Is it smart to day trade BTC?

[lestat2k7]

Hi,

Basically instead of only waiting for big dips to buy and highs to sell, I am talking about selling at regular high and buy it when it dips $100 lower for example many times a day.

Say you have 10 BTC, this should give you $1000 minus the fees no? So doing it many times through the day you might add a new BTC to your wealth?

Is this reasonable or is there something I am missing?



Thanks in advance.

[Raffielo]

Hi,

Basically instead of only waiting for big dips to buy and highs to sell, I am talking about selling at regular high and buy it when it dips $100 lower for example many times a day.

Say you have 10 BTC, this should give you $1000 minus the fees no? So doing it many times through the day you might add a new BTC to your wealth?

Is this reasonable or is there something I am missing?



Thanks in advance.

Yes, of course you could day trade. If you have the means to be a whale, then you can do that.

[o_e_l_e_o]

Hi,

Basically instead of only waiting for big dips to buy and highs to sell, I am talking about selling at regular high and buy it when it dips $100 lower for example many times a day.

Say you have 10 BTC, this should give you $1000 minus the fees no? So doing it many times through the day you might add a new BTC to your wealth?

Is this reasonable or is there something I am missing?



Thanks in advance.

You are missing the unpredictability of the market. What if you buy and it suddenly drops? What if you sell and it keeps climbing?

People do this professionally. High risk, high reward.

[Whespers78]

it is so risky to invest with this big amount like this without and previous knowledge so recommended to save your money and invest with small prices

[leex1528]

Its smart to trade if you can predict what is going to happen.  Its just like the stock market, buy low, sell high and you will be fine.  It doesn't really matter when you buy/sell as long as you follow those guidelines, just unsure of how you can guarantee anything like that.

[BioCryptTechnologies]

Hi,

Basically instead of only waiting for big dips to buy and highs to sell, I am talking about selling at regular high and buy it when it dips $100 lower for example many times a day.

Say you have 10 BTC, this should give you $1000 minus the fees no? So doing it many times through the day you might add a new BTC to your wealth?

Is this reasonable or is there something I am missing?



Thanks in advance.

You are missing the unpredictability of the market. What if you buy and it suddenly drops? What if you sell and it keeps climbing?

People do this professionally. High risk, high reward.

This guy pretty much nailed it... but for the most part if you have decent charts to look at and you are paying attention to the trends that are going on with it you should be able to daytrade it fairly well... my biggest worry about that would be when i sleep. I guess this is why once you start trading crypto day to day it starts to consume you lol. you may buy it and miss the break out and then it dips big and you are down when you could have been way up. but as he said high risk high reward. Same as setting up your 401k and such. The more risk you are willing to take, the higher the reward will be. but also the flip side. the higher the risk the more poten

[cryptohorsee]

Hi,

Basically instead of only waiting for big dips to buy and highs to sell, I am talking about selling at regular high and buy it when it dips $100 lower for example many times a day.

Say you have 10 BTC, this should give you $1000 minus the fees no? So doing it many times through the day you might add a new BTC to your wealth?

Is this reasonable or is there something I am missing?



Thanks in advance.

Yes you can day trade with this amount of bitcoin but it is still risky. Try to learn first by using 1 bitcoin, when you learn how to make a profit you can start using a higher amount of bitcoins to trade.

[lestat2k7]

Thanks guys, I understand. It's not easy and anything can happen. My idea was based on there is many small ups and downs a day but not many huge ups and downs relatively.

[hatshepsut93]

Hi,

Basically instead of only waiting for big dips to buy and highs to sell, I am talking about selling at regular high and buy it when it dips $100 lower for example many times a day.

Say you have 10 BTC, this should give you $1000 minus the fees no? So doing it many times through the day you might add a new BTC to your wealth?

Is this reasonable or is there something I am missing?



Thanks in advance.

Day trading can be viewed as very close to gambling when it comes to Expected Value (EV) and the fact that they both are zero sum games (someone has to lose in order for others to win). There are people who have an edge in trading by having access to yet unknown publicly information, or by having huge amounts of money to dictate the price. So, for a newbie day trading can easily have negative EV, meaning they will be losing more than they earn. It's also hard to apply traditional trading theory to Bitcoin, because it's very different from traditional assets, for which those theories were developed.

[partysumo]

Based on the transaction fees, I suggest it's not really viable to day trade BTC. I'd rather buy and forget about bitcoin, and think of it as a long term investment.

[Lyancy001]

Hi,

Basically instead of only waiting for big dips to buy and highs to sell, I am talking about selling at regular high and buy it when it dips $100 lower for example many times a day.

