Is day trading on Coinbase profitable?

capoeira

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Quote from: bitcoinrocks on June 10, 2015, 06:05:18 AM

Quote

you need to factor taxes into how much you'd have to make before you actually reached break even and then started to make a profit.

I'm not sure about that. You would be taxed on each gain but you can write off each loss so I think the break-even point would be about the same. Do I have that right?

yea...the quote makes no sense

bitcoinrocks

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Quote

you need to factor taxes into how much you'd have to make before you actually reached break even and then started to make a profit.

I'm not sure about that. You would be taxed on each gain but you can write off each loss so I think the break-even point would be about the same. Do I have that right?

chriswen

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Quote from: JayCoDon on June 09, 2015, 12:34:42 PM

Something to take into consideration are the tax implications. Now I don't know where you live, but in the United States, day trading results in a higher tax rate than those than hold an asset for longer than a year. Therefore, if you're day trading, you need to factor taxes into how much you'd have to make before you actually reached break even and then started to make a profit. Further, for tiny movements, you really need giant amounts of an asset to make any real money. That's why we see bots buying/selling thousands of bitcoin at a time. Only then does it become potentially lucrative.

that's true for day trading bitcoin too.

JayCoDon

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Something to take into consideration are the tax implications. Now I don't know where you live, but in the United States, day trading results in a higher tax rate than those than hold an asset for longer than a year. Therefore, if you're day trading, you need to factor taxes into how much you'd have to make before you actually reached break even and then started to make a profit. Further, for tiny movements, you really need giant amounts of an asset to make any real money. That's why we see bots buying/selling thousands of bitcoin at a time. Only then does it become potentially lucrative.

capoeira

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Quote from: chriswen on June 06, 2015, 12:36:55 AM

Well, bitcoin volatility has been decreasing. Of course its hard to make money in this market. That's why a lot of people have moved to forex so you have more than one thing to trade. When bitcoin breaks out and we get more volatility there will be plenty of trade setups.

if Bitcoin ever breaks out again

actualy, once you know how to play Forex you don't need Bitcoin breakouts anymore

Amph

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Quote from: capoeira on June 05, 2015, 10:33:41 PM

1% is a crazy fee.....only playable for mid to longterm

it's not 1%, this rumor is false, it's 0.25% for trading, like many others exchange, the 1% is for withdrawal only

chriswen

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Well, bitcoin volatility has been decreasing. Of course its hard to make money in this market. That's why a lot of people have moved to forex so you have more than one thing to trade. When bitcoin breaks out and we get more volatility there will be plenty of trade setups.

JerryCurlzzz

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Quote from: capoeira on June 05, 2015, 10:33:41 PM

1% is a crazy fee.....only playable for mid to longterm

Agree with this. Swing trading maybe, definitely not day trading. Also, you don't want to have all those ACHs in and out of your account... some banks will close your account.

capoeira

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1% is a crazy fee.....only playable for mid to longterm

TraderCal11

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Brickblock.io - Future of Stock Trading

I was lucky to only waste a couple weeks trying this strategy. I find that the profits are so small, it isnt worth the time. I have moved on to bigger and better investments, but if you are able to figure it out, more power to you.

Good luck

fox19891989

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No, it's not profitable. Better invest your hard-earned money on something fun like hookers or cocaine. Same ROI. LOL

You can only make money trading altcoins, or btc leverage trading, plus future trading.

I guess there's also option c), betting on the sportsbooks, I have won decent money on French Open 2015, I deposited 1 btc to a sportsbook and currently my balance is 2.8+ btc, so it is very easy money to make profits from tennis, if you gamble on nadal, djokovic or roger federer. Grin

capoeira

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Imo BTC is much to slow to daytrade. you wait like 10h for a tradable move, while on Forex you have entries like every hour

bounst

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daytrade on btc-e or lakebtc or kraken, you need give me a reason to believe it is avaliable

daytrade on coinbase, you need give me a lot of reasons to believe it is avaliable

bitcoinrocks

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Quote from: PenguinFire on May 27, 2015, 08:25:38 PM

Thanks for all the thoughts and replies to my thread guys.

Very informative.

Why would you write that about someone else's thread?

PenguinFire

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That Darn Cat

Thanks for all the thoughts and replies to my thread guys.

Very informative.

chriswen

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Yes the fee is comparable. 0% is a bit better.

But another question is getting good liquidity and less slippage on your orders. And even if you're trading with small amounts the spread is important.

Amph

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Quote from: BitCoinPokerBro on May 17, 2015, 11:51:12 AM

Why pay 1% when .25% or other absurdly low fee is available via other exchanges?

it's 0.25% on coinbase too, there was some misleading about the fee, but it should depend on your volume, with higher ones you pay way less

Buttknuckle

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★YoBit.Net★ 100+ Coins Exchange & Dice

Its not 1%, that is the price to transfer funds to the account.

I would suggest to not trade on the margin unless you really know what you are doing. It is very dangerous.

BitCoinPokerBro

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Why pay 1% when .25% or other absurdly low fee is available via other exchanges?

chriswen

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Quote from: bitcoinrocks on May 16, 2015, 11:22:35 AM

What about Coinbase's separate exchange?

http://exchange.coinbase.com

Very low fees:

https://support.coinbase.com/customer/portal/articles/1826608-what-are-the-fees-for-using-coinbase-exchange-

But its also not just about fees.

When considering profitability you also need to consider spread which is like a fee.

Also if you want to be profitable you might need to utilize margin. And Coinbase doesn't offer that.

Topic: Is day trading on Coinbase profitable? (Read 8212 times)