Is day trading on Coinbase profitable?

[chriswen]

Unless you have much experience I don't think it is.  Obviously there is a risk which is why I wouldn't advise most people to give it a go.

One great thing about Bitcoin is that you can start trading with a really small balance.  Great way to gain experience if you're interested.  But currently market is crappy.

[PenguinFire]

Unless you have much experience I don't think it is.  Obviously there is a risk which is why I wouldn't advise most people to give it a go.

One great thing about Bitcoin is that you can start trading with a really small balance.  Great way to gain experience if you're interested.  But currently market is crappy.

That is true.  It is still a risk but not as much with small balances.  Unfortunately the returns are not good with small balances...  It isn't worth the time gaining a dollar or two a day.

[lahm-44]

i dont have a credit card till now but yes you will have profit if you correctly trade at coinbase just 1% fees is too much effecting the trades..but who knows about the future you can get a lot of coins if suddenly the market rises

[Amph]

Unless you have much experience I don't think it is.  Obviously there is a risk which is why I wouldn't advise most people to give it a go.

One great thing about Bitcoin is that you can start trading with a really small balance.  Great way to gain experience if you're interested.  But currently market is crappy.

you can do the same with altcoin too, especially at launch when their price is so tiny, and usually after that they get pumped or simply die, if they die you don't lose much, if there is a pump you can earn a ton

[Mt. Gox]

If you have good strategy and knowledge then day trading is always profitable otherwise it will erode your account balance. Benefits of daytrading is no overnight tension.

I wouldn't say it's always profitable. Even the most highly experienced traders can experience large losing streaks sometimes. The difference (or so I've been told) is that they don't let their emotions take control. They have a strategy in place and they follow it in order to cut their losses when enough is enough rather than letting them drag on and on.

Also one thing to learn is that you don't always need to be in a position.  Currently we're mostly going sideways with chop, we're not in a trending market.  As a trader you don't need to trade this.

But a sideways market can also be a good opportunity for a trader who knows his stuff.

[bitcoinrocks]

What about Coinbase's separate exchange?

http://exchange.coinbase.com

Very low fees:

https://support.coinbase.com/customer/portal/articles/1826608-what-are-the-fees-for-using-coinbase-exchange-

[chriswen]

What about Coinbase's separate exchange?

http://exchange.coinbase.com

Very low fees:

https://support.coinbase.com/customer/portal/articles/1826608-what-are-the-fees-for-using-coinbase-exchange-

But its also not just about fees.

When considering profitability you also need to consider spread which is like a fee.

Also if you want to be profitable you might need to utilize margin.  And Coinbase doesn't offer that.

[BitCoinPokerBro]

Why pay 1% when .25% or other absurdly low fee is available via other exchanges?

[Buttknuckle]

Its not 1%, that is the price to transfer funds to the account.

I would suggest to not trade on the margin unless you really know what you are doing.  It is very dangerous.

[Amph]

Why pay 1% when .25% or other absurdly low fee is available via other exchanges?

it's 0.25% on coinbase too, there was some misleading about the fee, but it should depend on your volume, with higher ones you pay way less

[chriswen]

Yes the fee is comparable.  0% is a bit better.

But another question is getting good liquidity and less slippage on your orders.  And even if you're trading with small amounts the spread is important.

[PenguinFire]

Thanks for all the thoughts and replies to my thread guys.    Very informative.

[bitcoinrocks]

Thanks for all the thoughts and replies to my thread guys.    Very informative.

Why would you write that about someone else's thread?

[bounst]

daytrade on btc-e or lakebtc or kraken, you need give me a reason to believe it is avaliable

daytrade on coinbase, you need give me a lot of reasons to believe it is avaliable

[capoeira]

Imo BTC is much to slow to daytrade. you wait like 10h for a tradable move, while on Forex you have entries like every hour

[fox19891989]

No, it's not profitable. Better invest your hard-earned money on something fun like hookers or cocaine. Same ROI. LOL

You can only make money trading altcoins, or btc leverage trading, plus future trading.

I guess there's also option c), betting on the sportsbooks, I have won decent money on French Open 2015, I deposited 1 btc to a sportsbook and currently my balance is 2.8+ btc, so it is very easy money to make profits from tennis, if you gamble on nadal, djokovic or roger federer. 

[TraderCal11]

I was lucky to only waste a couple weeks trying this strategy. I find that the profits are so small, it isnt worth the time. I have moved on to bigger and better investments, but if you are able to figure it out, more power to you.


Good luck

[capoeira]

1% is a crazy fee.....only playable for mid to longterm

[JerryCurlzzz]

1% is a crazy fee.....only playable for mid to longterm

Agree with this. Swing trading maybe, definitely not day trading. Also, you don't want to have all those ACHs in and out of your account... some banks will close your account.

[chriswen]

Well, bitcoin volatility has been decreasing.  Of course its hard to make money in this market.  That's why a lot of people have moved to forex so you have more than one thing to trade.  When bitcoin breaks out and we get more volatility there will be plenty of trade setups.