves you with an wider uncertainty of market crash.

I think you can do that for living, as crypto markets very volatile and gives good opportunity, but problem is that to do that for living you need a huge deposit like 20000-30000 usd, and as for its very scary to hold such money in crypto where is totally no regulation, hachs and so on

Depends on the country you live in and the total expenditures but it is a possibility here in crypto with all the fluctuations. You might need to increase the principle over time but it is normal in all the markets now.

day trading can make you a lot of money if you are not greedy

Big players exist in every market including cryptocurrency market
Maybe you will know this if a few days ago you saw the BitcoinCash market

Mostly everyone saying that trading is like a gambling in that way how it is possible all the time we can see the profit only in trading.
I understand if we correct the value in the trade what we are opening in the trading site, we have to modify it all the time according to the price in the price graphs.

Still I am confuse that when the time you change value bitcoin bumps and you made a low value means you have to face the loss also at the same time right!

Daytrading for living is possible only for people who don't have more responsibilities. As you said that you have been a classic trader for 3 years, and what is the average of successful rate of your trades? Yeah you are experienced, but crypto-currency is really different, as they said, the prices are volatile and unpredictable. You will not just base on the charts history but also on the updates and developments of a coin. You need to study and acquire knowledge to learn how these coins flow and move in the market.

My guess you need to adopt into the crypto ecosystem, that will be better for you to start with low amount. Trade in the crypto will be different in the classic market. In the crypto all about the nature movement. it has determined by the demand and supply and there is no party to control it.

I think nothing is impossible in this world, if you make trading as your main job then you should be able to manage your finances, you must have reserve money to anticipate in case of loss. because all trades have a high risk and also have a high profit as well

Yup you can achieve that and it is not new thing for those old players who are already here heating up their chairs everyday. ;-) They know from A to Z coins and they know the behaviour of these bulls so its easy to get some profits everyday with them. Try to get into top most list from coinmarketcap website and learn about these coins in detail. This can give you idea about your income if you get your hands on them in the right way. Im pretty sure if you have experience of the classic trades then this is no different form it and even volatile market than it. Remember volatility is not enemy its actually opportunity to grab more profits when it comes to green candles and sticks. :-)

It is reality and not a myth. A lot of people do it as long as you know you have what it takes to go through with it. Since you already have a great idea about trading from outside the crypto world, I will say you familiarize yourself a little bit with the crypto world so you do not get lost, but I can assure you that day trading with that amount is sure going to be giving you a lot of profit than you can imagine.

Obviously, you cannot day trade with another job as that on its own is a huge job, but you surely can be making a lot. Be sure you know what you are getting into first though and the stress involved before leaving your real job.

Since you have been trading in classic markets for 3 years, I think you have a knowledge about trading. But why did you decide to move to the field of cryptocurrency? Did something happen? At any case, I believe you will do well in the crypto world as long as you know what to do.

But my advice for you is that you should not only rely on trading that much as a source of income, but also on other jobs because you do not know when to win and when to lose. It is like gambling.

Trading crypto is quite different in trading in classic markets. But I guess it won't take you long before you get comfortable in doing it since you already have 3 years of experience in classic trading.

And yeah. Daytrading is always a gamble. It doesn't guarantee you profits. Even the most experienced traders can lose their money in daytrading. It is possible for you to grow your $1000 capital in trading. It can even get double the amount of your investment if you're lucky enough. But luck doesn't always side on us. That's why it is best not to rely only on this $1000 investment of yours in terms of your financial source.

Its a reality but i do only see traders which is only on forex trading which they do make daily living with it and i do have a friend which is actually doing it and witnessing on my own eyes.I dont know if its possible on this cryptoworld but seeing off there would really be some traders who are going on that path but i would say it does need a capital for you to start off and should really be skillfull on this deadly battlefield of price volatility behavior of coins on here.

I too am a newbie when it comes to trading and had done some research regarding in day trading, I've watched videos, read numerous articles and in conclusion I think day trading is nothing more than gambling. I might be wrong though, just my opinion,
I have recently traded 70$ of shitcoin and made it 80$, I've had 10$ profit for just 10-30 mins, but I would call it luck on my side. After that I've continued to research, I just wanted to try and experience trading, but nonetheless I think day trading is good for short term profits but it's not worth it.
And again I'm a newb so yea.

3 years trading experiences on classic markets is not enough for you to decide to make crypto trading as your main income. You need more time to learn about crypto before you are going to be a full time crypto trader. So I think it is not a good idea, it will be good after you know about crypto more than classic markets as I think crypto trading is more confusing and complicated compared to classic markets. Obviously, it is your own choice and the decision is on your own hands.

That would be great to start in trading, just be mindful that traditional market trading have a large difference to crypto trading, I assumed you've already study the basics of cryptocurrency and bitcoin right? the only thing you need to watch out is the volatility of the coins and scam coins that is waiting for investors or newbies, 20% to 50% dump and pump is really normal to digital coins in just a matter of hours then on the other day it bounces back, always research and read white paper of your target altcoins and be alert about news to cryptocurrencies. Actually you have some upper hand in trading as you have 3 years of experience the only thing that matters is using that as your edge for winning into the crypto market.

