Day trading Crypto assets

[charlotte_daily]

In your opinion what is the hardest part of day trading Crypto?
I have been having a hard time with this strategy and would appreciate your thoughts and personal experiences on this subject.

 

[Tokenz]

I wouldn't be day trading crypto. Swing trading the 4 hour timeframe are what the grown adults do

 

[expiated]

I...would appreciate your thoughts and personal experiences on this subject.

Because half of my current trading is done through the North American Derivatives Exchange (NADEX) I don't trade cryptocurrencies (due to the fact that Nadex's only crypto platform is a mobile phone app, and I do all my trading using computer monitors—the bigger the better).

Nonetheless, when I was looking into it, here is what I found…

First, understand that my trading is unique in that it is all tied to temporal measures. So, whereas many others might be concerned with the 10-, 20-, 50- and 100-period moving averages, I would instead be monitoring perhaps the five-minute, 30-minute, one-hour, two-hour and 12-hour baselines.

That said, I found that each crypto is different in the behavior of its price action. More specifically (and to oversimplify things just a bit) I discovered that at the intraday level, Ethereum, Litecoin, Ripple and Dogecoin are best tracked using their 20-minute baselines, but Bitcoin is better monitored using six-minutes, and BitConnect 10-minutes.

Consequently, there is absolutely no way I would try day trading ALL the cryptocurrencies using a standard set of indicators or setup. (I'm not in the crypto world, so I don't know if anyone actually does that—I just know that personally, I definitely would not.)

 

[charlotte_daily]

I wouldn't be day trading crypto. Swing trading the 4 hour timeframe are what the grown adults do

I guess that's worth looking into as an alternative approach.

 

[charlotte_daily]

Because half of my current trading is done through the North American Derivatives Exchange (NADEX) I don't trade cryptocurrencies (due to the fact that Nadex's only crypto platform is a mobile phone app, and I do all my trading using computer monitors—the bigger the better).

Nonetheless, when I was looking into it, here is what I found…

First, understand that my trading is unique in that it is all tied to temporal measures. So, whereas many others might be concerned with the 10-, 20-, 50- and 100-period moving averages, I would instead be monitoring perhaps the five-minute, 30-minute, one-hour, two-hour and 12-hour baselines.

That said, I found that each crypto is different in the behavior of its price action. More specifically (and to oversimplify things just a bit) I discovered that at the intraday level, Ethereum, Litecoin, Ripple and Dogecoin are best tracked using their 20-minute baselines, but Bitcoin is better monitored using six-minutes, and BitConnect 10-minutes.

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Consequently, there is absolutely no way I would try day trading ALL the cryptocurrencies using a standard set of indicators or setup. (I'm not in the crypto world, so I don't know if anyone actually does that—I just know that personally, I definitely would not.)

I have only recently started working on BTC, but the movement can be very confusing for me. I am in actuality a newbie in the Crypto trading realm. Your approach to it is very interesting though, thank you for the insight.

 

[The_Krakenite]

I'm the opposite almost of day-trading. Prefer leaps, sometimes 3+ years out. Today was an exception, shorted calls on Argo (ARBK) set to expire in October this year. Only reason they expire so soon is that's the longest contract out in the chain.

 

[benjamincohen177]

I don't day trade Crypto, it's too much for me. My preferred approach to this market is long term investment, especially in ETH.

 

[expiated]

I have only recently started working on BTC, but the movement can be very confusing for me. I am in actuality a newbie in the Crypto trading realm.

Just this month (or maybe it was last month) I stumbled across a guy named Gareth Soloway whom I now check out on a daily basis. According to Kartra...

"In 2022, Gareth co-founded Verified Investing Education, together with The Better Traders and Kitco Media, as the ultimate one-stop-resource for traders and investors around the world to learn how to become a master trader and investor in stocks, crypto, forex, and commodities."

Apparently, they've got a guy named Paul Sampson who focuses (exclusively?) on cryptocurrencies. I haven't vetted the guy, so I'm not recommending him. However, I did vet Gareth, so presumably, given that they are both with the same group, hopefully the guy is legit. In any case, if you're looking for knowledgeable info on crypto, he might (or might not) be someone to look into...

 

[murray t turtle]

In your opinion what is the hardest part of day trading Crypto?
I have been having a hard time with this strategy and would appreciate your thoughts and personal experiences on this subject.

%%
OK, when i have a ''hardest part +hard time'' , i find something better.
But i'm over 50.777 years young;
prefer ,1st choice not to daytrade, i have done plenty daytrades in APR;
but makes sense for me when not sure of the trend, ETFs

 

[2rosy]

I'd look at perpetuals or some derivative of a crypto where you can "price" it, arb it. instead of looking at a chart