Bitcoin Forum

Hi,

I was considering learning how to day-trade so that I can profit from price fluctuations of Bitcoin, Litecoin, Ethereum, Ripple and Bitcoin Cash. I feel that I can make a lot more money than trading stocks or commodities because the fluctuations are so much greater.

Can someone who is an experience trader, who got their experience and made overall profit day-trading stocks and commodities and is now day-trading cryptocurrency, give me their opinion how profitable this is? How closely do candlestick patterns of cryptocurrency conform with known patters applicable to stocks and commodities? How much more profitable is it than trading stocks and commodities if its profitable at all?

Also, what is the best way to start? I was thinking about watching YouTube videos on candlestick patterns as a start and then start trading based on that.

Yes but only if you have experience and know what you're doing and are ready to make split second moves like a Ninja.

It was not for me. I tried it.

In my opinion, to be successful in day trading, you need more capital and more experience on average because cryptocurrencies are more volatile and some of them do not have enough liquidity. I also believe a lot more trading "intuition" is needed.

If you come here with no trading experience, then you will lose money. I am sure of it.

Were you experienced and successful in day-trading stocks but failed at cryptocurrency?

Also, did you study what the candlestick patterns mean before trading?

Is having your own business profitable?
Is starting your own company profitable?
Is being an author profitable?
Is day-trading crypto profitable?

Every single one has the same answer: Yes, if you know what you're doing.

I tried it and in the end I'm just happier HODLing. Alts are just pumped and dumped way too often and if you're not watching constantly you can get screwed so quickly. Actually even if you watch you can get screwed. It's a tough business to be in.

My question is how much more profitable is it for an experienced trader to trade cryptocurrency as opposed to stocks and commodities.

I believe that the volatility creates a great opportunity for trading crypotcurrency that may not exists in the future. That's why I want an experienced traded who was/is successful at day-trading to answer that question.

Were you experienced and successful at day-trading stocks and commodities?

day trading will always be profitable, but you must have an accurate information channel about the market, you can see it in some telegram group.

I've been doing it mate but not all of my trading activities have become successful. If the bearish was coming and then i'm sure you will get a heart attack caused by you are getting a trap at the peak. the daily trade is really worth for those coins were having very high volume

Not all the coins we expect and we predict will go up every day. Fighting in the crypto world also has a challenge like this, just as we trade in the real world. Sometimes we sell, and sometimes do not sell. So, we'll get profit when we are lucky.

Cryptocurrency trading is a lot more profitable than stocks and commodities trading. First, gain knowledge and experience about cryptocurrency day trading. You have to spend plenty of time looking at the chart.

Overall, was it profitable at high volumes? How much do you think an experienced trader can make with $2000 worth of bitcoin on a daily basis?

Day trading is not an easy job like swing trading as it includes no of trades to be done within a day. Also, day trading using candlesticks pattern in cryptocurrency market is similar to forex day trading because it's a 24-hour market comparing to stock exchanges where it is opened only for few hours a day. You just need a good grip on day trading skills along with a good day trading strategy and Strong money management techniques that's it, you can make a plan and execute it.

Are you telling me this as an experience trader who has traded both? If so do the candlestick patters of stocks match those of cryptocurrency on an hourly basis?

I've been looking at the candlestick chart for a few of the major coins. It seems like some of these patters repeat on a daily and weekly basis. I can probably make a decent profit buying on Friday and selling on Tuesday.

It took me 6 years of losing to learn how to trade but now it's so easy it's like I'm in the matrix and candlesticks are falling everywhere but I wouldnt recommend someone new try it with any significant amount of money.

2018 new tax laws going to make day trading a headache and less profitable as each trade Is considered a taxable event.

Cryptocurrency trading is a lot different from stocks and commodities. Market trends are often determined by emotions due to the large number of inexperienced traders.
First of all, I recommend you to leave day trading to the bots! Go for longer term trades on recently heavily dumped coins. Don't diversify too much, and don't buy a lot of coins. You will end up only with scraps. Concentrate on few well researched coins instead. Hunt down coins with solid, new technology and buy the dips.

I know many mid term traders but not many day traders. I think trade based on news+ some TA could be good idea if you do your homework by analysing many projects fundamentally.

Do cryptocurrencies follow the same candlestick patters as stocks?

Yes it is but in my opinion day trading won't give so much profit if that's what you intend to have because much of the biggest pump in crypto currencies happens in a matter of weeks and months. Day trading is like you are practicing a timing trading which you buy every time it drops and sell whenever it increases or pump though there's really a profit from this I would suggest long term holding so that you can maximize your earnings

I don't know if it's real but heard alot of big groups that secretly do organize pump and dumps, not sure though. But to answer your question, yes day trading is profitable in someway if you're experience one and has the patience to do it. Day trading is not always profitable , you will encounter some of the time losses that you may want to quit in day trade. Experience alot of things from doing this, at first it was fun but in the long run it's very tiring since I have to be updated about that certain coins i invested with and watching the market  8 - 12 hours straight or more.

