I'm thinking about trading. My name says it all. - page 3.

palle11

sr. member

Activity: 2366

Merit: 332

Quote

No, I don't expect to get rich from this. I simply need something to pass the time

You could easily go play some college football and have fun Grin

Trading is a business you can make money from but gradually though and you need some level of seriousness and being focus. I wish you the best as you venturing into it.

crzy

full member

Activity: 2128

Merit: 180

There's a lot of trading site that you can use, most of them are great but if you want an excellent service then go for Binance, or KuCoin. Well, day trading requires a lot of time and it's good that you have it, now all you have to do is to learn more about trading since day trading is risky. Start small, that's a great strategy and when you already know how trading works, that's the time for you to increase your capital to earn more.

TheUltraElite

legendary

Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

Quote from: Cryptolayman on September 15, 2020, 10:19:50 AM

Here's the thing - I have a lot of free time on my hands. I'm thinking about buying a tiny amount (1.000 EUR or 1200 USD) worth of cryptocurrency (I'm leaning towards Ethereum or Bitcoin) and basically buying lower and selling higher throughout the day.

But the point is that prices dont become that much volatile throughout the day. Speaking of which, bitcoin is traded 24/7 365days - non stop unlike stock markets. Keep that in mind, the word "day" is non-existent here.

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No, I don't expect to get rich from this. I simply need something to pass the time and if I can also make a profit off it, why not?

Get your priorities straight though. This type of mindset will only do more harm than good. Either you are in it or your are not. Spot trading is not a gambling and getting stuck in the wrong buying point would mean a vicious cycle of anxiety and depression. Trust me, it will happen.

Quote

So I believe what I'm interested in is called "day trading". I have found numerous pros and cons regarding this method, but as I said, I want to engage in something on a daily basis, investing and holding on for a period of time is something I'm really not interested in.

It is strange that you as a newbie is going straight to day-trading. Do you have any prior experience of stock market, commodities day trading? If not, then it is not for you, you are guaranteed to run into a loss. Spot trading is what I would suggest and that too in the mid-long term time range. Day trading needs a lot of technical analysis and some more dirty tactics on trading groups, not easy for a new entrant.

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I heard of Coinbase, Coinstats and Binance. Are there any other platforms worth looking into?

Binance is enough as long your local laws allow crypto trading and you can pass a KYC on Binance. That is another topic of discussion.

tippytoes

sr. member

Activity: 1988

Merit: 275

Quote from: goinmerry on September 15, 2020, 05:20:07 PM

Quote from: Cryptolayman on September 15, 2020, 10:19:50 AM

So I believe what I'm interested in is called "day trading". I have found numerous pros and cons regarding this method, but as I said, I want to engage in something on a daily basis, investing and holding on for a period of time is something I'm really not interested in.

I think you already did your assignment and knows well some of the risks you might encounter.

Since you are now aware of it and you also mentioned, already found the pros and cons of day trading. The time now to prepare yourself to do the real traders and not just by readings.

You will only know the result once you engage in actual. We can't give you the exact strategy you need to follow since it should be in your own way as we have different strategies. Goodluck is all I can say and you can update us here on your progress if you want.

Don't start big. Start small and have the actual experience first. Once you got the grasp of actual day trading, you can use more funds, if you are already convenient with it. But Coinbase and Binance are good exchanges as they have insurance in place also. So your funds are safe in those exchanges. While other exchanges don't have. Better be careful in trading with them and if possible, don't store your coins with exchanges.

goinmerry

legendary

Activity: 2940

Merit: 1083

Quote from: Cryptolayman on September 15, 2020, 10:19:50 AM

So I believe what I'm interested in is called "day trading". I have found numerous pros and cons regarding this method, but as I said, I want to engage in something on a daily basis, investing and holding on for a period of time is something I'm really not interested in.

I think you already did your assignment and knows well some of the risks you might encounter.

Since you are now aware of it and you also mentioned, already found the pros and cons of day trading. The time now to prepare yourself to do the real traders and not just by readings.

