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Author Topic: How do you day trade with bitcoin these days while it is full of stress?  (Read 327 times)
WLtoys V912 (OP)
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January 13, 2021, 11:10:58 PM
 #41

I don't know why most people enjoy the heavy rise of bitcoin while it is only good for long term holders. How long do they want to hold? Forever? They have to sell at some point and exit the market. For day traders like me, expensive bitcoin is not attractive at all because it not only reduces my profit, it also increases my stress.

I have to buy at $40.000 and sell at $40.200 to gain daily profit (This is an example). This is much less profitable than when I used to buy at $8000 and sell at $8200 the same day. Apart from this, whenever I buy at $40.000, I am worried about a big crash right around the corner because the prices are too high now.

How do you cope with this situation as a day trader? Do you dare to buy $40K bitcoin for short term trading?


The only thing that's scary about day trading during the price is high, is when Btc suddenly crash and didn't bounce back.
This is exactly what this topic is all about and the main reason of my stress!
When the price is low, the chances of downward or backward movement is much lower than when the price is extremely high (near ATH).
jaberwock
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January 14, 2021, 09:52:53 AM
 #42

Trading bitcoin during lower value and now @$40k is the same because you just need to get 5-10% on profit in your every trade. Unlike holding bitcoin in the long run, they earn revenue at a due time when the value of bitcoin increases.

I always do trading day ang night because I need to earn even a little every day. I can't afford to buy bitcoin and just hold for long term.  Those who hold bitcoin for a long term are those with enough capital which they don't need to spend.
Honestly that is not the case for me. You do not have to buy and sell and keep doing that to constantly try to profit even if you do not have money. If you are a great trader, by all means you should do that if you have little amount or even big amount, because if you think you can profit a lot in the long term with constantly trading, why stop doing that? However if you do not have a lot of money, that means you could just put money aside every month constantly to make some profit over long period of time.

For example, all I could afford this month was 50 bucks, with Christmas and new years there was a lot of unaccounted for costs and that is why 50 bucks was best I can do. But if you keep doing that constantly, you are going to make a decent return, I am not even talking about doing that for the past 5 years, because if you put 50 bucks each money for the past 5 years, you could have retired now, but it is still a valid option even today, you just have to wait one or two decades and retire.

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January 14, 2021, 06:23:54 PM
 #43

If you are a day trader then you actually don't have to trade with your complete capital, just trading with small portion like 10% of it is enough if you can't afford to lose everything and also you shouldn't have to care about the price of one bitcoin while trading just keep focusing on the percentage of profit you can possibly earn with your strategies and capital.









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