Do you spend zero time with friends and family? Do you have endless amounts of spare time? Is your love-life and any other social life non-existent? Then maybe day-trading is for you. But seriously though, day-trading cryptocurrency is no joke. Once you're in, you're hooked. Day-trading cryptocurrency is exactly what it sounds like. Trading crypto on a daily basis. Every minute of every hour of every day, glued to your screen, refreshing the exchange, and making marginally calculated moves for fractions of profits.
I once found myself a day-trader. Not a professional one though. No, far from it. I had just gotten into cryptocurrency and started playing around with around $100 of investment. It started out innocently, but then suddenly I couldn't stop. The high of making good trades each time and getting my $100 to twice as much was addicting to say the least.
But I very soon realized that the amount of time spent and mental energy reserved was not really worth the outcome and that there were probably easier less stressful ways to earn in crypto. And that long term holds and sells where usually a better way to go about things.
That doesn't mean that day-trading doesn't have it's benefits. Quick short term trades are a good move if you have reason to expect a certain token to pump heavily. For example if Elon tweets about it. Then I would definitely buy that token, and keep an eye on it's movement 24/7. Because if you even blink, you might lose the peak.
Another potential benefit of newcomers starting out with day-trading is that it's an easy and effective way to learn the ins and outs of trading as a whole. Kind of like a crash course. In that case I would day-trade with a relatively small amount that you're prepared to lose. Just for the sake of learning the game at hand.
Trading can be a fulltime job, especially short-term on a daily basis. So if you ever think of doing it, be prepared to do the research, to set alarms, to follow the rumors and news at an intense level. And definitely expect some mental strain of some capacity depending on who you are. High risk may turn into high reward, but they also say that the higher you are, the harder you fall.
So, what's your experience with day-trading?
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