gweedo is right about the risk.......start slow and stay calm*
*Then go in really deep once you get behind, since the market is about to turn around. I can't find any simple guides on the best day trading practices.
Can anyone explain simply how to profit from day trading?
Do I basically just watch the charts and buy at low points and sell at high?
Basically yes, but "easy money" is never that simple.
Here are some ideas to help you get started:
I want to make some extra BTC. If
this post is helpful (to anyone) please send a tip (any size is great), thank you.
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First, understand you are dealing with 3 different time frames: Long-term, Medium, and Short-term.
Long-term: This is the easiest if you have enough money. Just buy and hold, buy more on dips, and sell a bit when it spikes up.
Short-term:
"Fast trading" is fun and addictive.
The risk is high & the rewards can pile up quickly, plus...
>>> There are times when your chance(s) of being correct* are very near 100%
*Often, you don't really need
to be correct (about market direction), you just need the market to move, and get both sides of your trades completed.
Medium-term:
Medium-term trading is where
you can really out-perform most other traders.
Here is where the "pros" win, and most others end up in a stressful form of virtual Hell.
To succeed you need to decide on the direction of the
next big/medium move, and have the patience, guts and courage to not sell/buy too soon.
For best results:
Combine all three time frames, manage your money well, and remember leaving me a tip (right now) will greatly improve your luck.