You will only know the result once you engage in actual. We can't give you the exact strategy you need to follow since it should be in your own way as we have different strategies. Goodluck is all I can say and you can update us here on your progress if you want.

sheenshane

legendary

Activity: 2492

Merit: 1232

Upon choosing exchange that reliable for seeking possible profit for me it should.

Leverage
Accessibility
Liquidity
There is no potential for an insider price manipulation
and most of all Security

Upon the suggestion above, I think Binance has suitable for these characteristics that I'd mentioned. Otherwise, you can also pick an E-toro exchange platform that suits from newbies until experts, the best feature they had is copy-paste trading, you can copy one of the expert portfolio

bitbollo

legendary

Activity: 3276

Merit: 3537

Nec Recisa Recedit

Quote from: Cryptolayman on September 15, 2020, 12:49:22 PM

Thanks everyone. You made some good points.

I have no issue with losing that amount of money. Naturally, I'd prefer to earn money rather than lose it, but if I indeed lost it, it would not affect my standard of living in any way.

I will certainly play around with a demo platform for a week or two to familiarize myself with everything.

What about other kinds of trading? Maybe not scalping or day trading, but just buying Bitcoin and selling it in a few days when its value increases slightly (assuming it does, of course)? As I said, I wish to be involved in the process of trading on a regular basis, not just dumping my money in and waiting for too long. I know myself and it would quickly get boring, despite the possible profits.

The reason I joined this forum was because I like precisely what is happening - valuable input and experience from ordinary people. I don't like those websites that can supposedly help people invest, it feels like they're always fishing for something. Hearing from regular people who earn and lose money with cryptocurrencies is immensely more interesting for me.

I have a couple of suggestions... since you can just buy bitcoin and then:
Sell in p2p market or telegram or in your local board here on forum.
When you ask a 5% more respect a famous website it could be enough and you can have some clients.

More risky (but more rewarded) it could be provide a loan to user in bitcoin and get a little interest on it.

Anyway in any cases, if price dump (it can happen) it's more hard get back your main investment in a short time.
But you can always sell/give credit (earn from these activities)

dunfida

legendary

Activity: 3122

Merit: 1140

Quote from: Cryptolayman on September 15, 2020, 10:19:50 AM

I heard of Coinbase, Coinstats and Binance. Are there any other platforms worth looking into?

Binance would be enough on what you do seek.Dont look for other platforms since this one would already give on what you do look for and also this had been one of top exchangers at the moment and doesnt even require KYC which is really a big plus.So you do just basically making out trades just because of your free time and aiming to be an active trader then
i can say that it isnt really a bad choice and since you have allocated 1000-1200 then i presume out that you are already aware on the risk.Of course you are still noob
so expect for losses to be there and this is where your learning starts.Goodluck buddy!

danherbias07

legendary

Activity: 3318

Merit: 1133

Leading Crypto Sports Betting & Casino Platform

Quote from: Cryptolayman on September 15, 2020, 12:49:22 PM

I know myself and it would quickly get boring, despite the possible profits.

As of my experience. Day trading is just fun from the start. Obviously you just got excited about it especially when you make profits.
There may also be sleepless nights just to monitor the movement.
But, as weeks/months go by and it became a normal flow to you.
It gets boring too and you will end up buying other coins just to pump the need to do something everyday.

I used OKex platform before but switched to Binance because one of the coins I trade have larger volume there.
Then, I stayed because I love the UI of their android application. Grin

KuCoin and OKex also have an android application. (not sure if there is IOS)

TokenBot_

jr. member

Activity: 34

Merit: 1

Social trading used to take place at the water cooler. Now it takes place on forums and messaging apps. Here's one of our trader's discussion groups you should checkout...https://t.me/coincarltalks

Cryptolayman

newbie

Activity: 3

Merit: 0

Thanks everyone. You made some good points.

I have no issue with losing that amount of money. Naturally, I'd prefer to earn money rather than lose it, but if I indeed lost it, it would not affect my standard of living in any way.

I will certainly play around with a demo platform for a week or two to familiarize myself with everything.

