How to Become a Bitcoin Day Trader?

[Suba]

How to Become a Bitcoin Day Trader?
Have you ever wanted to make day trader your job, before further discussion, I should first explain what day trader is? Day Trader is an activity of buying and selling at a broker actively for 1 day. The usual frequency of trades is made several times a day, but without carrying open positions to the next day.
They generally have a variety of trading methods, strategies and plans that are clear for their trading success. In carrying out their activities, day traders usually use influential elements such as Stop Loss, profit targets, and certain leverage that can control losses and profits.
Here are 7 steps to becoming a day trader:

1. Ask yourself questions
Becoming a day trader is not as easy as what we imagine. Before you switch professions to make this job your permanent job, there are a number of things you should ask yourself, namely:
- Have I been ready to sit all day at the computer
- Am I ready to take the risk?

2. Determine the initial capital
To do full time trading at least you have $ 150,000, beginner traders can start with a smaller amount, depending on the trading plan chosen, trading frequency, and other costs they bear.

3. Study the market
Day trading requires a solid knowledge base of how the markets work. such as margin requirements, tradable crypto pairs etc.

4. Define a strategy
After studying the market and how the trading world works, a trader must develop the best strategy for trading. Learn about trading strategies and terms commonly used in the trading world.

5. Choose the Best Crypto Exchange
Day traders should pay attention to exchange fees, because day traders will carry out many transactions. Also pay attention to other trading services.

6. Perform Simulation
Perform trading simulations or trials on a virtual account
Test your strategy on a virtual account so you don't lose real money.

7. Starting from a small capital
Bitcoin trading should start with a small capital while learning what strategies need to be used.

 

[Kamon c4]

Here in my country you can start bitcoin trade with less. As little as $10,000 it depends on your determination and people you know

 

[Niftyyem]

Thank you for the invaluable lessons in your tutorial. I have always wondered what it takes to be a day trader and I am more enlightened by this piece.

 

[Tiwa]

Becoming a Bitcoin day trader is something I believe should be left for the professional( Those that have gone through paper and practical learning stages.Tested the waters and experience their own share of losses and gains. Its a viable option but also tasking like you said,such person will have to be by the system almost all day.And be a risk taker. Its not for the feeble at all.

 

[Lagazine]

Starting Bitcoin trading depends on the country you are trading from. If you are planning a trade from a country where you have access to dollars without any loss or charge, it's good to start with at least $2000 for easy trading, and look for customers in a region where $ value is very high, compared to their currency for easy trade with interest.

 

[Hassan14]

How to Become a Bitcoin Day Trader?
Have you ever wanted to make day trader your job, before further discussion, I should first explain what day trader is? Day Trader is an activity of buying and selling at a broker actively for 1 day. The usual frequency of trades is made several times a day, but without carrying open positions to the next day.
They generally have a variety of trading methods, strategies and plans that are clear for their trading success. In carrying out their activities, day traders usually use influential elements such as Stop Loss, profit targets, and certain leverage that can control losses and profits.
Here are 7 steps to becoming a day trader:

1. Ask yourself questions
Becoming a day trader is not as easy as what we imagine. Before you switch professions to make this job your permanent job, there are a number of things you should ask yourself, namely:
- Have I been ready to sit all day at the computer
- Am I ready to take the risk?

2. Determine the initial capital
To do full time trading at least you have $ 150,000, beginner traders can start with a smaller amount, depending on the trading plan chosen, trading frequency, and other costs they bear.

3. Study the market
Day trading requires a solid knowledge base of how the markets work. such as margin requirements, tradable crypto pairs etc.

4. Define a strategy
After studying the market and how the trading world works, a trader must develop the best strategy for trading. Learn about trading strategies and terms commonly used in the trading world.

5. Choose the Best Crypto Exchange
Day traders should pay attention to exchange fees, because day traders will carry out many transactions. Also pay attention to other trading services.

6. Perform Simulation
Perform trading simulations or trials on a virtual account
Test your strategy on a virtual account so you don't lose real money.

7. Starting from a small capital
Bitcoin trading should start with a small capital while learning what strategies need to be used.

First of all, you have to understand that trading can be successful, it can be a good trading and it can make a lot of money, and I think the trading can be started from about two thousand dollars. There is a lot that can be done and a lot of profit can be made from reading so much money.

 

[Iamsodex]

Nice tips there. Day trading isn't so easy as it requires a bit of perfection. It gets you little percentage of income most times as you are always looking for the perfect entry and also would not want to overtrade. These tips highlighted above are professional and factual.

 

[harryper]

I don't think it is a good idea for anyone to start trading financial market after learning how without first practicing with a demo account. Whatever strategy someone come up with, they should first confirm it in demo account. And in cases where a demo account isn't available, trading with a small amount at first is best, don't just start trading with a balance of $150k. Only after confirming your strategy with a demo account or with a small amount should you trade with a big amount.

 

[Rimsha kanwal]

How to Become a Bitcoin Day Trader?
Have you ever wanted to make day trader your job, before further discussion, I should first explain what day trader is? Day Trader is an activity of buying and selling at a broker actively for 1 day. The usual frequency of trades is made several times a day, but without carrying open positions to the next day.
They generally have a variety of trading methods, strategies and plans that are clear for their trading success. In carrying out their activities, day traders usually use influential elements such as Stop Loss, profit targets, and certain leverage that can control losses and profits.
Here are 7 steps to becoming a day trader:

1. Ask yourself questions
Becoming a day trader is not as easy as what we imagine. Before you switch professions to make this job your permanent job, there are a number of things you should ask yourself, namely:
- Have I been ready to sit all day at the computer
- Am I ready to take the risk?

