Day trading stocks/cryptocurrencies as an alternitative

I am learning how to day trade cryptocurrencies (not just hold) so that if I fall out of status I have a backup to earn money.

I lost a lot of money in the first few months but I think I finally learned how to trade.

I made about $10k over the weekend, lost $6k, profited $4k. That's about $1k/day. Again, by trading, not holding. Holding can give you much, much higher returns but it's risky and unpredictable. I'd rather learn the skills of trading and average $500 a day.

Been thinking about this too. My gfs mom does it. Have any good resources to read?

just google for it. maybe try a simulator to get the feel for it. I jumped in with 10k and lost a lot, took months to break even, so I guess the desperation was a strong motivation

desperation strong motivation

desperation strong motivation

I'm saving that line

With that being said, I don't know anything about cryptos, don't care for it, and don't believe in it. I'm convinced that the only reason it took off was because of the hype and low entry barrier for average people (like me) who would otherwise never trade regular stocks. It's nothing but a game as there is no real value to coins. I get in, get paid, and get out. It's gambling because it's addictive. I woke up at 2am to check on Bitcoin. I hate the fact that the money I make is the money someone else lost.

Also a lot of traders talk about chart patterns yada yada. It's all bullshit. It's mostly random. People just want to come up with patterns to make sense of this shit. There are no patterns. Trading is stupid, it's not science.

The only time chart patterns might make sense is when a lot of traders are looking at the same chart and think "hmmm this looks like it's about to go up" so it goes up as a self fulfilling prophecy. In that sense there might be some psychology to consider.

The thing that really matters is volume and support/resistance levels which can be analyzed by looking at the order book and seeing where the interest is.

Also another thing that pays off is NOT to rely on posting orders and hope for it to get fulfilled. Pay the broker's fee and get ahead of the curve and catch the ride up. You can lose a lot of money by catching falling prices because you post a buy order and it got fulfilled as the price crashed. I lost a lot of money this way.

Posting sell orders is a different matter though. You should post a sell order when the price is going up and close to reaching your profit target*. If you made a mistake and the price went south, you should however pay the brokers fee and sell to exit the trade. Remember you have to accept losses (usually no more than %2 of your account). Do not make the mistake of "I'm going to stick around a little longer and see if it'll get back up". If it does, awesome, you can get back on it. If it doesn't, you're fucked. You can only stick around and wait for it to go back up if you see strong support levels.

* Don't get too greedy on your profit target. Aim for a few bucks here and there. I should have mentioned that I currently have $30k in my account. A "good" trade yields $200 bucks. Suppose I buy 300 Litecoins at $100 each. The price goes up to 101. That's $300 difference. Minus the broker's fee of $80. $220!

Once I prove myself to get a little better I'm going to put in another $20K.

Just made $1500 on 5 separate trades as Litecoin skyrocketed from 200 to 230+.

Could I have made more by holding? Sure, but I don't want to risk getting slaughtered when the price inevitably crashes.

Also the website is super slow when the volume is intense so the service could go down while I'm stuck in a trade.

Get in, get paid, get out!

When the price of litecoin skyrocketted I noticed that bitcoin had gone down a lot, presumably from traders moving their money into litecoin. when litecoin's price stabilized, the buy order volume on bitcoin was very high, so took a risky bet and bought it. The price went up a little but didn't seem to hold up. I made $50 and got out quickly since this was a risky bet anyway. A few minutes later the tides turned and the sellers continued winning. The $50 was not worth the risk I took. This was a bad trade, I should not have done it. It creates bad habits.

Thank you for using this website as your personal diary.

weren't you the one interested in investing? I'm just to inspire dreamers who need an alternative for work when their permits expire.