If you’re considering day trading cryptocurrency, there are some things that you should know before getting started. Cryptocurrencies are volatile and unpredictable, meaning the market shifts often and can leave traders scrambling to react in time. This is why it’s crucial for anyone interested in day trading crypto to find the best strategies possible.
1k daily profit is the top trading platform that you must choose as a beginner in the crypto world. In this article, we’ll cover some of the most important things about starting your journey into crypto day trading.
Let’s look at these strategies.
1. Pick a trading platform
Many crypto exchanges have varying degrees of liquidity, security, and ease of use. Selecting the right one for your trading style is important as you want to ensure that it’s safe enough for your money – not just anyone can be trusted. Or you may prefer a decentralized exchange or DEX, which allows direct peer-to-peer transactions without any third-party involvement.
I chose Binance because I liked how they were open about having regulations in place vs. other companies who wanted people to think they didn’t have regulations at all.
2. Choose your investment
After picking your trading platform, the next step is deciding what to trade in. There are thousands of different cryptocurrencies out there for people who want to make their own decisions on which ones they feel will appreciate over time (or perhaps depreciate). I like using Binance’s coin list to check prices and do some initial research before making any big buys myself.
Once you know how much money you can spare, it would be good to put that amount into a portfolio tracker and keep track of the performance of your investments vs. other things like BTC or ETH. You may find yourself wondering why this has anything to do with day trading when all you need is long-term trades, but it does because these portfolios will give you a ballpark idea of how much you could potentially make on any given day.
And finally, don’t go all-in on just one investment. Diversify your portfolio by picking different coins that have varying functions and purposes- this way, if one does poorly, the other investments can help to offset those losses.
3. Pick the right strategy
The best strategy is to choose high liquidity and low latency exchange. This will help you make the most out of your day-trading strategies, as well as give you plenty of time after buying or selling for market movements before actually completing the trade. High liquidity and low latency exchange will also give you the best price for your trade, saving money and making more over time.
The good news is that there are plenty of exchanges with these qualities. One such example is Binance, which provides a complete trading platform on all major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).
The Bottom Line
Day trading can be a great way to make money, but it’s also risky. Make sure you understand the risks and have a solid strategy in place before starting. If you decide to start trading crypto, be prepared for volatility and losses. Have a plan in place to cut your losses short and lock in profits when possible. And most importantly, remember to stay disciplined.
