Starting Crypto Day Trading

Starting Crypto Day Trading
Aug 24 2
Starting Crypto Day Trading

Day trading is a trading method in which an individual can profit by executing multiple orders of one or more assets throughout the same trading day. 

Unlike buy-and-hold investors focused on long-term strategies, day traders are looking for rapid profitable chances. Though profits are never guaranteed, day trading is quite popular among savvy investors. 

Wondering how to get started with day trading? Read more to find out.

Market Analysis for Day Traders

Before you start day trading, make sure day trading is for you. Day trading can be intense, and you should always be up to date with the latest cryptocurrency news. Find out if there are any significant events or information that may influence the price of the coin of your choice. 

Also, familiarise yourself with the complexities of crypto technical analysis and focus on your risk management strategy. 

Alternatively, you can easily connect with a broker to help you get started. Registering takes a minute and you can get transferred to the most popular broker in your area in no time. You can find out more at https://bitcoin-profit.app/ and learn how it works.  

Determining a Profitable Coin

The next step is to select the coins you believe will be profitable for the day. Look for a crypto with a high degree of volatility and a high 24-hour trading volume rate.

Avoid stagnant or non-volatile coins. Even if the currency you are looking at has a large market cap, you should disregard it if it is stagnant. Take a crypto that swings up and down in seconds. It is okay if the coin you are considering has a roughly 10% 24-hour rate change. Remember that the greater the number, the better. There is a chance you won’t get anything out of it, but that’s the game. 

Explore Different Technical Indicators

From support and resistance levels to Bollinger bands, there are many technical indicators to explore. Below we will briefly present three types of tech indicators to give you an idea about what to expect. Keep in mind that such indicators are just that: indicators. They can’t guarantee profits.

Tip: Consult a professional to help you understand the nature of crypto technical analysis. Also, never impulse buy and never invest more than you can lose! 

Bollinger bands

Bollinger bands can help traders determine entry and exit points, as well as overbought and oversold conditions. When analysing them, you’ll see that between the upper and lower lies the moving average. Note that you may also use SMA (simple moving average) or EMA (exponential moving average) instead.

Stochastic RSI

The stochastic RSI (StochRSI) is another tool for determining if a coin is overbought or oversold and for determining market trends. This indicator derives its values from the RSI and gives a solid indication of a possible entry opportunity.

Volume

One of the indications that traders should constantly keep an eye on is volume. This indicator helps determine the number of assets exchanged in the market during a specified period. When the volume of a coin grows, buyer pressure grows, causing the item’s price to rise. However, if the volume drops while the price remains stable or rises steadily, it suggests that consumers are losing interest, and trends may be reversing.

Closing Thoughts

Crypto day trading is a popular trading method among experienced traders. It is a high-risk endeavour made viable because of the cryptocurrency markets’ tremendous volatility and liquidity. 

If you also want to give it a go, remember there are many factors to consider as well as various trading strategies. Always do your research!

Les opinions et appréciations exprimées dans le texte sont celles de l'auteur de l'article et peuvent ne pas représenter la position de Cryptogeek. N'oubliez pas qu'investir dans des crypto-monnaies et négocier en bourse est associé à un risque. Avant de prendre des décisions, assurez-vous de faire vos propres recherches sur le marché et les produits qui vous intéressent.


Bruce David
3 December 2023
Is it possible for one to recover lost in crypto, as the case may be, on your own; you will need the help of a qualified expert. An individual or group of persons who are skilled at operating within the crypto network are known as recovery specialists. They possess in-depth knowledge of the whole network, the appropriate software, and the secret keys necessary to track each transaction. I lost $64, 000 worth of Bitcoin in a binary option scam, but thanks to Mr. Jeff's great advice, I recovered every cent back. MAILING LIST: Jeffsilbert39 G mail + 1 (470 ) 469-9769.

Bruce David
30 November 2023
Am a victim to them please guys stay away from this platform. I managed to get help from Marketpeace.net they helped with my re claim Jeff was helpful you can WhatsApp him + 1 (470 ) 469-9769.