Can you make money day trading Bitcoin?

[adeyemirichard71]

There are always risks involved when it comes to any form of investing—risks that could result in you losing your money. So before you even think about crypto day trading, there are some things that you should probably know.

The first thing you need to know is that losses are a part of the experience. Even the most successful traders in the world have experienced losses—it’s impossible to be correct 100% of the time. Sometimes, investments will not go according to plan and the sooner you accept that, the more accustomed to the market you’ll become. Traders may have a tendency to invest in high-risk assets after losses to compensate—this is called “chasing your losses” and may lead to even more losses. This notion is especially true in the case of cryptocurrencies, which leads us to the next thing you should know:

Crypto is very volatile. The volatility of an asset refers to how quickly its value can rise and fall—and when it comes to cryptocurrencies, that rate can be extremely high. Take E-Coin as an example. A few years ago, an obscure cryptocurrency called E-Coin experienced a 4,000% increase in value over a short period of time. In the span of a day, it went back to its original value. Anyone who bought E-Coin before its spike would have made an incredible profit. However, people who bought it at its peak experienced a heartbreaking loss. Examples of price spikes like this are what make volatility a double-edged sword for investors.

Learning a new strategy like this can be difficult, which is why for traders, knowledge is power. Before you start trading, it’s important that you read up and research all you can—it’ll help you minimize all of the risks involved. Aside from researching from all the available resources on the Internet, you can also practice on trading simulators—but don’t get too confident if you conquer those, it’s an entirely different thing when real money is on the line. They may sharpen your trading skills, but day trading will test your mental strength.

Another thing that may help you minimize your losses is to set a goal. Once you’ve done your research and have some basic knowledge of how the markets work, it’s important to set a goal for each of your trades. Let’s say you see something you want to invest in, at what point, both positively and negatively, will you start selling? Setting a goal can protect you from the mental stress that fear and greed usually bring.

With all that has been said, it’s easy to see why this strategy can often be considered as a full-time occupation—it can take up a lot of your time and energy. There are a lot of things you need to consider before you start cryptocurrency day trading—and even when you do start, it may take a while before you are able to consistently trade successfully. It’s a slow process that you’ll need to build up slowly, with each mistake providing you with a new lesson to learn.

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[cryp24x]

Yes, we can make money on doing day trade in any of the exchange in cryptocurrency. But of course there is a criteria, you cannot achieve earnings in day trading here if you are not well verse in cryptocurrency or Bitcoin. If you don't understand anything in the graph chart, candle stick, and etc. I think it will be hard for you to achieve the good earnings here in crypto space. But if you understand even it is a little bit or basic at least I could say its a good way to earn for sure in the end.

[tsaroz]

Day trading is a good strategy for making profit if you are good at making technical analysis. Day trading in bitcoin or crypto is much more popular as the market never closes and the fees involved is low while matching are rapid. You are not limited with a few trades, that mean you can buy and sell as many times as you like. With fees based primarily on the volume, it's as beneficial to small traders as compared to stock day trading. If people are making money day trading shares, crypto is a much more easier market to buy and sell.

[Mpamaegbu]

The content of your post is one that seeks to educate rather than seek to be taught. It's declarative. It shows you already know the path you're toeing. You've to change the interrogation in the title then. Having said that, I like the part where you mention a basic fact as quoted here, "The first thing you need to know is that losses are a part of the experience." This is a vital part in trading but sadly a lot of traders just wish it away and think trading should be all rosy every time. There are gains to be made in business, trading inclusive, just as the losses are there too to bring traders back to reality. One major step to being profitable in trading is acquiring the set skills for it. Without which, it will often result to inconsistencies and one won't be able to survive on it. To those who are inconsistent, they believe no one can day trade and make a living out of it. But that isn't true. There are professional day traders who don't do anything else to make money but trading.

[devil2man]

certainly bitcoin undergoes important variations even on a daily basis but it is not easy to make a profit in such a short period of time perhaps by doing scalping but you have to invest large sums or find 2 exchanges with large price variations with which to do arbitrage

[Coyster]

Crypto is very volatile. The volatility of an asset refers to how quickly its value can rise and fall—and when it comes to cryptocurrencies, that rate can be extremely high. Take E-Coin as an example. A few years ago, an obscure cryptocurrency called E-Coin experienced a 4,000% increase in value over a short period of time. In the span of a day, it went back to its original value. Anyone who bought E-Coin before its spike would have made an incredible profit. However, people who bought it at its peak experienced a heartbreaking loss. Examples of price spikes like this are what make volatility a double-edged sword for investors.

I know virtually every cryptocurrency is volatile, but the coin E-Coin you used as an example wasn't just affected or hit by volatility, it is more or less a pump and dump coin, and it actually did what you expect from such coins, increase sporadically and decrease twice as fast, that being said, people looking to trade or invest should be very careful about pump and dump coins, I know they are the fastest when it comes to giving ROI cause of how fast they pump, but if you're not lucky, and unfortunately, more often than not you'll not be lucky with them, you can lose basically all of your funds pretty fast. It's better you use good coins, and that must be after you've made your extensive research, choose coins that aren't shitcoins and make sure you actually believe in them.

