How to make money day trading on binance
Start Mining Bitcoin and Ethereum Today: Take My Beginner Crypto Class: I am not a professional financial adviser.
All investments you make are of your own. Do your own research. For example you wanted to sell NEO at. Is that correct or do I have that all wrong? There is a mindset shift that has to take place, you have to see ethereum as the currency your trying to boost versus trying to boost the USD value, irrespective of ETH's fluctuations.
It's the same as selling ETH when it's high and buying when it drops. It always preserves the value. Did you suffer from the high transaction fees? Think of it as exchanging USD for the Euro. Each has their own value and both fluctuate as well. Totally correct on your part. I always look at the USD value of the instrument used and the USD value of the coin purchased at time of buy and again at time of sell. Yay been waiting for over a week for the approval of my steemit how to make money day trading on binance I'm a crypto newbie been wanting to give day trading a try.
Great videos keep up the excellent work! When you day trade is it better to use the 1 or 5 minute chart? Also, what's your stop loss set at as in percentage to your buy order? Well stream btw and as a starter to this whole cryptocurrency market, I have learned most from you and your daily uploads such as reading the charts and knowing when to get in using different indicators. Saying that I have seen people trade 1min and be successful but it takes alot of skill.
Really enjoyed your mindset getting into day trading as a newby. I'm trying to start doing some day trades soon myself. Managed to catch this during the Livestream. It was really cool to actually follow along and see what you were thinking instead of just reading the messages of completed trades on the Telegram group. Really puts things into perspective and as always it's nice that you take some time to interact with your audience.
Thank you for giving some actual good advice unlike how most people are just trying to scam as many people as they can. Technical Analysis of the Financial Markets by How to make money day trading on binance J Murphy is a timeless book on how to read charts etc, it can be applied across all markets.
You can find the full PDF by just doing a google search. Interesting and I learned a few things. Always good to see someone else's thought process when thinking through decisions. I really enjoyed the day trading video and cannot wait for the next video. I am in the same boat as you. Day trade as a small hobbie only for a couple hours a day and see where it takes. But little here and a little there could turn ito more funds to trade with every single day.
Take time and do what you are comfortable with. Ended up only having 64 dollars. Sure its not 15, But they are still how to make money day trading on binance gains. It will add up over time. They had a freeze a few weeks back while they upgraded equipment, but they are definitely accepting new registrations. Binance is by far my favorite exchange, but I wish they offered more coins like Mintcoin. I am starting to say trade a couple hours with a very small amount of funds learning how to make money day trading on binance.
After a great day of trading, i got stuck with a coin today. Not bad but it put my daytrading on hodl. That was great to actually watch you trade and to hear everything you were thinking.
So for the past month i have been day trading with GDAX and have been using Limit orders to get rid of fees. If you use limit orders with Binance, do you still occur fees? Only 1 out of 10 people are successfull in day trading! Initially I faced a good load of losses when i started Day Trading. Especially 2, your how to make money day trading on binance safer, and better off to grab multiple small wins rather than trying you hit a home run every trade.
Also, take small losses. One thing people often dont do and end up holding on and pulling out with a massive loss. Really enjoy your videos. This one in particular reminded me of the horse races. Keep up the awesome work you put out there for us.
I am still learning but the next step I'd like to get into is arbitrage. Have any info or insight there. Crypto Coin News is my favorite channel to acquire quality information! Thanks for all your HELP!!!! Do you only day trade on the one exchange or have deposits and trade on multiple exchanges at the same time? This is exactly what I asked for on another comment! I know the video has a lot of how to make money day trading on binance moments, but it give perspectives a chance to see what goes on in the mind of a trader.
I wish I had more funds to day trade with but unfortunately that is not possible atm. But a littl can go a long way.
