Devoting all time to trading

[Anonymous No.6514497]

I really want to devote at least 8 hours a day to crypto. I’ve been swing trading ICX all day and am up 20%. I realized my potential today. If I can focus solely on crypto for at least 3 months, I could be a millionaire. What can I do to keep distractions at a minimum and treat trading as a full time job?

[Anonymous No.6514523]

How do you go about "Day Trading"

[Anonymous No.6514535]

>>6514497
Stop posting here desu

[Anonymous No.6514540]

>>6514497
Move into your mom's basement and have her make you tendies every 3-4 hours so you don't starve

[Anonymous No.6514557]

>daytrading
>crypto

Nigga no lmao why do you want to give the government jews your money?

[OP No.6514567]

>>6514523
you dont.

buy intchain and hodl 1 month.

[Anonymous No.6514624]

Most professional day traders can't outperform an index fund... what does that tell you about day trading?

Buy coins you believe in long term, and hold. If you're making many dozens of trades per day, you're doing it wrong.

[Anonymous No.6514637]

>>6514497
>Devoting time and energy to set up four screens for your computer and using macOS

[Anonymous No.6514651]

>>6514497
I’ve been thinking about this a lot. You don’t need a huge return per day to be a millionaire in under half a year, just like5-10% a day. It’s completely doable if you put all your focus into it.

[Anonymous No.6514659]

>>6514557
i dont get why you said. daytrading has anything to do with more taxes?

[Anonymous No.6514683]

>>6514637

>thinking that windows on ANY FUCKING PLANET is better than OS X for anything other than playing video games

Shouldn't you be asleep? It's a school night.

[Anonymous No.6514748]

Day trading requires you to put up investment an order of magnitude higher than your average likely gain... and the risk of getting burned is high

[Anonymous No.6514810]

>>6514651
5-10% per day lmao.
Not unless you know the future or you're a trading god.

[Anonymous No.6514827]

>>6514497
>only 4 monitors

[Anonymous No.6514836]

>>6514659

You live in the US?

[Anonymous No.6514851]

>>6514683
>Arch Linux

[Anonymous No.6514900]

>>6514851
Forgot pic

[Anonymous No.6514939]

>>6514683
Anyone daytrading without computer assistance is instantly not going to make it. Anyone using computer assistance without linux is not going to make it.

[Anonymous No.6514940]

>>6514810
Do the math. If you get a 5% return per day, you’d be a millionaire in like 7 months. I don’t get why you think that statement is false.

[Anonymous No.6514953]

>>6514497
Uhh crypto is dead dipshit. Get a real job.

[Anonymous No.6514955]

>daytrading cryptos
>Making no more money
>Paying double capital gains tax rather than just holding

[Anonymous No.6514974]

>>6514836
I dont.
would you explain?

[Anonymous No.6515029]

>>6514974

Crypto to crypto transactions are taxable

[Anonymous No.6515032]

>>6514651
Earning 5% per day is 54,211,841 times your initial investment in a year.

Earning 10% per day is 1,283,305,580,313,352 (yes, quadrillion) times.

[Anonymous No.6515033]

>>6514940
It's not, but you seem to have skipped the quandary of being able to make 5% return every. single. day. With all the shit a bear market can pull on you.
It's not as simple as it sounds. Look at the catalog of pink wojacks whenever shit is going down.

[Anonymous No.6515044]

>>6514953
Volatility is at an all time high. Volatility is great for swing trading.

[Anonymous No.6515144]

>>6515033
When I see pink wojaks, that’s when I buy. What you guys call a “bear market” in crypto is a bull market with a slight correction that scares weak hands into selling valuable bags at a cheap price. If you guys are scared in the market we have right now, you’re going to hate to see a real bear market.

[Anonymous No.6515180]

>>6514497
>daytrading
>not HODLING

never going to make it brah

[Anonymous No.6515218]

>>6515029
Literally nobody is going to follow that rule and unless the IRS goes through millions of people’s trading history full of hundreds of transactions a year, they won’t enforce it.

