Topic: Is day-trading cryptocurrency profitable? - Need opinion from traders - page 2. (Read 662 times)

Can you provide a source of this news?

I tried day trading but it doesn't work for me and now i must prefer in long term investing, day trading you must have a big start amount before you have earned a big profit and managed it well or else you can't see you're profit. It also cost time and effort in day trading and also electricity bill you need to look  always marketcap for monitoring the chart price. It is not easy in trading you need to analized and calculate every coins you trade.
So good luck in trading.

You can still profit in day trading because the market is so volatile and if you know what you are doing then you can have a good profit in it. However, day trading is sometimes so stressful because you have to watch the market all the time because there is a possibility of a pump and dump in the coin you have bought so there are others who suggest to just buy and hold and then wait for sometime for your coin to grow in price. If the coin has active developers and their project is viable then more often than not, your holdings will multiply in value in the future. Just observed the growth of coins in the market.

Thats good idea if you try to trade with altcoin instead of stock.
You said that trade cryptocurrency is more profitable because the volatile much greater. But you have to remember too that trade altcoin also higher risk.

Trading is not an easy way to make profit even you're expert, need more than understand real market works. First, if you decide trade with many coin I think is not a good idea. Every coin has their own pattern and mostly different moment to take action ( buy/ sell/ hold ). Day trade is hard way to make profit, but I only suggested trade with 2 - 3 coin, so you can focus. Second, you have too much question but I can answer like this. Take 2 - 3 coin, replace it with day trade strategy you like, face the risk and always fix you problem ( loss ). Keep doing that until you find the best way to make profit. Candlestick, price action and volume is just indicator ( sign ), it will help you but must have disciplines also. Good luck with you.

I've been doing it for the last month and it's tricky to say the least.  I would say my sentiment right now in this crypto game is that the ones who are really making money are the hodlers. 


1. Initial investment- For me, I went in with 5k that I was ready to exchange for gaining in return research, knowledge and resources in trading and the crypto world. If all else fails, I can carryover into different markets i.e. stocks, forex, options, etc. albeit there will be learning curve of the nuances of each market.  Another thing to consider is there are schools of thought that say to start with paper trading, and others that say jump in and since you have money in the game you are more attentive and focused.

2. choice of crypto/coin you are going to play in.  What i'm learning right now is that choosing the right crytpo is a fine balance of several things.  Just because it has high volume doesn't mean it will swing enough to be profitiable (all dependent on your investment, of course.)  Most have been pretty consistent to technical analysis (TA), it seems many people are using the fibonacci retracement levels so many alts stay somewhat true to this indicator.  Ichimoku cloud, RSI and macd are good to start.   but remember, news is king and BTC is king so when those two start moving around, alts catch shit for a couple days. 

3.  Don't FOMO.  Don't FOMO Don't FOMO.  This one is a bitch and battle of the self.   

4.  Pick two or three alt coins that you like and get to know these well.  At a certain point it seems as though each alt has a certain type of person who is trading it, its weird. 

There's a ton more but that's what I can i somewhat neatly record right now.

At first, it will not be profitable for you, for you will need to have ghe experience first, do not just follow the hype on social media or any other platforms that will advise you that a certain coin is going to be bullish, you need to also make your own research, there will be times that you will be greedy and then loose at the end, do not let this bring you down,you are trading to gain profits, and loosing is a part of it, and once you get a hang of it, you will can earn around 100-200 usd in one sitting, and it also depends on how much fund you have in your platform to determine your gains.

Day  trading of cryptocurrency  is unpredictable job and the technical analysis some times also does not work here, you can check history of daily chart in some coin like NXT and Verge. So in my opinion to become long term trading is more easy and more profitable. Just buy and hold some coin that has strong in fundamental and just look the price move and when the price reach 5-10 times profit sell it partially.

Having a mentality like this will give you much better chances to earn much bigger, inside day trading you always risking your money especially if you are not really good to this field, day trading with so much swing aren't friendly but learning and study it hard wold give you an advantage.

I am also so much sure if start day trading in cryptocurrency with no skill and experience.
Easier to start middle term of trading like holding in 1 month or more less. Sell when we get profit.

Yes, in day trading it is quite hard to make money when markets are downturn so it is better to accumulate all those good coins when markets are down and wait for right time to sell. But in day trading it is very hard to predict prices accurately and we may do mistakes to sell at the right time so profits are not guaranteed. I always choose to buy and hold instead of going after quick small profits in day trading.

I don't know if it's real but heard alot of big groups that secretly do organize pump and dumps, not sure though. But to answer your question, yes day trading is profitable in someway if you're experience one and has the patience to do it. Day trading is not always profitable , you will encounter some of the time losses that you may want to quit in day trade. Experience alot of things from doing this, at first it was fun but in the long run it's very tiring since I have to be updated about that certain coins i invested with and watching the market  8 - 12 hours straight or more.

Yes it is but in my opinion day trading won't give so much profit if that's what you intend to have because much of the biggest pump in crypto currencies happens in a matter of weeks and months. Day trading is like you are practicing a timing trading which you buy every time it drops and sell whenever it increases or pump though there's really a profit from this I would suggest long term holding so that you can maximize your earnings

Do cryptocurrencies follow the same candlestick patters as stocks?

I know many mid term traders but not many day traders. I think trade based on news+ some TA could be good idea if you do your homework by analysing many projects fundamentally.

Cryptocurrency trading is a lot different from stocks and commodities. Market trends are often determined by emotions due to the large number of inexperienced traders.
First of all, I recommend you to leave day trading to the bots! Go for longer term trades on recently heavily dumped coins. Don't diversify too much, and don't buy a lot of coins. You will end up only with scraps. Concentrate on few well researched coins instead. Hunt down coins with solid, new technology and buy the dips.

2018 new tax laws going to make day trading a headache and less profitable as each trade Is considered a taxable event.

It took me 6 years of losing to learn how to trade but now it's so easy it's like I'm in the matrix and candlesticks are falling everywhere but I wouldnt recommend someone new try it with any significant amount of money.

Are you telling me this as an experience trader who has traded both? If so do the candlestick patters of stocks match those of cryptocurrency on an hourly basis?

I've been looking at the candlestick chart for a few of the major coins. It seems like some of these patters repeat on a daily and weekly basis. I can probably make a decent profit buying on Friday and selling on Tuesday.

Day trading is not an easy job like swing trading as it includes no of trades to be done within a day. Also, day trading using candlesticks pattern in cryptocurrency market is similar to forex day trading because it's a 24-hour market comparing to stock exchanges where it is opened only for few hours a day. You just need a good grip on day trading skills along with a good day trading strategy and Strong money management techniques that's it, you can make a plan and execute it.