What about other kinds of trading? Maybe not scalping or day trading, but just buying Bitcoin and selling it in a few days when its value increases slightly (assuming it does, of course)? As I said, I wish to be involved in the process of trading on a regular basis, not just dumping my money in and waiting for too long. I know myself and it would quickly get boring, despite the possible profits.

The reason I joined this forum was because I like precisely what is happening - valuable input and experience from ordinary people. I don't like those websites that can supposedly help people invest, it feels like they're always fishing for something. Hearing from regular people who earn and lose money with cryptocurrencies is immensely more interesting for me.

joniboini

legendary

Activity: 2170

Merit: 1789

Judging from your post, it seems that you're new to trading too. I suggest you to familiarize yourself first with them, at least understanding basic concepts like stop loss and know how to use and execute it. There are some demo platforms available and I believe it's better to use them first before you try to play with spot market.

$1200 is a lot of money to begin with, so instead of using it altogether, try to manage your funds. What you wanted to do is basically scalping and it only works when there's no major changes that happens on the market. So, also learn on how to figure out the trend.

bitbollo

legendary

Activity: 3276

Merit: 3537

Nec Recisa Recedit

I want discourage to make this type of trading if you're totally naive/newbie with these kind of product.
Isn't easy and if you hit just one (1) wrong move you can lose an high amount of your money without earn anything.
Plus you should be aware that some binary options are more similar to a gambling site....

If you have a lot of time try to learn as much as you can about crypto world, you investment will be more valuable then Wink

Use a free demo account just to see ho it works, I am pretty sure you will be surprised

Cryptolayman

newbie

Activity: 3

Merit: 0

Quote from: jackg on September 15, 2020, 10:50:10 AM

Just in case someone suggests leverage platforms like bitmex or bybit I'd advise against it if you're just starting out.

For liquidity purposes, I think binance and coinbase PRO are going to be best for you to use. But I don't know how big a moves we get in bitcoin day trading and whether they'll be enough to cover the 1% trading fee (0.5% buy and 0.5% sell).

I appreciate the time you took to reply to me. I have thought about how the amount of daily profits would relate to the trading fees, I hope someone with more knowledge on this will chime in.

Daily trading is just my idea, if there are other methods that would require me to invest a couple of hours of my time per day, I'd be thrilled to hear them.

Thank you.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: Cryptolayman on September 15, 2020, 10:19:50 AM

Are there any other platforms worth looking into?

If you want to dip your toes a bit first and not nose-dive in immediately, I suggest trying out platforms that has a virtual portfolio feature. eToro[1] has this feature; pretty much they give you $100,000 of play money, and you can trade with all your heart's content without actually risking your money. You can also trade assets outside of crypto aswell.

Best of luck!

https://etoro.com/

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

Just in case someone suggests leverage platforms like bitmex or bybit I'd advise against it if you're just starting out.

For liquidity purposes, I think binance and coinbase PRO are going to be best for you to use. But I don't know how big a moves we get in bitcoin day trading and whether they'll be enough to cover the 1% trading fee (0.5% buy and 0.5% sell).

Cryptolayman

newbie

Activity: 3

Merit: 0

Hello, everyone.

I did some research on trading cryptocurrencies, but I suppose it's better I get some input from experienced members here.

Here's the thing - I have a lot of free time on my hands. I'm thinking about buying a tiny amount (1.000 EUR or 1200 USD) worth of cryptocurrency (I'm leaning towards Ethereum or Bitcoin) and basically buying lower and selling higher throughout the day.

No, I don't expect to get rich from this. I simply need something to pass the time and if I can also make a profit off it, why not?

So I believe what I'm interested in is called "day trading". I have found numerous pros and cons regarding this method, but as I said, I want to engage in something on a daily basis, investing and holding on for a period of time is something I'm really not interested in.

I heard of Coinbase, Coinstats and Binance. Are there any other platforms worth looking into?

Thank you.

Topic: I'm thinking about trading. My name says it all. - page 3. (Read 646 times)