Topic: How do you day trade with bitcoin these days while it is full of stress? (Read 333 times)
January 14, 2021, 01:23:54 PM
If you are a day trader then you actually don't have to trade with your complete capital, just trading with small portion like 10% of it is enough if you can't afford to lose everything and also you shouldn't have to care about the price of one bitcoin while trading just keep focusing on the percentage of profit you can possibly earn with your strategies and capital.
January 14, 2021, 04:52:53 AM
Trading bitcoin during lower value and now @$40k is the same because you just need to get 5-10% on profit in your every trade. Unlike holding bitcoin in the long run, they earn revenue at a due time when the value of bitcoin increases.
I always do trading day ang night because I need to earn even a little every day. I can't afford to buy bitcoin and just hold for long term. Those who hold bitcoin for a long term are those with enough capital which they don't need to spend.
Honestly that is not the case for me. You do not have to buy and sell and keep doing that to constantly try to profit even if you do not have money. If you are a great trader, by all means you should do that if you have little amount or even big amount, because if you think you can profit a lot in the long term with constantly trading, why stop doing that? However if you do not have a lot of money, that means you could just put money aside every month constantly to make some profit over long period of time.I always do trading day ang night because I need to earn even a little every day. I can't afford to buy bitcoin and just hold for long term. Those who hold bitcoin for a long term are those with enough capital which they don't need to spend.
For example, all I could afford this month was 50 bucks, with Christmas and new years there was a lot of unaccounted for costs and that is why 50 bucks was best I can do. But if you keep doing that constantly, you are going to make a decent return, I am not even talking about doing that for the past 5 years, because if you put 50 bucks each money for the past 5 years, you could have retired now, but it is still a valid option even today, you just have to wait one or two decades and retire.
January 13, 2021, 06:10:58 PM
I don't know why most people enjoy the heavy rise of bitcoin while it is only good for long term holders. How long do they want to hold? Forever? They have to sell at some point and exit the market. For day traders like me, expensive bitcoin is not attractive at all because it not only reduces my profit, it also increases my stress.
I have to buy at $40.000 and sell at $40.200 to gain daily profit (This is an example). This is much less profitable than when I used to buy at $8000 and sell at $8200 the same day. Apart from this, whenever I buy at $40.000, I am worried about a big crash right around the corner because the prices are too high now.
How do you cope with this situation as a day trader? Do you dare to buy $40K bitcoin for short term trading?
I have to buy at $40.000 and sell at $40.200 to gain daily profit (This is an example). This is much less profitable than when I used to buy at $8000 and sell at $8200 the same day. Apart from this, whenever I buy at $40.000, I am worried about a big crash right around the corner because the prices are too high now.
How do you cope with this situation as a day trader? Do you dare to buy $40K bitcoin for short term trading?
The only thing that's scary about day trading during the price is high, is when Btc suddenly crash and didn't bounce back.
When the price is low, the chances of downward or backward movement is much lower than when the price is extremely high (near ATH).
January 13, 2021, 05:19:59 PM
What time frame do you use for day trading? I think it is just depend on the time frame. If you worried enough to buy bitcoin at the high price than you should try to use low time frame like 15 minutes or minutes, and don't forget to put stop loss area that you can afford to lose. By using a low time frame at least you will always see bitcoin price movement, you will know the sign that the bull run market is end and you can sell bitcoin immediately.
Indeed, the current bitcoin price is really suitable for short term trading. I think most people out there will use bitcoin as a short term trade, they will be afraid about previously bitcoin met a huge crash after increase to $20.000. This situation will always be a shadow for every investor.
Indeed, the current bitcoin price is really suitable for short term trading. I think most people out there will use bitcoin as a short term trade, they will be afraid about previously bitcoin met a huge crash after increase to $20.000. This situation will always be a shadow for every investor.
January 13, 2021, 05:02:05 PM
I don't know why most people enjoy the heavy rise of bitcoin while it is only good for long term holders. How long do they want to hold? Forever? They have to sell at some point and exit the market. For day traders like me, expensive bitcoin is not attractive at all because it not only reduces my profit, it also increases my stress.
I have to buy at $40.000 and sell at $40.200 to gain daily profit (This is an example). This is much less profitable than when I used to buy at $8000 and sell at $8200 the same day. Apart from this, whenever I buy at $40.000, I am worried about a big crash right around the corner because the prices are too high now.
How do you cope with this situation as a day trader? Do you dare to buy $40K bitcoin for short term trading?
