Day/swing trading.... - page 2. | Bitcointalksearch.org

Theones

full member

Activity: 1204

Merit: 110

Quote from: ?? on ??

If it's your first time trading and you don't have any prior knowledge about trading then probably you shouldn't start trading right now, you need to gather knowledge first and gain some experience by doing some practice trades that don't have any risk involved since there's no money involved.

Yes thats very much correct. It has been advised so many times here to new people that never invest straight away. Be patient and gather some knowledge before you can invest. Bitcointalk.org has great resources that can help you in understanding crypto trading. You can also post your queries here for instant replies by senior members.
Between OP seems to be a rich guy since he is doing fun on 1000$. Good luck.

ReiMomo

sr. member

Activity: 2366

Merit: 305

Duelbits - $100k Bonus/week

Quote from: herurist on September 18, 2021, 11:16:13 AM

yes as said before that binance is a very good place for you but if you see your thread that says that you will try to start in day trading, I think it will be a little risky considering your amount of money is $1000 of course not the amount of money few and indeed will not be useful for those who already have abundant assets but it will be a different story for small traders.
I suggest you to look for more detailed information about this daily trading because of course something like this especially regarding money matters cannot be taken lightly.
than you lose $ 1000 by trying things that are not necessarily better you learn it earlier before you try in trading.

To be frank, I have not even thought of how much the fees are charged for each trades I make since 2017. But I am sure I have chosen the right exchanges who charge little for trades. I started my trading in Binance exchange. They offered fees reduction when we provide fees in BNB. Then I opened up accounts on many other exchanges. So paying fees in their tokens/coins, will reduce more fees I am sure.

And I store all the coins where ever I trade irrespective what exchange it is. I always activate the security locks so that they are not hacked or mis-used.

herurist

sr. member

Activity: 1680

Merit: 259

yes as said before that binance is a very good place for you but if you see your thread that says that you will try to start in day trading, I think it will be a little risky considering your amount of money is $1000 of course not the amount of money few and indeed will not be useful for those who already have abundant assets but it will be a different story for small traders.
I suggest you to look for more detailed information about this daily trading because of course something like this especially regarding money matters cannot be taken lightly.
than you lose $ 1000 by trying things that are not necessarily better you learn it earlier before you try in trading.

whofarted75

newbie

Activity: 26

Merit: 22

thanks Tytanowy Janusz, good info.

I guess one question I would have is if you can get Bitcoin at such low rates, why pay 1.49% even 0.99% when you can get it for less than .1% on Binance?

I assume it's like Coinbase versus Coinbase pro I have heard that Coinbase pro has lower rates. So the question is if there's no difference why do they charge more for one than the other? I'm kind of confused as to why I've been buying on these exchanges at higher rates.

I've been buying at Swan Bitcoin at 1.49% and then after $5,000 in one year it drops down to 0.99% but even that is high compared to a 0.1% so wtf?

Tytanowy Janusz

legendary

Activity: 2156

Merit: 1622

Quote from: whofarted75 on September 18, 2021, 10:35:59 AM

extremely low at 0.150%. Can you custody the crypto that you buy in this way on Binance?

Its 0.1% and yes, you can withdraw your coins as long as you bought them on spot (not futures or margin).
You can also trade using BUSD trading pairs. That way you can reduce fees to 0 but you have to be a maker. Its not a problem to always be a maker with your PHP skill and trade using API and simple algo.

Quote from: Tytanowy Janusz on September 18, 2021, 09:45:50 AM

I was looking into and wondering about using strike app to trades since there are no fees at all and on the lightning network. But they don't have the download CSV file option. For that matter other than looking at your brief history that they have in the app there's really nothing other than yourself keeping track of all your trades.

Fees is not everything. There are also spreads (slippage) that on low liquid trading pairs are far bigger cost than fees. That's why it is important to choose high volume exchanges. Especially if we are talkig about lowering from 0-0.075% to 0.

magnum1010

full member

Activity: 854

Merit: 100

Quote from: whofarted75 on September 18, 2021, 04:22:40 AM

So I've been investing in cryptocurrencies for a few months now and want to do a little bit of swing/day trading. I'm only thinking about doing it with $1,000 for some fun "on the side" cash, not to get rich.

Got a couple of questions for you guys:

1.) Where would you do day/swing trading? A regular exchange likely has too high of fees. IE: Coinbase.

2.) How do you keep track of all of your trades for tax purposes?