[Anonymous No.6515264]

>>6515144
You're a dumbass if you think you can hit 5% returns every single day. No person has ever done that before, and probably never will do that.

A $10k investment at 5% will turn you into the richest man in the world five times over in a single year.

[Anonymous No.6515274]

>>6514624
It tells me most people are retarded
Like in every other aspect of life

But I'm special so idgaf

[Anonymous No.6515288]

I just went on a vacation to Key West Florida to focus on only trading for 2 weeks. Goal in the least is to be able to pay for the trip and right now I have accomplished that with 5 days to spare.

[Anonymous No.6515331]

>>6514810
5% a day is ez as piss
Git in some low-mid marketcap coins and learn to spot whales. If you have half a brain you can scalp 5% a day, if you little under half a brain just wait and exploit his pump cycles

[Anonymous No.6515332]

>>6515029
I don't pay tax on my runescape gold earnings the IRS can eat me

[Anonymous No.6515380]

>>6515264
Plenty of people do it.. if you can't set yourself up for a 20% gain every 4 days them idk what to say dude

[Anonymous No.6515470]

>>6515331
Exactly. Like I said in my first post, I just did 20% in a day like today when everything is going to shit. I really don’t know why everybody thinks it’s so hard. It took me all day, with over 20 buys/sells at 1% each, but I did it. People really think making a 1% return a dozen times a day is hard? I came here for advice, but I just see a bunch of people who probably buy at the ATH and panic sell at the low, which is the exact opposite of what I’ve been doing.

[Anonymous No.6515566]

>>6514651
>I’ve been thinking about this a lot

Lol no you haven't.

It's impossible to sustain big % gains per day on your entire account, because as your account grows it becomes much harder to get in and out of positions without heavily influencing short term trends.

>just like5-10% a day

good luck getting "just" 5-10% every single day, day after day

[Anonymous No.6515727]

For those of you who doubt, look at ICX right now. That shit has been swinging between 7300 and 6800 all day. When it goes up 70, that’s ~1%. 70 sats is literally fucking nothing. Spot when a whale buys or sells, wait for the dip or surge and buy or sell respectively. Why don’t you guys understand this? Am I going fucking nuts right now? I JUST MADE 20% DOING THIS SHIT AND NOBODY BELIEVES ME! AAAAAAHHHHHHHHHHHHH

[Anonymous No.6515838]

>>6515180
gas yourself

[Anonymous No.6515856]

>>6515566
This is also a legit point
2% a day on 4k is a million after a year
But after you get 100k, can you easily liquidate your position each day? Not really...

[Anonymous No.6515885]

>>6515727
I believe you OP. When I actually work hard at trading, I usually end up with decent returns that day. And that’s just in a few hours. That’s what got me thinking about going all in with trading.

[Anonymous No.6515890]

>>6515727
t. brainlet

[Anonymous No.6515988]

Everyone thinks this when they start out. Welcome newfag

[Anonymous No.6516005]

>>6515727

Lmao you are such a retard. It's impossible to interpret the market right every time. You are bound to lose some day.

[Anonymous No.6516011]

You know what, fuck /biz/. This >>6514535 anon is right. Posting here is a mistake. Bunch of shit traders who don’t realize how easy this is. Salty because they sell at the low and FOMO in at the ATH. I’m trying to help you guys out, maybe give you inspiration on how to make it. I’m aiming for 10% a day. You’re the ones aiming for moon missions everyday and 4x overnight. That’s why you guys don’t realize this simple thing I’m doing. Too busy chasing moon missions.

[Anonymous No.6516055]

>>6516011
Ok anon come back when youve quit your job to trade crypto and tell us how it goes lmao

[Anonymous No.6516091]

>>6516005
Of course I’m not going to hit 20% every single day, but the the days where I get low returns or even negative returns will be made up by the days like today where I get large returns. I don’t get what’s so hard about that.

[Anonymous No.6516137]

Join P&D group were everyone profits even during dips.
Discord >> UXBnfm2
950% on last pump.

