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Day trading bitcoin reddit

Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. Day trading can be profitable but only if you're better than the average trader and good at managing risk. It's stressful though and I wouldn't recommend it. Better imo is to trade the more longer term swings in the market which are easier to predict and don't cause as much stress. Sep 09,  · Beginner’s guide to day trading Cryptocurrencies. This is the miracle of bitcoin; gets you greedy so quickly. your dreams became bigger, and it give you hope for the next day starting. Btw nothing is inside no need to click:) k. help Reddit App Reddit coins Reddit premium Reddit gifts.

Day trading bitcoin reddit

Day trading BTC on coinbase? : Bitcoin

That's why I won't say it's a dumb thing to do. I gave it a try and it's just not for me. I'm at the point where bitcoin needs to crash I'm OK. I just find my quality of life is better without a trading chart in my field of view every waking hour.

That's amazing. I have a friend in pretty much the same spot as you. He got in very early and made a sizable investment to start.

I'm super stoked for you both, congrats man. Thanx and gratz to your friend too. That's why I tell people to buy in and pretend the investment doesn't exist for a year. You'll either have something good that is a lot less stressful to follow or it will continue to not exist. Thanks for the advice. I was thinking about your scenario and let us say you reset your stop loss after your trade went up.

On one hand you lock in the gains but on the other, if the trade dips below your stop loss momentarily and then goes up again, you are now out of the game. What do you mean by that? So lets assume for a moment that we can see into the future, and we know for a fact that over the next 24 hours the price will increase by points.

So we enter in our first position, and in 6 hours, the price has increased by 50 points. From our first position we have gained 50 points. We enter our second position 6 hours in, and in 6 hours, the price will increase by another 50 points.

From our first position we have now gained points, and from our second position we gain 50 points. We enter our third position at hour On hour 18, the price has increased by another 50 points. Our first position is now worth , our second position is now worth , and our third position is worth We enter our fourth and final position at hour On hour 24, the price has increased by another 50 - totaling points over 24 hours.

Our first position is now worth , 2nd is worth , 3rd is worth and our fourth and final position is worth All combined, we made gained points off of points of movement. Sure, we could have just entered all 4 positions immediately and have them all be worth points at the end of the 24 hours period, but would you do that if you couldn't see into the future, how it would be outside of this exercise?

So since we don't know the future, we pyramid into positions that we THINK will be worth points over 24 hours, but we aren't sure, so we wait for our previous positions to give us some cushioning before entering in a new one, so we wait 50 points and adjust our stoploss on our 1st position before entering into the 2nd position. That was a lot, I apologize, I hope I made it understandable.

Once you wrap your head around my lengthy writing you'll see it's really just using your brain and applying some common sense. It's just looking at the chart and going "cool, this is going in the direction I thought it would, lets enter another position since it's going so well and there are no indicators telling me not to".

Super basic stuff, it's just convoluted and difficult to wrap your head around if you don't have anyone to show it to you. Discovering these tricks is much more difficult than having them shown to you. Good luck!! Be under no illusions.. A trader buys and sells and an investor only buys. Pretend you bought in with 5k now and see how many BTC that would get you, record it and go from there.

Start an excel sheet with a balance you make up then record pretend transactions using real time prices. Record your new fake balance each time. Do that for a while and see if your fake balance increases more than if you'd just held - remember to calculate initial worth at final BTC price for comparison.

MT4 is a program that allows you to access the charts of currency pairs. I think you can set up a demo account through the program, but it might ask you to link to a broker to do so. Google "forex demo accounts" or something like that, and there should be a plethora of brokers offering free demo accounts.

Please, if you do well in the demo account, don't open up a real money account right away. These demo accounts are designed to reel you in, as you probably know, so do some shopping before deciding on your primary broker. Teaches everything to 'what is forex' to 'how do I use fibonacci retracement to predict patterns'. Hop on google and search 'forex demo account' or something along those lines. There should be a list of brokers lined up to get you using their demo account.

The forex reddit is pretty subpar, tradingview. Most forex brokers do, because they want you to learn how to trade with their dashboard so when you are ready to use real money, you will use the broker you are familiar with. Try a google search.

When the price goes down, holders lose portfolio value, but traders still increase their margin account. Hell yes. If you feel attracted to it, you probably understand the potential. Many people hear about it, but don't have the mind for it. Check out babypips. It's the best learning resource out there, and google 'forex demo accounts' and you'll have a list of brokers offering free demo accounts for you to try.

I tried, it kept me up at night, and I was trading money I didn't mind losing. It's annoying how stressful it got. This is the reason most can't hack it. People just don't have the balls for it. Doesn't mean that those of us who can handle a bit of pressure shouldn't try.

The post should say "don't do it if you're a little bitch". It may be stressful but many other markets are just no so volatile. You will think you are genius when you win and that you got screwed when you lose. Neither is true. The reality is that you are simply gambling, and if you don't recognize this simple truth you should not even consider day trading.

This couldn't be more accurate. I was one of those who did a full circle from buying Bitcoin first, dabbled in alts and tried to trade, lost potential profits because I couldn't sell, came back to Bitcoin full throttle and dont own any alts.

