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Author Topic: Is day trading is good in crypto market?  (Read 952 times)
semobo
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April 30, 2020, 05:42:05 PM
 #21

What you guys think about day trading in crypto. Is it profitable? if yes give me reason.
If you doing day trading by yourself it's 99 percent of chance that you loose your capital. I was reading many comments on other threads that they talking about day trading is profitable. I don't think so. Only whales have profit and normal person loose their money.
What your thoughts about it....
Day trading is profitable because crypto is highly volatile but the question is you are going to make profits from those volatility or not?

If you have enough experience and skills you can make profits from day trading.

Whales influence in day trading may not be that much because they will manipulate market once for a while so if you are doing trading regularly you can still make profits.
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April 30, 2020, 05:57:42 PM
 #22

In terms of today's markets, I think it is an ideal period for daily trade. The fact that we have been seeing constant price increases for the last few days is actually a very good opportunity to open new long or short positions. In general, I would like to point out that daily trading is actually very risky, but it has a high return as much as risk. I recommend doing the daily operations after reaching the sufficient level of knowledge and getting enough experience.
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April 30, 2020, 06:02:25 PM
 #23

It's up to you, actually. If you know well about day trading I mean when to buy when yo stop loss, then you can get a good result from day trading. But if you don't know how to analyze the market condition, price chart then it's better to avoid day trading! I know many people who made a big profit even when the Bitcoin price was 3200$, but many people ended up losing their capital, knowledge was the difference between them.

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April 30, 2020, 10:03:53 PM
 #24

What you guys think about day trading in crypto. Is it profitable? if yes give me reason.
If you doing day trading by yourself it's 99 percent of chance that you loose your capital. I was reading many comments on other threads that they talking about day trading is profitable. I don't think so. Only whales have profit and normal person loose their money.
What your thoughts about it....

Your thoughts are right mate, don't ever be deceived by the comments about day trading being good for everybody, No, it is not. Only those trading with huge capitals are making the money. Your best short if your capital is not too large is to buy and hodl coins that have use cases that is going to make it price rise with time. Those are the ones you are likely going to make over 100% in months.
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April 30, 2020, 10:31:48 PM
 #25

What you guys think about day trading in crypto. Is it profitable? if yes give me reason.
If you doing day trading by yourself it's 99 percent of chance that you loose your capital. I was reading many comments on other threads that they talking about day trading is profitable. I don't think so. Only whales have profit and normal person loose their money.
If you are trading you cannot expect to make the profit on a daily basis but if you are taking things seriously and wanted to trade for a short period of time then it is possible, just invest when the market goes down and wait for the market to recover and you really do not need any technical skills to understand that and the volatility in bitcoin will give you plenty of opportunity to make profit in a short period and you do not need to be a whale, even a shrimp can make the profit  Tongue.
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April 30, 2020, 11:35:37 PM
 #26

What you guys think about day trading in crypto. Is it profitable? if yes give me reason.
If you doing day trading by yourself it's 99 percent of chance that you loose your capital. I was reading many comments on other threads that they talking about day trading is profitable. I don't think so. Only whales have profit and normal person loose their money.
What your thoughts about it....

It's simple, if you are a newbie then i don't think it's a good idea to choose day trading. But if have much experience in trading world then it might be fine. But i think maximum people would be agree that day trading is much risky than swing trading and long term trading. I hope this is a good article to find why you love to choose swing trade over day trade. It's not true that only whales got profit from trading. Those people got profit from trading who's have much experience and who's are professional in trading life.

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May 01, 2020, 12:32:46 AM
 #27

What you guys think about day trading in crypto. Is it profitable? if yes give me reason.
If you doing day trading by yourself it's 99 percent of chance that you loose your capital. I was reading many comments on other threads that they talking about day trading is profitable. I don't think so. Only whales have profit and normal person loose their money.
What your thoughts about it....

As a beginner, you will obviously lose a lot from here.

It is not that only whales can have a profit in day trading. It is just that day trading is not that easy to do. We all know how volatile cryptocurrencies are and that is the reason you need to cope with the fast-changing market while maintaining that profit or managing the risk. The one that will be having profit with this is those people that can read the market well. I can say that they can't really have a profit every day since as I said, doing day trading is not an easy feat, it is really hard to do.
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May 01, 2020, 02:16:21 AM
 #28

For beginners, here are a few helpful hints to manage risk, cuz that's what being successful is all about. And actually I do most of these things because its just good risk management which is what separates good traders from bad traders much more so than any skill in technical analysis.

