Hello everyone,
I thought of giving day trading a go, I do have a limit of funds to invest into this project, and it's XXXX, I am also aware that I CAN and WILL most likely loose funds doing this, but I am doing this for "fun" and my limit or spendings on this project is not making me homeless nor is it going to make me cry, if I do end up loosing.
I just wanted to know, what kind of platform everyone is using for day trading, or trading in general, which site should I avoid, give me your best suggestions :-)
Thank you!
You definitely will lose money at first. Part of the learning curve. There are plenty of online resources for beginning traders. The best advice I could give someone is to trade
on paper for at least three months until you learn for yourself whether you have a chance of making money. 95% of traders lose their trading capital and quit. However some have talent for it, you may be one. You would learn faster if you could find a mentor or a trading club where experienced traders could help you.
I would recommend you not take on day trading at first. Instead concentrate on trading longer time frames where you expect to be in a trade for at least a month. Otherwise the professional day traders will eat you for lunch.
Go to
http://coinmarketcap.com/ and concentrate on the top ten coins. And remember you are trying to beat a buy and hold strategy. That is, can you make more money trading than just buying bitcoin and watching it go up in value. Remember: your goal in trading altcoins is to increase your bitcoin. If you are actively trading and your bitcoin reserve is going down best to stop trading.