I have to buy at $40.000 and sell at $40.200 to gain daily profit (This is an example). This is much less profitable than when I used to buy at $8000 and sell at $8200 the same day. Apart from this, whenever I buy at $40.000, I am worried about a big crash right around the corner because the prices are too high now.
How do you cope with this situation as a day trader? Do you dare to buy $40K bitcoin for short term trading?
As a day trade you already knew that kind of risk. I'm not a day trader and I don't even trade regularly but I enjoy watching successful traders with high risk tolerance.
Sure someone has dared buying Btc at $40,000 because it even reached $42,000 at some point (If I'm not mistaken).
Isn't it day trading is more profitable lately? Because there were huge price swings like $1,000 to $3,000+ Btc gain or loss in just an hour or two.
The only thing that's scary about day trading during the price is high, is when Btc suddenly crash and didn't bounce back.
January 13, 2021, 04:20:24 PM
I am also one of those who do day trading, but it doesn't matter to me that the Bitcoin price continues to rise. Although the Bitcoin price of
$ 40,000 does not have to buy 1 BTC, we can buy according to our capital. And most importantly when doing day trading you must use
the stop-loss feature, so when the Bitcoin price falls like now the losses we get are not that big. And can buy Bitcoin at a lower price,
and sell it when the Bitcoin price goes up again.
Some exchanges lack stop-loss feature. $ 40,000 does not have to buy 1 BTC, we can buy according to our capital. And most importantly when doing day trading you must use
the stop-loss feature, so when the Bitcoin price falls like now the losses we get are not that big. And can buy Bitcoin at a lower price,
and sell it when the Bitcoin price goes up again.
January 13, 2021, 04:03:50 PM
I am also one of those who do day trading, but it doesn't matter to me that the Bitcoin price continues to rise. Although the Bitcoin price of
$ 40,000 does not have to buy 1 BTC, we can buy according to our capital. And most importantly when doing day trading you must use
the stop-loss feature, so when the Bitcoin price falls like now the losses we get are not that big. And can buy Bitcoin at a lower price,
and sell it when the Bitcoin price goes up again.
$ 40,000 does not have to buy 1 BTC, we can buy according to our capital. And most importantly when doing day trading you must use
the stop-loss feature, so when the Bitcoin price falls like now the losses we get are not that big. And can buy Bitcoin at a lower price,
and sell it when the Bitcoin price goes up again.
January 13, 2021, 03:36:48 PM
I don't know why most people enjoy the heavy rise of bitcoin while it is only good for long term holders. How long do they want to hold? Forever? They have to sell at some point and exit the market. For day traders like me, expensive bitcoin is not attractive at all because it not only reduces my profit, it also increases my stress.
I have to buy at $40.000 and sell at $40.200 to gain daily profit (This is an example). This is much less profitable than when I used to buy at $8000 and sell at $8200 the same day. Apart from this, whenever I buy at $40.000, I am worried about a big crash right around the corner because the prices are too high now.
How do you cope with this situation as a day trader? Do you dare to buy $40K bitcoin for short term trading?
When you buy at $40,000 and sell at $40,200 you make $200 profit. When you buy at $8,000 and sell at $8,200 you still make $200 profit. How is this less profitable?I have to buy at $40.000 and sell at $40.200 to gain daily profit (This is an example). This is much less profitable than when I used to buy at $8000 and sell at $8200 the same day. Apart from this, whenever I buy at $40.000, I am worried about a big crash right around the corner because the prices are too high now.
How do you cope with this situation as a day trader? Do you dare to buy $40K bitcoin for short term trading?
Quote
Best way to get away from stress is to find another hobby that can take your mind off it. If you are married you have nothing to worry about
If I was married (which fortunately I'm not!), I had much more things to worry about than bitcoin!Quote
So what stress you were trying to talk about?
The stress that happened to me when a few days ago I bought some bitcoin at $39300 for day trading and it fell to $30500 after that! This is the kind of stress I'm talking about. 
January 13, 2021, 01:57:59 PM
I don't know why most people enjoy the heavy rise of bitcoin while it is only good for long term holders. How long do they want to hold? Forever? They have to sell at some point and exit the market. For day traders like me, expensive bitcoin is not attractive at all because it not only reduces my profit, it also increases my stress.
I have to buy at $40.000 and sell at $40.200 to gain daily profit (This is an example). This is much less profitable than when I used to buy at $8000 and sell at $8200 the same day. Apart from this, whenever I buy at $40.000, I am worried about a big crash right around the corner because the prices are too high now.
