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Can You Day Trade Crypto? How to Trade Crypto in Daily Basis
Can you day trade crypto? For those of you who want to start trading Cryptocurrency, there are 2 popular ways that are commonly used. The first is to buy a crypto asset on an exchange and wait for the price to increase so that you can make a profit through the difference between buy and sell.
The second way is to trade CFDs for one of the cryptocurrencies, such as Bitcoin, Ethereum, Doge, Litecoin, and many others. For those of you who don't know, CFD stands for Contract for Difference which is a derivative product where you can participate in stock or index price movements without having to own the company's shares.
CFDs provide an opportunity for profit, whether the market is bearish or bullish because you can short sell or buy sell. OTC trades CFDs and the price earned is derived from the price of the underlying stock.
You can take a long position (hold a buy position) when the price of crypto is predicted to increase and choose a short position (make a sale) when the price is predicted to decrease.
For example, you are trading CFD Bitcoin (BTC) which means you are speculating about the BTC/USD pairing. So, buying crypto means you keep the money in a wallet. Meanwhile, CFD trading means that your trading account is held at the broker.
Can you day trade crypto? Can you day trade crypto For Beginner Crypto Traders, Understand These 3 Important Points
To be successful through crypto trading is certainly not as easy as turning the palm of the hand which can be obtained quickly. Investors who are successful in making large profits generally continue to monitor the development of crypto coins and token values. They are always actively monitoring the market with technical and fundamental analysis. For novice traders, remember the following 3 points:
If you have gotten maximum results, then you can start real trading like the steps for crypto trading above. Remember to start with small savings and nominals. Increase the nominal traded money gradually when the profit has increased.
Control your emotions
The Cryptocurrency market has a very dynamic movement and can change every second. There are times when market conditions are on your side resulting in massive trading wins. Can you day trade crypto? You can if you are able to control your emotions.
However, it must be remembered that market conditions may also not be in your favor. Therefore, do not be greedy to spend all the capital on the next trade.
Likewise, when you are unlucky and have a losing streak, it's only natural to be sad, take a break first, then evaluate. Consider the right strategy by revising the number of trades in order to avoid exhausting all portfolios due to losing streaks.
Can you day trade crypto? Don't make blind investments
Make sure you check the background of the assets to be traded, don't just inject money. The reason is, there are several types of altcoins that last only 2 years and are used for fraudulent tools.
Asset background checks also serve to reduce the possibility of poor asset performance as well as losses due to fraud.
Website: https://www.altrady.com/blog/day-trading-crypto