Bitcoin Forum

Hello, everyone.

I did some research on trading cryptocurrencies, but I suppose it's better I get some input from experienced members here.

Here's the thing - I have a lot of free time on my hands. I'm thinking about buying a tiny amount (1.000 EUR or 1200 USD) worth of cryptocurrency (I'm leaning towards Ethereum or Bitcoin) and basically buying lower and selling higher throughout the day.

No, I don't expect to get rich from this. I simply need something to pass the time and if I can also make a profit off it, why not?

So I believe what I'm interested in is called "day trading". I have found numerous pros and cons regarding this method, but as I said, I want to engage in something on a daily basis, investing and holding on for a period of time is something I'm really not interested in.

I heard of Coinbase, Coinstats and Binance. Are there any other platforms worth looking into?

Thank you.

Just in case someone suggests leverage platforms like bitmex or bybit I'd advise against it if you're just starting out.

For liquidity purposes, I think binance and coinbase PRO are going to be best for you to use. But I don't know how big a moves we get in bitcoin day trading and whether they'll be enough to cover the 1% trading fee (0.5% buy and 0.5% sell).

If you want to dip your toes a bit first and not nose-dive in immediately, I suggest trying out platforms that has a virtual portfolio feature. eToro[1] has this feature; pretty much they give you $100,000 of play money, and you can trade with all your heart's content without actually risking your money. You can also trade assets outside of crypto aswell.

Best of luck!

https://etoro.com/

I appreciate the time you took to reply to me. I have thought about how the amount of daily profits would relate to the trading fees, I hope someone with more knowledge on this will chime in.

Daily trading is just my idea, if there are other methods that would require me to invest a couple of hours of my time per day, I'd be thrilled to hear them.

Thank you.

I want discourage to make this type of trading if you're totally naive/newbie with these kind of product.
Isn't easy and if you hit just one (1) wrong move you can lose an high amount of your money without earn anything.
Plus you should be aware that some binary options are more similar to a gambling site....

If you have a lot of time try to learn as much as you can about crypto world, you investment will be more valuable then ;)
Use a free demo account just to see ho it works, I am pretty sure you will be surprised

Judging from your post, it seems that you're new to trading too. I suggest you to familiarize yourself first with them, at least understanding basic concepts like stop loss and know how to use and execute it. There are some demo platforms available and I believe it's better to use them first before you try to play with spot market.

$1200 is a lot of money to begin with, so instead of using it altogether, try to manage your funds. What you wanted to do is basically scalping and it only works when there's no major changes that happens on the market. So, also learn on how to figure out the trend.

Thanks everyone. You made some good points.

I have no issue with losing that amount of money. Naturally, I'd prefer to earn money rather than lose it, but if I indeed lost it, it would not affect my standard of living in any way.

I will certainly play around with a demo platform for a week or two to familiarize myself with everything.

What about other kinds of trading? Maybe not scalping or day trading, but just buying Bitcoin and selling it in a few days when its value increases slightly (assuming it does, of course)? As I said, I wish to be involved in the process of trading on a regular basis, not just dumping my money in and waiting for too long. I know myself and it would quickly get boring, despite the possible profits.

The reason I joined this forum was because I like precisely what is happening - valuable input and experience from ordinary people. I don't like those websites that can supposedly help people invest, it feels like they're always fishing for something. Hearing from regular people who earn and lose money with cryptocurrencies is immensely more interesting for me.

Social trading used to take place at the water cooler. Now it takes place on forums and messaging apps. Here's one of our trader's discussion groups you should checkout...https://t.me/coincarltalks

As of my experience. Day trading is just fun from the start. Obviously you just got excited about it especially when you make profits.
There may also be sleepless nights just to monitor the movement.
But, as weeks/months go by and it became a normal flow to you.
It gets boring too and you will end up buying other coins just to pump the need to do something everyday.