How do you cope with this situation as a day trader? Do you dare to buy $40K bitcoin for short term trading?
Best way to get away from stress is to find another hobby that can take your mind off it. If you are married you have nothing to worry about because if you trade and get into stress, just leave it for a while, go to your wife or husband and spend some time with them and eventually they will make you think about something else and that chat will make you forget about trading for a while.I have to buy at $40.000 and sell at $40.200 to gain daily profit (This is an example). This is much less profitable than when I used to buy at $8000 and sell at $8200 the same day. Apart from this, whenever I buy at $40.000, I am worried about a big crash right around the corner because the prices are too high now.
How do you cope with this situation as a day trader? Do you dare to buy $40K bitcoin for short term trading?
However if you are single there are still some methods, for example if you end up with some sort of gaming habit, you can go play some computer games, or maybe reading? Or most commonly, go to netflix and watch some movies or tv shows and you will definitely feel a lot better. Do not try to remove stress from your life, you can't, the best you can do is get away from whatever gives you stress, enjoy life for a while and then you can go back so you will keep your stress under certain threshold.
Stress is something that cannot occur in trading, because wrong decisions are usually made based on the bad moment, you can do two things,
1.- If you have Bitcoin, do not sell,
2.- If you want to acquire Bitcoin, do it, which will go up in time,
Do not see much news, that money you invested in Bitcoin forget about it, for a while, check, remember that investment is the best option, if you are a trader, you know that you must follow the line of least resistance to obtain profits, you just have to calm down to make the best decision.
January 13, 2021, 01:20:18 PM
I don't know why most people enjoy the heavy rise of bitcoin while it is only good for long term holders. How long do they want to hold? Forever? They have to sell at some point and exit the market. For day traders like me, expensive bitcoin is not attractive at all because it not only reduces my profit, it also increases my stress.
I have to buy at $40.000 and sell at $40.200 to gain daily profit (This is an example). This is much less profitable than when I used to buy at $8000 and sell at $8200 the same day. Apart from this, whenever I buy at $40.000, I am worried about a big crash right around the corner because the prices are too high now.
How do you cope with this situation as a day trader? Do you dare to buy $40K bitcoin for short term trading?
Best way to get away from stress is to find another hobby that can take your mind off it. If you are married you have nothing to worry about because if you trade and get into stress, just leave it for a while, go to your wife or husband and spend some time with them and eventually they will make you think about something else and that chat will make you forget about trading for a while.I have to buy at $40.000 and sell at $40.200 to gain daily profit (This is an example). This is much less profitable than when I used to buy at $8000 and sell at $8200 the same day. Apart from this, whenever I buy at $40.000, I am worried about a big crash right around the corner because the prices are too high now.
How do you cope with this situation as a day trader? Do you dare to buy $40K bitcoin for short term trading?
However if you are single there are still some methods, for example if you end up with some sort of gaming habit, you can go play some computer games, or maybe reading? Or most commonly, go to netflix and watch some movies or tv shows and you will definitely feel a lot better. Do not try to remove stress from your life, you can't, the best you can do is get away from whatever gives you stress, enjoy life for a while and then you can go back so you will keep your stress under certain threshold.
January 13, 2021, 08:53:27 AM
I don't know what's stressful in Bitcoin's price since December when it passed on $20,000. If you are day trading, and have 2 BTC on your wallet that you bought in $13,000 for example, and trade it when it hits $20,000, you already have a $7,000 in an instant after holding it for 3 years and got back on day trading. So, since we destroyed the support in $20,000, the price of Bitcoin drastically increases day by day until it hits $42,000 if I'm not mistaken, and if you day trade it (Buy Low Sell High) you already have a lot of profits.
So what stress you were trying to talk about? unless you didn't chart your prediction therefore you made a mistake in Day Trading, and now that's stressful indeed.
So what stress you were trying to talk about? unless you didn't chart your prediction therefore you made a mistake in Day Trading, and now that's stressful indeed.
January 13, 2021, 08:34:13 AM
I don't know why most people enjoy the heavy rise of bitcoin while it is only good for long term holders. How long do they want to hold? Forever? They have to sell at some point and exit the market. For day traders like me, expensive bitcoin is not attractive at all because it not only reduces my profit, it also increases my stress.
I have to buy at $40.000 and sell at $40.200 to gain daily profit (This is an example). This is much less profitable than when I used to buy at $8000 and sell at $8200 the same day. Apart from this, whenever I buy at $40.000, I am worried about a big crash right around the corner because the prices are too high now.
