You are in the right direction to make a good profit from your day cryptocurrency trading because since this bearing market started, only day trading that is making it rightly in the community. Those newbies that involved themselves in different day trading platform are seriously worry because many failed to carry out their personal research to know if day trading is still favourable to traders to make a good profit from the market.
Day trading is made for professional traders who really understood the market conditions very well in the community. They know when to sell to make a good profit and save the money to wait for the price of the coin to decrease again before they can buy more to wait for the next opportunity to come.
Topic: Day trading platform (Read 391 times)
There is no specific exchanges for day trading, you simply can trade as much as you want to trade on any trading platform and if you care about taker and maker fee then choose the one with lowest and make sure it has the trading pair you wanted to trade.
Basically day trading is not recommended for newbie traders, it has potential to bring more profits along with risk of losing capital as well.
The lower fee doesn't mean that it is the best. There are places that has lower fee than binance for example, but they do not have the volume of it, which means it is not really that great. If you really want to do day trading, then trading fee matters because you will be trading plenty of times per day, even saving 10 cents on each trade means 1 dollar per day on 10 trades, and 30+ dollars on monthly and we are talking about just 10 trades per day.Basically day trading is not recommended for newbie traders, it has potential to bring more profits along with risk of losing capital as well.
The moment you become great and do 100 trades, or even 200 trades, that becomes 10x/20x more profitable to save 10 cents on each trade. Long story short the fee matters, but if you do not have volume then you can't find those trades, and that is why you need to find the middle ground. Not too expensive fee, but also a high volume.
There is no specific exchanges for day trading, you simply can trade as much as you want to trade on any trading platform and if you care about taker and maker fee then choose the one with lowest and make sure it has the trading pair you wanted to trade.
Basically day trading is not recommended for newbie traders, it has potential to bring more profits along with risk of losing capital as well.
Basically day trading is not recommended for newbie traders, it has potential to bring more profits along with risk of losing capital as well.
Usually trading platforms cut the cost of our profits, but I don't know what percentage they take, each platform has a different percentage, obviously they take advantage of us even if only a little.
You can make profit by participating in any type of trading in which you are expert so it is good choice to be the part of day trading if you can manage it. Give full attention to day trading as there will be much more moments of the day you have to look into the marketplace. One more most necessary advice is that buy the coin of trust which can go up and can give you profit.
If you're looking to day trade then you definitely want an exchange that's going to have reasonable fees and be well reputable. Personally, I think Kucoin or Binance would be best for what you're wanting to do. FTX might be another option. Just make sure it's an exchange that is well reputable. Day traders usually keep a lot of money in their accounts so if I were you security (and lots of pairs/tokens) would probably be the two most important things. Hope this helps!
It's not ideal to make practice with the paper trade or the demo trading because you can not face the real trade just having insights but not the risk because at your mindset at the end of the day it's not your money it's a demo only if you will face the real trade you will hit different emotions and decisions that might affect the whole trade it's better to make a day trade budget because currently, the market does not have a good price movement so might dangerous to take a ride still it's part id the risk.
Day trading according to me risky but if you want to day profit then I recommend to join some trust platform but first do propper research on this because mostly platform do scamed nowadays
Many platform best for day trading but I am mostly using binance and Koucoin they give many best feature like low trading fee buying and selling in just some seconds so this thing is very good
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?
Taker/Maker fees, i think already calculated by the sites. But if really not want to pay higher fees, just be a maker and put your order, then fees is not a problem. Even day trader itself must already think how much cost for the fees especially that thing is only take really small amount of money from us. Won't taker/maker fees basically wipe out your already slim profits?
If you are interested in day trading then just join that platform which is trustworthy. Just look over for the project if you think that you have gain knowledge about it now you can get benefit from it then start trading. But keep in mind that if you hear from someone that this project is good then do make trading into it without knowing about it. Binance is consider as a good and beneficial day trading platform you can make trading in Binance.
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.
This would probably be a great idea to have a great feel on what you could do when you're trading. It will definitely be different if you use real money instead of "fake money" with trading because that's when the emotions would set and sink in. 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?
That would depend on your exchange and what order you are going to use. Usually, you can get rebates when you use limit orders compared to market orders. This varies on exchanges and it would basically be dependent on the time you are going to close your trades because that's what would determine your profit. It would be something that could be big or slim. Won't taker/maker fees basically wipe out your already slim profits?
Why would you even close your position if it's not enough to cover your fees anyway?