I used OKex platform before but switched to Binance because one of the coins I trade have larger volume there.
Then, I stayed because I love the UI of their android application.  ;D
KuCoin and OKex also have an android application. (not sure if there is IOS)

Binance would be enough on what you do seek.Dont look for other platforms since this one would already give on what you do look for and also this had been one of top exchangers at the moment and doesnt even require KYC which is really a big plus.So you do just basically making out trades just because of your free time and aiming to be an active trader then
 i can say that it isnt really a bad choice and since you have allocated 1000-1200 then i presume out that you are already aware on the risk.Of course you are still noob
so expect for losses to be there and this is where your learning starts.Goodluck buddy!

I have a couple of suggestions... since you can just buy bitcoin and then:
Sell in p2p market or telegram or in your local board here on forum.
When you ask a 5% more respect a famous website it could be enough and you can have some clients.

More risky (but more rewarded) it could be provide a loan to user in bitcoin and get a little interest on it.

Anyway in any cases, if price dump (it can happen) it's more hard get back your main investment in a short time.
But you can always sell/give credit (earn from these activities)  

Upon choosing exchange that reliable for seeking possible profit for me it should.

• Leverage
• Accessibility
• Liquidity
• There is no potential for an insider price manipulation
• and most of all Security

Upon the suggestion above, I think Binance has suitable for these characteristics that I'd mentioned. Otherwise, you can also pick an E-toro exchange platform that suits from newbies until experts, the best feature they had is copy-paste trading, you can copy one of the expert portfolio

I think you already did your assignment and knows well some of the risks you might encounter.

Since you are now aware of it and you also mentioned, already found the pros and cons of day trading. The time now to prepare yourself to do the real traders and not just by readings.

You will only know the result once you engage in actual. We can't give you the exact strategy you need to follow since it should be in your own way as we have different strategies. Goodluck is all I can say and you can update us here on your progress if you want.

Don't start big. Start small and have the actual experience first. Once you got the grasp of actual day trading, you can use more funds, if you are already convenient with it. But Coinbase and Binance are good exchanges as they have insurance in place also. So your funds are safe in those exchanges. While other exchanges don't have. Better be careful in trading with them and if possible, don't store your coins with exchanges.

But the point is that prices dont become that much volatile throughout the day. Speaking of which, bitcoin is traded 24/7 365days - non stop unlike stock markets. Keep that in mind, the word "day" is non-existent here.

Get your priorities straight though. This type of mindset will only do more harm than good. Either you are in it or your are not. Spot trading is not a gambling and getting stuck in the wrong buying point would mean a vicious cycle of anxiety and depression. Trust me, it will happen.

It is strange that you as a newbie is going straight to day-trading. Do you have any prior experience of stock market, commodities day trading? If not, then it is not for you, you are guaranteed to run into a loss. Spot trading is what I would suggest and that too in the mid-long term time range. Day trading needs a lot of technical analysis and some more dirty tactics on trading groups, not easy for a new entrant.

Binance is enough as long your local laws allow crypto trading and you can pass a KYC on Binance. That is another topic of discussion.

There's a lot of trading site that you can use, most of them are great but if you want an excellent service then go for Binance, or KuCoin. Well, day trading requires a lot of time and it's good that you have it, now all you have to do is to learn more about trading since day trading is risky. Start small, that's a great strategy and when you already know how trading works, that's the time for you to increase your capital to earn more.

You could easily go play some college football and have fun  ;D
Trading is a business you can make money from but gradually though and you need some level of seriousness and being focus. I wish you the best as you venturing into it.

I think this is good thinking but problem is in day trading you need huge experience in crypto trading platform. Otherwise you whole investment will come to zero. Let's start some target coin like CUR, CTSI, DIA, SHENG, MKR etc from coin market cap and research them at least one week then you start your investment though this is very little time for day trading. So give your step very carefully.

thanks.