How do you cope with this situation as a day trader? Do you dare to buy $40K bitcoin for short term trading?
Yeah, why not I mean as long as the coin is volatile enough to make a profit. Now in the case of Bitcoin, I think you could say that it is the right to do it because the price is moving up and down unlike before where Bitcoin only moving upward. If you are planning to do day trade I will highly suggest using another coin like alts where they really volatile enough perfect for day trade. I think Bitcoin will do but I do much prefer Bitcoin in the long term trade though cause for me it is very effective in that way. Anyway, it still depends on you though. I have to buy at $40.000 and sell at $40.200 to gain daily profit (This is an example). This is much less profitable than when I used to buy at $8000 and sell at $8200 the same day. Apart from this, whenever I buy at $40.000, I am worried about a big crash right around the corner because the prices are too high now.
How do you cope with this situation as a day trader? Do you dare to buy $40K bitcoin for short term trading?
January 13, 2021, 07:58:06 AM
I don't know why most people enjoy the heavy rise of bitcoin while it is only good for long term holders. How long do they want to hold? Forever? They have to sell at some point and exit the market. For day traders like me, expensive bitcoin is not attractive at all because it not only reduces my profit, it also increases my stress.
I have to buy at $40.000 and sell at $40.200 to gain daily profit (This is an example). This is much less profitable than when I used to buy at $8000 and sell at $8200 the same day. Apart from this, whenever I buy at $40.000, I am worried about a big crash right around the corner because the prices are too high now.
How do you cope with this situation as a day trader? Do you dare to buy $40K bitcoin for short term trading?
Day trading is a serious job because you can make mkre profits as well as get rekt at the sane day itself, if you are worried too much about the price swings then I won't recommend the day trading for you, just go for short term or longer term trading where you can use stop loss to reduce huge loss if it happens. I have to buy at $40.000 and sell at $40.200 to gain daily profit (This is an example). This is much less profitable than when I used to buy at $8000 and sell at $8200 the same day. Apart from this, whenever I buy at $40.000, I am worried about a big crash right around the corner because the prices are too high now.
How do you cope with this situation as a day trader? Do you dare to buy $40K bitcoin for short term trading?
January 13, 2021, 07:31:16 AM
If you are really "full of stress",then just don't trade Bitcoin and stick to the altcoins,or don't trade crypto coins at all.
I can't agree with your point,that Bitcoin isn't good for day trading during a bull market.
Your example about buying 40K and buying 8K USD is wrong,because you aren't required to buy one Bitcoin,when you are performing day trading.In scalping,the amount you buy isn't that important,the really important things are the price volatility and finding the right time to sell and buy fast.
I can't agree with your point,that Bitcoin isn't good for day trading during a bull market.
Your example about buying 40K and buying 8K USD is wrong,because you aren't required to buy one Bitcoin,when you are performing day trading.In scalping,the amount you buy isn't that important,the really important things are the price volatility and finding the right time to sell and buy fast.
January 13, 2021, 06:52:24 AM
nowadays for day traders use tight stop loss because there is a lot of pump and dump. So the only stop loss can help you to prevent a huge loss. also don't be greedy, every time try to get profit earlier and don't close all of your position at once. try to spilite them. When you reach your first target, close your 40%+ position, and set up a stop loss at the buy price. also, don't forget to move stop loss from time to time. don't take a lot of trade on the same day. Do your own research and find out the best setup. Never follow anyone blindly, try to get some information whom you follow but don't copy blindly. good luck
So youre basically talking about trailing stop and trailing tp's which are bit technical on noobs on active trades.This isnt something that can really be learned up for those who do just start up to deal with this market. SL on buying point? if you do gain up like 40% then that would really be a good spot to move rather than on setting -5% - 10% on buying point. Day trading isnt something where newbie
can jump off and basing of on experience this will really be needing some time for you to experience the market before making any active trades.This isnt something that can newbie able to handle it out
in few tries. Full of stress? When dealing with volatility then this would really be a hard one.
January 13, 2021, 04:40:02 AM
nowadays for day traders use tight stop loss because there is a lot of pump and dump. So the only stop loss can help you to prevent a huge loss. also don't be greedy, every time try to get profit earlier and don't close all of your position at once. try to spilite them. When you reach your first target, close your 40%+ position, and set up a stop loss at the buy price. also, don't forget to move stop loss from time to time. don't take a lot of trade on the same day. Do your own research and find out the best setup. Never follow anyone blindly, try to get some information whom you follow but don't copy blindly. good luck
January 13, 2021, 03:04:48 AM
I don't know why most people enjoy the heavy rise of bitcoin while it is only good for long term holders. How long do they want to hold? Forever? They have to sell at some point and exit the market. For day traders like me, expensive bitcoin is not attractive at all because it not only reduces my profit, it also increases my stress.