I think that one of the best exchanges for introday trading is binance. Actually, such kind of traders are very beneficial for exchanges, so they encourage those, who trade every day and give them discounts.
What comes to taxes, I haven't ever withdrawn my money from crypto, but as I know, none of my friends has payed taxes as well, only fees of banks and exchanges.

whofarted75

newbie

Activity: 26

Merit: 22

Quote from: Tytanowy Janusz on September 18, 2021, 09:45:50 AM

Use binance. Super low fees (0.075% if you use BNB to reduce it), the best liquidity (means the lowest spreads, and low probability of flash crashes).

If I remember right when not using BNB the rate is still extremely low at 0.150%. Can you custody the crypto that you buy in this way on Binance?
Thanks for the info Tytanowy Janusz 👍

Quote from: Tytanowy Janusz on September 18, 2021, 09:45:50 AM

Binance allow that too. In fact i havent seen crypto exchange that don't have it.

I was looking into and wondering about using strike app to trades since there are no fees at all and on the lightning network. But they don't have the download CSV file option. For that matter other than looking at your brief history that they have in the app there's really nothing other than yourself keeping track of all your trades.

Quote from: Tytanowy Janusz on September 18, 2021, 09:45:50 AM

You should also check how tax from crypto is calculated in your country. In my, they don't care about crypto/crypto trades. They tax me only on crypto/fiat trades so I trade with USDT or BUSD trading pairs and sell to USD only when I want to cash out profits.

Yeah unfortunately, here in America, any exchange (including from one crypto to another) triggers a tax event. Anything under one year is considered short-term gains and taxed like regular income tax. Anything over one year is taxed as long-term gains and capital gains tax in a lower rate. Wink

Tytanowy Janusz

legendary

Activity: 2156

Merit: 1622

Quote from: whofarted75 on September 18, 2021, 04:22:40 AM

1.) Where would you do day/swing trading? A regular exchange likely has too high of fees. IE: Coinbase.

Use binance. Super low fees (0.075% if you use BNB to reduce it), the best liquidity (means the lowest spreads, and low probability of flash crashes).

Quote from: whofarted75 on September 18, 2021, 04:22:40 AM

Both of these offer the ability to download files in CSV

Binance allow that too. In fact i havent seen crypto exchange that don't have it. You should also check how tax from crypto is calculated in your country. In my, they don't care about crypto/crypto trades. They tax me only on crypto/fiat trades so I trade with USDT or BUSD trading pairs and sell to USD only when I want to cash out profits.

whofarted75

newbie

Activity: 26

Merit: 22

Quote from: ?? on ??

If it's your first time trading and you don't have any prior knowledge about trading then probably you shouldn't start trading right now, you need to gather knowledge first...

Well that's what I'm doing here is starting the process of gathering knowledge.

Quote from: ?? on ??

and gain some experience by doing some practice trades that don't have any risk involved since there's no money involved.

I know how to program in PHP mySQL and I create in an app where I can track trades. I've been using charts from binance and simulating buying and selling several trades but I don't know what the fees are or what kind of fees to expect on that kind of a system so I'm only guessing, but I currently I'm showing profits of approximately $6,000 (acting as though I started with $1,000) so I'm actually getting ahead with my "fake money" that's why I would like to start small and maybe do a few trades and see how it goes.

So essentially that's what I'm doing here I'm trying to get people's thoughts and opinions so I can go out investigate them and find out what works best for me. Cool

whofarted75

newbie

Activity: 26

Merit: 22

So I've been investing in cryptocurrencies for a few months now and want to do a little bit of swing/day trading. I'm only thinking about doing it with $1,000 for some fun "on the side" cash, not to get rich.

Got a couple of questions for you guys:

1.) Where would you do day/swing trading? A regular exchange likely has too high of fees. IE: Coinbase.

2.) How do you keep track of all of your trades for tax purposes?
Most of my purchasing that I do now is from Swan Bitcoin and a little bit from Coinbase. Both of these offer the ability to download files in CSV form with all of your trades on it. Recently I looked at strike app for buying Bitcoin. I emailed/asked them if that ability at this time, they said no. Which makes me wonder how do you keep track of your Bitcoin purchases and sales with strike app. I have heard that, companies that you have to register KYC with, do send you tax information just like your work does with a W-2 form. Does anybody know if that's the case? Obviously when I pick an exchange I will look into this further with that exchange. I'm just kind of wondering off the top of my head how people who trade regularly, that have hundreds of transactions a year, keep track of all that.

3.) When you're trading on these lower fee type trade platforms, can you custody your own Bitcoin if you decide to hold them or is that the reason that the fees are cheaper because it's not the same style thing you're basically just owning the number you never get to actually custody the coin?

-TIA for any advice/info

Topic: Day/swing trading.... - page 2. (Read 230 times)