Beginner risk management:

#1 Don't aim to make a certain amount of $ or a certain % day trading. Just aim to make profit, no matter how small, whether it's $1 on a given day or $1000.

#2 Don't put more than a tenth of your entire trading stash into a single trade. That way if the market moves against you, you only committed 10% of your money to that trade so that isn't too bad.

#3 Don't put more than one trade in at the same price level. Let's say Bitcoin is at 8500 and you buy in, then it goes up but not high enough to hit your sell order, then drops back down to around 8500 and you think oh it dipped I should buy in with more. Don't do that. You already bought in at that price level, wait to see if it drops to 8350 or something to put in another buy.

#4 Any profit you make put aside in some low buy order to protect those profits - basically use your profits to buy dips. Each time you complete a trade for profit add that money to some low buy order. Like if Bitcoin is at 8500 put your profit in a buy order at 7500 or even lower if you think there is a good chance it corrects harshly, so maybe after a month you've made $700 so you have a $700 buy order set at 7500 in case Bitcoin corrects. Point is to keep your profits fairly safe and only use them to buy in on dips.

#5 Take small profits and focus on just a few coins. Don't go looking for 10% or 20% profit on a trade. Take 2-5% generally on any given trade. And only focus on a few coins that you know and you've spent time watching their charts to have some idea of how they move and what their potential is. For example, I focus most of my trading right now on BTC, ETH, and LINK, but I have been mixing in some small trades using a few other coins as well when I think I see an opportunity, but most of my trading is with just 3 coins.

#6 Trade against fiat (or stablecoin), not crypto. Trading coin/coin pairs means you're trying to predict the price changes between two very volatile assets. It is extremely hard to make money in the long term doing this. I only trade against USD now. Used to trade against BTC to make more Bitcoin, but in the long term I ALWAYS ended up losing bitcoin. Much easier to trade one volatile coin against a non-volatile fiat currency than to trade a volatile coin against another volatile coin.

#7 Don't be afraid to get out of a trade early if it looks like resistance will keep your sell order from getting hit soon. If you buy ETH at 202 and try to sell at 212 but you check the charts and its at 208 with a lot of resistance overhead, feel free to change your sell order to 208.xx if you are afraid the price is gonna drop. Sure occasionally you'll do this and get a small profit and then you check an hour later and the coin pumps past your original higher sell order and your mad (this happened to me just yesterday!), but thats okay you still made profit.

#8 Pay attention to how much of your trading stash is in trades currently and how much is in fiat/stablecoin. The more money you have in trades at any given time the greater risk you are taking on. Anytime I am looking to trade I check what percentage of my funds are USD. The more USD percentage I have the more willing I am to take a risk. But if my USD is only like 20% or something of my funds then I get real risk averse and focus more on getting a trade or two to complete for profit rather than putting in another trade.

#9 When the price is pumping or dumping be very careful. On yesterday's pump I would put in small trades and get out with a few percent profit then re-evaulate. Sure I would have made a lot more money if I had just kept my 7750 or whatever buy in from two days ago and rode it all the way over 9000, but I had no idea how high it would go so I just got in and out of a few trades and got profits each time as the price continued to pump. Only doing small trades each time that way I don't risk too much when the price ultimately dumps. So now I only have one small trade sitting near the top of the price from yesterday, and I bought back in several times in the 8000s today, also small trades, and getting out quickly, just using that volatility and not expecting some huge gain from buying the dip today because I have no idea when it'll go back up again, so I just get in and out quickly and the profits add up over several trades during the day.

#9 Finally, ride the daily volume. The market usually moves up and down in a few percent range on normal days. Trade off of that and try to take profit every day. I rarely have $0 days. Most days I have a bunch of trades that complete for profit.


Using these risk managements strategies I made almost 5% yesterday on my whole trading stash during that pump, today even in a down market I made just under 1% so far, and in the past 45 days I've made 61% with only six $0 days and one negative day, average just over 1% a day over those 45 days.

Sure it takes time to learn to not trade emotionally and to kinda get a sense of how the market moves and when you need to be wary of things, but risk management is the most important thing and I think these nine things listed above would be pretty damn good for any beginner to follow to make consistent profit.
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May 01, 2020, 06:20:31 AM
 #29

What you guys think about day trading in crypto. Is it profitable? if yes give me reason.
If you doing day trading by yourself it's 99 percent of chance that you loose your capital. I was reading many comments on other threads that they talking about day trading is profitable. I don't think so. Only whales have profit and normal person loose their money.
What your thoughts about it....