I have to buy at $40.000 and sell at $40.200 to gain daily profit (This is an example). This is much less profitable than when I used to buy at $8000 and sell at $8200 the same day. Apart from this, whenever I buy at $40.000, I am worried about a big crash right around the corner because the prices are too high now.
How do you cope with this situation as a day trader? Do you dare to buy $40K bitcoin for short term trading?
When you buy at $40,000 and sell at $40,200 you make $200 profit. When you buy at $8,000 and sell at $8,200 you still make $200 profit. How is this less profitable? In fact when the price is high, the price rises (or drops) are significantly more. When you see a 1% increase, you will see higher rise when the price is high. But yeah the loss is also more. But you don't make any loss as long as you don't sell!I have to buy at $40.000 and sell at $40.200 to gain daily profit (This is an example). This is much less profitable than when I used to buy at $8000 and sell at $8200 the same day. Apart from this, whenever I buy at $40.000, I am worried about a big crash right around the corner because the prices are too high now.
How do you cope with this situation as a day trader? Do you dare to buy $40K bitcoin for short term trading?
The stress should be a bit more when the price is high since its risk to do short term trading when the price is high. But those who know the risk are probably less stressed about making a loss.
January 13, 2021, 01:46:22 AM
I have to say I haven't day traded in a long time, so I am not the greatest person to give advice about something like this. However I have traded on another chaotic period as well, during 2017. Now everyone remembers that period as great, because everything went up and everyone made money, however not many people remember what happened before the peak, before alts made ath, before bitcoin was 20k, they do not remember many things.
For example, I remember alts were going up like crazy during spring, I made about 200% return on alts during spring of 2017, many of them started to go down very fast before the bitcoin cash fork, because everyone went back to bitcoin to get the free money, so a lot of us lost money on alts, and when we reached the 20k period? Alts were nearly dead and then came back to break the all time high price. So, I had a chaotic period too.
All I can say about right now is to be calm, if you try to make too much, you are going to lose too much, just be calm and act like you would any other day.
For example, I remember alts were going up like crazy during spring, I made about 200% return on alts during spring of 2017, many of them started to go down very fast before the bitcoin cash fork, because everyone went back to bitcoin to get the free money, so a lot of us lost money on alts, and when we reached the 20k period? Alts were nearly dead and then came back to break the all time high price. So, I had a chaotic period too.
All I can say about right now is to be calm, if you try to make too much, you are going to lose too much, just be calm and act like you would any other day.
January 11, 2021, 02:31:03 PM
Not all exchanges support stop-loss feature.
Quote
you can use other currency if you like as bitcoin is not that profitable if you have no big capitals for day trading
What altcoins do you think are more profitable than bitcoin for day trading? ETH? LTC? January 11, 2021, 12:35:49 PM
I don't know why most people enjoy the heavy rise of bitcoin while it is only good for long term holders. How long do they want to hold? Forever? They have to sell at some point and exit the market. For day traders like me, expensive bitcoin is not attractive at all because it not only reduces my profit, it also increases my stress.
I have to buy at $40.000 and sell at $40.200 to gain daily profit (This is an example). This is much less profitable than when I used to buy at $8000 and sell at $8200 the same day. Apart from this, whenever I buy at $40.000, I am worried about a big crash right around the corner because the prices are too high now.
How do you cope with this situation as a day trader? Do you dare to buy $40K bitcoin for short term trading?
I have to buy at $40.000 and sell at $40.200 to gain daily profit (This is an example). This is much less profitable than when I used to buy at $8000 and sell at $8200 the same day. Apart from this, whenever I buy at $40.000, I am worried about a big crash right around the corner because the prices are too high now.
How do you cope with this situation as a day trader? Do you dare to buy $40K bitcoin for short term trading?
As a day trader, you should be aware to already to this kind of happenings and if you think trading bitcoin will give you more stress then you can use other currency if you like as bitcoin is not that profitable if you have no big capitals for day trading.
And if you are worried about the crashes then you should set your stop loss, meaning you should be ready in every move that you are going to make in order to lessen your stress like for example. Base on your statement, buy at $40k and sell at $40.2k while in other hand you should set your stop loss to $39.8k then reset again your day trade.
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