Day Trading Cryptocurrency: The Best Strategies for Success

Published Oct 24, 21
5 min read

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For the best outcome, it would be best to use all three of these strategies once you gain enough experience. Diversification is a very important step towards success in any market, and crypto trading is no exception. You can allocate the funds to each of the strategies according to your personal preferences.

Would you like to learn and make a consistent $500 per day? We often hear about all the money you can make by day trading stocks. But what about ? In today’s lesson, you’ll learn using our favorite crypto analysis tools. Our team at Trading Strategy Guides is lucky to have over 50 years of combined day trading experience.

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First and foremost, when day trading, it’s essential to have a structured approach and a rule-based strategy. The same as swing trading or positional trading you are not going to trade every day, and you’re not going to make money every day. So, you need a day trading cryptocurrency strategy to protect your balance.

This is the perfect environment for day trading because during the day you’ll have enough up and down swings to make a decent profit. Moving forward, we’re going to teach you what you need to learn how to day trade cryptocurrency and we’re going to share some out-of-the-box rule-based day trading strategies.

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The good news is that even when we have a low reading of volatility relative to other asset classes, this volatility is still high enough that you can generate a modest profit on your trades. Crypto day trading also requires the right timing and good liquidity to make precise entries.

They have no quantified method, and if they do have one, they can’t get themselves to follow it. In fact, 90% of all traders lose 90% of their investment within the first 90 days of trading. This is a complete review of Coin Market Manager, a trade journaling software. Coin Market Manager aims to change that status quo.

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The best Crypto Porfolio Tracker has arrived!!! Coin Market Manager works in a very straightforward way. Think of it as your digital mentor on your journey to crypto success. You feed it with information and within seconds it starts working for you–it helps you understand your method and become a better trader.

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In this article, we’re going to look at the 'buy' side. As previously discussed, the number one choice you need to make is to pick coins that have high volatility and high liquidity. If you’re not day trading Bitcoin, which is the most liquid coin out there, and you like the altcoins, try to pick those coins that have good liquidity and volatility.

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By following only the top cryptocurrencies, you’ll reduce your area of selection. Day trading smaller cryptocurrencies can also be a very lucrative business, but there are higher risks. Remember, crypto prices can crash just as fast as they have risen. Moving forward, you’re going to learn how you can make money crypto day trading.

The price needs to hold up during the first and second 100 MFI reading. If the price drops after the first two MFI 100 readings, then this suggests that most likely we’re going to have a down day. Let’s now determine the appropriate place to go buy Bitcoin and what are the technical conditions that need to be satisfied.

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It doesn’t necessarily have to be the third MFI = 100 reading, you can take every other MFI = 100 readings. If your time doesn’t allow you to catch the third 100 reading on the MFI indicator, you can simply pick the next one as long as all the other technical conditions are satisfied.

The close of this candle needs to be near the upper end, giving us a candle with very small wicks. This brings us to the next important thing that we need to establish when day trading cryptocurrency, which is where to place our protective stop loss and where to take profits.

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A break below it will signal a shift in the market sentiment, and it’s best to get out of the trade. This can also signal a reversal day. We’re more flexible when it comes to our exit strategy. However, the only rule you need to abide by is to take profits during the first 60 minutes or the first hour after your trade got triggered.

At least that’s what our backtested results showed us. If you took the time to read the whole day trading crypto guide, then you should be able to buy and sell Bitcoin and alts and make some daily profits. If you are interested in learning , be sure to equip yourself with enough information before diving into the market.

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