Day trading platform

[Deepg82]

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Won't taker/maker fees basically wipe out your already slim profits?

[Oshosondy]

then I'll practice with paper trading

I am confused, what is paper trading? I haven't seen anything like that before.

One question I have is about popular platforms/exchanges.

You can try Binance, FTX or check some exchanges on coinmarketcap, but some are not recommend, you will need to further your research. If you are from US, you can use Coinbase Pro.

From what I know, day traders make about 100+ trades a day

How come? That is likely not possible. Even just a single trade can be opened for some hours, after the trader makes profit and close the position, he may not enter the market again until he found situable price to enter again, it all depends.

Trading is very risky, use the amount of money you can afford to lose to start. Know that new traders will always lose. Even the traders that have experience already are still losing, only very few that set goals and making all means to minimise risks are the ones making profit.

[Zilon]

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Won't taker/maker fees basically wipe out your already slim profits?

hope you are not carried away by trading fantasies and i am yet to know more about paper trading and how it works because it is sounding all odd and strange. before thinking of starting out as a day trader take your time and review the risk involve and also note it's not all about profit making losses are part of the game. Get your thesis right before making decisions

[palle11]

then I'll practice with paper trading. One question

Do you mean demo trading? That is good to try yourself on

From what I know, day traders make about 100+ trades a day.

This mentality to trading is a way to lose your money. Yes usually new traders tend to enter plenty of orders at same time because they don't understand the risk in it. Too many orders over labour your account and if the market goes against you into loses, you may lose all your funds in minute. Don't think about multiple trading until you understand yourself. A trade at a time for a start.

[logfiles]

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Won't taker/maker fees basically wipe out your already slim profits?

I suggest you avoid exchanges like Binance which is being mentioned by other members who probably don't know about their fees. Their marker and taker fees will wipe out your profits. Go for exchanges that offer rebates 0.0025% for market makers like Bitmex, Bybit, phemex, Kraken Pro for futures and perpetual contracts markets. Look at the fee structure of the exchange before you use it.
You can only use the taker option via the stop loss orders. So just make sure your win rate and risk ratio are high enough.

[harizen]

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Won't taker/maker fees basically wipe out your already slim profits?

It's not that day traders always make about 100+ trades a day. Their actions are still based on the current price movement on that day. If it didn't meet, they will wait for it for another day and so. Just for clarification, day traders don't mean they are trading every day. The purpose and goal are to make a profit from short-term price movements or basically, short-term traders.

About trading platforms to choose from, every reputable and famous trading platforms are good. It now depends on what factor/s you are looking at. To name a few, Binance, Kucoin, Coinbase Pro, etc. I suggest doing directly a real trade with a small amount rather than with a demo account first if you already study the basic trading stuff. It's to feel the actual pressure of maintaining winning stats and minimizing losing stats. Your knowledge will be filled in automatically while you are progressing.

[3la9l_kolbaCa]

If you're trading using ethereum tokens, I guess your small profits will be lost by virtue of no choice. Unlike the old days we've been embracing day trading activities comfortably because of inexpensive transaction fees.
As per review, it's now time for binance chain to arise and prove that we can stand alone with much efficient trading without erc20. Once diversion happens, that would change every perspective particular with profit gains.

[AmoreJaz]

If you're trading using ethereum tokens, I guess your small profits will be lost by virtue of no choice. Unlike the old days we've been embracing day trading activities comfortably because of inexpensive transaction fees.
As per review, it's now time for binance chain to arise and prove that we can stand alone with much efficient trading without erc20. Once diversion happens, that would change every perspective particular with profit gains.

you cant really get profits from eth tokens esp if youre sending your tokens from your wallet to the exchange. unless youre trading bigger number here. coz if youre a small one. dont think that it will be smart move.
i guess the op has a lot to learn in this trading market. he needs to check also the min amt of trading like binance, you can trade if it is equiv to at least 10 bucks worth of coins

[Rengga Jati]

I'm thinking of starting out as a day trader.

God luck, but ensure that you have really understood the risks and also benefits of day-trading for you. the basic ifnormation adn knowledge are very important to ensure you to do daytrading. It will  probably spend moreof your times, make your life litle bit changing differently, and you will be likely addicted  
Just have good management of time, emotion, risks, and also funds for daytrading activities.

I'll practice with paper trading.

Do you mean paper trading like this?
https://www.benzinga.com/money/paper-trading-options/
Actually in cryptocurrency, you will find out so many exchanges.
But I will suggest you to use reputable exchanges only than using new exchanges.
Check the lists of exchanges right here on Coin market Cap or CoinGecko:
https://coinmarketcap.com/rankings/exchanges/
https://www.coingecko.com/en/exchanges

And there are also several types of trading: Spot, Future, and others. So, learn also about this. If you are new to this, I suggest you to do trading in Spot market at first. Because trading with leverage (future etc.) is very risky.

I'll practice with paper trading.

The fees will be at rate of 0% to only several percentages. And it will be different in each exchange.
I commonly use Binance as the most exchange for trading, the fee is also low enough and don't mind about it.

[blockman]

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Won't taker/maker fees basically wipe out your already slim profits?

It really depends, there's no certain number on how many trades they get per day. So if you think that's the standard that you want to follow, there's no problem.
But if you have your own standard then that's what you should follow, there are many day traders and they set themselves goal and not trades and that is to make a lot of winning trades.