2. Determine the initial capital
To do full time trading at least you have $ 150,000, beginner traders can start with a smaller amount, depending on the trading plan chosen, trading frequency, and other costs they bear.

3. Study the market
Day trading requires a solid knowledge base of how the markets work. such as margin requirements, tradable crypto pairs etc.

4. Define a strategy
After studying the market and how the trading world works, a trader must develop the best strategy for trading. Learn about trading strategies and terms commonly used in the trading world.

5. Choose the Best Crypto Exchange
Day traders should pay attention to exchange fees, because day traders will carry out many transactions. Also pay attention to other trading services.

6. Perform Simulation
Perform trading simulations or trials on a virtual account
Test your strategy on a virtual account so you don't lose real money.

7. Starting from a small capital
Bitcoin trading should start with a small capital while learning what strategies need to be used.

Successful day traders will have a deep understanding of the market and a good chunk of experience. Day traders will typically use technical analysis (TA) to create trade ideas. They will usually use volume, price action, chart patterns, and technical indicators to identify entry and exit points for trades. As with any trading strategy, risk management is essential for success in day trading.

 

[Erik4150]

I dont think becoming a bitcoin day trader will be easy. You are right by saying anybody who intends to go for this business must do research and apply strategies and all.
One of the bright sides is that being a bitcoin day trader doesn't require too much capital.
I might consider this line of business one day.

 

[Nurudeen]

This is a good and comprehensive guide from you on how to be a day trader with crypto currency exchange Business. The best advice I give newbies who want to go into this business is to get adequate knowledge because lack of knowledge can make them lose their money within the twinkle Of an eye if care is not taken.

 

[Ralphjoe]

This is an enlightening post, it's so apt and concise, atleast now I know who a day trader is and the requirements. I normally see some of these terminologies on my Luno account and i get confused most times about this, thanks for a wonderful exposé.

 

[Bilal0087]

How to Become a Bitcoin Day Trader?
Have you ever wanted to make day trader your job, before further discussion, I should first explain what day trader is? Day Trader is an activity of buying and selling at a broker actively for 1 day. The usual frequency of trades is made several times a day, but without carrying open positions to the next day.
They generally have a variety of trading methods, strategies and plans that are clear for their trading success. In carrying out their activities, day traders usually use influential elements such as Stop Loss, profit targets, and certain leverage that can control losses and profits.
Here are 7 steps to becoming a day trader:

1. Ask yourself questions
Becoming a day trader is not as easy as what we imagine. Before you switch professions to make this job your permanent job, there are a number of things you should ask yourself, namely:
- Have I been ready to sit all day at the computer
- Am I ready to take the risk?

2. Determine the initial capital
To do full time trading at least you have $ 150,000, beginner traders can start with a smaller amount, depending on the trading plan chosen, trading frequency, and other costs they bear.

3. Study the market
Day trading requires a solid knowledge base of how the markets work. such as margin requirements, tradable crypto pairs etc.

4. Define a strategy
After studying the market and how the trading world works, a trader must develop the best strategy for trading. Learn about trading strategies and terms commonly used in the trading world.

5. Choose the Best Crypto Exchange
Day traders should pay attention to exchange fees, because day traders will carry out many transactions. Also pay attention to other trading services.

6. Perform Simulation
Perform trading simulations or trials on a virtual account
Test your strategy on a virtual account so you don't lose real money.

7. Starting from a small capital
Bitcoin trading should start with a small capital while learning what strategies need to be used.

The cryptocurrency is always unpredictable and highly risky, only a person can become successful in Crypto trading or investment who have courage to take risk.
I will suggest all the new comers to invest that amount which you have courage to lost..

 

[Ridorz]

Thank for the update, I see it as a valid article.
To be come a Bitcoin day trader is not easy at all because you must ba person that will devoted all his/her time for it in which to be monitoring it every minute to minute. You have left your other job for it, though it can make you rich.

 

[BrolySSJ]

I think being able to perform virtual simulations on a trading environment will provide you with invaluable knowledge as to what to look out for in trades and so forth. Of course when you're learning to trade it always helps to say something first before you actually implemented however having a virtual account or simulation when are you to try your own trading mechanisms and trading methods before you try them with actual funds that you may invest. It will also help to increase your confidence and the traits that you make when you do become a day trader.

 

[Setfragil]

To become a bitcoin day trader is not a difficult thing to do once you have the basic knowledge of what bitcoin and cryptocurrency in general is all about and you have the capital to fund the trade, you can trade bitcoin.

 

[Nomad]

I don't think bitcoin trading is profitable any money because of high price. Instead, you will have to invest and hold for a long time in order to benefit from bitcons.

 

[Elfinito]

Nice write up and I would recommend any new trader to learn from this message.
Thank you for sharing your knowledge with the community

 

[Sotherefore]

Wow well understood. Fundamental analysis is always one of the most important thing You can look for when people are really interested to know how to trade because this carry all the information you need as a cryptocurrency trader.

 

[Justin]

In order to trade bitcoin you need a lot of money, if you have a lot f money, you can watch bitcoin price and as soon as the price drops, you will have to buy bitcoin and wait to sell when the price goes up