Day trading in my perspective is full of hazards. Starting day trading means you are putting your money at risk. There is highly ups and downs in day trading. So i will suggest that if you have decided to start it then give your much time to it as there will be much more fluctuations in day trading and so many people and day traders often lose money in day trading. It is not necessary that everyone will fail in day trading someone who have some experience may be successful in day trading but is something dangerous
If you're trading using ethereum tokens, I guess your small profits will be lost by virtue of no choice. Unlike the old days we've been embracing day trading activities comfortably because of inexpensive transaction fees.
As per review, it's now time for binance chain to arise and prove that we can stand alone with much efficient trading without erc20. Once diversion happens, that would change every perspective particular with profit gains.
I think trading with ethereum Erc20 is not good for beginners because of the high fees. i suggest to start trading on the BSC network which has low fees and also cheap token prices. lots of daily coin trading using the spectacular BSC network. As per review, it's now time for binance chain to arise and prove that we can stand alone with much efficient trading without erc20. Once diversion happens, that would change every perspective particular with profit gains.
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?
You should do your research on trusted exchanges and select the ones that are going to be charging you lesser fees. There are so many exchanges out there that would charge you a less fee for trading and there are also the ones that would charge you too much.Won't taker/maker fees basically wipe out your already slim profits?
If the fee you’re paying for hundred times that you have traded on an exchange is going to wipe out almost everything you have earned, then it’s as well going to wipe out your profit even if you should trade only once. That’s just it. And moreover I don’t think people has the time to be trading up to hundred times in a day, that’s too much. But if you can do doubt, it is up to you and good luck.
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.
Even there are at least 25 highly reputed exchanges are available for crypto trading as per you requirements, I like to suggest you to go re-considering your decision of entering into day-trading. Day trading might be profitable only one trader out of 10 and all others must be facing losses in most cases. If you adopt swing based long term trading then you can make significant profits in this crypto space.About exchanges now you require KYC must for these all as without this they are limiting accounts Binance and FTX both are good options but if you are in the USA then surely you need to check all details before this.
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.
Even there are at least 25 highly reputed exchanges are available for crypto trading as per you requirements, I like to suggest you to go re-considering your decision of entering into day-trading. Day trading might be profitable only one trader out of 10 and all others must be facing losses in most cases. If you adopt swing based long term trading then you can make significant profits in this crypto space.Even you still prefer to be a day trader then you should not go for 100+ trades a day. You must choose right signals and then trade only very few which must be 10 to 15 because we are having only 24 hrs a day.
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?
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.
Binance has many features and this can be an option for everyone,
so I think it's really worth recommending Binance and it's possible that there are better trading platforms
indeed many platforms offer small fees, but we must also be aware of the platform's recommendations. I agree with you that Binance is the main choice for trading, because we have to put the safety of funds as the first choice. On the other hand, the coins listed on Binance are of course a lot of coins that have good quality
Binance has even been hacked before, did you also check binance review on TrustPilot? The rating is not very good but just fair. There are other alternatives to binance, there are some centralized exchanges that has not also been hacked before. But centralized exchanges are using hot wallets, anyone of them can be hacked at any time by hackers. So we should not talk about safety of funds when talking about centralized exchanges. About the coin listed on binance, they are of high quality but someone needs to be very careful. 
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?
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.
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?
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.
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.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.
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.
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.
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.
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.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 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.
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. Won't taker/maker fees basically wipe out your already slim profits?
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.
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.
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.
While picking an internet based representative informal investors place a premium on speed dependability and low expenses. Highlights that allure for long haul or rare financial backers—like admittance to essential examination—are by and large pointless for informal investors. Rather informal investors center around cutting edge diagramming and specialized information to take advantage of intraday value changes We focused on these elements in our positioning when checking out how daily exchanging stage can assist you with keeping steady over the market moves.
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?
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.
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?
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.
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.Won't taker/maker fees basically wipe out your already slim profits?
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.
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?Won't taker/maker fees basically wipe out your already slim profits?
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.
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.
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.
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.
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.
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
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.
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 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. 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 inhumanFirst 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
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.
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:Won't taker/maker fees basically wipe out your already slim profits?
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.
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. 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?
nope exchanges had no big fees when it comes trading even you make 100 trades a day it cannot wipe out your profits since most of fees is just a cents. So it's not what you think mate. It depends as well what amount you trade but still not a problem especially if you use good platform such binance wherein very fair. Won't taker/maker fees basically wipe out your already slim profits?
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?
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.
First of all. Crypto trading is different than stock trading. All of crypto trades are based on a percentage fee while stock market trades are more of a flat fee per trade rather than actual volume.