Bitcoin is peace of mind. Wish I saw this a few weeks ago I just want to get back to 1 but I keep dropping further. You almost have to go into some Alts with. Then you could get back to 1 btc. Consider this, if crypto is hear to stay. Money flows into crypto. And with history and mass adoption as an accelerant, it could be faster for some coins. Others may cost more to get 50 but that could be a goal. Maalox, gallon size, please. People that traded stocks and options for some time are numb to losses.

A HODLer is someone who gets it and decides to put money they can afford to live without into Bitcoin because it is 'our' money, not backed by debt and not controlled by any one entity.

If you are just holding until some price point to 'cash out', you haven't understood what you are a part of or are just another trader. You cannot make claim to be a HODLer.

This is a much better idea. You are much more serious and devoted if it's your real money at stake. I gave people advice about getting involved with stocks.

After that, you will pay attention and have the incentive to learn more about trading. During that 3 months, think about the next stock you want and buy more stock. I wish I read that about 4 hours ago Now back to hodling, while hoping that small fraction lost will be worth millions down the line Nothing wrong with day trading as long you don't go crazy and day trade it all just like you shouldn't invest all your money into cryptos.

Invest only what you can afford to lose. Becoming a millionaire is not as easy as it sounds. Even the astounding gains of bitcoins this last year makes it difficult without a substantial initial investment. You only need 0. At today's price. This is a stupid statement to make. Day trading is a good way to increase your stack without putting new fiat in. Some real advice would be good here. If you are a beginner and want to day trade then make sure you read all the information you can about it. Buy some books and watch some videos before getting started.

Read read read and read. Don't go in a trade just because, you need to pick good trades where the odds are in your favour. Set your stop losses based on support and resistance levels. Was so close to an even BTC number so tried to play my hand to get me there. Almost got away with it too and then some! So many crypto traders have given me the same advice. They say that they would have more bitcoin today if they just bought and held.

But NOPE, extremely far from it. Especially seeing most of the advice on trading errors killing gains in btc. I've made a lot of BTC by day trading between eth ltc and btc the last few months especially this last 4 days holy shit the swings have been amazing Always risky, but patience and nerves of steel can make a big difference.

Just learnt this lesson unintentionally this week: tried a stop loss order on my BTC this week, but the order completed on an extremely temporary dip. Still, wasn't much fun Is it still considered day trading if you're just buying when it looks low enough to justify it and you aren't selling? I am gonna try anyway. Thanks for the tips.

I know suffering awaits me on this road, but there is no stop now. See you in the other side of the hyperbitcoinization river, my friend. Let's hope we're all alive and well when it gets there. And it's not sell then wait for the dip. I only sell when I'm almost sure it will fall. Even dollars fall can make a lot of money if you count how many time you can repeat it with the current state of how volatile bitcoin is.

I just make sure that if I don't rebuy instantly I get bitcoins back even on lose. IMO key to good day trading is safe spread trade. Sounds like a good run of luck! Are you going to quit while you're ahead or keep gambling?

Dice is pretty fun as well if you're into that. You strike me as someone who would rather slap coins into a slot machine and pull HODL over and over and over. I accidentally sold 2BTC last night. Because the professionals are batting newbies back and forth to see how many coins they can shake out of their pockets. For most people it's too hard, too stressful to manage funds on a global market, and just not worth the risk compared to long term investing.

Yeah just had my worst trading day all year, so my trading style isnt working anymore meaning this could be a real trend change.

Should have just sold at 16k and just left it for a few days after that crazy 20k blow-off-top head and shoulders pattern played out, oh well hindsight is a bitch. Too difficult to sell now gone down too much.

RSI's are already reaching oversold, felt like bitcoin was in a slow death today which is probably a good sign as unless some whales start dumping huge volumes im hoping for a turn around soon. Also not sure if the Korea ban is true but that might play out more significantly in the coming days. I mean is a good to set fee for minors. Just did bitpay. I think the advice in general is don't day trade whether it is Crypto or not.

Most people aren't cut out for it and you are throwing away the flexibility of more sensible longer term trades. Day trading is like formula 1, in that you might want to learn to drive and go cart successfully first. I guess everyone has their own strategies and goals with day trading. If you learn to analyze the data, you'll start to understand where and when these opportunities occur. It's almost predictable I've built an app for myself that does the analysis.

Finding a way to wrangle the data for yourself will show you where to invest. Otherwise you are shooting darts in the dark. Good question, and possibly no better off than just hodling. I'm hodling some currency, but also thought I'd try trading with small well really tiny amounts. Mostly a fun hobby at the moment, but come tax time, I may feel otherwise.

Is this a good strategy? It takes hours, days or weeks for some of them to hit the mark but when it does I make profit. Would it be better just to hold? But generally yes, you are probably just better off holding. I've traded for a living for over a year now. Make good money. Destroyed my sanity and body and everything about my life except for trading.

