Day trading platform - page 2. | Bitcointalksearch.org

qwertyup23

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Quote from: Deepg82 on December 08, 2021, 01:59:00 PM

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Won't taker/maker fees basically wipe out your already slim profits?

There are certain exchanges that offer a relatively low percentage per trade- you could probably search this on the internet but I highly recommend using binance as your main exchange platform if you plan on day-trading.

As per your knowledge that day traders do about "100+ trades a day", it is somehow worrying to have this kind of mentality especially that you are just starting as a beginner. My advice would be to trade as little amount as possible in order you could gain the experience of trading. Just like in driving, no matter how you read tips and guides about it, the only way to learn is through actual experience.

RealMalatesta

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Quote from: The Cryptovator on December 11, 2021, 08:44:26 AM

I am not sure about your strategy, still getting hard to understand paper trading. You can't learn trading if you do not involve yourself with real trading. First of all, need to learn how to trade properly, then apply in real trade. Day trading is good if you are experienced in trading. Because always have to make real-time decisions to make a profit or avoid loss. Just don't look to be quick rich. A centralized exchange is best for day and instant trading due to liquidity and volume. So here is the risk of choosing the right exchange. Need to submit KYC means you are revealing your privacy to them.

I am trading with Binance right now, I think as a beginner you keep Binance in your selection. Trade with a small number of funds for learning purposes. I am pretty sure you will lose funds at the beginning. So always practice with small funds and try to read the candle. You have to learn technical analysis as well at the same time. Keep in mind, patience is the key to success.

Imagine demo trading, it is not real money and you do not end up with that much in the end. This way you will end up with learning while trading with the real market but fake money instead of real money. It is not an easy thing to learn, and yes even when you are great at demo trading that doesn't mean that you will be great at real trading neither.

However, what we are trying to achieve here is not that you could become great trader via demo or paper trading, it is that you would be better than someone who never traded before and started real trading as the first thing. Just make it a bit better, understand things a bit better and that's how you become better at it as well. Compared to someone who never did it and starting right off the bat, demo traders at least gain a tiny bit more experience and that is why they "may" have better results in the short span, then they all become equals anyway.

The Cryptovator

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I am not sure about your strategy, still getting hard to understand paper trading. You can't learn trading if you do not involve yourself with real trading. First of all, need to learn how to trade properly, then apply in real trade. Day trading is good if you are experienced in trading. Because always have to make real-time decisions to make a profit or avoid loss. Just don't look to be quick rich. A centralized exchange is best for day and instant trading due to liquidity and volume. So here is the risk of choosing the right exchange. Need to submit KYC means you are revealing your privacy to them.

I am trading with Binance right now, I think as a beginner you keep Binance in your selection. Trade with a small number of funds for learning purposes. I am pretty sure you will lose funds at the beginning. So always practice with small funds and try to read the candle. You have to learn technical analysis as well at the same time. Keep in mind, patience is the key to success.

barbara44

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Quote from: lixer on December 10, 2021, 11:48:50 AM

More the trades, more the losses. This is a general saying in all market and it is a bitter truth. Because, when you are too selective while opening a trade then you will obviously take more time which means you cannot trade more often and if you are following multiple strategies for your trades then you will face less number of losses.

Only when you are blindly opening trades, you can make 100+ trades a day. I am sure no strategy will get you 100+ entry signals and if you are going to do scalping then you may get 100+ signals and only 50% of such signals may hit targets and if you cut your losses quicker than your target then you may remain in profits.

This is 90% true, you should start trading if you want to become good, but first if you have zero clue how to become a trader then you should study about it a bit first. I mean not for years, do not hesitate to start with small amounts while learning neither, and apply what you are learning to your trading at small scale first, but getting into betting without knowing at all would be a 100% loss and you would not be making any money.

This is why I believe that you are right but just 90% and not fully. As long as you end up studying constantly then you will be eventually able to increase your funds and add in more to get bigger and bigger returns if you are getting better at it. After that you will be just a regular trader one day.

Sihab76

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Quote from: Deepg82 on December 08, 2021, 01:59:00 PM

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Won't taker/maker fees basically wipe out your already slim profits?