Definitely.Since your investment is high enough,you could earn more enough to lead your day to day life.But initially,you should start with a very small amount to gain experience.You should learn the basics of trading to avoid losses.Since altcoin market is highly volatile and you are going to do ay trading,you should follow up the market continuously after investing.Also,whe new coins gets released,definitely their devs would pump the coin initially.So,you could make use of that opportunity and buy such coins.But set a target of 5% to 10% profit limit and once you reach it,just finish the trade.

IT IS POSSIBLE and IT IS REAL! I know many people that are doing this. And most of them doesn't have any jobs for a living. But they are gaining 2000 USD a day or 2 days by just trading alts. Yes, they are whale.

It is not as easy as it may seems. Did your trade go well on non-crypto markets?
The prices can't be manipulated strictly but news can cause a lot of excitement as well as panic selling. For example, after the info on Chinese ICO bans NEO dropped 2x in about one day, whereas it was going up nice and smooth before that. News on new planned forks make bitcoin go up about 15% very fast.
Sometimes rather unexpected things happen and it's really hard to say why. An example was a recent bch 3x pump because of South Koreans.
I don't know, I guess it's too risky to rely on these things as the only source of income.

You can definitely say trade with $1000 but you can’t make a living on the profits from that. You can make a few dollars a day possibly as you buy low and sell high as the price fluctuates. Your only going to make a small percentage profit each day on average. You would need a lot more principle in order to make a living on day trading Bitcoins. As you build up some profit, your gains will build up, but it is a slow process.

Honestly though dude being realistic, you should not encourage beginners into this type of activity, at least especially not in crypto, because you never know what is going to happen on a daily basis and many, most people actually, lose so much money daytrading and don't ever turn a profit. Think about this next time you try convincing someone to daytrade. :P

You can try. I will say one thing. It’s damn difficult.

You have to be disciplined and HODL if you think it will go up. Market is a lot sensitive to News. And there is many market manipulation going on.

Please check the facts and Does and Don’t before you start. Given your experience and knowledge, it should not be difficult. If you can’t be disciplined, Use Trading Bot.  :)

Day trading 100% doesn't work for me. A combination of a bit of trading, a bit of ICO investment and HODLING promising altcoins appears to be the best strategy.

Trading would rarely give you the multipliers a good ICO would give you.

On the other hand, ICO is way riskier that just trading.

I'm sure you'll fine the right combination after a while.

Certainly it is possible especially given your years of experience in other markets, however I would say that probably you'll need to be able to survive for a few months without withdrawing any profits. That way you can grow your bankroll and later you will find it much easier to make an amount to live on as it will be a much smaller percentage.

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It could be a myth if you don't have enough capital to move your trading. Trading is s pure game of chance. You could win to day and lose big tomorrow! And when you trade everyday, you are invested and you will be worn out which will lead to frustration. I do not think trading is everyday job!

It's definitely possible by one simple fact alone: for every person that loses money in crypto, someone has gained that amount somewhere. You can be that someone if you execute your trades smarter than those that lose theirs.

Day trading for living is possible but depend on the skill, knowledge and psychology of the trader. If experienced to manage risk and enable to control emotion during trading, and have good trading plan, to get consistent profit will be become reality.

To those that daytrade, do you need btc price to go down when your altcoin goes up or stay the same to make profit?


I posted in a thread where i mentioned say i buy lisk at 5 dollars and let say price is 0.0007 btc.  I buy 1000 of it.  Now let say my plan was to sell at 6 dollars to make 20 percent profit or 1k minus fees.  When it hits that price, i sell my lisk for btc as that is what it is exchanged with.  However, let say during this time, btc went up a lot.  So each lisk is worth 0.00065 btc only.  Here... do i lose money or not?  Someone tells me here you lose money because you get less btc than you invested in.  The only thing i understand here is yes you get less btc... however... btc is worth more than it was back then.  So wouldn't this still be a profit?  I read people say look at the altcoin in terms of btc price and not usd.  Well if thats the case, does that mean a coin that doubles from 1 dollar to 2 dollar would lose you money when you sell assuming btc tripled in price?  I thought well you would get less btc when you sell... but you still make that profit right since btc price is higher?

Daytrading has already been proven profitable, provided that you know what you are doing. I've read that you are trading for 3 years around regular stock market but you have to be warned about cryptomarket volatility. It is one hell of a roller coaster ride. Up by 10% down by 20% in a week. You can give it a shot if you want to. Also, prepare for tx fees. Choose your platform.

you should start trading here. You have learn lots of from classic market then crypto market is the same, the only problem with this market is the news. you have to learn and find more news about the coins you trading.

I think you will do well in no time with how volatile the markets are =)

If you know there are whales in the markets, then you would not say this.
They have huge influence on the market since they have a lot of money and resources to do so anyway. It is a huge market and in as much as there are lots of cryptocurrencies, there are also some whales in high places that can manipulate the market for profit. You just have to know how to play along. The recent pump in BCH is one of them.

