Guide to crypto day trading Part 1 - Introduction
Hi, I've talked about starting a series on crypto day trading in my last post and now it's time to elaborate on that topic. Since this is the first part, I will not go into many details, we will go over the topics that I will cover in the coming weeks and some basic tips.
First of all, don’t invest money you are not ready to lose, it’s that simple, just don’t!
There is no bottom line for crypto investments, you can start with as low as few dollars but do note that you will need a minimum amount to day trade. My absolute bottom line is 0.00100000 BTC, most exchange sites will let you trade under this limit, but let’s set this as the minimum for now. We will use this amount as the example in this series.
Choose the exchange that best fits you, some exchanges work only in certain countries, some are temporarily unavailable to new users, some have high fees. I use Bittrex most of the time, but there are many others out there: Binance, KuCoin, GDAX, Gemini, Bitstamp etc.
Now that you know that crypto trading is a risk and according to that, you have decided how much money you will invest and in what exchange platform, it’s time to buy the cryptocurrency of your choice and deposit it on the exchange. This varies from country to country and I just can’t guide you through that, you will have to google it.
I will try to publish 2 articles a week, maybe more, and here are the chapters that I plan to cover:
- Crypto Exchange interface, terms and options
- Reading charts and basic indicators
- Technical support tool interface, terms and options
- Technical indicators
- Technical analysis using all the tools and indicators
- Day trading tactics and tips
Cryptocurrency day trading can look complicated at first if you are new to this, but trading is not that complicated since this is a new market and you can conquer this in a week.
Let me know if you have any questions and special topics you want me to cover and don't forget to follow me to get the tips and tricks. See ya!
The markets are so irrational its untrue. i have been trading from eth being around 4 dollars and if i have learned anything it is that the market will do as it pleases at the most inopportune moments. i have won big and lost as well. If you are like me punting with a small stack sub 10k then you can only hope to ride a wave and sell close to the top. dam its a fun roller coaster though!! top work minimizing risk for new traders.
I understand you man, it can hit you hard, it happened to me, no matter how good you are. My point here is to minimize the risk, a lot of people don't even know the basics and they lose a lot of money fast.
i agree and people get rekt hard because they trade on emotion without patience. information on minimizing risk for people is invaluable, people need to learn to read the market before spending a penny.
Exactly! You wouldn't give hundreds of dollars to random people on street, so why doing it on exchange? haha
Thanks for the great post, follow and upvote from me!
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hola! I like your post! Thanks for it! I went to jail because of cryptos... lets make steemit together to a better place with our content! I would like to read a bit more about you and maybe do you have some more pictures? I also just wrote a introduce yourself. Maybe you upvote me and follow me swell as I do? https://busy.org/introduceyourself/@mykarma/1-jail-review-bitcoins-3-years-ago