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If you’re thinking about day trading, let’s dive in and get the low-down on how it’s done. This article walks you through a step-by-step guide to getting started with day trading cryptocurrency.
Imagine turning $500 into a six-figure retirement fund. Forget the Wolf of Wall Street, this is a valid possibility in the crypto world for anyone with skill, patience and discipline. Last year’s growth in cryptocurrency was nothing short of surreal, and 2018 looks set to be bigger. Day trading cryptocurrency could be an unbelievably profitable venture for those who put in the work and remember the golden rules of trading.
Think trading stocks, but better. Why? Tiny commissions, markets open 24/7, simpler charts, and more accessibility. You can start trading with $5 and if this year is anything like 2017, you could virtually turn that into any number you want.
You might be licking your lips at the thought of getting a slice of the $550+ billion global crypto pie, with many the prices of many cryptocurrencies exploding across the board in the past year.
There are a number of ways to profit from cryptocurrency, but day trading is most likely the fastest. Day trading involving speculating on the price of currencies, and then buying and selling them within the course of a day to make a profit.
You might be dreaming of the feel of the steering wheel of your first Ferrari right now but before getting started on your first trade, you should come to terms with the proven risks associated with day trading:
Research shows that more than 80% of day traders fail in their first year. Almost all day traders suffer BIG losses when starting out, and few actually move on to start making profits. Why? Because they lack the education, experience, insight and have no risk management systems. You wouldn’t sit your grandma down at her first game of Texas Hold’em and expect her to clean up, would you?
Trading can be enthralling, exciting, and simply make you feel alive. The thought of earning $100,000 at the click of a button can do that to people. It can give you a dopamine hit and a rush just like narcotics, and unless you have a natural ability to avoid addiction, your brain may well soon depend on these ‘highs’ generated by wins. Not only can this erase your bank balance and put you into debt, it can erode the fabric of your life as you damage and destroy relationships with friends and family.
Let’s get this straight: day trading is a full-time job. You’re not going to be popping onto your laptop every few hours in between martinis by the pool; this is an occupation that requires constant attention. Stress will be a reality and unless you pay constant attention to price movements, you risk losing your money.
The cryptocurrency market is outrageously speculative right now and just about everyone has an opinion on how prices will move, or the value of a coin. Trades made on the basis of false information can lead to big losses, and this is something every new trader will be exposed to.
You will see all sorts of conflicting information when trawling through Reddit, Steemit and Twitter. Take everything with a grain of salt; find trustworthy sources and connect people with experience successfully trading the markets.