I use binance exchange for my daily trade, the platform has been trusted by most trader and also I like some improvement who did by the developer.

Actually, I'm still new to trade but I always find more information and learn many thing against it, but I suggest to learn it by book, it is more helpfull.

Also, you may have to choose the spot market first before the derivative market. It is more safe, although the coin that you bought is decreasing you can still hold it until you get profit.

I know you may not like what you are about to hear but did you ever considered trying to be part of a new project? I know you are new and I know you wouldn't be hired right away and I know it would be very very hard to get paid for it but you have absolutely everything you need to be part of a new project, even on small scale if you want and build a brand for yourself which is what really matters in crypto world.

For example, go study blockchain and new projects and what is what and what does this mean or that mean and basically be good at it (which you will need for trading anyway) and with that knowledge be around of new projects, talk with the project owners and staff, help them out, when a newbie asks a question, if you know the answer (always try to be knowledgeable) answer them before the staff or anyone else. If you get there, believe me you will spend your time much better and you will start to be hired after a while.

There are various ways to do that .

1.) Day trading works well with higher amounts .
Most of them will suggest you to join a signals group for money and do as they say . Imo it is simply a waste of time . Always do a TA if you think a coin is pumping research it if the hype for the coin seems to prolong get in set a small target get out thats all .

2.) BUY and HODL .
Simple as it sound . But Bitcoin now and forget about it . Keep track on latest news and stuff tho . Convert to preferable currency when it hits your target .

3.) Gambling .
Simple get into sites like EarnBet (http://fun.earnbet.io) put in some money gamble it off in different games like poker , blackjack , crash and stuff like that . Never invest moere than you can afford to lose .

4.)  Margin Trading .
Margin Trading is actually riskier than gambling . Learn leverage trading at various sources available online like binance academy , youtubers and stuff like that and always try out with free money . Bybit.com provides you a 5$ bonus money to try out margin trading . Check them out before entering into leverage trading

Hi aswin123adam, gambling is just gambling ;D isn't a form of investment.
Moreover if you play games that allow the house to have a strong advantage it's pretty clear he will go to lose money .

Why not just continue with the exchanges you have heard of instead of looking for another exchanges to make use of? That’s how some of you end up falling for scam exchanges. Binance and Coinbase are the biggest exchanges we have here, so we go the two of if you’re interested in day trading, they are the best and that’s why you heard about them first. Majority of the other you’re going to come across are likely going to be scammers, so be very careful.


Yeah eToro is going to be helpful with their virtual trading , he wouldn’t have to start off immediately and start trading with his money and taking risks, although I have not made use of the eToro trading platform, I have been making use of Binance and Coinbase pro for long now. Heard that eToro also has copy trading.

The exchanges you mentioned aren't bad for trading, and their well known.

Poloniex is another one I use for trading and it isn't bad, the only thing is that it automatically logs you out after 5 mins or so and I never got around to changing that (not even sure if its possible). Day trading in the way you described sounds possible but if I were you I'd consider some other alts beside ETH simply because their volatility is greater so from within a day you can find several entry/exit points.

Binance and Coinbase are already good choices for day trading exchanges and they are well trusted by most of the traders here. Since you are still a newbie in trading, i suggest to gather more information first and use a free demo account first so you will be aware of how a day trading will work and if you are suitable for it. Many have thought that day trading is as easy as that and can be much profitable but in the end, only few have succeeded and gain huge profits while others end up losing their capital.

It looks like you want to do day trading, because you want a relatively fast profit. Seeing your position who is still a newbie
in the world of trading, like it is very risky doing day trading. But if you feel confident in your trading skills, please just do it,
but my advice is to use your capital of $ 1200 in stages. And most importantly use the stop-loss feature, so that your capital
does not run out when the coin price suddenly drops. Then choose coins with high volume, usually very suitable for day trading.
Then for a good trading place, I recommend using Binance exchange, because the trading features on Binance are very comprehensive.
It is suitable for day trading.

