2018-12-02 at 10:50 PM UTC
Everywhere I look people are saying not to do this, you'll lose all your money, it's just like going to the casino, come back when you lose it all so I can laugh at you, etc. But what makes it so hard? I have a feeling all those people are just making money doing it themselves and they don't want other people to.
I've been watching the price of BTC over the past week or so and it's bounced around between like 3700 and 4200. That's a 13.5% increase if you buy and sell at those prices. Trading fees are like between 0.1% and 0.2% per trade depending on whether you are buying or selling. And if you buy in via bank transfer, you don't have to pay a fee for buying the bitcoin (on some exchanges).
On top of all that, you can put in buy or sell orders when BTC reaches a certain price. It seems to me like you could buy some medium quantity of btc at a lower point, then just wait til it goes up and then it sells. Of course there's a chance that btc could go down the shitter, then you'd be screwed on that transaction at least, but if it continues bouncing around like it has been, I don't really see how you could go wrong unless you're a complete idiot or let your emotions get involved. I mean it might be difficult to make a reliable income from, but shouldn't it be easy to use it to passively make a little money on the side?
2018-12-03 at 2:21 AM UTC
YOu can make more than what you do working a day job if you put enough in
2018-12-03 at 3:40 PM UTC
At any moment, almost by definition the market has equal chance of rising as falling.
If it didn't everyone would buy or sell straight away.
At least that's economic theory, and not quite true in the real world, but how do you know you can predict trends?
The majority of day traders make money from analysis, stewarding information, or from being a "market maker", basixally providing liquidity by selling on small rises and buying on small dips.
Your OP makes it sound like you think you're just going to buy and become rich by HODLing. Which is perfectly valid, but isn't day trading.
2018-12-03 at 5:45 PM UTC
More money than a day job at macdonalds + daytrading
2018-12-03 at 6:26 PM UTC
Anyone remember the 90s, when all these assholes quit their jobs to become "day traders" by selling WebVan stock to each other over 56k modems, then all got wiped out when the tech bubble sort of petered out.
2018-12-03 at 6:30 PM UTC
GGG
victim of incest
[my veinlike two-fold aepyornidae]
You risk less and gain more by hodling. You also wait a lot longer.
Don't hodl bitcoin though. It's dying.
2018-12-03 at 6:43 PM UTC
I tried it circa 2001 or around that time with $1000...ended the day with $3xx ...that was the end of my day trading career.
2018-12-03 at 7:57 PM UTC
Yeah its fun as hell, I used to have a whole bitcoin but then sold it cuz I thought hodl was too risky, made several k. You need a wallet that you can switch it between crypto and dollars quickly, I used to use circle but I don't know if that works anymore.
