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Day Trading Crypto In A Programmatic Way
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2019-07-29 at 11:50 PM UTCDo any of you day trade or use programming for finances?
I made a little Android app that checks gold and silver prices and lets me know what my stash is up to.
But I also started another program that I'd like to check crypto prices and look for patterns and either alert me or maybe automatically trade one for the other.
What do you think? -
2019-07-29 at 11:58 PM UTCI've considered writing trading algorithms that process open data like news articles and stuff. might actually get into it now
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2019-07-31 at 12:22 AM UTC
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2019-07-31 at 1:16 AM UTCYou can download historical data and poll the current price pretty easily. You could run an analysis and make day trades based on that. It seems like the price is so news/trend driven though, I'm not sure how well you'd be able to predict price fluctuations based on short term trends.
If you got into actual programmatic trading I'd be worried the fees and time to transact would just kill you though -
2019-07-31 at 9:53 PM UTC
Originally posted by Lanny You can download historical data and poll the current price pretty easily. You could run an analysis and make day trades based on that. It seems like the price is so news/trend driven though, I'm not sure how well you'd be able to predict price fluctuations based on short term trends.
If you got into actual programmatic trading I'd be worried the fees and time to transact would just kill you though
Yeah. I'm likely just going to try with like $500. -
2019-08-03 at 5:13 PM UTCI was actually considering trading based on ratios of one crypto to another. Basing it on previous averages.
Not sure if it's a bad idea or not... -
2019-08-03 at 5:56 PM UTC
Originally posted by SBTlauien I was actually considering trading based on ratios of one crypto to another. Basing it on previous averages.
Not sure if it's a bad idea or not…
every trading idea that you have someone already has had it and are in use.
why do you thing all those markets go up and down in spikes ?
automated tradings. -
2019-08-03 at 5:58 PM UTCI think cypto would be a way easier algorithm than traditional commodities because you can track its use and prevalence and market share through the blockchain it uses.
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2019-08-03 at 6:09 PM UTC
Originally posted by Sudo I think cypto would be a way easier algorithm than traditional commodities because you can track its use and prevalence and market share through the blockchain it uses.
the ability to track their uses wont turn your algorithms into a crystall ball.
you will still not be able to tell the future. -
2019-08-03 at 6:22 PM UTC
Originally posted by Sudo I think cypto would be a way easier algorithm than traditional commodities because you can track its use and prevalence and market share through the blockchain it uses.
How would you extract the information from that blockchain though?
Besides, crypto is on the way out. Gamer girl bathwater is the new currency of the internet. -
2019-08-03 at 7:07 PM UTCI use robinhood for stocks which is 0 commisions for trades, I've traded what would have costed thousands of dollars in commissions from other brokers for free, but they also have a bitcoin security where you don't actually buy bitcoin itself, but you buy based on the price as is and then can sell whenever you want at whatever price without handling bitcoin itself... so you are basically trading for the dollar with money instead of bitcoin, which is ideal for this scenario. No fees, no transaction confirmations or whatever.. but you don't actually own bitcoin, just shares.
I don't know if you're allowed to day trade it or not. With robinhood you have to have 25k to pattern day trade, but idk if that applies to their btc service or not. You can still do 2 or 3 day trades a week though without being pattern day trader. Check it out. -
2019-08-03 at 7:10 PM UTCI use to follow bitcoin ticker every day in study hall, and I learned that the price always followed the same damn pattern every day and night and I was like "I should just buy at x time and sell at x time every day and make money" and I would have made a ton, but getting a mtgox account was too hard.
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2019-08-03 at 9:52 PM UTC
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2019-08-05 at 9:07 AM UTC
Originally posted by SBTlauien Do you think I have a chance?
No (or at least, incredibly slim chances).
Originally posted by SBTlauien Or am I wasting my time?
Maybe.
It depends on how much domain knowledge and skill you bring from both programming and finance, and also where you set your expectations and what you truly hope to get out of it.
If you have a strong background in programming and at least some understanding of corporate finance and/or different trading markets, or the opposite, or even strong backgrounds in both, then I'd say... Why not give it a try?
The only thing is that, as others have mentioned in this thread already, you will pretty much be playing a game with casino-level odds, bringing with you only a very slight advantage over the average Joe/Jane without fancy algorithms to guide them.
You will be competing against enormous Wall Street firms with millions of dollars worth of computing power, and entire teams of PhD's in quantitative trading, economics, computer science, etc.
All that being said, I'm still working on developing some mini-projects in this area, but they are super low priority for me because I already know my odds of any bank breaking dividends are incredibly slim. For me, it's an educational experiment more than anything.
Even once you've selected a few specific metrics to guide your decision making (and there are A LOT to choose from), you will ultimately have to rely on intuition in the end for the final decision.
Try it if you want, but just don't expect to get bougie rich off of it.
The only way to do that is either start with millions of dollars, insider trading, or getting really really lucky. -
2019-08-05 at 9:11 AM UTCWait a sec, I thought you were talking like stock in publicly traded companies...
Crypto...
It's 100% luck.
You're better off starting construction of a time machine tbqh. -
2019-08-05 at 10:12 AM UTC
Originally posted by DietPiano I use robinhood for stocks which is 0 commisions for trades, I've traded what would have costed thousands of dollars in commissions from other brokers for free, but they also have a bitcoin security where you don't actually buy bitcoin itself, but you buy based on the price as is and then can sell whenever you want at whatever price without handling bitcoin itself… so you are basically trading for the dollar with money instead of bitcoin, which is ideal for this scenario. No fees, no transaction confirmations or whatever.. but you don't actually own bitcoin, just shares.
I don't know if you're allowed to day trade it or not. With robinhood you have to have 25k to pattern day trade, but idk if that applies to their btc service or not. You can still do 2 or 3 day trades a week though without being pattern day trader. Check it out.
Originally posted by DietPiano I use robinhood for stocks which is 0 commisions for trades, I've traded what would have costed thousands of dollars in commissions from other brokers for free, but they also have a bitcoin security where you don't actually buy bitcoin itself, but you buy based on the price as is and then can sell whenever you want at whatever price without handling bitcoin itself… so you are basically trading for the dollar with money instead of bitcoin, which is ideal for this scenario. No fees, no transaction confirmations or whatever.. but you don't actually own bitcoin, just shares.
I don't know if you're allowed to day trade it or not. With robinhood you have to have 25k to pattern day trade, but idk if that applies to their btc service or not. You can still do 2 or 3 day trades a week though without being pattern day trader. Check it out.
Originally posted by DietPiano I use robinhood for stocks which is 0 commisions for trades, I've traded what would have costed thousands of dollars in commissions from other brokers for free, but they also have a bitcoin security where you don't actually buy bitcoin itself, but you buy based on the price as is and then can sell whenever you want at whatever price without handling bitcoin itself… so you are basically trading for the dollar with money instead of bitcoin, which is ideal for this scenario. No fees, no transaction confirmations or whatever.. but you don't actually own bitcoin, just shares.
I don't know if you're allowed to day trade it or not. With robinhood you have to have 25k to pattern day trade, but idk if that applies to their btc service or not. You can still do 2 or 3 day trades a week though without being pattern day trader. Check it out.
Ignore really good advice maybe -
2019-08-05 at 10:15 AM UTCThe following users say it would be alright if the author of this post didn't die in a fire!
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2019-08-05 at 11:52 PM UTCWell, I need to do something.
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2019-08-06 at 12:01 AM UTChave you considered a roth ira?
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2019-08-06 at 3:49 AM UTC