[Jackl87]

Of course it is possible to do day-trading with bitcoin, i mean there are traders out there that are day-trading traditional stocks for decades now and it also works there, so why shouldn't it work with Bitcoin. The volatility of BTC is way higher if you compare it to most traditional stocks, this also means that there is more potential profit to make with day-trading BTC. You are also right with your statement that day-trading can be stressful thing to do that pretty much takes up all of your time, so it is definitely not suited for someone that is only has superficial knowledge about cryptos and Bitcoin, like me. It is also true though that the more active you trade the more profit you can make, if you do the right trades of course.

[Anonylz]

Don't you think the title should be adjusted to fit the content of your post since from the writeup it shows you understand trading much better than some of us, anyone who aspire to take trading as a full-time job should be ready to equip himself with enough knowledge to succeed, trading is time consuming, challenging and needs lots of patience to manage the outcome (profit/loss).

[isaac_clarke22]

~

Well yes. It's part of the experience, and it depends whether you'd want to continue doing the same thing all over again. My crappy beginner experience in day trading made just go full hodl in my Bitcoin.
Quite weird that I haven't heard of that coin you're mentioning in the OP, when I day traded.

[terrorJR]

Of course, here besides we can invest long term crypto also offers trading and you can trade and earn daily profit here.
but if you want the ham to happen you must have skills in trading and indeed have to be smart in taking advantage of all possibilities and all the momentum that occurs.
because only with the intention and capital to trade without being accompanied by proper knowledge and research will only be in vain and lead to fomo and hype.

[Johnyz]

We can all make money if we are doing the right thing, Bitcoin is a good source of opportunities and money at the same time, if you do day trading you must be ready since it always not about profit.

Personally, I prefer to hold for medium term with Bitcoin since its value continues to rise over time, and I just do day trading with altcoins they move a lot for me. This is risky, if you don’t have the confidence yet in day trading just try the other option and keep learning.

[Rigon]

Yes, of course it is possible to make money by trading bitcoin. I am currently making money in futures trading from Bitcoin. I started trading with a few dollars here. I have pretty much anything from here Having income. Even though there are a lot of risks here, you can still get good results from here. However, if you can understand the signal and trade, you will have a much better tie position.

[livingfree]

It's true that in general that you have to go through with a slow process to make yourself profitable on it.

Whether you trade bitcoin or any other altcoins, that makes you learn from those mistakes and in the end, you get to learn how you'll enjoy trading and analyzing the market.

[cabron]

It's the goal of many investors, to make money through day trading. Learning one strategy actually can be enough, you wouldn't be sticking to a strategy that wouldn't work for you.

We can all make money if we are doing the right thing, Bitcoin is a good source of opportunities and money at the same time, if you do day trading you must be ready since it always not about profit.

Personally, I prefer to hold for medium term with Bitcoin since its value continues to rise over time, and I just do day trading with altcoins they move a lot for me. This is risky, if you don’t have the confidence yet in day trading just try the other option and keep learning.

When you have experienced loss many times in crypto, that's the time you can do it right. You will learn a lot about the market that you day trading all your life.  
This recent drop I thought that price will just abruptly go down a bit so my buy order was just $2.60 for ADA, but it goes beyond that. If I was just that good I could have put a buy order at $2.10 and profited again. If anyone had foreseen that coming, you really can make a lot of money trading.

[Wakate]

It will be very difficult day trading Bitcoin especially when one is using small capital which could be a factor of thinking twice before going on day trading except one is using leverage which could another risk factor of losing more capital if eventually the market turn to the opposite direction of one's trade. Bitcoin market can be volatile and also stagnant especially when market is ranging with fewer moves making it difficult for a trader to make something meaningful during day trading.

Is not like day trading is that difficult to do but there is more to it. A trader needs to have gained a lots of skills and experience in order to be able to day trade very well especially when the market is favourable. Getting good tools to analyze the market through fundamentals and technical analysis would be a great help in order to day trade with good earnings.

[BayAngelo]

All business involves risk. the risk of loosing your capital. all your capital or part of it. the risk of not moving forward and this can last for years. the opportunity to increase your money within the limited period if you grab that opportunity well. the best advice to a newbie and even been pratice by experts is never trade with all you got. make sure you invest what you can afford to loose.

[Maslate]

"Can you make money in Day trading?"

My answer is YES and NO. That certainly depends on you. Many people had come into trading and many of these people had failed and leaving trading of big regrets.

Knowledge and skills are very important in trading just to survive but this never implies that we are all good as our emotions has a huge impact on our decision and this will cause somehow for us to suffer losses than in profit.

[letyouearn]

Never managed to understand why people spend so much time trying to earn stable income with crypto trading... It's too risky and takes all your time. Investing is much easier and safe.

[Luqman]

There are a lot of things you need to consider before you start cryptocurrency day trading—and even when you do start, it may take a while before you are able to consistently trade successfully.

Indeed. There is no way to earn instant profits in trading, including day trading. It should take time to know it well and increase a chance to take profits successfully. Not only skills and knowledge, but to succeed in day trading also requires experience. A trader who has no experience in day trading, may get many obstacles in determining the time to buy and sell. While for an experienced one, it is not too difficult because he already does it much time.

[lovesmayfamilis]

The content of your post is one that seeks to educate rather than seek to be taught. It's declarative. It shows you already know the path you're toeing.

He doesn't know anything. And the only path he chose is the path of plagiarism. This post, like all of its others, contains blunt copy-paste. Fortunately, this idiot was discovered in time, and soon we will see his account banned. In the meantime, you can be convinced of his plagiarism. https://paxful.com/blog/what-is-cryptocurrency-day-trading/