[Anonymous No.6516190]

>>6515264
well I've been doing a mix of day and position trading for 2 months now and never traded a day in my life and I'm averaging 7% day. You just HODL 50% on positions, diversify altcoins and daytrade those. Seems pretty obvious to me and has seriously changed my life. I'm hoping to get my mom some quality cancer treatment next month.

[Anonymous No.6516255]

>>6516091
How much is the government's cut from this 20%?

[Anonymous No.6516288]

>>6516190
Which is exactly what I’m doing. 50% long term, 50% day trading. I’m doing pretty well and really just trying to show other anons what can be accomplished. Thanks for backing me up, anon.

[Anonymous No.6516356]

>>6516255
The IRS is only going to tax your total gains, not each individual transaction. If you aren’t a burger you wouldn’t understand. The IRS is probably the laziest bureau we have in our government. They simply are not going to go through millions of people’s individual transactions.

[Anonymous No.6516380]

>>6514497
>quitting your job to day trade a speculative asset that you have no control over and is super volatile

You should also take out a massive loan and mortgage your home and go all in on one coin.

[Anonymous No.6516430]

>>6516255
The more you make the more you pay. Make 2 million? Cool the government will take half of that for the privilege.

[Anonymous No.6516551]

>cucks ITT thinking traders pay tax

im a forex trader and operate all my trading from a trust in the isle of man

[Anonymous No.6516746]

>>6515470
Doing it one day doesn't mean anuthing. Come back in 10 days sustaining your gains steadily and I'll suck your dick

[Anonymous No.6516804]

>>6514497
OP you have to learn how to find the balance between day trading and hodling. This is a delicate process that will leave you with 3/4 trades a month. They teach this over on cryptodealer.io

[Anonymous No.6516937]

>>6515470
so all you did was all in your entire stack on a single coin and waited for dips and pumps by 1%?

[Anonymous No.6517002]

>>6514939
Unironically, this.

[Anonymous No.6517008]

>>6515727
yeah but how did you find the right coin that will swing that hard in a day?

[Anonymous No.6517014]

>>6516804
*BRAAAAAAAP*

[Anonymous No.6517084]

>>6514523
If a coin you have starts rallying for no good reason, gradually sell small portions of your holdings. Then set buy orders for lower than you sold at. Whatever you do NEVER fomo back in at a higher price. Keep enough of your holdings such that even if it genuinely moons you will still make huge profits and won't regret selling what you sold. This doesn't work as well in bull markets since often times the price doesn't come back down. Luckily, we are in a flat/bearish market so this technique will work whenever a coin rally's for no reason.

If you don't have a large enough stack (probably want at least $10K in the coin you are doing this with) then don't even try, as you will inevitably sell more than you care to part with and miss out on real moons, or fomo back in and whittle away your stack. Additionally, don't daytrade shitcoins, as they can tank immediately and you are faced with the decision of selling at a loss or bagholding indefinitely. You can lose 20-30% in one go from this, while you will be getting small gains from each daytrade. As the old saying in daytrading goes, "eat like a bird, shit like an elephant". You don't want to do this. You need consistency and patience to ensure that you will make money in the long-term.

Also, it doesn't really make sense to measure daytrading gains in percentages since it doesn't scale to massive trades. If you are making 5% per day on $100K, don't assume that you will still be making 20% per day once you move up to $1M since the volume just isn't there in crypto (maybe it will work for larger volume coins, but at some point it stops).

Best of luck!

[Anonymous No.6517184]

>>6516937
Yes. And I have rules for myself if it starts dipping hard to stop significant losses.

>>6517008
Look for patterns, whales, horizontal trends, etc. There are multiple things I look for. ICX has had the same pattern for a few days now. That’s how I picked it for today’s run.

[Anonymous No.6517240]

>>6517084
>NEVER fomo back in at a higher price
This is the #1 rule in trading that I don’t think most people on /biz/ follow. I buy when people on here are depressed. I sell when people on here are happy.

