Cryptocurrency Market Loses $17 Billion in 24 Hours as Ethereum Falls 7% The cryptocurrency market has recorded a loss of over $17 billion in the past 24 hours, triggered by the loss of major cryptocurrencies
There are a lot of theoretical trading tips out there from novice traders (watch out who you follow on YouTube). There are also just as many experienced traders who really know what they’re doing and share great strategies with the general public.
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However, today I’m going to go over some of my own personal time-tested cryptocurrency trading tips. These are just some of the techniques I found, through my own trial and error, helped me generate steady profits day trading within the volatile cryptocurrency market.
The entire goal of day trading is to produce quick and steady profits over the course of a few hours? Day trading can be a fast way to make money if you know what you’re doing and a fast way of losing it if you don’t.
Day trading has always been summed up as quick “in and out” trading during the day for traditional stocks, however the cryptocurrency exchanges never close, so trades can resume 24/7. Due to this fact, cryptocurrency trading can be very lucrative no matter what your particular schedule is.
Now remember, if you decide to enter the day trading arena, you can’t exactly hold a coin over the long term. This usually entails getting in and out of a trade within an hour or two. Anything trade over a 24 hour period of time would be considered swing trading. We’ll cover that in another guide.
So let’s get started with a few fundamental tips.
When first embarking on your day trading journey, it’s best to eliminate any sort of wild swings or fluctuations within the marketplace. This is why I highly recommend you start out trading USDT to bitcoin or other Altcoin pairs so that you’re not dealing with fluctuations on both sides of a currency when trading pairs. USDT is a stable baseline commodity that will not fluctuate while you’re trading with your current altcoin.
Now let’s get down the actual strategy. Assuming your exchange has 15 USDT, your goal for the day should be to produce 1% to 2% from 7 different altcoins or even one single altcoin, which show a history of stability over the last 3 to 5 days, in order to produce a minimum of 7% profit, that’s 49% profit over the course of a week. Utilizing this simple yet effective strategy can double the profit of your initial investment in just under two weeks.
The goal here is to accumulate smaller profits into a much larger one, over a set course of time. If you want to aim for a higher percentage, that’s not a problem either, but you should be ready to face any consequences that can result from being a bit too greedy. Generally speaking, if you stick to around 1-2% increments, you’ll be safe from any significant losses that may incur from our natural instincts to want more.
Never buy a coin under pressure, as long as there is profit to take. Just remember that if you’re walking away with profit, your winning. Do not look back and fight the urge to speculate on “your potential best case scenario profit”.
If you accept somebody else’s price (that is already listed in the order books) then the trade will take place and you will pay a higher fee because you accepted (took) the offered price. In this situation you are the “taker”. It’s always advisable to be a maker and not a taker as you will incur lower or no fees from certain exchanges.
A trading bot’s job is to to buy and sell cryptocurrency as you see fit, under the current trading situation. This as opposed to trading on every overbought/oversold RSI signal. Believe me when I tell you, this is a quick way of losing your cryptocurrency.
You want to set the trading bot to buy and sell your chosen coin at 1-2% intervals. You also want to make sure that the cryptocurrency you’re trading is stable over a 24 hour period (longer if possible), or is in a bullish trend (upward movement).
From that point, you want to assign the trading bot to do the heavy lifting of buying and selling between the 1-2% intervals as opposed to you manually doing it within the exchange.
NOTE: A nice stable coin worthy of daytrading, is usually one represented with 24 hours of consolidation, so make sure you’re checking your daily timeframe (or even the 4 hour will do) on your charts.
You can tweak your trading bot, as per your preference, through following indicators like Stochastics or RSI on the 5- 30 minute timeframe. I’ll most likely write another detailed article (or video) in the future with regard to bot trading. For now, this should give you something to go off of.
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You’ll have to set trading notifications in order to be notified of these breakouts. We offer a free trading notification service here. I highly recommend you take advantage of this service when utilizing this strategy.
On the other side of the spectrum, you need to set a sell limit order to cash out of the trade when the coin reaches your goal (1-2%). Setting both a limit order and stop loss will allow you to step away from the trade and let these cryptocurrency exchange functions do the job for you, without any emotional attachment from your end.
These are just a few of the fundamental day trading tips that have garnered me a stable income along my day trading career. If you follow these tips and don’t veer too far away from the fundamental strategy, you’ll undoubtedly enjoy a long and prosperous career with day trading.
Good luck and happy trading!
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