So in crypto you can buy $10000 and if you got a fee of 0.1% your fee is $10. If you do double the volume then it’s $20
With stocks it’s usually a flat fee so if you buy 100 shares of a stock worth $100 which makes the value $10000 you can get charged a flat fee of $10. If you do 200 shares it’s still $10. But if you buy 1 share then it’s also $10.
So in crypto you can buy $10000 and if you got a fee of 0.1% your fee is $10. If you do double the volume then it’s $20
With stocks it’s usually a flat fee so if you buy 100 shares of a stock worth $100 which makes the value $10000 you can get charged a flat fee of $10. If you do 200 shares it’s still $10. But if you buy 1 share then it’s also $10.
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?
The trading pattern of each exchange is basically the same, you only need to master the analysis system, buy and sell. talking about the platform I think for beginners you can try FTX because there are minimal transaction fees and you can trade with minimal capital for practice.Won't taker/maker fees basically wipe out your already slim profits?
once you have mastered trading, you can switch to a professional exchange platform like BINANCE. there you can test your skills and get the profit you want
Becoming a day trader is a good career. You much wanna work with BTC ETF platforms instead at least it's safer there.
He needs to learn to predict the market in the 5minute- 15minute chart at least to get about 100 trades a day. Probably easy to do when the market has an obvious trend but if the market is just going sideways, this is going to be a lot harder. He'll not miss the most popular platform to trade in crypto, it's usually where people go.
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?
The trading pattern of each exchange is basically the same, you only need to master the analysis system, buy and sell. talking about the platform I think for beginners you can try FTX because there are minimal transaction fees and you can trade with minimal capital for practice.Won't taker/maker fees basically wipe out your already slim profits?
once you have mastered trading, you can switch to a professional exchange platform like BINANCE. there you can test your skills and get the profit you want
The trading fees are minimal.
Really??It shouldn't hurt your slim profits. But why target slim profits? You are going to do a day-trade, then target a good profit in the short-term. You can practice day trades without worrying you are paying more trading fees.
His strategy obviously needs him to do about 100 trades a day, so profits are definitely going to be slim per trade since the time frames are smaller and so trading fees matter a lot. One thing you should know is that not everyone is going to use the same strategy you suggest over and over again. People have different trading styles and some work. Won't taker/maker fees basically wipe out your already slim profits?
The trading fees are minimal. It shouldn't hurt your slim profits. But why target slim profits? You are going to do a day-trade, then target a good profit in the short-term. You can practice day trades without worrying you are paying more trading fees.
If you think you are ready now, you can start trading at big trading sites today. You can either choose a centralized exchange and comply with KYC there or search for decentralized exchanges to stay away from any KYC.
From what I know, day traders make about 100+ trades a day
How come? That is likely not possible. Even just a single trade can be opened for some hours, after the trader makes profit and close the position, he may not enter the market again until he found situable price to enter again, it all depends.hope you are not carried away by trading fantasies and i am yet to know more about paper trading and how it works because it is sounding all odd and strange. before thinking of starting out as a day trader take your time and review the risk involve and also note it's not all about profit making losses are part of the game. Get your thesis right before making decisions
Paper trading is basically trading using fake money or demo accounts. So OP is obviously aware of the risks and wants to first practice through paper trading.The fees will be at rate of 0% to only several percentages. And it will be different in each exchange.
I commonly use Binance as the most exchange for trading, the fee is also low enough and don't mind about it.
It may seem small, but it isn't, especially with futures.I commonly use Binance as the most exchange for trading, the fee is also low enough and don't mind about it.
Assuming you are trading $10,000 on a spot market at a fee of 0.1% on Binance. That is a fee of $10 per trade. If you scalp and execute 100 trades in a day, that is $1000 in fees, Which is already 10% of your total portfolio. Do you see how it ends up eating the profits? 10% is a very decent profit to make per day.
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?
It really depends, there's no certain number on how many trades they get per day. So if you think that's the standard that you want to follow, there's no problem.Won't taker/maker fees basically wipe out your already slim profits?
But if you have your own standard then that's what you should follow, there are many day traders and they set themselves goal and not trades and that is to make a lot of winning trades.
I'm thinking of starting out as a day trader.
God luck, but ensure that you have really understood the risks and also benefits of day-trading for you. the basic ifnormation adn knowledge are very important to ensure you to do daytrading. It will probably spend moreof your times, make your life litle bit changing differently, and you will be likely addicted 
Just have good management of time, emotion, risks, and also funds for daytrading activities.
I'll practice with paper trading.
Do you mean paper trading like this?https://www.benzinga.com/money/paper-trading-options/
Actually in cryptocurrency, you will find out so many exchanges.
But I will suggest you to use reputable exchanges only than using new exchanges.