I don't think that you'll need to find more exchanges in order to compare it. You have found it already and that is enough because if it does not give you good results, its gonna be worse if you used other exchanges with less trading volume.

Binance and Coinbase pro are known already because most traders had found it really gives them what they have expected to see. Though there is no wrong trying another one but I just want to help you not to waste your time because it surely you will get back where you're started from.

The business you choose has many risks for newcomers if you don't have a good idea about trading then long term trading is much better than day trading for this binance is better the risk is less and there is no fear of getting lost or stolen. If you keep it for a long time it is possible to make a lot of profit if the price goes up when it comes to exchanges you have to move forward with confidence regardless of the value of the currency.

Binance is one of the favourite exchange for the day traders due to the low fee and I am also preferring Binance for you if it got the pair which you are looking to trade in your learning period.But going with all amount just for learning doesn't look a better idea so go with a part of it like 400 dollars to try and let the remaining into reservation.

IMO, if you're really going to be day trading, I would definitely get away from Coinbase Pro and use a platform like Binance or Kraken. CB Pro's charting tools and order types aren't very advanced and fees are high. For swing trading or even maybe a day trade every day or two you might be ok, but if you're really going to trade multiple times a day, you'll need something better than CB Pro for sure.   

Well, every trader or investor that i have known and has mentored me, has always informed me that profit should always come first. Though you have to trade through certified processes and competent means, still you must aim to always take profit.

For every trader, profit is a core source of motivation, while a loss must give you energy to correct your lapses and perfect your strategy,

Dont tend nor plan to touch leverage system yet and much better if you do focus out on spot trades first and when it comes to platform suggestion then Coinbase pro and Binance will be a good platform to use on.

One of the advantage of yours is that you do have lots of time to spent on which basically means that you can make out day trades.If a thousand bucks is just a bit tiny amount to you then it would be just fine

for you to test out with those amounts but do try to minimize loss as much as you can and try to make some good strats along the way when you do trade. You can opt to choose ETH or BTC yet this had been

the main choice and other top alts when it comes to volume which you can really able to make active trades. Just dont rush up on learning things!

If you are genuinely a layman, then you clearly have no idea what cryptocurrencies are or how trading works. Really not a good start.

I'd suggest spending some time and researching into the fundamentals of cryptocurrencies and the current market climate before you even register to an exchange.

Binance Academy and Ledger Academy have some good resources for this type of information. NewsCrypto also has a lot of tutorials, but this is more trading oriented, and so should come at a later step.

I'd also recommend spending some time in popular trading communities on Telegram and Discord to get a general feel for things.

Once you've done all that for at least a couple weeks to a month full time, then it's time to start trading using demo accounts on spot trading platforms.

Once you can reliably turn a profit when demo trading, you're ready to step into the big leagues.

Welcome to the crypto world. You have taken your best decision to start your trade with crypto. Though you have no high interest to make your trade largely, I am sure , you will be highly interested in crypto trading when you will engage in this world. There are many trading platforms, you can select one from top 10 ranking platforms.

Binance is a very worthy platform to choose from for your day trading, because the volume on Binance is also very large.

The day trading that you do, of course, must be done quickly. The scalping method will be very suitable for types of day trading. You also need to know the basics of trading. 1,200 USD is a very sufficient amount for day trading. You only need to split with several orders on different coins or on Bitcoin and ethereum which are your favorite coins.

Currently, we also have other reputable exchanges such as Huobi Global, MXC exchange, Okex. There we are not only asset security, but we also have many options when it comes to investing.
But my advice is that you should use multiple exchanges at the same time and divide the money into many places. That is how to avoid risks as well as give yourself the opportunity to trade more successfully. There are many altcoins with good news, but not always those altcoins are concentrated in a certain exchange. So you need to split capital evenly across exchanges.