If you start with your business with day trading, you can choose the best Cryptocurrencies exchanges actually Binance, Kucoin and FTX exchanges would be your better choice. Gateio also very much popular and very lower transactions fees centralized exchange.

lixer

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Quote from: Deepg82 on December 08, 2021, 01:59:00 PM

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

More the trades, more the losses. This is a general saying in all market and it is a bitter truth. Because, when you are too selective while opening a trade then you will obviously take more time which means you cannot trade more often and if you are following multiple strategies for your trades then you will face less number of losses.

Only when you are blindly opening trades, you can make 100+ trades a day. I am sure no strategy will get you 100+ entry signals and if you are going to do scalping then you may get 100+ signals and only 50% of such signals may hit targets and if you cut your losses quicker than your target then you may remain in profits.

AakZaki

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Day trading will provide many advantages if you can use day trading strategies well.
Day trading requires the ability to read the market or read candles well and have a lot of capital to accumulate trades on each entry in the market. The more capital, the more profits.
If you are still a beginner, then learn the basics of trading first.

doremonchina

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Quote from: Deepg82 on December 08, 2021, 01:59:00 PM

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Won't taker/maker fees basically wipe out your already slim profits?

Day trading is profitable but depends on the market movement and the coin you trade. But 100+ trades a day is impossible. Where did you get that idea? Trading is not easy as you think that's why it needs knowledge and understanding the market. You should also know how to analyze the graph and the price. Learn both technical and fundamental analysis and just start with small capital which you can afford to lose if ever.

sarmrakib

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Quote from: martina14 on December 08, 2021, 10:50:48 PM

Quote from: Deepg82 on December 08, 2021, 01:59:00 PM

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Won't taker/maker fees basically wipe out your already slim profits?

Don't think that doing day trade here in cryptocurrency business is easy dude, it easy to set it up whether buy or sell, but to know the right time to buy or sell is differ from it, that is why it needs knowledge here in crypto space, and know the basic things of how to analyze when you are in the actual trade. There are a lot exchange platform where you can do it anytime you want, and for a safety matter, Binance, Kucoin, pancakeswap and more.

Yes it is really tough and its a different from spot .You have to trade it on future trading with high leverage .Do you think its easy ,never it .I think it will be the toughest way to earn .On the other hand you need to have huge amount of capital to trade and earn daily as he mentioned to earn 100$ daily .Its really tough even a professional trader can't guarantee you that he can earn 100$ daily .So that you need to learn first and make your experience high after that trade with small amount and i think gradually you will start earning .I just wanna remember that it is a very risky way of earning you may loose your valuable fund .

traderethereum

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Quote from: Deepg82 on December 08, 2021, 01:59:00 PM

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Won't taker/maker fees basically wipe out your already slim profits?

I do not think traders, even pro traders, can handle 100+ trades a day because that will need a high focus by analyzing or watching all of the coin prices.
Maybe 50 trades a day is too much so it is better to focus is some coins to take as much profit as possible.
The taker/makers can wipe out your profits but that depends on how you will take that profit because as long as you can make a decent profit, the fee will not become big.
Besides that, the exchange will have a fixed fee rate, so that will not impact the profit unless your profit is too small.
When you trade, make sure you calculate how much you're real profit before you close your trade.

TheGreatPython

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Quote from: Deepg82 on December 08, 2021, 01:59:00 PM

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Won't taker/maker fees basically wipe out your already slim profits?

Some words that you have dropped there I am probably just hearing them for the first time: like you said paper trading and then you also said that traders makes about 100+ trades in a day? Where did you get that data from, who told you that traders are making 100+ trades in a day? I know that anything can be possible, but not for a regular day trader. What on earth would make you to be trading like a hundred times in a day?

And as for the questions you said you have about popular exchanges, you were not being specific about it, is it that you want to know about new exchanges to use? If that’s really the question, you can consider using Binance.com.