Great video and I hope to see another one again soon! When I initially got into the crypto space I started off trying to day trade. I then came across this how to make money day trading on binance on YouTube. I wanted to pull out long before it peaked. I'm so grateful that I listened and rode it to the top before looking to get out. I am now just hodling through the dip like everyone else. I figure if I can learn to turn a profit with this kind of market I can definitely make it when the bulls come back in.
Hopefully after the New Year money gets infused back into the market. Thanks for all you do at CCN. Good luck to everyone else. Watched most of the live stream last night, Thanks for your insight to what you're learning it and what you're doing. I really hope that you do a follow up to let us know what you did. Now, it is how to make money day trading on binance morning after, and it is easy to see that NEO basically tanked.
Did you keep the NEO or try to get out at some point? This stuff is like a roller coaster. You had a sell price set at xxx and we all got to see it hit xxx and then plummet. Hearing your thoughts and feelings helps! With all of the rumors out there POE might be a really good swing trade over the next 2 days.
What do you think? I think I'd prefer to learn with you though. Many great comments, advice, and explanations in this thread. I hope to see more videos of this kind on CCN. Neblio seems great and is a perfect time to get into it.
I'm holding it long term as well is Zach from CryptoCoinNewz. I also want to mention you can stake Neblio. There is a calculator which average 10 neblio hold for a year will get you 1 additional neblio if you hold in their wallet desktop version.
So far their mobile wallet doesn't allow staking. Hope this insight helps. Just remember like everyone says, I'm not a professional financial advisor. I'm just a dude interested in cryptocurenccy just like everyone here: Thanks for all the advice it really helps. Having a solid strategy and set of rules you stick to and never break will bring you success in trading. Thank you for sharing this.
Your videos have really helped me start to understand the awesome crypto world.
The day I first heard about Bitcoin on Reddit, a friend had also called me to tell me about it. Being 22 years old in New York City is a financial struggle. I sold it all and ditched my plans for a mining rig. My financial situation needed to be stabilized before I could invest in assets based on my philosophical beliefs.
Bitcoin stayed in the news over the years. The price went up and down, silk road happened, the legality of it was called into question, exchanges were hacked, and people gained and lost millions of dollars.
Ethereum hit the scene with the promise of using the blockchain for more than just currencies. You could build decentralized apps on top of Ethereum and even new currencies. I wondered if I could take advantage of those swings by buying when the price was low, selling when it was high, and buying back in when the price dipped again. In the how to make money day trading on binance period I shut down my company, Bitfountainafter running it for 5 years.
Bootstrapping my own company gave me an unprecedented amount of freedom. I lived in 4 countries, traveled to many more, and only worked a few hours per day. However, since the company had run its course, I needed a new source of income. I applied for only one job as a software engineer. It was the kind of job people love - high salary, how to make money day trading on binance the Silicon Valley benefits, friendly team, how to make money day trading on binance funded company, challenging engineering problems.
After three rounds of interview they decided not to move forward with me. I did want it. But I also feared losing my freedom. Gone would be the days where I could spontaneously book a flight to India with no return date. Going through the interview process made the possibility of losing my freedom real.
I went into panic mode searching for a way I could make money on my own. At this point I still owned Ethereum and the price was still swinging back and forth. I signed up for two exchanges: I needed Poloniex as well because there were many cryptocurrencies being traded there Altcoins - cryptocurrerncies that are not BTC.
Those are the first two exchanges that I used. Now I use others since each exchange has pros and cons. How to make money day trading on binance live crypto exchange how to make money day trading on binance intimidating at first glance. There are charts and numbers changing at the speed of sight. I felt overwhelmed but sat through the confusion to try and make sense of what I was looking at.
Soon I could see where to place orders to buy and sell, and the charts started to make sense too. As the month went on I spent hours trading. I made enough to pay my rent, so the possibility of making a living from this was validated. I how to make money day trading on binance to formalize my trading knowledge so I could do more than buy low and sell high. There had to be a real strategy to this stuff. I read as many books as I could on trading stocks and foreign exchange markets.
