Day trading BTC

Traders can lose equally as much if not sometimes more than they can make in a volatile market. Trading Bitcoin is riskier than stocks, regardless of what you think. No bot, mind, or guide will allow you to trade bitcoin (lack of fundamentals) better than stocks (fundamentally backed)

 

Investing and trading are two completely different things. You make money on price moving in a direction, whether it's up or down is irrelevant.

I think I wrote this earlier, but how traders make money is by using technical analysis to figure out their risk:reward + winrate % (which can be determined only by previous experience of the specific setup).

For example:
If you enter a trade with $100 vs $200 (risk:reward), you must win more than 33% of your trades for that exact specific setup to be profitable.

If you enter a trade with $200 vs $100 (risk:reward), then you must win more than 67% of your trades for that exact specific setup to be profitable.


The exact same thing applies in stocks, forex and any market. If you are trading a pair on an exchange with high volume and liquidity, the chances of a flash-crash happening and destroying you through your stoploss are very slim.

 

I understand what you're saying, but you haven't included the ability to figure out when said trade will go up next. If it goes down AGAIN, after you purchased it, you boned yourself.

 

risk is higher, so is the reward.
You clearly have never traded crypto or just lost it all...

 

No, lol. I bought XRP at 0.90 and sold at 3.00 (+$4k). I wish I had sold at 3.70, however I did not expect it to keep coming down. I now also hold 3,000 XLM and have watched the price drop over the course of the past few months, with hourly updates.

 

well done, sounds like a random trade you have done. You can also short the market and make money while it drops

 

Thank you, and it was, partially. Saddest thing is I have 2 BTC stored away somewhere but I don't remember any of my details.

 

The process of technical analysis (if done correctly) should give you an overall outlook on where price action could be headed. Price can travel in 2 directions only (up or down), so that means you either win or you lose.

If your idea of price movement is WRONG, then price would have reached your stoploss and you will lose money.
If your idea of price movement is CORRECT, then price would have reached your targets and you will win money.
But of course there are exceptions to the rule where you may close a position early due to something unexpected happening in price action to invalidate your original trade setup. (this is something traders must be prepared for)

Trading isn't about being a mastermind genius and winning every single trade you enter, it's simply about winning more trades than you lose.

Example:
Let's say you only trade BTC/USD on only ONE type of trade setup, which you have already practiced 10,000 times. you won 4500 times and lost 5500 times. (45% winrate)
You see the exact type of setup forming infront of your eyes live on the chart
You decide to enter this trade with $500 risk and $1000 reward, and you plan on doing this from now on.

Over the next 10,000 trades, you are likely to make:
4500 x $1000 - $ 5500 x 500 = $1,750,000
Of course this is a hypothetical example, but what I'm saying is that if you manage your risk correctly+ your technical analysis is on point + you have a solid understanding of the fundamentals behind the pair you are trading then you are probably going to profitable.

Mastery in these 3 concepts (risk management/technical analysis/fundamentals) is what all traders seek and I can promise you that it's really damn hard to do.

Think about what you said "trading btc is the stupidest thing you can do", then why do people who consistently make money off trading BTC exist if your statement was true?

 

Hello bois. How to trade BTC: Watch for RSI going to the shithold. Watch for EMA crossover. And hologram(if I remember correctly) for the up and down. And Bullish divergences. Easy trading. Anyways, just another form of gambling.