Topic: A day in the life of a Bitcoin Trader - page 2. (Read 901 times)

Though trading bitcoin is not much different from the conventional stock trading but if you what to day trading then you have to learn how it works from cryptocoin trading platforms like bittrex and novaexchange. I will advise you to study careful what people are saying at the toll box as most of the new and trending information are discuss there. Then from there you can transfer some of you bitcoin to exchangers platforms and start trading.

Think of Bitcoin as essentially a VERY volatile stock and you will will understand what it means to be in this space. Yet, BTC is SOOOO much more.

Do traders predict and bet what they think of how prices go or are unaffected/non-personal opinion based decisions?

I would phrase it a little bit differently because you are kind of suggesting that you have some kind of insight about fair price before fair price rises, yet I don't think about it that way because in time 1, bitcoin fair price might be x and at that price you buy some bitcoin; however, in time 2 bitcoin's price is x + $100, and you sell the bitcoin that you bought with profits.  You might attempt creating your orders in such a way that you do not care if the price goes up or the price goes down.  If the price goes to x - $100 then you buy some more BTC.  You let the price come to you and you don't get excited about whichever direction that it goes because your orders just execute one direction or another and you tweak your plan from time to time if your goals change a little bit or if you have some changes in your sentiment.. but that change is not 100% it is just making incremental changes, like changing your increments to $150 (or $200)  (when you are learning you might have your increments a little closer together just to practice but you gotta have it enough to cover the trading fees, too) or changing your quantities and hopefully stacking your orders in such a way that you are able to automatically buy even if the price drops 50% or automatically sell even if the price goes up 50%.

For being a trader is like an escrow man or a third party. You acquire goods to someone at low price and sell it to someone at higher price. Except there are no someone and it is just the price that is being manipulated and i waiting for the right time to sell the coin i have bought for a fair price.

I give myself a sample. it really gets very tiring. Particularly short-term trade leads me to make a lot of effort, and I made too many mistakes, so I could not think well. I put a limit of 6 hours a day.

Your description of trading differs from mine in that you use the charts to time the market - and I engage in automatic trades as the price goes up, I sell and as the price goes down I buy.  It appears that your system could make me more money (perhaps?), but for some reason, I cannot bring myself to increase or decrease my BTC trading amounts or my trade/price increments based on those kinds of chart indicators...   Sure, it could be my familiarity and comfort, and yeah your description of the RSI seems pretty decently indicative of changes in likelihoods.

Do you know, that "the old school way of buy and hold" is the way that fills the accounts of people with a lot of profit that people like me and you cannot think of because our budget is not enough to buy bitcoins that can generate good profit for us. People buy bitcoins, and hold them for a while, and when the price is up, they sell them, and all they get from this is pure profit and that is exactly how Bitcoin Trading works. You buy, then hold, and then sell, that's all.

Yeah.. your framing of this issue is quite broad and vague...   There are a lot of ways that bitcoin holders trade, yet some holders are reluctant to sell any of their bitcoin so they just buy and accumulate and buy on dips and replace any that they sell.

So you could establish any systematic way of doing a kind of trading, and it does not need to be daily - for example, in my recent formulation, I am selling about 1.6% of my bitcoins for every 10% that BTC prices go up and I am doing it in $100 increments and buying back with a similar formula...   Such formula can be tweaked in terms of percentages and also in terms of increments.. also it can be tweaked if you are more inclined towards accumulating more bitcoin or selling more bitcoin to accumulate cash.

When I started, my amounts were smaller and also my increments were smaller because I was trying to practice a lot; however, with the passage of time, I have increased my increments .. my percentages have remained somewhat similar except sometimes I might make some extra play and then have to attempt to reallocate over time to get back in balance...   

So you can make it as you will. 

To me it seems that most folks trade in a such a way that is gambling too large amounts to bet in one direction or another, and I tend to advocate against those kinds of approaches .. and assertions that you are going to outsmart the market...

One of the biggest certainties about bitcoin is its volatility, and for that reason, you can build in a kind of trading that allows you to profit from such volatility, continue to accumulate with perhaps dollar cost averaging investing and without getting greedy.

I'm sure it can be very stressful to become a bitcoin trader, especially with the huge fluctuation in price.

Check out this post.

https://bitcointalksearch.org/topic/--2221007

What exactly do you mean?

Cryptotrading is like any other stock, but much more volatile.

You are already speculating on bitcoin, but to start trading you will need to move your BTC to an exchange such as bittrex.com , and then buy into another altcoin of which you think will be worth more.

I still think buy and hold is the best option, even in crypto, but because it is much more volatile, people start to daytrade eg, rapidly selling coins. I guess that is what you mean by "trading" / trader. I personally think it is pretty much a meme. You need to know what you're doing otherwise you're going to fail miserably at it.

Define "Trader" for me, Please.
I am a newbie and have bought stocks for over 50 years.  I am excited to buy my first bitcoin, but the old school concept of buy and hold kicks in so where does the "Trade" part kick in?  Can you give me a step by step, "A day in the life of a Bitcoin Trader". ie - I set up an account with the Coinbase Exchange and then to stay in sync, I registered for a Coinbase wallet and then bought a Ledger Nano S for security and only then tentitively bought $50 worth of Bitcoin from a Bitcoin ATM machine at the Exxon Gas Station at the corner of Alpha and Beta in downtown Chicago.  I held up my iphone to the QR code on the screen and my Bitcoin software grabbed the encryption code ....  well you get the idea.  I need a step by step primer as to what the "Trader" does to Trade.  Thanks for reading. 

I posted this on another subject, so please excuse me if it is cross-posted.  D