Is day trading on Coinbase profitable?

[Amph]

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

it's not 1%, this rumor is false, it's 0.25% for trading, like many others exchange, the 1% is for withdrawal only

[capoeira]

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.

if Bitcoin ever breaks out again

actualy, once you know how to play Forex you don't need Bitcoin breakouts anymore

[JayCoDon]

Something to take into consideration are the tax implications. Now I don't know where you live, but in the United States, day trading results in a higher tax rate than those than hold an asset for longer than a year. Therefore, if you're day trading, you need to factor taxes into how much you'd have to make before you actually reached break even and then started to make a profit. Further, for tiny movements, you really need giant amounts of an asset to make any real money. That's why we see bots buying/selling thousands of bitcoin at a time. Only then does it become potentially lucrative.

[chriswen]

Something to take into consideration are the tax implications. Now I don't know where you live, but in the United States, day trading results in a higher tax rate than those than hold an asset for longer than a year. Therefore, if you're day trading, you need to factor taxes into how much you'd have to make before you actually reached break even and then started to make a profit. Further, for tiny movements, you really need giant amounts of an asset to make any real money. That's why we see bots buying/selling thousands of bitcoin at a time. Only then does it become potentially lucrative.

that's true for day trading bitcoin too. 

[bitcoinrocks]

you need to factor taxes into how much you'd have to make before you actually reached break even and then started to make a profit.

I'm not sure about that.  You would be taxed on each gain but you can write off each loss so I think the break-even point would be about the same.  Do I have that right?

[capoeira]

you need to factor taxes into how much you'd have to make before you actually reached break even and then started to make a profit.

I'm not sure about that.  You would be taxed on each gain but you can write off each loss so I think the break-even point would be about the same.  Do I have that right?

yea...the quote makes no sense