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/biz/ - Business & Finance

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9192559 No.9192559 [Reply] [Original]

How many of you guys actually day trade on sites such as binance? Or do you guys only trade a couple times a week or just HODL?

Only good time it seems to day trade and accumulate more is when the coin is going down. I dabble in day training it just seems like a lot of work to gather like 50 coins lol

>> No.9192597

>>9192559
I sadly don’t think it’s worth it for burgers. im not fucking around with not reporting trades. the irs will ruin your life.

>> No.9192676

The only trade the IRS will see is when you send your money on Binance to Coinbase then to your bank. Can they really even dig into your binance trades, because I know coinbase doesn't have to disclose what exchange you use.

>> No.9192807
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9192807

>>9192597

>Having this small of a brain.

>> No.9192853

>>9192559
I’m up 877 xrp off of 2 swing trades this week and up .75 BTC since February. Be conservative and smart.

>> No.9192854

>>9192807
>not knowing that his lord and savior obama started the precedent of siccing the irs on his political enemies

>> No.9192856

>>9192597
Literally this. The IRS is saving my life by forcing me to hold at least a year every time I buy something. Doing my taxes last year after trading crypto was a fucking nightmare, and I ran the numbers and honestly would have made more holding anyway, so fuck it. In 2019 I'll pay 0 taxes. In 2020 I'll pay long term gains and save myself 15-20% of my earnings.

>> No.9192908

>>9192559
>lot of work to gather 50 coins
If you keep daytrading and reinvesting everything into your next trades it starts to snowball. 50 coin gains turn into 100, then 200, then 400 etc.
I turned $1K into $16K on binance (and a lot of people here made a LOT more than that)
Sometimes you daytrade every day while you’re looking for a great play. Sometimes you sit in tether for weeks until you see an opportunity. If you can read markets, understand the tech/public sentiment, and have a decent grasp of liquidity then you can make a killing on binance...

>> No.9193128

>>9192908
What's your strategy like? What do you look for?