Maybe you can share what analysis have you learned?
If you want day profit with  $1200 i think this is very possible.
But how much your target profit for 1D ?


NOTE.
Key for Day Trading is "take control of your desires".

Using $1200 will not be a problem to do day trading, but he needs to have the skills to choose the coin and analyze it. No matter how much money you want to use to trade, if you don't have skills, it is difficult to buy low and sell high because you need to analyze it to find the coin. Maybe he will divide $1200 into some part to be used for trading because if he goes all in with that money, that will not be wise as the market still move, and we are hard to predict where the price will go.

what ??? hahahaha
i think he already research about crypto. aAnd i want him to share what he has gained from the research here.
Because a lots of analysis about crypto movements.

Dude if you are new to Crypto, trading is the last thing you wanna do. First thing you need to do is get in the crypto world then by doing research you can slowly start trading. Also always try to find out why a certain coin is having a sudden increase or fall.

I am just guessing his strategy or analysis that he uses. I think he will not share everything here because he will keep some part of his analysis for himself. Not all people want to share everything they research with others because they want to keep secret parts for themselves as the next analysis keys ;)

I'm using the binance and I already stick to this platform because they have different features I really love which is a good thing when I make a trader with my computer I can access this too at my application which is easier to find out what is happening on my trade unlike using the browser.


If the OP things he is good at trading and want to win those trades still it takes a long experience before he win all of those earnings. My first trade does not go far but I have profit too.
Knowledge and experience are one of the best tandem to win.

If you are new to trading, you should not do day trading first. Because in my opinion day trading is not suitable for newbies,
to be able to do day trading you must have trading skills and experience. There is a big possibility that you will experience a loss,
if you insist on day trading, then you plan to use a capital of $ 1,200. That's a lot of capital in my opinion, you should start trading
from $ 100 first. If you succeed in using $ 100 of capital, you can increase the amount of capital used. Then regarding the selection
of coins, for newbies it is as good as trading using Bitcoin or Ethereum, because both coins are very safe for trading. And my advice
is to use Binance exchange as a trading place, because it is very reliable and also has complete features for trading.

But i am not hahahaha...
This is my analysis indicator, may be useful....
1. Bolinger Band
2. Parabolic SAR
3. Stochastic Oscillator
4. Moving Average

I am used 4 point above every trade in future market or / and spot market.

Yeah and it also has a few other so-called signal tools, but they're being quiet about their Twitter sentiment tool hyped back about a year ago. It was actually losing them a lot of money until this year of course, where the rally has been pushing everyone's portfolio up by a lot. Defi sentiment feeding into profits so expect all these tools to get another round of shilling.

@OP: Don't trade=p

I feel like lots of contradictions within the statement I have quoted above. I mean when you do not expect to be rich out of your small capital then you do not need to engage in crypto trading actively. This is how this crypto space and its trading working and I guess you cannot do anything about that.

Yes, I either you need to change your approach toward crypto trading or else you may need to rearrange your targets so that you can actively stay in crypto trading.

There are people here who are dreaming about making millions out of crypto trading but they do not have enough time and that is the reason they are simply choosing holding way of investment and keep looking forward their long-term targets. When you are having enough free time for trading then you must need to rearrange your target which will help as per your active way of trading.

Although OP is interested in the trading his money, then I would suggest why not go for gambling over reputed casinos. I mean all you want to do is spare your time with the money you have got.

May half of your thousand bucks can be placed into gambling and believe me there are large number of fun games you would want to play.

Well, about the exchangers, people have already answered it up here. But do try out of the box passing of time too. ;-)

Right now as a newbie I would say that buying and holding for a while is a better option for you, however do not just assume that is the only thing you can do. All the new people do bring in something to crypto world, what can you do? What do you do in your free time? What is your work and what are you trained in? Think of all these things and try to combine them with how you can make more bitcoin as well.