[Anonymous No.6517450]

>>6517240
Exactly. That's why I only allocate 5-10% of my stack for daytrading, because if I sold it all and it kept pushing up I would have a hard time controlling my emotions and not fomoing in. And if I did miss out on a moon this way I would never forgive myself.

You must have balls of steel to be doing daytrading all of your ICX right now. I am afraid that it could moon with no warning anytime between now and the announcement (inb4 priced in). But yeah, this has been my coin of choice the past few days for quick gains. I increased my stack by about 6% today.

[Anonymous No.6517600]

>>6517450
I won’t be doing ICX for long because it eventually will moon. It will stabilize and won’t have the volatility I need for daytrading. I most likely will end up keeping a decent amount of ICX for long term though. It really does have potential.

[Anonymous No.6517816]

>>6517600
Fair enough. Don't get greedy! VEN is also a good one to day trade right now since whales are keeping the price from moving more than 10-20% from $6.00, but it sees a lot of price movement throughout the day.

[Anonymous No.6517893]

>>6517184
like what rules

[Anonymous No.6518067]

>>6517893
>if it dips more than 5%, pull out fast
>never buy at less than a 10% dip from the 24 hour high
>set multiple layers of buy levels to make sure you buy as close to the bottom of the dip as possible
There are others that are more instinctual and disciplinary that I can’t really put into words tbqh

[Anonymous No.6518160]

>>6518067
how big was yoru stack for daytrading? were you doing this from the beginning or were you a holder first

[Anonymous No.6518232]

>>6514748
RISK? what risk nigga. there is no risk if you daytrade with good coins. it goes down you hold couple of days and recover

its a win win situation

[Anonymous No.6518290]

>>6517816
You think whales have already priced it in for the announcement and changes coming and are getting ready to drop bags right after?

[Anonymous No.6518447]

>>6514810
No larp, unironically had a really good strategy trading a particular coin every day. My bad days were 5% and my good days were 30%. I was really poor when I found out and started with 500 bucks but I legit made it up to about 50k before it stopped working. I got up to 120k last week of xlm then tried swing trading and lost 30% of my lumens stack as well as holding it all the way down and am back at like 50k. Wanna fucking gas myself for being so stupid

[Anonymous No.6518474]

>>6518447
what coin

[Anonymous No.6518500]

>>6518160
I use 50% of my funds for day trading, 50% for long term/safe holds. Of the 50% I use for day trading, I put all of it in one coin. I’ve only been in crypto for about 6 months and have only been day trading for about a month and a half. I tried initially doing literal day trading, but I found out that my goal for a day was too high. I could buy a random shitcoin, wait for a 10% return, and then end up waiting days for it to actually happen, sometimes even losing money. I realized that it was better to aim for multiple small returns in a day than it was to wait for one large gain in a day. Getting multiple 1% gains in a day is a lot easier than getting one 10% gain in a day. How many coins go up 10% in a day? Not many. How many fluctuate a few percentage points in a day? Most of them. Before today, I had been averaging about a 2% gain each day. But that was only about an hour worth of trading each day. Today, I actually sat down at my desk, sat there for hours, and did nothing but buy the dips and sell the small surges. I ended up with a 20% return.

[Anonymous No.6518525]

>>6518290
Honestly, no one can be sure what is going on. However, I don't think the announcements are priced in since when the tobacco one came out ton's of people were buying up huge sell walls, broke through and went up a bit, and then continued to eat through a large part of the sell wall at the high point. Eventually people gave up and volume died down, but if the whales hadn't put up their wall we would have seen one hell of a moon.

There are a lot of crazy conspiracy theories going around as to who these whales are, but I don't think that its PBOC themselves or Vechain themselves. I don't know why they put their walls so low or when they will decide to take them down, but once they do it should have a proper moon. Unfortunately I have no idea when this will happen. It could be as the February 26th event, or even later.

[Anonymous No.6518578]

>>6518525
Kek at the tobacco.

