Worth day-trading casually(1-2hrs)? + further advice/guides

[GolemTrader]

I am, by no means, intending to make a career out of day-trading or expect to make boatloads of money off of daytrading as I only plan to invest around 500 to 700 dollars initially into this potential "hobby". However, along with some modest HODLs in bigger currencies, I think it'd be fun to experiment with day-trading spending only a few hours to research/trade coins. Especially in the bearish market today, the opportunity to trade smaller coins and engage with the community through a new facet seems like a good idea. With the amount I am willing to invest I truly wonder whether my time might be better spent engaging in physical activity or extra work hours. I am in for the long-haul with my main investments and don't plan on messing with them too much but am not totally opposed to trading some of it in order to bolster my investment into day-trading. To begin I've thought about simply trading ETH tokens for simplicity in storing them on one address on MEW and transferring to exchanges. I welcome any and all advice anyone else may have even if some of it has been repeated by the few articles and threads I've read. If anyone has any particularly good resources/guides that they found extremely helpful as they started out daytrading I would be extremely grateful if you posted them. 

[mk4]

Just go for it. Though you should really set your standards low when you're just starting out; expect to lose same trades left and right. You fail as you learn though so yeah, your goal should be learning at first.

I only plan to invest around 500 to 700 dollars initially into this potential "hobby".

About your starting investment into day trading though, that's fine if you think that $500-$700 is just throwaway money to you. Because like I said, expect to lose a bunch of your trades at first. I suggest going a bit lower though. But hey, if you're that wealthy, then go ahead.

If anyone has any particularly good resources/guides that they found extremely helpful as they started out daytrading I would be extremely grateful if you posted them. 

Head over to the trading section on https://lopp.net/bitcoin.html ; that should keep you busy for a while.

[joniboini]

Some of the day traders that I know spend more than 1-2 hours to trade daily, in fact, almost more than half of their day were spent on the computer. With such a little time to do your day trading, it must be pretty rough I guess

Why don't you do swing trading? You can spend 1-2 hours each day to research and look out for potential coins and buy it on the third day or second day after your research (or whatever day it is, up to you) and hold it for around a week / whatever you wanted. Some traders found this strategy easier to do because usually, the trend line doesn't change that much unless there is some fundamental news (this is why you have to use stop loss).

Just my two cents.

[astridwi]

your case is the same as me now. make long-term investments and start reading a lot about crypto that finds several daily trading articles. began to try and be seen playing between my routine work. all I did was observe the development of 2-3 coins in binance and finally by itself would find the pattern of rising and falling prices

[Rexxxem]

I'd say it is a scalping, not even a day trading. Why not, go ahead if you like it, just don't go all-in and learn some TA/price action concepts

[3-tails]

Why don't you do swing trading?

I can vouch for swing trading. It's more fun than day trading as you don't have to sit there staring at the screen the entire time, no FOMO for having a life, and it's safer when you're new.

You can do swing trading as low as $100 and still do nicely. In fact, I would suggest starting low so you don't lose much if you make a few mistakes. Once you are profiting regularly then you can go ahead and get more coins to toss into your swing trading. The prices fall around December-February as folks sell off for tax reasons, so you should have a solid grasp on things if you start with $100 right now.

Personally I would suggest a popular alt coin instead of bitcoin or Etherum initially. Staking coins are more stable at the second with things like Ripple and Beancash doing fairly well for Hold and swap alike. Litecoin is a popular non-staking coin as is Doge, though both can be less stable.

[nydiacaskey01]

It's not advisable to do day trading at this times. You might end up waiting for nothing as price of both Bitcoin and Altcoin is not moving that much to earn at least 3% to 5 % in a day. I would buy those that are in deep red for Altcoins and wait not in a day but maybe in 2 days before I sell or until there's at least small change like 3% to 5 %.

[joniboini]

It's not advisable to do day trading at this times. You might end up waiting for nothing as price of both Bitcoin and Altcoin is not moving that much to earn at least 3% to 5 % in a day.