I would personally say that if you could potentially make a point about how to trade carefully, I would say 1000 dollar is not a lot of money and you could maybe try to trade with half of that while the other half stays in bitcoin. That way bitcoin could be 20k one day and you will have 1k anyway, and meanwhile other 500 will be worked towards making better results with no downside.

Binance or Bitmex are the only two platforms that could give you chance of having a profitable day trading. Coinbase is a big no for day trading you will end up spending a hell lot on the fees itself. But apart from platform it would require a great deal of discipline. Moreover be ready lose all the money that you are going to throw in for the first round. Take this as an entry fees which market takes to teach you some great things. But if you have time on hand and are willing to utilize this time to the best 6-7 months of consistent trading would start reaping out some profits for you. As you said it won't make you rich but would give you a good ROI of your money. Do study the Risk management and money management principles before hopping in to trade they are of utmost importance.

From your analysis indicator, I use Bolinger Band, MACD, RSI. Hm, it needs many things before we can trade in the future market because that will be too complicated for me. But if you can profit from the futures market, I think you don't have to worry about the market movement.
I still prefer to use the usual exchange because I don't have to keep on the front of my computer to analyze or execute, and I can do other things besides trading.

I am not against using these type of stuff for trading, you can use any indicator you want and you will be able to actually profit from them as well if you are lucky. But when you are a newbie and you do not know the full extent of TA you should know that TA doesn't guarantee success. If it did guaranteed success whatever indicator is 100% right we would all take a look at that and make trades according to it and we all would be rich.

However TA is just a guide, it could show you the path but you have to take that path yourself and sometimes that road is paved with challenges and you may end up losing money as well. Do not think of TA as something that will surely make you profit, it is just a thing that helps you so that you do not go in blind to trading.

The crypto market is much better for trading but you need to know about the market first. The crypto market is not stable and you always have to learn these ups and downs these need to be analyzed when the currency price rises and falls. Know the trends of the indicators of trading signals many times in case of error in currency verification it is necessary to do good research.

I would say trading is not for everyone since you will need to be spending lots of time and effort plus losses if you really want to choose the trading career. It takes a lot of patience to make a good profit sometimes but don't expect a straight profit everyday since the market is so unique that you can't expect it to go where you want it to expect to go. This is how the market is so unpredictable that's why few people can only make a good profit from this market.

Knowing that market moves all together is number one topic that everyone should know, that is crypto trading 101, along with it is very volatile compared to everything else so you should be patient. So, just know these two things and you will be fine.

When crypto goes down, bitcoin and ethereum and everything else all goes down together they are usually things that act together, the % will change but it will be down together, when it goes up it goes up together and once again % how much they go up will be different but it will do it together, that is a vital information you should know.

Secondly price could be 10k today, 7k tomorrow and 12k next day, it could make wildest moves, do not be afraid or hyped about the moves, be calm and ready for anything that could happen.

As you are new in trading, I will suggest you go with binnace. Because it has user-friendly mobile apps that will give you a smooth trading experience.
Now comes to fund management. If I had 1200$ now, I would always keep 300-400$ in bitcoin. The remaining 800$ I will use for Altcoins. From that, I will keep 200$ on ETH. For the remaining balance, I will keep eye on the top listed altcoins( for me it is the top 150 on coinmarketcap) movement. Once I see an entry point I will make an entry. And will leave the coin with a 10% profit margin or 5% stop-loss.

Smart decision to keep 1/3 in BTC and another part in ALT!

Since you are just thinking and planning to get into trading, better familiarize yourself first with the market and the potential coins that can be found on it to gain profit. I know you have said that it is just for past time but still you will be inputting a decent amount of money so you must be able to make use of it properly and effectively. Start first from the basic of educating yourself first all about trading and find the best platform that will cater your trading and better do trade into those with good credentials rather than trying into unknown trading platforms where you might be at risks. Gain yourself knowledge before engagement to lessen the probability of encountering certain risks associated with trading.