[Anonymous No.6518596]

>>6518500
Im going to try your philosophy with 100bucks

[Anonymous No.6518598]

>>6518232
Look up opportunity cost retard

[Anonymous No.6518604]

>>6518474
Doge and Redd, flipping and arbitgae across every exchange I could. Low volume exchanges were great because the get huge swings , sometimes arbitage would yield 50% in one trade if you were fast. Also in low volume exchanges I basically became a whale on them and could actually manipulate the price with like 50 grand lol. I'm waiting for doge to come back down now. Idk what else to do anymore other than sit on my dwindling lumens stack

[Anonymous No.6518620]

>>6518500
do you think its doable with all the big coins?

[Anonymous No.6518658]

>>6518604
doge because its fast? what exchanges?

[Anonymous No.6518694]

>>6518620
Most of the big coins are too stable. I only use the top 5 coins for long term holds.

[Anonymous No.6518731]

>>6518694
so the newer stuff like ven, thats a start

[Anonymous No.6518797]

>>6518731
Yes. Newer coins are naturally more volatile.

[Anonymous No.6518883]

>>6518658
No because it was cheap with high liquiditya and pretty stable. It more or less stayed at 17-23 sats while I traded it and wouldn't increase or decrease by more than a couple a week. So you would just buy at 17 sell at 18 and repeat. Over 5% every time with 0 thinking and effort . There would be huge buy and sell walls on either side so the price wouldn't fluctuate and you just wait for you order to fill. When volume was higher you could cycle it 4 or 5 times and sometimes get away with selling at 2 sats higher for a 10% gain. The price is too volatile now to do it consistently and the gains are a lot smaller because of the price.

[Anonymous No.6518938]

>>6517084
>Additionally, don't daytrade shitcoins, as they can tank immediately and you are faced with the decision of selling at a loss or bagholding indefinitely.
Happened to me, i was doing well reselling stuff constantly and then the market went for a dive and now i'm holding a portion of fucking POE of all things

However i learned a valuable lesson for the future

[Anonymous No.6518983]

>>6518604
Did you at least hold some of the big coins that are resistant to loss?

[Anonymous No.6519104]

>>6518938
Only thing is, daytrading shitcoins can get you faster returns where as playing with the more stable ones won't amount to much unless you have a lot to play with. So maybe using a small amount for shitcoins and then holding the big ones is the best course of action. Like pretending you only have 1k to trade with again until you grow it and toss the majority of it back into the main pot.

[Anonymous No.6519226]

>>6514624
faggot
and pussy
enjoy riding the moon all the way down to where it started
Which happens alot
grow some balls, enjoy the rush and trade
Hodl was created as a little meme term because the general population is autistic and would trade wrong. I've made mistakes but 2 weeks of trading i have learned some nice strategy and rules for myself.

[Anonymous No.6519241]

>>6518983
No I was all in, I didn't hold anything else. Doge actually at the time was incredibly stable relative to BTC and it was during the big BTC bull run so it actually was one of the best alts to be in at the time

[Anonymous No.6519284]

>>6519104
how the fuck do you daytrade shitcoins though? seems like the price there is absolute random

[Anonymous No.6519620]

>>6519284
It takes research and monitoring graphs for changes, I don't mean absolute shitcoins but the baby alts that are decent but fluctuate a lot. When you see constant highs/lows that are nearly hitting the same points each time that's the perfect time to use maybe 10-20% of your portfolio and do some day trading on 5-15 minute candles. You can still get burned if it suddenly takes a shit though, but hell it even happened to me with BCH and ETH the other day during the first tanking.

[Anonymous No.6519742]

>>6518938
Me too buddy, me too.

[Anonymous No.6520139]

>>6515856
what do you mean by liquidate your position? why is it harder with more money? thanks

[Anonymous No.6520422]

>>6520139
Ask yourself if it's easier to buy/sell a coin on a whim with only a few of them vs a thousand or million of them (not even taking into account that a single large buy/sell will have an impact on price)