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2022415 No.2022415 [Reply] [Original]

is day-trading cryptos a stupid idea?

>> No.2022416

Only if you're trading with under $1000

>> No.2022422

>>2022415
day trading crypto? ur better off gambling your shit on primedice or similar.

>> No.2022426

>>2022415
Doing this right now after I realized I don't have the patience to hold coins for months, especially because I have like only $400 now to play with.

I'll tell you in a month but the first few days I did 2x +10% by acting fast and once -12% because I was stupid. Now all I need to do is acting faster and make less mistake. If I can earn +$250 in the next 30 days, I'll be satisfied.

>> No.2022498

>>2022422
care to explain why?

>> No.2022506

>>2022498
Because he can't see the patterns, don't know any technical analyses and don't follow smarter traders on twitter like I do. Lol

>> No.2022535

>>2022506
And who are these "smarter" traders?

>> No.2022538

>>2022506
tell me some smart traders to follow pls

>> No.2022550

>>2022415
I day trade cryptos.
I'm up from about $2500 to about $3000 this month. But the more I make, the more risk averse I become. So now I'm only putting in about $200 a coin and hoping it goes up, then selling when I'm 10 bucks ahead or so. Do this a lot and you can see where my money comes from.

>> No.2022581

>>2022550
what strategy do you use?

>> No.2022582
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2022582

>>2022538
>>2022535
@cryptowilson
@CryptoRogue
@SecretsOfCrypto
@BTC_kahir
@pterion2910
@cryptospacesuit
@OBB_3 <Mostly a troll
@Cryptopathic
@CRYPTOBANGer <actually retarded
@ThisIsNuse < Mandatory
@DSNR_1 < actually retarded
@WhalePanda < Mandatory
@CollinCrypto < Mandatory (is involved in some projects so be careful when he shills)
@CryptoHustle
@CarpeNoctom
@kawaiicrypto < Has nice calls but is a weeaboo
@CryptoYoda1338 < Always accurate
@CryptOrca
@22loops < "I dump on my followers"
@loomdart < very active but meh

>> No.2022595

>>2022415
you cant make money on crypto ever.. just invest in granny stocks and govt bonds

>> No.2022602 [DELETED] 

>>2022535
>>2022538
I have a list of 20 traders (whose are on notification on twitter) but I don't want to share them for free because it took me months to find them. If you're willing to spend 0.02BTC for that list, then send me a message: adambad23@yahoo.com

I sold that list to a few friends before and they loved it, one of them sent me another tip in BTC after a week.

>> No.2022605

>>2022550
I'm up about $120k in the last week. Strategy? Hold over $1.5MM in Bitcoin.

>> No.2022611

>>2022415
>totallynutsguypayingalimonyatincrediblyhighspeed.jpg

>> No.2022617

>>2022581
Well I guess I have a few rules.
I want to say one thing first. If I had just left all my money in ETH or something I would have made a lot more than I did by day-trading. So although I have made money, it's less than I might have just letting it sit. Most of that I just rationalize as "risk premium" or something.

Anyway, I'll lay a few ground rules I guess.
1. Never buy at an all-time high. Ever. Even if this is counterintuitive. It is not worth the risk in the long run.
2. Buy the rumor, sell the news.
3. Always use your stop losses. When you just buy in, set your stop loss so you never lose 1% of your total crypto portfolio. That means you'd have to make 100 bad trades to lose the whole thing, and that never happens. You want a stop loss so that if the price crashes, you have "insurance." Then, when the price goes up, you can set the stop loss a little ways below the bottom bollinger bands with SMA around 20 or so to lock in your profits. However, when the stop loss does activate, and it inevitably does because nothing goes up forever, you miss out on profits. Again, this is the price you pay for crash insurance. You want to set your stop loss low enough that you can be certain it only triggers in the case of a crash, not a short-term dip, but high enough that you manage to lock in some good profits, assuming the price has already gone up. If it hasn't, like I said, just make sure you don't lose more than 1% of your total portfolio. Some would say even less if your portfolio gets bigger.

Other than than, read the news I guess. Look for dips. Look for flash dumps/crashes that are bound to rebound within like 5 minutes and buy into them for quick profits. There are loads of these every single day.

And ignore your fear of missing out. You have to have a lot of confidence when you think a price will come back down or go back up or something. Don't buy in out of worry that it will never come back down. Just be confident and wait.

>> No.2022627

>>2022605
Yeah well wait for Tether to come back online and the SEC to announce that their reconsideration of the WInklevoss ETF will not actually happen.

If you've got your stop losses set to avoid all this then congrats. If you're watching things go up without understanding why, then I think you'll be surprised.

>> No.2022632

3k to 16k in the ripple bubble 1st week trading crypto.

Traded forex before, but bombed account.

>> No.2022633

>>2022632
How would you say this is different, easier or harder, than trading forex? I'm really curious.

>> No.2022635

>>2022605
Cool! You have 3750x more Bitcoin than me. It's crazy. Meanwhile my next target is 0.5 BTC :D

>> No.2022667

>>2022617
but what if your stop loss doesn't get filled or only partially and the price drops way below?

>> No.2022688

>>2022667
Your stop losses need to have a margin, of course. You don't set them to be the same.

Your margin should definitely be enough that it always gets fulfilled.

What I do is set multiple stop losses for all different levels with different amounts. So part of my money is meant to make short term gains, and part of it I'm betting on long term holding for the coin, so my stop losses get set accordingly.

>> No.2022690

>>2022667

just set your limit much much lower than your stop?

