Day trading Crypto

[toml3030]

I day trade ETH every day and for three days last week, I watched this buy wall constantly appear, disappear, and reappear. At incredible speed too, so I figured it must be a bot. It was a buy order for roughly 300-400 ETH each time. It would appear about $4-5 below current price. If current price got within $2-3 of this buy order triggering, the buy order would immediately disappear. Within a 1-2 seconds, it would reappear at lower price again at $4-5 below current. This went on for three days straight, all day and all night. The moment it stopped, the price dropped off about $40+ before stabilizing.

A VERY old trick in the futures market is to place a large fake order near an important price point (the market tends to gravitate toward a that target and tends to hit it when market participants know that there is a large order just beyond it) and then cancel the large order when it comes close.

 

[djelica]

Greed is what kills investments, many people hold for too long expecting higher ROI and usually miss their exit.

Take this quote as the best advice you can find around.

I margin trade on finex and most of my loses came from not taking profit when my position is up 5 - 6% (x3.3 margin = 15-18%), then price starts falling and i say, im in good position nothing to worry about, but then price drops in matter of seconds because some whale decided to close their positions i guess (few hundred $K's) and i find myself in nice losing position, so the fear of loss kicks in and i close my position which makes price go opposite direction and in the end i must say, its not easy to day trade BUT if you play it smart and taking profits on regular basis you can do 20%+ daily and sometimes in single trade.

There are some patterns repeating over and over on every single coin, if you learn them and have patience, you can make nice money.

 

[BrieSkyStar]

So I'm wondering about a guy selling a $500 crypto trading course? Or there's a Udemy course for only $11.99
Cryptocurrency Trading Course 2018: Make Profits Daily!


I'm a newbie, never traded before. Should I pay to learn this?

 

[Vapys]

So I'm wondering about a guy selling a $500 crypto trading course? Or there's a Udemy course for only $11.99
Cryptocurrency Trading Course 2018: Make Profits Daily!


I'm a newbie, never traded before. Should I pay to learn this?

Use a bot like everyone else and you'll be fine.

 

[djelica]

Use a bot like everyone else and you'll be fine.

oh yeah, bot will make you rich...

 

[BrieSkyStar]

djelica, are you being sarcastic or not?

 

[AlanWatts33]

Pay attention to the news with what coin you are trading. Simply watch the depth charts and sell right before sell walls, and buy before buy walls. Very easy 2-5%

 

[djelica]

I was being sarcastic, of course.

Pay attention to the news with what coin you are trading. Simply watch the depth charts and sell right before sell walls, and buy before buy walls. Very easy 2-5%

I am looking at those walls disappearing and appearing back again as soon as price turns especially with coins with lower volume, also, you cant know when some whale decides to buy/sell few hundreds of thousands worth of coins and eat that wall leaving you in bad position.

 

[Account Olaf]

All alts are getting rekt right now. Easy money to be made from alternating between the BTC and Alts waves.

 

[Decrypt3r]

@Account Olaf how can money be made from this swing trades?

 

[John Winter]

It's very difficult to day trade crypto. When the market is hot, you can pretty much move your money into any coin and you'll make something. When the market is a bit flat like it is now, you will have trouble making any money on a daily basis. And when the market is down, you'll likely get stuck holding for weeks or even a month before getting back to even, unless you keep more money on the side for buying the significant dips.

And you won't make anything significant at first with $400, even if you stuck to trading on GDAX where you can trade without transaction fees using LIMIT BUY / SELL option. Day trading on Binance or any other major exchange with that little cash and the fees will eat into your small profits.

As an experiment, I set aside $6k for day trading only ETH on GDAX to see how far I can get. I started in the middle of January. I've been very aggressive day trading the peaks and dips, sometimes selling on just a $5 swing, and I never sell below the amount I bought for. The most trades I've done in a day is 3 buy/sells, when the volatility is really good. And all my transactions have no fees. It's fun, but extremely challenging. Hopefully I've have something very interesting to write about at the end of the year.

isnt btc always volatile

 

[13clicks]

get on GDAX, understand how to set up your charts and then go. Don't be afraid to stay in cash and wait for an opportunity to buy in.
don't be afraid to sell at a loss if it starts to crash while you're in.

 

[DonSchlessinger]

If you know what you are doing this could be very profitable. However it is going to be tough and will require a TON of study, disipline, and study. You are going to have to spend a huge amount of upfront time learning about fib retracement, resistance/ support levels, breakouts, different charting patterns... etc. Not to mention, it’s not easy, emotionally especially to develop a strategy that hinges on probability. Can it be done? Of course. But if you’re not prepared to lose/invest that 400$ and then some to both education and practice, you’re probably not going to get anywhere.

One side note, if you are a naturally risk averse person, or have a problem with anger when losing money, you might consider staying with less risky and emotionally testing business ideas.

 

[PinguSpy]

You can if you have higher skill on T.A (technical analysis) / reading chart.
Or else it will be no more than a gamble and higher risk for you to losing money.

Currently i on study this T.A and doing few demo analysis. 50 win.. 50 lose...
hard to predict though. it's too complex. but will see.

Basic example:

 

[AmberStephenson]

no this is not possible how can you be so sure that a person can do daily profit trade.

 

[Account Olaf]

@Account Olaf how can money be made from this swing trades?

You need to follow the trends. Usually Alts flourish when BTC is trending sideways and get sold-off when BTC makes big moves.

Pick some good Alts, based on their fundamentals, and make an entry after a big sell-off and then wait for their value to pick-up in satoshi (not USD, since all Alts are priced in BTC). Before making an entry take a look at the charts and also note the volume - usually you can notice the volume starting to dry up, meaning that there are less and less sellers willing to dump. You want to see upward movement on high volume and downward movement on lower volume.

You can find a lot of good examples, but I'm currently holding ETH, ETN, UBQ, ARK, ZRX, EOS, GNT.

 

[KillerKoala]

Day trading is like a daily job. With extra risk. You need to lose $10k first to learn something. That's what I think.

 

[healzer]

Day trading is like a daily job. With extra risk. You need to lose $10k first to learn something. That's what I think.

You don't need to lose a dime.
Trading is using common sense on when to buy and sell. As long as you don't try to do any crazy stunts and play it safe, you'll minimize risk of losing.

 

[KillerKoala]

You don't need to lose a dime.
Trading is using common sense on when to buy and sell. As long as you don't try to do any crazy stunts and play it safe, you'll minimize risk of losing.

What if.... the price goes down 60-80% and keeps that low for days, and slowly keeps going down? That happened for many cryptocoins.

 

[healzer]

What if.... the price goes down 60-80% and keeps that low for days, and slowly keeps going down? That happened for many cryptocoins.

I know what you mean
And @13clicks said it best:

Don't be afraid to stay in cash and wait for an opportunity to buy in.
don't be afraid to sell at a loss if it starts to crash while you're in.

That's why I usually sell in less than an hour or two after buying, I never hodl/hold.