Crypto Day Trading: Is any one trying it?

[syzygy1]

Hey guys,

I have been following the blog of a person name John Ommar from chainoperator.com which is all about day trading crypto currencies.

Day Trading which is not equal to investing is something which many stock trader does but with limit as most exchanges don't allow day trading or swing trading. But in crypto there is no such limit.

In his blog he share a very simple and possible idea of making lot of money from just spending $1000 only.

According to him if you target for daily 1% profit including the commission/fees etc, you can earn a MILLION $ in 2 year (considering you trade daily. 365x2 days ).

Eg. You bought some coin say BTC of $1k you sold the same at a revenue of $1010, considering free trading with no commission. Then next day you buy coin with the earlier day revenue of $1010 and sell at $1020.10 then like this in 365 trading days you will make ~ $38,000 and in 730 trading days you can make $1M as far as maths in concern ($1000*(1.01^730))=$1.4M.


Is there anyone who is into day trading and/or using John Ommars idea?

 

[cboolator]

I belive that daytrading can make you much more $$$ than Hodl.
I tried this with some coins but this was just a test with virtual $$$. The most important thing is to buy low and sell high. You need to know if the price you have to pay now for a coin is a high price or a low price. I keep my eyes on 3-4 Coins the whole Day, set Alerts on Blockfolio and search everyday for news.

Next month i will start with a small invest and try to double it.

 

[Fresh Money]

I have been making some consistent percentages using a crypto trading bot to help me optimise all the opportunities. Day trading has been good to me and if you do your homework, losing money is a hard thing to do.

 

[NulledCode]

I’ve been experimenting with various techniques and the hardest part is finding what to buy that will almost guarantee a gain. You can’t assume you will be in the green every day picking a single coin. Even on bad days there’s opportunities to make a profit but I find it very difficult to do manually crunching numbers and therefore having a bot is very helpful. I’ve been experimenting with $100 with the aim at making 1-3%. I don’t reinvest all of my profits like this guy does because I think that is dangerous. I like to keep my profits and start each day with $100. I also stop when I reach my target gain or when I reach my loss, which I usually set at 3%. If I ever get confident in my system of picking coins to get me gains, then I would scale to $1k and $10k.

 

[krlemir]

You should be careful about this because of fees. Especially if you do COIN => USDT. That eats lot's of money

 

[Rosca]

I do think that some day trading principles are good for the overall usage of cryptocurrency (removing ones that don't work, buy the dip), but overall you should take a Hodl approach for the cryptos that seem to have more promise and growth potential behind them.

 

[Jack@]

There are a few things you have to keep in mind:

- You have to be good at TA
- It is very stressful
- If you lose you will have to make up for that
- less than 5% of all crypto traders actually profit off of day trading
- People make make a litte more of it than it is

Swinging is better IMO, removes the stress and you dont have to look at the chart all day

 

[Nut-Nights]

Its that not easy as it sound and not that profitable as it sound, specially if you are new to IM.

 

[LostKing]

Day trading : "Imagine you are driving on road at 80 MPH in your brand new BMW 540i, suddenly there is the very sharp turn then you discover that you don`t have brakes" /LostKing/

 

[PixieForce]

I don't have the personality for trading every day. I'd rather be patient and try for a long-term win.

 

[jaysamuel]

I couldn't day trade. I'm more of a hodler.

 

[bartosimpsonio]

if you do your homework, losing money is a hard thing to do.

You willing to put your money behind that statement?

 

[SamLewis]

Day trading : "Imagine you are driving on road at 80 MPH in your brand new BMW 540i, suddenly there is the very sharp turn then you discover that you don`t have brakes" /LostKing/

Are you quoting yourself?

 

[Fresh Money]

You willing to put your money behind that statement?

Currently I am only talking about automatic crypto trading, but currently I already put my money behind that statement. I've been making some good profits coming up with a strategy and sticking to it for a couple of weeks/months

 

[NulledCode]

I see day trading as hitting a lot of singles to score runs, whereas holding is like waiting for that perfect pitch to hit a homerun.

On a side note, last night I was looking to dump a coin I had for a while that I bought in at .0041 btc. There was a pretty big spread between the buy and sell price on the order book, .0025 and .0027 respectively. I wanted to dump so I set my sell price at .0026 and after I did I noticed another sell order kept jumping me by setting their sell order 1 sat less than me. I kept lowering my price and this other order kept setting theirs lower than mine. Clearly it was a bot. I noticed the buy orders where thin and the amount this guy was trying to sell was a lot. There were only a few small orders between .0025 and .0022 so I created a buy order at .0023 and a sell order at 1 sat higher than the largest buy order. I got the bot to trigger buying up the handful of orders ahead of me and including my order at .0023. I still sold everything for a loss but at least I was able to lessen the blow.

 

[Lay]

I would but seems really not a solid system for now

 

[bartosimpsonio]

Currently I am only talking about automatic crypto trading, but currently I already put my money behind that statement. I've been making some good profits coming up with a strategy and sticking to it for a couple of weeks/months

Is this a custom bot?