I made a lot of mistakes. But eventually I found my rhythm and strategies. For myself, and most crypto traders, the goal is to increase the amount of Bitcoin we own. For example, right now the price of 1 ETH Ethereum is 0. Another thing I need to make clear is the type of trading I do - day trading. All of my profits are converted back into BTC at the end of each trading day. Again, even though I buy and sell several Altcoins, at the end of the day my net worth is in Bitcoin. There are three reasons for this:.
I earn more USD when the price of Bitcoin goes up against the dollar. Why was it important to clear this up? Several things were on my mind the first time I had to do this. What if I sell my BTC now and the price shoots up tomorrow?
Yes, but your bills will be paid. Sell now so you can pay your rent. You can always hold out for more, but at the same time you are risking a loss. After a few months I got better at trading. I was earning more Bitcoin than I needed to cover my monthly expenses. At the end of the month I sold only what I needed, and kept the rest of my net worth in Bitcoin.
Around this time in my trading career it was getting to the point where I could have bought a Tesla or put a down payment on a house by selling my Bitcoin.
Do you sell your Bitcoin to realize your profit in USD? I can live a nice middle class lifestyle in Los Angeles.
Or I can drive a flashy car while I rent a crappy apartment in Los Angeles. It all comes down to your values. In fact, if i see a chart like this I almost always ignore it:.
The wild bull runs are hard to find, hard to time properly, and easy to go in the opposite direction where you lose a lot. Those gains are only exciting if you understand how far they can get you. Of course the numbers above assume you trade days per year.
Not many people are willing to forego vacation and weekends to work as a full time crypto trader, even with numbers like that. Not only that but I also let my emotions control my trades. For example, I once purchased Stratis after the price dropped massively.
My how to make money day trading on binance was that on such a sharp decrease in price, it had to rebound eventually. The price kept diving. I was constantly tuned into that chart waiting for an opportunity to sell back to Bitcoin.
Now I have my strategy that I stick to without letting my emotions interfere. I have a set of coins that I like trading so I only look at those charts. I have patterns and indicators that I look for on those charts so I can quickly flip through them.
Within minutes I can set my orders, set alerts on my desired entry and exit prices, and walk away from the computer. As the market cap of crypto increases, be sure that the IRS is going to find out how to get their slice. And they will look into the past. I am not a tax advisor. This is how to make money day trading on binance simple overview of what I keep in mind as I trade. My accountant handles my taxes, and I advise you to get an accountant to do the same. Keep in mind that this is US-centric.
You need to double check if this is the case in your country. The taxable event is when you sell your cryptocurrency for fiat. How much tax you pay depends on how long how to make money day trading on binance were holding the cryptocurrency.
Buy crypto with fiat - no tax. Sell crypto for fiat - pay ordinary income tax. Buy crypto with crypto - unclear, but does not seem to be a taxable event. This is where things get foggy. Consult your advisor, but as far as I know this is a like-kind exchange which is not taxable but how to make money day trading on binance be reported to the IRS. The exchange you use will output all of these transactions so you can hand them to your accountant. The IRS has clarified that a crypto to crypto exchange how to make money day trading on binance not a like-kind exchange.
The profit made from each transaction is taxed. If you are holding a currency for more than a year it is classified as long term capital gains. This is another reason why I like keeping my net worth in Bitcoin. At least not right now. Passive income is great. After you make an initial investment, you mostly sit back and watch the money roll in. Most cryptocurrencies are mined. You invest in a very strong computer and the electricity to run it, and you are rewarded with crypto for contributing to the network as a node that confirms blockchain transactions.
This is an alternative to mining that does not require vast amounts of electricity. The idea is that you stake the cryptocurrency that you own over a wifi connection.
That crypto that you stake is used to validate transactions on the blockchain, and you are rewarded more cryptocurrency for putting the currency you own in the pool.