Rehan Zakir

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Cex exchanges are good platform for day trading. There are many big cex ( central exchanges) exchanges that are in market such as binance, Coinbase, and kucoin. So, you can create an account on any of them and start your trading. You can trade on only listed coins on exchange. And there are many other features such as staking are also available here.

maju69

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Quote from: Strongkored on December 09, 2021, 01:46:10 AM

Quote from: Deepg82 on December 08, 2021, 01:59:00 PM

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.-snip-

I think it would be better for you to immediately start trading with real money but with a small amount, instead of learning to use paper trading or a demo account like in forex, because the pressure will be very different if you use real money directly.

So what do you mean by trading on Forex? using a demo account, won't help at all to improve anything. After all, trading on Forex from trading on a crypto exchange like Binance will be much different. The OP should prioritize trades that match what he's looking for. Therefore, I agree with you, how to make live trades is a much deeper learning. And of course in crypto trading, you don't need to have a large capital to start, just $10 - $15 at least you can trade right away.

Deepg82

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Thanks for all the tips! Much appreciated!

Paper trading - Basically like a demo account. You trade real crypto without risking your money.

I know one of the down sides is since your not risking real money, your not really tied to it emotionally.

As for exchange to use, I can use basically any exchange? I thought maybe there was a special exchange for day traders. I currently use Crypto.com. I don't see an option to place limit orders (I basically only needI'm in Ontario, Canada and I heard Binance is planning to stop serving Ontario.

I will probably start with a small capital that's less than $1000.

On average, how many trades and profit (in %) per day? I'm seeing people make $100's or $1000's per trade, but I don't think that's realistic for most traders.

kapalmabur

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Quote from: BitcoinAccepted on December 09, 2021, 05:01:54 AM

Binance is the most trusted trading site but most of the trading sites you are allowed to trade more than 100 trades a day, actually there's no limit on trading. In regards with the fee most of them charge fees that you won't notice or no big impact to your trade usually 0.001% or something I'm not really sure about that but I'm sure that it is around that.

Binance also has a lot of features in it and in my opinion it is one of the best trading platforms,
its use can also be said to be easy and not too complicated,
obviously there is no need to worry to trade on Binance and it is proven safe

BitcoinAccepted

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Binance is the most trusted trading site but most of the trading sites you are allowed to trade more than 100 trades a day, actually there's no limit on trading. In regards with the fee most of them charge fees that you won't notice or no big impact to your trade usually 0.001% or something I'm not really sure about that but I'm sure that it is around that.

Mahiyammahi

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Quote from: Deepg82 on December 08, 2021, 01:59:00 PM

I'm still scouring the internet about information and tips about it, then I'll practice with paper trading.

You can use Trading view for learning and practicing . If you can afford then you should buy their premium plan

Quote from: Deepg82 on December 08, 2021, 01:59:00 PM

One question I have is about popular platforms/exchanges.

Binance , Mexc , Kucoin you can use these decentralized trading platform. For Centralized you can have a look on uniswap, Pancakeswap.

Quote from: Deepg82 on December 08, 2021, 01:59:00 PM

From what I know, day traders make about 100+ trades a day.

Is this even possibel? Day trader doesn't means that you've buy something blindly and randomly choose 100 assets to buy. Analys your 2/3 token and then buy. 100 trades over a day it's inhuman

First learn about trading then start trading. If you get into greed and wants to make money rapidly You will loose your everything , So without knowing proper trader don't make entry
You can make a lot of money in bull market just entering blindly but if you don't know how to control you could loose your capital also
Happy Trading Cheesy

noorman0

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You are free to choose the platform. In the spot and futures markets they generally have the same features, nothing special to offer. The only difference between them is liquidity. In order for your 100+ orders per day to be filled properly, you have to look for the most liquid. But it doesn't seem possible to place so many trading orders manually unless you add a trading bot to your account.

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Quote from: Deepg82 on December 08, 2021, 01:59:00 PM

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Won't taker/maker fees basically wipe out your already slim profits?

If you ask about the popular exchanges, that will be Binance, FTX or you can check by yourself at this page:
https://coinmarketcap.com/rankings/exchanges/

After knowing the list, you can decide which exchange you want to use for day trading. You can make more than 100+ trades a day, but how big your capital is to trade and how much money you will use every time you trade.

As long as you can make a profit, the taker/maker fees will not bother you because your profit is still bigger than that fee.

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