Say you have 10 BTC, this should give you $1000 minus the fees no? So doing it many times through the day you might add a new BTC to your wealth?

Is this reasonable or is there something I am missing?



Thanks in advance.

For me, day trading is way more better than Holding. Crypto is very volatile, you can never know when the price falls down or up.

[Silberman]

Hi,

Basically instead of only waiting for big dips to buy and highs to sell, I am talking about selling at regular high and buy it when it dips $100 lower for example many times a day.

Say you have 10 BTC, this should give you $1000 minus the fees no? So doing it many times through the day you might add a new BTC to your wealth?

Is this reasonable or is there something I am missing?



Thanks in advance.

Day trading is the most difficult way to trade since you will need to watch your open positions very closely and make many trades for the day, now if you can make the money you are claiming in your post then day trading is without a doubt a good idea, but you must understand that those results are extraordinary and most people will never be able to get those results.

[bitart]

Thanks guys, I understand. It's not easy and anything can happen. My idea was based on there is many small ups and downs a day but not many huge ups and downs relatively.

You can't be sure about the strenght of a starting trend... You don't have the information (if you do, you won't ask this), about what moves the price behind the scenes. Some news don't affect the price but some major things can move the price really much (e.g. if Amazon will ever implement bitcoin as a payment method, that would cause huge raise in price or the opposite, if US or EU ban bitcoin that will cause huge drop). You can only read the news, if you trade the news you just follow the market...

[Silenox]

Buy in panic, sell in peace. keep abreast of the news and put a part in it, big risks, big gains or big losses.

[lepricoin]

it seems to me more sensible to walk not to the bitcoins, but to some altcoys. their growth in price may exceed the growth of bitcoin several times. better share risks and trade in several coins.

[Chrystora123]

Hi,

Basically instead of only waiting for big dips to buy and highs to sell, I am talking about selling at regular high and buy it when it dips $100 lower for example many times a day.

Say you have 10 BTC, this should give you $1000 minus the fees no? So doing it many times through the day you might add a new BTC to your wealth?

Is this reasonable or is there something I am missing?

Thanks in advance.

you should not be too hesitant to try trade when the price is unstable as it is today,
one thing you should look for do not panic when its price falls ...

[Hamilcar]

You can't predict that the price is always increasing. It can dump for months after you buy.

[BioCryptTechnologies]

it seems to me more sensible to walk not to the bitcoins, but to some altcoys. their growth in price may exceed the growth of bitcoin several times. better share risks and trade in several coins.

If you go the route of altcoins, certainly doin't use large amounts because if you look at the trades that are going on, not many are really for much. However if you have large amounts you may be able to throw up buy walls that push the price higher. This is frowned upon and a bit of market manipulation but common to see happening in alts.

[milani]

Buy in panic, sell in peace. keep abreast of the news and put a part in it, big risks, big gains or big losses.

These words may be the real slogan for those who do not know really what to do with crypto - "buy in panic, sell in peace" . Great words!!!!! )))))) to my mind there are lots of risks in trading bitcoin and litecoins as well. You may not be sure that buying today you'll get the profit tomorrow, and the profit you got yesterday you won't loose the next day.... there is the point that should be remembered. And more over the price of Bitcoin talks for itself. Too high risk. Too high bets. So very important to have while trading - cold prudent intelligence, but a hot gambling heart.

[illinest]

Basically instead of only waiting for big dips to buy and highs to sell, I am talking about selling at regular high and buy it when it dips $100 lower for example many times a day.

Say you have 10 BTC, this should give you $1000 minus the fees no? So doing it many times through the day you might add a new BTC to your wealth?

Is this reasonable or is there something I am missing?

Day trading is much more difficult than it looks. What you're saying sounds easy, but there's a good chance that you'll lose coins by attempting to constantly take profit. Hell, there's a good chance you'll lose both dollars and coins.

When I first started trading BTC and altcoins four years ago, I took one look at the chart and said to myself, "This shit is easy. Just sell the top and buy when it starts going up again." Emotions and greed got the best of me. I proceeded to buy the top of massive bull trap and panic dumped during the following days, instantly losing about half my money.

Fortunately, I've learned a lot since then. One of the most important lessons I've learned: Less is more. Trading higher time frames, making less trades and more holds, and holding for longer periods of time have made me much more profitable than when I was trying to catch every swing.

Also, the fact is that most traders lose money. I've seen it argued that the ratio of winning vs. losing traders follows a Pareto distribution (80/20), and that sounds about right to me. If you have a knack for probabilities, succeed in things like poker or sports betting, and you can control your emotions during drawdowns (losing money), you might be a successful trader.