You already has a foothold on how things work so it really doable. Although you have to take in consideration how much volatile the crypto markets works but you can take advantage of it since you are planning to be a day trader. And you have to be prepared to lose that $1000. In your case, I think its better to have a plan B, just in case something went wrong.

There are a lot of manipulators and whales around, you need to be vigilant on how they operate. I simple buy order could trigger a panic resulting in a lost revenue. But if you can stomach them and have plan B then its a good idea I guess.

It's not a myth, but it's not everyone's job. Only limited number of people can achieve this because day trade is very risky and you can lose much money while you was performing day trade.

You better, move to mining instead of day trade. More guaranteed income.

Altcoin market is full of amateur and teenage traders who are mere copying others. Whales are running and manipulating the market, can pump any coin anytime and exit with profit. Technical indicators are worthless here, tbh. Market is highly being run on sentiments. A single rumor has enough power to dictate the market.

Earning through day trading is indeed enough for financial freedom. You can easily get 10%-50% on coins by just following news along with some TA. But do keep above points in your head and do trading with less amount to get the idea of the market before jumping in completely or leaving your job.

Even I am preferring day or short term trading right now because of Bitcoin's bullish movement. Alts are behaving oddly since October and same will go for more months. So, better to stay for short term except for some large cap coins(long term hodl coins).

Good luck!

there are many of people trading for living. including me, my job is altcoin and bitcoin trading everyday.
so it reality and I can survive until now.

Many people have been living off trading dude so it is a reality. Of course, before you come to that point where you're a skilled enough trader to support your needs, you'll have to first work on studying market and coin movements as well as gathering much experience to follow it up. You can't be that good overnight so patience is also important

Once you've chose which trading system fits you good ( e.g cryptocurrency ), the following steps of your venture will be essential. Whether trading on your own home home is your main interest, you must choose the thing that business sectors you will trade dependent upon your money and diversions.

I've been always wondering, what about stress? It must be really nervous to stay without any other income in spite of trading? Or you are not too sensitive? ;)

Exactly. This is the right way to this about this because the more volatile is the market the more greater is the profits that we can earn in the crypto world. There is simple fact that once we get the margin we can be sure about the money that we are putting as investment into bitcoin. The margin is what plays the game and it helps us assure the right entry point while making the trade. Thus, one we are in the right position to get out we can just sell the stuff at highest possible prices. Just take the example of bitcoin, it was around 2K this year start and it is now playing at 8K price. Tell me that it was not the greatest play ever we have seen n the crypto trading. We can easily live on that trade I guess.

Trading in Cryptocurrency is very risky. Every Coin or token on the market very volatile. You need prepare yourself with good tools and mentality. But, if you was trading for 3 years, i think it's enough experience to start trading in crypto.

Being a day trader need to be in close observation over the entire market. Need to find the right one for each day and needs to get the best profit. With day trading one needs to have good experience to tackle any sort of situation. Day trading is really profitable, when the user has the ability to make profit even when the difference in price is found to be much lower with time.

you traded 3 years, thats some experience. i think on regular basis you need 5 years experience to survive, better +7 years to make a living out of it.

I thoroughly agree with you. My uncle trades for a living. He does not have a job. He just trades (Not in the cryptocurrency tho), and he is rich. He just knows a lot about the market and has his manipulative tricks. I really consider this as a fascinating job to be honest.

Moreover, I think that you should have an actual job either to make much more money or in case trading did not go well with you.

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Trading is not at all easy because it requires every second of your time into it to understand the economies, world news, technical about the moving prices etc which will help you all the combined knowledge to make the trade to buy at low and sell at high. But with practice and experience one can do make money and with volatility if goes right for you, money can be made easily .

I think this will depend on your professoinality and skills in trading. Since you have been "trading in classic market I think you will not have much problems in crypto market trading. It is very possible for you to make over  $700 per month from your $1,000 investment and you can relay on that  $700 for your up keep. Trading is a very risky venture and you should not go into it without adequate knowledge on how crypto currencies market work.

The two are not exactly same. But with your experience on trading you will easily catch up. You must get training and a lot of demo trading before you get involve with life crypto trading. Good luck.

Right, i guess demo trading is a really good thing to practice this market.
I made 23% profit in a demo trade today and i am very new to this..so with experience there should be a lot more to get on a daily basis

Yeah the bitcoin price and the value are now very high because I hope the bitcoin value and the price will give me the bitcoin investment. I am having the fun in the bitcoin but for this we will have to hold the bitcoin and make the money with the bitcoin so hold for the long time I am going to have high profit in the bitcoin and the amount of the bitcoin that is now high will give me the bright future.

Day trading becomes an job due to the price increase of bitcoin and altcoin so we can make huge amount of money monthly through trading crypto currencies.But everyone cannot be a successful trader so you need to have trading skills.
So we can split our investment into two portions and use one for long term cold storage and use another portion for trading.

I'm trying to do it, is not a myth is a reallity the problem is that I'm making no profit, no idea what I'm doing wrong.