Profitable? It would be both because each day trader would really be different in terms of their trading style.Not all do have the same capability and capacity in facing up this volatile market.
99% is a bit exaggerated yet there are day traders which are really making out profits and this isnt only limiting to whales itself but also into other small traders as well.
Its a matter of choice though on what type of trader you would want to be,some do like to day trade but they do fail out but it doesnt mean that you would just simply quit because we know
that mistakes are stepping stones to improve ones self.

Sometimes, day trading is not the answer because it increases the risk and stays with that state. You should perform first proper technical analysis and speculations so that you know how to deal with the market and apply some strategies. It is not worthy to perform day trading most especially that we are in this pandemic and it really affects the market.

No matter what trading strategy you perform, it will still give you risk in a different intensity. I don't think that this is profitable most especially to those normal traders, if you're really good at trading it might be effective and profitable but not anyone can do that. We have different experiences and courage in trading that's why it is not always effective to do that.

Big or small traders are vulnerable to losses, but these losses will help you improve and learn more in trading but the reality of losing money is not that quite good in a feeling. That's why you should accept the reality of trading and perform effective strategies like stop loss, not only day trading.
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May 01, 2020, 07:26:01 AM
 #30

Not just in crypto, but on every markets, when you try to catch a short term trend, you may get failed in higher rates compared to success/total-trades ratio when you focus on catching long term trends. The reasons are obvious: no one could accurately spot the turning points of markets. It means approximate estimates of market's turning points is possible but it will lengthen the duration of your trades. It will eventually lead to unable to close your trades within a day.

My practical suggestion to you is, you may continue your day trading (if you're already into it) and whenever you are in negative, just convert your traits into positions and wait for markets to reverse. I mean you do not need to stick within your criteria of day-trading all the times but you may need to be flexible to make your day-trades into short-term or even long-term trades.

This will simply eliminates all the risks in day-trading. Please note, this type of conversion will be possible only in spot markets and definitely not with margin trading.
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May 01, 2020, 08:39:15 AM
 #31

Today there are a lot of people making more money with the help of trading and also it depends on the player or the trader how do they manage their trading techniques because today there are a lot of people having mistakes getting into the world of trading without getting enough knowledge and essential things to survive into the world of trading. For me as a trader too with the pair of bitcoin and the usd, it is easier for me to identify what is the next market movement in the first place I used the common trading techniques which is identify what are the uptrend and downtrend next is the support and the resistance of the coin to make sure if the coin will go up or down in buying when the market price of the coin falls or we called as a dip I bought a lot of coins on it. When predicting the market price of the coin it takes time to predict because the market of the bitcoin is volatile even this is for the long term.

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May 01, 2020, 08:43:43 AM
 #32

Not just in crypto, but on every markets, when you try to catch a short term trend, you may get failed in higher rates compared to success/total-trades ratio when you focus on catching long term trends. The reasons are obvious: no one could accurately spot the turning points of markets. It means approximate estimates of market's turning points is possible but it will lengthen the duration of your trades. It will eventually lead to unable to close your trades within a day.

My practical suggestion to you is, you may continue your day trading (if you're already into it) and whenever you are in negative, just convert your traits into positions and wait for markets to reverse. I mean you do not need to stick within your criteria of day-trading all the times but you may need to be flexible to make your day-trades into short-term or even long-term trades.

This will simply eliminates all the risks in day-trading. Please note, this type of conversion will be possible only in spot markets and definitely not with margin trading.

Yes great advice: don't margin trade. Trading is about risk management and margin trading increases that risk greatly.

