The purpose of bitcoinlife24.de is to give you an overview of day trading basics and what it takes for you to make it as a day trader. From scalping a few pips profit in minutes on a forex trade, to trading news events on stocks or indices – we explain how. Day trading with Bitcoin, LiteCoin, Ethereum and other altcoins currencies is an. Day trading involves executing trading strategies generated within a day, making a profit from short term market price fluctuations. These price fluctuations are caused by the inefficiencies of the. Jul 08, · Here are the best crypto exchanges for Bitcoin day trading: Binance – vast functionality, basic and advanced exchange information, no lagging, on-the-go app. BitMEX – high leverage, no Bitcoin deposit and withdrawal fees, solid security infrastructure, simple bitcoinlife24.de: Mikhail Goryunov.
Day trading bitcoin basicsDay Trading: An Introduction
You also have to be disciplined, patient and treat it like any skilled job. Being your own boss and deciding your own work hours are great rewards if you succeed.
Whilst it may come with a hefty price tag, day traders who rely on technical indicators will rely more on software than on news. Whether you use Windows or Mac, the right trading software will have:.
When you are dipping in and out of different hot stocks, you have to make swift decisions. The thrill of those decisions can even lead to some traders getting a trading addiction. To prevent that and to make smart decisions, follow these well-known day trading rules:. Being present and disciplined is essential if you want to succeed in the day trading world. This site should be your main guide when learning how to day trade, but of course there are other resources out there to complement the material:.
For the right amount of money, you could even get your very own day trading mentor, who will be there to coach you every step of the way.
Opt for the learning tools that best suit your individual needs, and remember, knowledge is power. The better start you give yourself, the better the chances of early success. This is especially important at the beginning. The other markets will wait for you. Even the day trading gurus in college put in the hours. You need to order those trading books from Amazon, download that spy pdf guide, and learn how it all works.
This is one of the most important lessons you can learn. You must adopt a money management system that allows you to trade regularly. Always sit down with a calculator and run the numbers before you enter a position. One of the day trading fundamentals is to keep a tracking spreadsheet with detailed earnings reports. If you can quickly look back and see where you went wrong, you can identify gaps and address any pitfalls, minimising losses next time.
Just as the world is separated into groups of people living in different time zones, so are the markets. So, if you want to be at the top, you may have to seriously adjust your working hours.
Should you be using Robinhood? What about day trading on Coinbase? Do you have the right desk setup? Where can you find an excel template?
How do you set up a watch list? The meaning of all these questions and much more is explained in detail across the comprehensive pages on this website. Furthermore, a popular asset such as Bitcoin is so new that tax laws have not yet fully caught up — is it a currency or a commodity? How you will be taxed can also depend on your individual circumstances. Due to the fluctuations in day trading activity, you could fall into any three categories over the course of a couple of years.
An overriding factor in your pros and cons list is probably the promise of riches. Whilst, of course, they do exist, the reality is, earnings can vary hugely. Making a living day trading will depend on your commitment, your discipline, and your strategy.
All of which you can find detailed information on across this website. The real day trading question then, does it really work? Quick Search. Top 3 Brokers in Russia. With tight spreads and no commission, they are a leading global brand. Avatrade are particularly strong in integration, including MT4. You should consider whether you can afford to take the high risk of losing your money.
CFD Trading. Binary Options. Forex Trading. Bitcoin Trading. Trading for a Living. Automated Trading. The Importance of Understanding Expected Value. December 23, December 21, December 17, December 15, December 10, December 3, If you can, get an account with Gemini. They are run by libertarians who believe in freedom of speech, so they are less likely to kick White nationalists off their service. CEX is a decent exchange in the UK. For more comprehensive lists of exchanges in your country, you can ask users on Reddit, or search the Bitcoin Beginners subreddit for others who have already asked.
To do this you will need your account and routing numbers the numbers on the bottom of your checkbook. This way you can send fiat currency to and from the exchange without paying wire transfer fees.
