Is it smart to day trade BTC?

[Thardz07]

Yes that was a smart idea. Day trade is risky but if you have strategy and knowledge of this, this strategy is profitable. If the bitcoin raises up to 5%-10%, just sell it. And if fall down again in a minute in -3% buy it again and wait then sell it in 5%-up. That was a risky strategy but profitable.

[1714571918]

1714571918

[1714571918]

1714571918

[1714571918]

1714571918

[1714571918]

1714571918

[SUDARMONO]

that's a very good way with your 10 BITCOIN capital you can get $ 1000 per transaction, and you can count how many times you make transactions in a day, then your wealth will increase every day if your transaction is always successful, I want to try to do your way.

[gabbie2010]

Hi,

Basically instead of only waiting for big dips to buy and highs to sell, I am talking about selling at regular high and buy it when it dips $100 lower for example many times a day.

Say you have 10 BTC, this should give you $1000 minus the fees no? So doing it many times through the day you might add a new BTC to your wealth?

Is this reasonable or is there something I am missing?



Thanks in advance.

You can embark on day trading of bitcoin only if you have the knowledge of reading the chart especially Japanese candlesticks and the ability to identify trending market, you can identify the beginning of a trend but might not know when it is going to end that is one of the risk involved.

[jseverson]

It's only as smart as you are, just as it is with most other stuff.

It seems like you have a sound plan, and logic dictates if you do exactly that, you will be able to make money. If you have the time to watch for such dips and highs, why not? If you're not convinced it's going to work, then you can try it on a smaller scale first. Say, try it on 0.1 Bitcoin and try day trading for a week. You should be able to somewhat accurately gauge the level of success of your day trading without really breaking the bank. The way you phrased it makes it sound easy, and this way you'll be able to see exactly what kind of challenges you'll face. Good luck!

[sangwookie]

Hi,

Basically instead of only waiting for big dips to buy and highs to sell, I am talking about selling at regular high and buy it when it dips $100 lower for example many times a day.

Say you have 10 BTC, this should give you $1000 minus the fees no? So doing it many times through the day you might add a new BTC to your wealth?

Is this reasonable or is there something I am missing?



Thanks in advance.

You are missing the unpredictability of the market. What if you buy and it suddenly drops? What if you sell and it keeps climbing?

People do this professionally. High risk, high reward.

That's the risk in day trading. If it rises and continues to rise then you have to put more money in and keep up with the market. If you buy and it drops, then you have to wait. We have a ton of speculators in the BTC field now. Some will succeed and many will fail.

[batang_bitcoin]

That's reasonable and many are doing day trade here but it's risky to do day trading, we can't win all the time in day trading. Sometimes you have to take a rest for awhile and take some dips just like the usual way of trading, buying and holding. Before you do it, you have to follow a plan that you will implement when you day trade. Mostly you don't ask for bigger profit there, 5% profit is good.

[gaxfrwpy]

If you don't have a particularly big shock in the bitcoin market, you can do that, but if you get a sharp fall, you're likely to lose money.

[Silberman]

Hi,

Basically instead of only waiting for big dips to buy and highs to sell, I am talking about selling at regular high and buy it when it dips $100 lower for example many times a day.

Say you have 10 BTC, this should give you $1000 minus the fees no? So doing it many times through the day you might add a new BTC to your wealth?

Is this reasonable or is there something I am missing?



Thanks in advance.

Day trading can be viewed as very close to gambling when it comes to Expected Value (EV) and the fact that they both are zero sum games (someone has to lose in order for others to win). There are people who have an edge in trading by having access to yet unknown publicly information, or by having huge amounts of money to dictate the price. So, for a newbie day trading can easily have negative EV, meaning they will be losing more than they earn. It's also hard to apply traditional trading theory to Bitcoin, because it's very different from traditional assets, for which those theories were developed.

And this is why I'm not a trader, there are simply too many people with privileged information about the market that as a small fish your chances of making any money are almost zero, just look at the manipulation in the price of bitcoin cash, some whales made some crazy money with that huge growth in price but many lost a lot of money since they invested thinking that price will remain there for longer than it did.

[bitcoinmaniac52]

In my experience I would avoid day trading Bitcoin because you need to be a very knowledgeable expert otherwise you can lose a lot, I am talking about a lot of money or even all of your money because it seriously is a hard thing to succeed at.

[GreenBits]

Hi,

Basically instead of only waiting for big dips to buy and highs to sell, I am talking about selling at regular high and buy it when it dips $100 lower for example many times a day.

Say you have 10 BTC, this should give you $1000 minus the fees no? So doing it many times through the day you might add a new BTC to your wealth?

Is this reasonable or is there something I am missing?



Thanks in advance.

essentially you are proposing being a bot. at this point, with the price like this btc will make this price transition (100 USD) many, many times per day, especially depending on what exchange you are looking at. you dont have enough time in the day to watch the chart this hard, and even if you used alarms, they would be going off so frequently that they really wouldnt be effectual.

do this with a bot. and be wary of the fact that bitcoin can easily advance 500 buck in a few hours. as well as dip in a fashion. and, and extended run in either direction will kill this strategy, unless folks are taking profit on the way up (you wont see the dips you are looking for )

[Shamie1002]

Hi,

Basically instead of only waiting for big dips to buy and highs to sell, I am talking about selling at regular high and buy it when it dips $100 lower for example many times a day.

Say you have 10 BTC, this should give you $1000 minus the fees no? So doing it many times through the day you might add a new BTC to your wealth?

Is this reasonable or is there something I am missing?



Thanks in advance.

You are missing the unpredictability of the market. What if you buy and it suddenly drops? What if you sell and it keeps climbing?

People do this professionally. High risk, high reward.

I agree, markets are used by predictions. That is why trading even exist. Without individual predictions, no one will start day trading. Technical analysis is used professionally. Don't do it if you doubt your own skiills.

[paragon07]

It depends on the user. But for me i hold my balls. Im not rushing my coin to trade. There are exact time and day to use trading. Ill use trading if i need cash to use

[Ziomuro27]

Hi,

Basically instead of only waiting for big dips to buy and highs to sell, I am talking about selling at regular high and buy it when it dips $100 lower for example many times a day.

Say you have 10 BTC, this should give you $1000 minus the fees no? So doing it many times through the day you might add a new BTC to your wealth?

Is this reasonable or is there something I am missing?



Thanks in advance.

It is better to trade a day to day, you only need to know everyday the currency value of bitcoin, because there are time that Bitcoin increase or grow and sometimes it drops down. There're lot of time of times and day that you need to trade, and it will be good to have this kind of trading.

[leex1528]

Trading is probably the best possible way to make your coins. The unfortunate thing it still comes down to gambling, the only different thing is that you can probably get some sort of stats/insider information to make a better chance at having a  profit.

[Silberman]

If you don't have a particularly big shock in the bitcoin market, you can do that, but if you get a sharp fall, you're likely to lose money.

Many day traders lose a lot of money when they make a bad trade and that happens to coincide with a correction, instead of closing their position and accept a some losses they keep their position open thinking the market is going to turn around only to discover too late this was a correction and the effort they have put towards their trades is completely erased by doing that one bad trade.