Yes, in day trading it is quite hard to make money when markets are downturn so it is better to accumulate all those good coins when markets are down and wait for right time to sell. But in day trading it is very hard to predict prices accurately and we may do mistakes to sell at the right time so profits are not guaranteed. I always choose to buy and hold instead of going after quick small profits in day trading.

I am also so much sure if start day trading in cryptocurrency with no skill and experience.
Easier to start middle term of trading like holding in 1 month or more less. Sell when we get profit.

Having a mentality like this will give you much better chances to earn much bigger, inside day trading you always risking your money especially if you are not really good to this field, day trading with so much swing aren't friendly but learning and study it hard wold give you an advantage.

Day  trading of cryptocurrency  is unpredictable job and the technical analysis some times also does not work here, you can check history of daily chart in some coin like NXT and Verge. So in my opinion to become long term trading is more easy and more profitable. Just buy and hold some coin that has strong in fundamental and just look the price move and when the price reach 5-10 times profit sell it partially.

At first, it will not be profitable for you, for you will need to have ghe experience first, do not just follow the hype on social media or any other platforms that will advise you that a certain coin is going to be bullish, you need to also make your own research, there will be times that you will be greedy and then loose at the end, do not let this bring you down,you are trading to gain profits, and loosing is a part of it, and once you get a hang of it, you will can earn around 100-200 usd in one sitting, and it also depends on how much fund you have in your platform to determine your gains.

I've been doing it for the last month and it's tricky to say the least.  I would say my sentiment right now in this crypto game is that the ones who are really making money are the hodlers. 


1. Initial investment- For me, I went in with 5k that I was ready to exchange for gaining in return research, knowledge and resources in trading and the crypto world. If all else fails, I can carryover into different markets i.e. stocks, forex, options, etc. albeit there will be learning curve of the nuances of each market.  Another thing to consider is there are schools of thought that say to start with paper trading, and others that say jump in and since you have money in the game you are more attentive and focused.

2. choice of crypto/coin you are going to play in.  What i'm learning right now is that choosing the right crytpo is a fine balance of several things.  Just because it has high volume doesn't mean it will swing enough to be profitiable (all dependent on your investment, of course.)  Most have been pretty consistent to technical analysis (TA), it seems many people are using the fibonacci retracement levels so many alts stay somewhat true to this indicator.  Ichimoku cloud, RSI and macd are good to start.   but remember, news is king and BTC is king so when those two start moving around, alts catch shit for a couple days. 

3.  Don't FOMO.  Don't FOMO Don't FOMO.  This one is a bitch and battle of the self.   

4.  Pick two or three alt coins that you like and get to know these well.  At a certain point it seems as though each alt has a certain type of person who is trading it, its weird. 

There's a ton more but that's what I can i somewhat neatly record right now.

Trading is not an easy way to make profit even you're expert, need more than understand real market works. First, if you decide trade with many coin I think is not a good idea. Every coin has their own pattern and mostly different moment to take action ( buy/ sell/ hold ). Day trade is hard way to make profit, but I only suggested trade with 2 - 3 coin, so you can focus. Second, you have too much question but I can answer like this. Take 2 - 3 coin, replace it with day trade strategy you like, face the risk and always fix you problem ( loss ). Keep doing that until you find the best way to make profit. Candlestick, price action and volume is just indicator ( sign ), it will help you but must have disciplines also. Good luck with you.

Thats good idea if you try to trade with altcoin instead of stock.
You said that trade cryptocurrency is more profitable because the volatile much greater. But you have to remember too that trade altcoin also higher risk.

You can still profit in day trading because the market is so volatile and if you know what you are doing then you can have a good profit in it. However, day trading is sometimes so stressful because you have to watch the market all the time because there is a possibility of a pump and dump in the coin you have bought so there are others who suggest to just buy and hold and then wait for sometime for your coin to grow in price. If the coin has active developers and their project is viable then more often than not, your holdings will multiply in value in the future. Just observed the growth of coins in the market.

I tried day trading but it doesn't work for me and now i must prefer in long term investing, day trading you must have a big start amount before you have earned a big profit and managed it well or else you can't see you're profit. It also cost time and effort in day trading and also electricity bill you need to look  always marketcap for monitoring the chart price. It is not easy in trading you need to analized and calculate every coins you trade.
So good luck in trading.