There are some coins which can produce great results even if the price of BTC is stable, but finding thing like these is hard and the OP probably will not make a great entry before the pump start. But I do agree that day-trading is riskier these days, that's why swing trading is probably a better option since OP have a limited time to trade.

[mk4]

It's not advisable to do day trading at this times. You might end up waiting for nothing as price of both Bitcoin and Altcoin is not moving that much to earn at least 3% to 5 % in a day. I would buy those that are in deep red for Altcoins and wait not in a day but maybe in 2 days before I sell or until there's at least small change like 3% to 5 %.

I disagree. Even at times of price stagnation you should still be able to potentially profit from trades. The prices may look stagnant if you're just looking at 24-hr price on Coinmarketcap, but if you take a look at 1-10minute charts on exchanges, you can see that the prices still dances up and down even if it may not look like it.

[dinoloverpete]

I won't go over things others have already mentioned. With the small amount you're using one thing to be really considerate of is fees for trading and more importantly moving tokens. IF you're moving tokens frequently from multiple addresses across multiple exchanges a huge amount of your potential profit will be eaten up from doing that.

[nikeel]

 I would also argue your personality has a lot to do with it. Some people simply cannot not trade intra-week, some maybe day trading a bit a day is the way to go. I'm a terrible trader, because I start to itch when I see price action, and even trying my best to just go by fundamentals and TA, I often see myself trigger happy. I was not made staring at charts and waiting for entry/exit points. The irony is, I'm very bad at day trading, but quite good at fundamentals and entries/exits. I just can't be the one actually executing the orders  

[dinoloverpete]

I would also argue your personality has a lot to do with it. Some people simply cannot not trade intra-week, some maybe day trading a bit a day is the way to go. I'm a terrible trader, because I start to itch when I see price action, and even trying my best to just go by fundamentals and TA, I often see myself trigger happy. I was not made staring at charts and waiting for entry/exit points. The irony is, I'm very bad at day trading, but quite good at fundamentals and entries/exits. I just can't be the one actually executing the orders  

Mentality has to be the number one determinant of successs not only in trading but in everything in life. Some times as you mentioned you're just not suited to a certain thing or a certain thing is not suited to you. It's so important to be true to yourself and honest about your strengths and weaknesses. If the OP is as honest with himself as you are he may not find success in day trading but he will find success in something.

[Wind_FURY]

I am, by no means, intending to make a career out of day-trading or expect to make boatloads of money off of daytrading as I only plan to invest around 500 to 700 dollars initially into this potential "hobby".

Then stop. That money would be more useful elsewhere in your life.

However, along with some modest HODLs in bigger currencies, I think it'd be fun to experiment with day-trading spending only a few hours to research/trade coins. Especially in the bearish market today, the opportunity to trade smaller coins and engage with the community through a new facet seems like a good idea.

Yes, it would "seem like a good idea" until you lose that money which would have been more useful elsewhere.

With the amount I am willing to invest I truly wonder whether my time might be better spent engaging in physical activity or extra work hours.

That would be better, yes.

I am in for the long-haul with my main investments and don't plan on messing with them too much but am not totally opposed to trading some of it in order to bolster my investment into day-trading. To begin I've thought about simply trading ETH tokens for simplicity in storing them on one address on MEW and transferring to exchanges. I welcome any and all advice anyone else may have even if some of it has been repeated by the few articles and threads I've read. If anyone has any particularly good resources/guides that they found extremely helpful as they started out daytrading I would be extremely grateful if you posted them.  

You don't sound like someone rich. Save that $700, work your ass off, and keep storing a part of your monthly salary in Bitcoins.

[hoavantathan]

If you have money, you should have a plan. You can buy some coins for holding. And use 10% money to daily trade. This is a good plan for newbie. When you have some experiences, you'll change your tactic.

[xradgood]

 [Suspicious link removed].126.net/channel4/buam_20190107.swf[/flash]