[logfiles]

From what I know, day traders make about 100+ trades a day

How come? That is likely not possible. Even just a single trade can be opened for some hours, after the trader makes profit and close the position, he may not enter the market again until he found situable price to enter again, it all depends.

It's possible through scalp trading strategy. One just need to have lots of time to be in front of the computer observing markets or use a bot to execute orders on very short time frame like 1 or 5 minutes.

hope you are not carried away by trading fantasies and i am yet to know more about paper trading and how it works because it is sounding all odd and strange. before thinking of starting out as a day trader take your time and review the risk involve and also note it's not all about profit making losses are part of the game. Get your thesis right before making decisions

Paper trading is basically trading using fake money or demo accounts. So OP is obviously aware of the risks and wants to first practice through paper trading.

The fees will be at rate of 0% to only several percentages. And it will be different in each exchange.
I commonly use Binance as the most exchange for trading, the fee is also low enough and don't mind about it.

It may seem small, but it isn't, especially with futures.

Assuming you are trading $10,000 on a spot market at a fee of 0.1% on Binance. That is a fee of $10 per trade. If you scalp and execute 100 trades in a day, that is $1000 in fees, Which is already 10% of your total portfolio. Do you see how it ends up eating the profits? 10% is a very decent profit to make per day.

[goinmerry]

Won't taker/maker fees basically wipe out your already slim profits?

The trading fees are minimal. It shouldn't hurt your slim profits. But why target slim profits? You are going to do a day-trade, then target a good profit in the short-term. You can practice day trades without worrying you are paying more trading fees.

If you think you are ready now, you can start trading at big trading sites today. You can either choose a centralized exchange and comply with KYC there or search for decentralized exchanges to stay away from any KYC.

[logfiles]

The trading fees are minimal.

Really??

It shouldn't hurt your slim profits. But why target slim profits? You are going to do a day-trade, then target a good profit in the short-term. You can practice day trades without worrying you are paying more trading fees.

His strategy obviously needs him to do about 100 trades a day, so profits are definitely going to be slim per trade since the time frames are smaller and so trading fees matter a lot. One thing you should know is that not everyone is going to use the same strategy you suggest over and over again. People have different trading styles and some work.

[mksundip]

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Won't taker/maker fees basically wipe out your already slim profits?

The trading pattern of each exchange is basically the same, you only need to master the analysis system, buy and sell. talking about the platform I think for beginners you can try FTX because there are minimal transaction fees and you can trade with minimal capital for practice.

once you have mastered trading, you can switch to a professional exchange platform like BINANCE. there you can test your skills and get the profit you want

[cabron]

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Won't taker/maker fees basically wipe out your already slim profits?

The trading pattern of each exchange is basically the same, you only need to master the analysis system, buy and sell. talking about the platform I think for beginners you can try FTX because there are minimal transaction fees and you can trade with minimal capital for practice.

once you have mastered trading, you can switch to a professional exchange platform like BINANCE. there you can test your skills and get the profit you want

Becoming a day trader is a good career. You much wanna work with BTC ETF platforms instead at least it's safer there.

He needs to learn to predict the market in the 5minute- 15minute chart at least to get about 100 trades a day. Probably easy to do when the market has an obvious trend but if the market is just going sideways, this is going to be a lot harder. He'll not miss the most popular platform to trade in crypto, it's usually where people go.

[adaseb]

First of all. Crypto trading is different than stock trading. All of crypto trades are based on a percentage fee while stock market trades are more of a flat fee per trade rather than actual volume.

So in crypto you can buy $10000 and if you got a fee of 0.1% your fee is $10. If you do double the volume then it’s $20

With stocks it’s usually a flat fee so if you buy 100 shares of a stock worth $100 which makes the value $10000 you can get charged a flat fee of $10. If you do 200 shares it’s still $10. But if you buy 1 share then it’s also $10.

[martina14]

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Won't taker/maker fees basically wipe out your already slim profits?

Don't think that doing day trade here in cryptocurrency business is easy dude, it easy to set it up whether buy or sell, but to know the right time to buy or sell is differ from it, that is why it needs knowledge here in crypto space, and know the basic things of how to analyze when you are in the actual trade. There are a lot exchange platform where you can do it anytime you want, and for a safety matter, Binance, Kucoin, pancakeswap and more.

[Ararbermas]

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Won't taker/maker fees basically wipe out your already slim profits?

nope exchanges had no big fees when it comes trading even you make 100 trades a day it cannot wipe out your profits since most of fees is just a cents. So it's not what you think mate. It depends as well what amount you trade but still not a problem especially if you use good platform such binance wherein very fair.

[Strongkored]

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.-snip-

I think it would be better for you to immediately start trading with real money but with a small amount, instead of learning to use paper trading or a demo account like in forex, because the pressure will be very different if you use real money directly.

[michellee]

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Won't taker/maker fees basically wipe out your already slim profits?

If you ask about the popular exchanges, that will be Binance, FTX or you can check by yourself at this page:
https://coinmarketcap.com/rankings/exchanges/

After knowing the list, you can decide which exchange you want to use for day trading. You can make more than 100+ trades a day, but how big your capital is to trade and how much money you will use every time you trade.

As long as you can make a profit, the taker/maker fees will not bother you because your profit is still bigger than that fee.