Can you provide a source of this news?

https://www.youtube.com/watch?v=q5VCq3pX3ys

If you talking about day trading nowadays maybe not profitable . Cause apparently the market is not yet stable  perhaps its a big mistake to day trading on this circumstances. But its up to you if you want to risk to gain more profits.  But i suggest to trade what you can afford to lose  and Monitor always the price graph and read some news about bitcoin,  to quickly sell when the price decreasing gradually.  Best regards

It makes no sense for each trade to be a taxable event. You could make $100 on a trade and then mins later lose $150. You don’t pay taxes by the trade. You pay them by the year or quarterly based on your earnings.

Not only day trading but even long term trading are unpredictable. I think day trading do not good for all types of people, specially for inexperienced people, who only depend on their luck in trading. In fact day trading require a lot of experience and trading skill along with good and regular study of the market so that you may know the right time to enter in market and get some profit from there. But it also depend on the market or where you are interested to trade. If there is some volatility in the price of selected coins then you have more chances to get profit from it, but trading experience and skill is too much important for day trading.

Day trading is an instant profit you can earn 20$ or more doing this kind of trading. I do that techniques but i am a holder of token. In the other way you can do both way to earn half of your money is in investing and the other half use in day trading. You sure gain a lot of profit. More work more profit and dont forget the golden rule "Buy low sell High"

Tell that to your local government and those that are in charge in politics to influence law changes. Most of the crypto tax laws makes no sense

Lol if you've only earned $20 while day trading I don't see how it's worth it.


That's very true. I think in some countries, if you don't switch back to fiat then it's not a taxable event, unless I understand that wrong. I hope not anyway because I haven't been paying attention at all and just look at the first and last number and how much I profited hahaha!

I think its profitable..coz some of my friends do trading but you need to have patien in trading..now im starting to ask them how to do trading and starting to learn it.

It can be, you can also lose your shirt. Don't start until you have a thorough understanding of what you're getting into.

Well are there even tax laws that are in effect now in crypto trading? In exchanges perhaps but for traders i don't think so. Unless people would be willing to disclose their information when registering on an exchange, pretty much how south korea is planning to regulate crypto.

I don't quite understand you,  Your saying the tax trade event laws only apply to exchanges but not for traders?  That makes absolutely no sense.  Law still exists whether you disclose them or not.  That will be for you to decide on how you plan to do your taxes but I do recommend those understand crypto tax trade laws in detail so you know what your getting yourself into.  So far people on here have very little knowledge of tax laws or feel taxes  don't apply to them when they absolutely do.

Here is a basic one I grabbed from gdax coinbase about approaching your taxes for 2017.  Also 2018 is more harsh as each trade is a taxable event but you wont' have to worry about that till next tax season.

https://www.irs.gov/pub/irs-drop/n-14-21.pdf

I has been try day trading of cryptocurrency in a few month but hard for me to reach consisten profit because iam not patient. Now i prefer doing long term trading because can be more easy and more profitable than day trading. So day trading can be profitable only for trader who has enough skill and always patient.

Why not do both !! if trading is your job you will always  find opportunity long term and short term you should always benefit from both , sometime you buy a coin meant for day trading but your target not met but you know the coin/token is good in long term then there is no reason to sell in loss just turn it into longterm trade . You can always do day trading on solid coins so if your trade went wrong just turn it into long term , at the end everyone have he own way of trading . But to be honest nothing beat holding small project coins to moon and make sometimes a whooping X200  :D .

Doing both the things at the very same time is also a very good idea but only when you are this much good enough that you can make this much of the work and that you can manage the things so efficiently that can help you in making of money. Otherwise, it is better to opt anyone amongst both and that too the one which seems best suitable to you and the own whom you find interesting.

Speaking from personal experience here cuz I don’t know any other traders IRL :D My experience can be summed up as "u win some, u lose some". You can always try it; it takes a few months to figure out if that works for you, you now?

Yes, I agree with you.Also, in order to know what we are doing and be profitable we must study hard and familiars the strategies and techniques in short be well prepared before intering in trading so that what you invested would not lost.

Everyone here will always tell you that they are making lots of money, even losers will tell you that they are making money too. Not everyone makes money from day–trading, there are people who never make anything and will end up losing almost all they have invested in day–trading.

But the thing is that as there are many losing their capital daily, there are also others who are utilizing their capital and making high profits by the end of the month. You just have to learn how to manage your risks and also have some strategies you use in trading.

Risk management is a very good way, but it is very difficult for new entrants to the market because they think they can make money more easily than others and do not have the exact trade strategy. And when they start losing money, they automatically find a way to manage risk and this is the best way to learn about it. When I first joined the market I lost a lot of money but then I knew how to manage my money

yes, But most of the day traders are well trained trading traders so they know how to manage the every day schedule. Because current scenario is unpredictable in Bitcoin and altcoin but still day traders are doing the same work. This is always risky investment but huge risk is highly appreciated in this platform.

Yes it is, it is always profitable but the question is if youbare going to do the same how you can effectively manage to trade. Do you have a good skills and knowledge for a day trading this is a very high risk once you cant get out of the market.