They will typically want you to send a photo of your picture ID, proof of residency, etc. You will also want to create a secure password for the exchange, and I recommend using random. They have a password generator function. Some browsers will automatically create strong passwords for you, but either way, you should make sure to write the password down on a sheet of paper. Finally, you will want to use two-factor authentication 2FA to keep your account secure.
This makes it impossible for a hacker to log into your account without also being in possession of your smartphone. Once your account is created and your identity has been confirmed which may take a day or two , you can start sending fiat currency to the exchange.
Choose ACH when possible, because wire transfers cost money and they are a hassle. When the fiat money appears in your exchange account, it will just sit there until you use it to buy Bitcoin. When you finally decide to start buying, you should plan on buying BTC on a regular schedule. No trading. No altcoins.
No timing the market. Markets have a way of shocking even seasoned traders. Hardware wallets give you peace of mind because they are impervious to hackers even when they are connected to a PC infected with viruses. Even if the hardware wallet is broken or stolen, you can still recover your BTC. A recovery seed is a list of 12 or 24 random words that, when entered into a computer or another hardware wallet, automatically recovers all your BTC and addresses. Never store a recovery seed as a digital file, only write it on paper using a pen.
Store this paper in a safe location, because anyone who has it will be able to access your BTC. I recommend getting either a Ledger or a Trezor hardware wallet. You can get these on Amazon or directly from the manufacturers.
I highly recommend subscribing to this channel and looking at his other videos, because they are a treasure trove of guides. Software wallets are slightly less safe than hardware wallets, but they can be useful for storing small amounts of BTC that you want to use for donations or purchases. A good software wallet you can install on your phone either iPhone or Android is called BlueWallet.
You can find it in the app store for free. Every transaction incurs a fee. Transactions also open you up to the possibility of making a mistake, which can cost you money. You should also use fee estimation websites to determine what a fair fee is when you make your transaction.
I recommend bookmarking the website www. Nearly every time I make a transaction, I use the fee that ensures confirmation within 12 hours. Usually, it is confirmed within a couple of hours anyway. Plan to hold for at least 5 years, ideally Long term prospects are important. Familiarize yourself with the investment thesis, which is based on stock-to-flow ratio :.
Once you have some BTC you would like to donate, there are a few ways to do it anonymously. But if you want more anonymity than this, and the recipient has a Monero address, you can install the Exodus desktop wallet software on your PC and move some of your BTC into it. You will see an exchange button next to the send and receive buttons. I recommend against investing in Monero long term. Its main use is for the transactions you want to keep very private. You can then use Wasabi to participate in a CoinJoin, which is a kind of group transaction that effectively shuffles your BTC with up to other people who also have 0.
There are videos you can find on YouTube that will guide you through these processes. Keep good records of when you buy, receive, and sell Bitcoin. Just search your email for messages from the exchange. Yet another reason to avoid trading.
There are many great YouTube channels that provide tutorials for using various Bitcoin software and hardware wallets, some of which I have linked in this article. The key to success in Bitcoin is inactivity. Other than accumulating BTC over time as a long term investment and the occasional donation to nationalist causes , you should just sit back and be patient. Trying to make a quick buck in other coins or by trading almost always ends badly.
Be sure to read my first article on Bitcoin , published on Counter-Currents early last year. Finally, I would like to plug my Telegram channel for anyone who would like to join and see my updates and analysis on Bitcoin. I post daily, and comments are open so you can ask questions.
Deepest liquidity. It takes much more effort for traders to game the market. Look at my last Counter-Currents article. It was published early last year. The price has more than doubled since then. Pretty good return, if you can stomach the swings! Really the only crypto that look worthwhile to me are Bitcoin and Monero.
Use Monero for transactions that you want to keep very private. Ethereum, Chainlink, Ripple, etc. ORG offers true random numbers. The randomness comes from atmospheric noise. Pretty strong, no? Simply take the initial letters of a fave quote and replace one or two letters with a numeral or Greek equivalent.
I am not against BTC if you want to speculate. But you should know one thing before you start: BTC is a zero sum game. Your gains come at the expense of somebody else.