Margin trading is way too risky and only very experienced people should even try it. I've been trading crypto for years and make good profit but I would never even consider doing margin trading.
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May 01, 2020, 03:47:36 PM
 #33

I can suggest for short trading instead of day trading. Because market is very fluctuate so that day trading is very dangerous for crypto traders i think. but if you go for short trading you can realize market condition and can take time for next step that you can not get day trading. so be careful about day trading.
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May 01, 2020, 04:16:54 PM
 #34

I can suggest for short trading instead of day trading. Because market is very fluctuate so that day trading is very dangerous for crypto traders i think. but if you go for short trading you can realize market condition and can take time for next step that you can not get day trading. so be careful about day trading.
Yeah, I agree on this, day trading is enough to wash your capital set for a month because of too much fluctuation we are getting in the market right now, especially with bitcoin. To be honest I've lost about $120 in 4 days due to market volatility and of course bad decision and market analysis. Instead of day trading, just do short trading, pick a moment in the day where you feel great to trade with the price just enough to increase in an hour but let me tell you this, it's very hard especially now that every one is talking about halving.
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May 02, 2020, 11:17:42 AM
 #35

I can suggest for short trading instead of day trading. Because market is very fluctuate so that day trading is very dangerous for crypto traders i think. but if you go for short trading you can realize market condition and can take time for next step that you can not get day trading. so be careful about day trading.
It seems to me that you have slightly changed the concepts of day and short trading.  The fact is that day trading in cryptocurrency is short trading on the exchange throughout the day.  and long-term trading is cryptocurrency trading for a longer time.  and based on this, each trader has his own way to these types of trading.  for me, day trading is safer and more profitable, because I can always have time to adjust my actions based on the indicators of the cryptocurrency market, in contrast to long-term trading, when the cryptocurrency market can change indicators more than once during the day.

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May 02, 2020, 02:24:11 PM
 #36

short trading is always better when the market is fluctuating because the prices may drop suddenly it will lead to losing huge amount of money. Day trading will be much beneficial to those people who have a huge amount of money because they will easily manipulate the market and makes them a huge amount of money.
With the possibility of losing huge amount, how it will be possible for short trading to be always better? You're literally contradicting yourself.

Day trading may be beneficial for the people who are able to ride on market fluctuations. It means you will not need to have huge amount of money but you must have skills to ride on the swings of market. I believe no trader might be having all the required skills to accurately predicting all the swings of a market. At the same time, if you do not have enough skills to ride on swing, your big capital may not help you while day trading. Yes, you may get stuck in negative market directions and might need to wait until market turns.
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May 03, 2020, 04:12:55 PM
 #37

Day trading is good in anything, from stocks to penny stocks to forex to even gold if you leverage yourself high enough. However that doesn't mean you are going to profit from it. In a trading market there are people who make money and there are people who lose money, they are not mutually exclusive, some person who made some money could end up losing later on, or there could be something that increases in price so much that there could be people who made some profits and sold, then someone else bought and it kept on going up and sold later on, so everyone makes profit, but same goes for losing as well, it could drop so much that some people may lose money and others may lose even more later on.

Basically there is all kinds of options from losing to winning and everything in between.

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May 03, 2020, 04:47:49 PM
 #38

Cryptocurrencies market is highly volatile and as such it favour day traders more than any form of trading. everyday bitcoin move around above 400 dollars and if you are smart enough to know when it is changing direction then you should be in good profit.
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May 03, 2020, 07:44:03 PM
 #39

Cryptocurrencies market is highly volatile and as such it favour day traders more than any form of trading. everyday bitcoin move around above 400 dollars and if you are smart enough to know when it is changing direction then you should be in good profit.
But it does not require you to buy every day, because if that happens very worried that they will panic because this instability makes a greater correction that can occur at any time. So it remains to be disciplined so that buying and selling can be done at the right moment, for that reason I think every choice must be accompanied by skills because it's useless when you do day trading while other people profit but you continue to lose money.

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Yatsan
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May 03, 2020, 07:46:45 PM
 #40

I can suggest for short trading instead of day trading. Because market is very fluctuate so that day trading is very dangerous for crypto traders i think. but if you go for short trading you can realize market condition and can take time for next step that you can not get day trading. so be careful about day trading.

Yes, short trading is always better when the market is fluctuating because the prices may drop suddenly it will lead to losing huge amount of money. Day trading will be much beneficial to those people who have a huge amount of money because they will easily manipulate the market and makes them a huge amount of money.

I must agree with it, I've been short trading since the price went up to $7500 to $7800 in just a day and that day is a hell of a luck for me coz I traded bitcoin in 125x leverage, I made a hundred of dollars in just a couple of hour. I'm not recommending you guys to do margin trading, but it's up to you, you can try if you want to do the risk more, reward more principle, just don't come at here again asking where you did wrong cause that would be a personal business of yours. Day trading is more profitable these days coz the market is on its price correction process before halving.

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