>> No.2022696

>>2022633

Less leverage, but bigger swings. Ive also been through more finance classes and slowed down my trading strategy. 18yo lost 80k forex. Fast money got greedy.

>> No.2022698

>>2022582
Loom is funny. I like loomy.

>> No.2022700

>>2022633
When I get 25k I'm going to have my deposit for PDT and then continue crypto

>> No.2022701

>>2022690
This. What he's describing is a problem in theory but has never really happened in practice to me because the market always fluctuates.

>> No.2022712

>>2022498
Because he thinks $100,000 cap shitcoin markets are 'efficient'.

>> No.2022718

>>2022415
No it's a great idea if you really know what you're doing.

If you can make 10% a week on 0.5 BTC you'll have 100 BTC within a year.

>> No.2022722

>>2022415
It would be probably faster for you to look up some trend following bot instead of learning technical analysis yourself.
People have been using this shit in other markets since 70'.

>> No.2022726

>>2022696
Please share a little more about your trading strategy, if you don't mind.

I think crypto is extremely volatile. Did you mean that crypto has bigger swings?

Also, could you please comment about when to trade on leverage? Trading on leverage in crypto scares me because it's already so volatile. Let's say I have 2.5x leverage, for example and $250. I could put $100 on a coin with 2.5x leverage or I could just put in $250. Wouldn't it be better to just put in the $250?
>>2022700
Do you need the 25k for day-trading in forex too or is that just stocks?

>> No.2022730

>>2022718
More like 70BTC but yeah....10% a week consistently for a year would be extremely difficult though right?

>> No.2022740

>>2022726
On highly volotile things like cryptos you want to dial down the leverage massively.

Let's say a shitcoin commonly has swings of 30% that you can consistently capitalize on, it's much better to risk a small fraction of your account of each trade and slowly build your account because otherwise when the inevitable losses come you will be wiped out.

>> No.2022750

>>2022740
When, in general, does someone want to use leverage though?

When something is less volatile but seems to steadily be increasing upwards?

>> No.2022755

>>2022750
I generally don't use leverage but I would say it's necessary on things like forex where the fluctuations are so small you need massive leverage to make any money.

>> No.2022757

day trading or arbitrage?

>> No.2022775

>>2022726
I just trade using ichi indicator and price. Don't rush the gun and don't use too much margin. I also don't put any money into shitcoins not listed in polo margin tab.

>> No.2022778

>>2022750
I trade using leverage every time. Just don't be greedy and trade with the market not against it.

>> No.2022794

>>2022775
So you trade on technical analysis alone?
>>2022778
So you're saying to always go with the market? Wouldn't that be kind of the opposite of what you need to do though, in a way? People

And you're telling me you use leverage all the time in crypto?

>> No.2022819

>>2022794
Yeah all TA / browse sites all day to see what others are saying.

Take Eth for instance. Its going up for sure. Wait til it dips to some resistance on 1h/4h/1d and starts to rebound.

I only use leverage. This is an account I could lose all the money in and still be fine though.

>> No.2022837

>>2022819
You realize there are sites with less volume but higher leverage for crypto, right?

>> No.2022918

>>2022837
Started on polo and am used to the interface.
What other exchanges are you referring to?

>> No.2022957

>>2022918
I believe perhaps Bitmex has higher leverage than the 2.5x on Polo.

But that might be worth it to you because Poloniex has such high volume that everything stays liquid.

I'm fairly confident there are other sites which ahve higher leverage though. Possibly just Bitmex and I can't remember if it even was Bitmex but I know there was at least one which was significantly higher.

>> No.2022992

>>2022415
Not unless you're REALLY FUCKING SMART WHICH YOU"RE NOT, LOL.

https://poloniex.com/exchange#btc_xbc

If don't have a google fu skill of at least 120 and a patience and good taste in crypto of 9000 then you're better off dead.

Sure everyone would love to just dump 1000$ into a coin, wait 4-7 years and cash out with 100 million,

>> No.2023239

>>2022957
Yeah it doesn't allow US traders though. Could lie, but not risking money.

>> No.2024519

>>2022422
>get in before the pump
>get out before the dump

Simple as pie

>> No.2024530

>>2022415

I would never do this, sometimes the price surges or goes down for no reason. If you day-trade alts, you're just asking to be fucked by the whales. Just buy and hold and your money will be definitely at least double if you didn't invest in a complete shitcoin.

>> No.2024727

I day traded a BTC fund for 90 days from jan 12th - april 12th (I am otherwise a longterm holder since 2013) on leverage (5-10x) was aiming for 1% a day but I didn't meet my target, I ended the 90 day period at 51% BTC gains on top of the yuge fiat appreciation of the time period. I am about to start my next trading period soon with a more conservative target of .5% daily of which I feel more confident about. I trade on bitmex and I mostly utilize a combination of bollinger, stochastic indicators and support channels to recognize good entry points and a combination of the prior cross referenced with depth analysis to show me reasonable targets, although I tend to close and take profit on most things above 1% profit of the fund. I place positions in the direction of the market long term and I always have a starting position exposure of 12.5% (sometimes less) so in the event of holding a position that's underwater (I do like to use stops but I don't use them 100% of the time) its been pretty effective for me to simply delever and hold as oppose to average out the position (although this has also worked for me in the past). Overall its do able but it takes a lot of work, even my current strategy could have more risk reduction applied to it.

>> No.2024919

>>2024727
thanks SERIOUS

>> No.2025135

>>2022775
do you do the ichi calculations yourself or is there an overlay on polo that displays them for you?

>> No.2025577

>>2025135
Tradingview