Listen to OP. I made money in the first two trades that I made[sold when the prices increased , bought more when they decreased ] in the previous two days. If you're trading BTC and just trying to make more USD there is literally zero risk since Bitcoin will always be going up so you know it's gonna sell at some point.

Instead of having to minimize losses you can try to maximize gains. Just been doing if for a few days now but it's soooo much easier and less stressful that trading altcoins. If you want to get into alts you should do lots of research and pick 5 to 10 you really believe in and just invest in them long term. Few people actually make money trading them as they can literally crash at any point.

Well I ended up selling my bitcoin cash from the fork and a few of my bitcoin unfortunately i didn't sell the bitcoin until the price got low so I have several tens of thousands of dollars to trade with. I've been doing that off and on, depending on if my trades are stuck or not. And at times, like now, when the price drops I'm just waiting for it to go back up for a while to get my trades out.

I have a couple times taken big losses by selling for a loss in order to be able to keep trading when the price dipped a lot, but for the most part it took longer to make that loss up than it took for the price to go back above my original buy positions, so now I'm just sticking in trades until I can sell for a profit.

I need to get better at trading, my trading strategy has been more FOMO than safe. So far I'm very pleased while recognizing that my trading has been pretty bad so I could be doing much better with a more conservative trading strategy. Nice, i was really expecting a reply. That was a nice surprise.

Im making the switch from stocks to cryptos and really enjoy the input. I got 4. What do yall think? Hey Bezos.. Did you try it out? That's the only thing that concerns me is how accurate these unregulated exchanges are. They might not be operating in true real time or are broadcasting fake information because they are all arbitraging back and forth with each other.

I day trade crypto. It's been working for me for 18 months. Profit from day trading is my primary source of income. If you're interested in learning some technical analysis and patters, I wrote a guide to trading here.

Day trading isn't something where you can sit back and wait for the profit to roll in. That's HODL. But if you are consistent, disciplined and have emotional control, day trading can work out. Are the current exchanges out there fast enough to get in and out in time? And if so How do you recommend currently locking in a gain without having to use the highly suspicious USDT tether? Very true but ive had friends put laptops side by side to see any flaw..

All One.. Buy XRP if you can plz. Does GDAX have zero trade fees? If that's the case, wouldn't you have to go on a long losing streak to blow your bankroll? Couldn't you just keep putting stop losses in place so that if a coin goes in the wrong direction, you won't get hurt?

I'm new so I'm trying to understand how this works. Dont look at the price, dont look at the graph. Dont try to beat the market cause nobody can.

To sum it up: HODL. I'm wanting to trade crytos.. I bought bitcoin a couple of years ago and they've done well. Id like to know what people recommend as a trading platform and who has the best fees please. Ok, so I don't get why day trading is bad. Like just sell your profits, and keep your principle involved.

I would be very satisfied making a hundred bucks a day this way. There's actually an excellent beginner's video course at www. You shouldn't make this your full time job but there are ways of making good profit with crypto trading and not just holding. It's all about investing when the market isn't too volatile. If you study the market a little, you can profit off of these. Minimize risks. Once that objective is achieved, just pull out.

Don't let your greed get you caught in a bad storm. I nearly doubled my money on my first investment in less than a month. I should've pulled out and cashed in. But greed said: don't pull out yet! There might be even more money waiting for you out there! There wasn't.

The profit melted. There is no worse feeling on earth than to see profit disappear in a heartbeat. In reality, I don't think you've described day-trading well. Day trading is essentially gambling, and so your advice IS relevant, but it's only as relevant as saying stop while you're ahead at the casino. The whole point of giving yourself growth objectives and pulling out once you hit them is really just to minimize risks.

In crypto, your winning strategy can turn to poop very fast so in a sense it is quitting while you're ahead. Yeah, it's got nothing to do with day trading but it's an hybrid strategy between day trade and hodl. And thus miss out on the greatest financial opportunity of our lifetime because you didn't trust your ability to learn and some random person on the internet told you not to. Do what you want, you can do anything you set your mind to. Many people are doing it successfully, you can to.

Read books. Also fuck demo accounts. You will still lose your money, but have the same adrenaline rush Plus free drinks. But I found that, in practice, you get hit with partial taker fees because of the constantly shifting order books. Not to be rude, but if you're asking a question as reductive as "is it worth it? Yes, many traders are profiting in GDAX and elsewhere. But before doing so they analyze the question for themselves Etc, etc If you're looking to go into trading BTC without a plan, you will get spanked by the market.

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Sep 09,  · Beginner’s guide to day trading Cryptocurrencies. This is the miracle of bitcoin; gets you greedy so quickly. your dreams became bigger, and it give you hope for the next day starting. Btw nothing is inside no need to click:) k. help Reddit App Reddit coins Reddit premium Reddit gifts. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. Day trading can be profitable but only if you're better than the average trader and good at managing risk. It's stressful though and I wouldn't recommend it. Better imo is to trade the more longer term swings in the market which are easier to predict and don't cause as much stress. Tags:Bitcoin trading program, When will bitcoin start trading, Bitcoin trading platform apk, Interactive brokers futures bitcoin, Best indicators for day trading bitcoin

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