Check the lists of exchanges right here on Coin market Cap or CoinGecko:
https://coinmarketcap.com/rankings/exchanges/
https://www.coingecko.com/en/exchanges
And there are also several types of trading: Spot, Future, and others. So, learn also about this. If you are new to this, I suggest you to do trading in Spot market at first. Because trading with leverage (future etc.) is very risky.
I'll practice with paper trading.
The fees will be at rate of 0% to only several percentages. And it will be different in each exchange.I commonly use Binance as the most exchange for trading, the fee is also low enough and don't mind about it.
If you're trading using ethereum tokens, I guess your small profits will be lost by virtue of no choice. Unlike the old days we've been embracing day trading activities comfortably because of inexpensive transaction fees.
As per review, it's now time for binance chain to arise and prove that we can stand alone with much efficient trading without erc20. Once diversion happens, that would change every perspective particular with profit gains.
As per review, it's now time for binance chain to arise and prove that we can stand alone with much efficient trading without erc20. Once diversion happens, that would change every perspective particular with profit gains.
you cant really get profits from eth tokens esp if youre sending your tokens from your wallet to the exchange. unless youre trading bigger number here. coz if youre a small one. dont think that it will be smart move.
i guess the op has a lot to learn in this trading market. he needs to check also the min amt of trading like binance, you can trade if it is equiv to at least 10 bucks worth of coins
If you're trading using ethereum tokens, I guess your small profits will be lost by virtue of no choice. Unlike the old days we've been embracing day trading activities comfortably because of inexpensive transaction fees.
As per review, it's now time for binance chain to arise and prove that we can stand alone with much efficient trading without erc20. Once diversion happens, that would change every perspective particular with profit gains.
As per review, it's now time for binance chain to arise and prove that we can stand alone with much efficient trading without erc20. Once diversion happens, that would change every perspective particular with profit gains.
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?
Won't taker/maker fees basically wipe out your already slim profits?
It's not that day traders always make about 100+ trades a day. Their actions are still based on the current price movement on that day. If it didn't meet, they will wait for it for another day and so. Just for clarification, day traders don't mean they are trading every day. The purpose and goal are to make a profit from short-term price movements or basically, short-term traders.
About trading platforms to choose from, every reputable and famous trading platforms are good. It now depends on what factor/s you are looking at. To name a few, Binance, Kucoin, Coinbase Pro, etc. I suggest doing directly a real trade with a small amount rather than with a demo account first if you already study the basic trading stuff. It's to feel the actual pressure of maintaining winning stats and minimizing losing stats. Your knowledge will be filled in automatically while you are progressing.
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 suggest you avoid exchanges like Binance which is being mentioned by other members who probably don't know about their fees. Their marker and taker fees will wipe out your profits. Go for exchanges that offer rebates 0.0025% for market makers like Bitmex, Bybit, phemex, Kraken Pro for futures and perpetual contracts markets. Look at the fee structure of the exchange before you use it.Won't taker/maker fees basically wipe out your already slim profits?
You can only use the taker option via the stop loss orders. So just make sure your win rate and risk ratio are high enough.
then I'll practice with paper trading. One question
Do you mean demo trading? That is good to try yourself on
From what I know, day traders make about 100+ trades a day.
This mentality to trading is a way to lose your money. Yes usually new traders tend to enter plenty of orders at same time because they don't understand the risk in it. Too many orders over labour your account and if the market goes against you into loses, you may lose all your funds in minute. Don't think about multiple trading until you understand yourself. A trade at a time for a start.
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?
hope you are not carried away by trading fantasies and i am yet to know more about paper trading and how it works because it is sounding all odd and strange. before thinking of starting out as a day trader take your time and review the risk involve and also note it's not all about profit making losses are part of the game. Get your thesis right before making decisions Won't taker/maker fees basically wipe out your already slim profits?
then I'll practice with paper trading
I am confused, what is paper trading? I haven't seen anything like that before.One question I have is about popular platforms/exchanges.
You can try Binance, FTX or check some exchanges on coinmarketcap, but some are not recommend, you will need to further your research. If you are from US, you can use Coinbase Pro.From what I know, day traders make about 100+ trades a day
How come? That is likely not possible. Even just a single trade can be opened for some hours, after the trader makes profit and close the position, he may not enter the market again until he found situable price to enter again, it all depends.Trading is very risky, use the amount of money you can afford to lose to start. Know that new traders will always lose. Even the traders that have experience already are still losing, only very few that set goals and making all means to minimise risks are the ones making profit.
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?
Won't taker/maker fees basically wipe out your already slim profits?
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