How to Day Trade CryptoCurrency - Binance Day Trading - Day Trade Crypto
How to day trade cryptocurrency using Binance!
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Question... when you are trading coins between bitcoin or ethereum as their price fluctuates does that have any affect on the coin you are trading? For example you wanted to sell NEO at .143700 but if the price of ethereum goes up or down that .143700 could mean $160 NEO or a $170 NEO. Is that correct or do I have that all wrong?
That is correct. There is a mindset shift that has to take place, you have to see ethereum as the currency your trying to boost versus trying to boost the USD value, irrespective of ETH's fluctuations. Otherwise, in your example, you would simply not have bought any NEO and had more USD just from hodling ETH.
Additionally in your example, If ETH price significantly drops, your buy order might go through despite NEO price not changing. But that should not matter if you still have faith in ETH and believe its USD will bounce back.
Great point about the mindset. Thanks!
So what you’re saying is it is best to trade for more ETH even if the price of the coin is the same or possibly lower as when you bought it rather than trading the coin at a higher price?
Yes, as long as the # of ETH you hold is greater than the oringinal.
Gotcha! Thank you for clearing that up for me. Really appreciate it!!
I actually had the same question. Thank you guys for the responses.
This is what it’s all about. Helping each other out and making money together! 👍🏻
Good answer. Also need to say that if ETH price goes down during NEO buy/sell process you end up owning more ETH anyway. It's the same as selling ETH when it's high and buying when it drops. It always preserves the value.
Yes, this is what I implied but it is important ot mention.
And if that’s the case wouldn’t you want to watch the price of NEO instead of watching the .143700?
You're right, that's why you should trade based on Ethereum due to its (more) stable value.
I found easier to trade on Bitcoin for some reason
Did you suffer from the high transaction fees? I usually trade in ETH since remember when my friend traded in BTC the fees were about 2 times higher than ETH
Think of it as exchanging USD for the Euro. Each has their own value and both fluctuate as well.
HOLD gang
Totally correct on your part. I always look at the USD value of the instrument used and the USD value of the coin purchased at time of buy and again at time of sell. Easiest way for me to make sure I never get burned on converting back to ETH or BTC.
Thanks for the help!
I personally like to hodl my coins for a big payday.
Me too. Daytrading is a long term goal but the day job gets in the way. :-)
I just waiting for RXP to come alive
especially when the market breaks out
daytrading is what I have been doing to stimulate my mind lately haha. very much enjoy your videos.
Seems like a lot of sitting around, stressfully watching the graph move in your favor.
Yay been waiting for over a week for the approval of my steemit account! I'm a crypto newbie been wanting to give day trading a try. Great videos keep up the excellent work!
Thanks for the tips!
Really enjoyed your mindset getting into day trading as a newby. I'm trying to start doing some day trades soon myself.
Managed to catch this during the Livestream. It was really cool to actually follow along and see what you were thinking instead of just reading the messages of completed trades on the Telegram group. Really puts things into perspective and as always it's nice that you take some time to interact with your audience.
Keep up the great work and looking forward to future content.
I love your show! You got my first Steemit upvote and follow! Watch ya all the time on Youtube!
When you day trade is it better to use the 1 or 5 minute chart? Also, what's your stop loss set at as in percentage to your buy order? Well stream btw and as a starter to this whole cryptocurrency market, I have learned most from you and your daily uploads such as reading the charts and knowing when to get in using different indicators.
1min is too low as it reflects random price movements and "noise" in the market that can trick you into thinking a move is happening. Saying that I have seen people trade 1min and be successful but it takes alot of skill.