Coinbase Day Trading

davsey27

Pigeon
I started this thread for anyone who may be interested in helping me make some moves.I am new to coinbase and interested in cryptocurrency day trading.I am looking to make my first buy and sell today.Does anyone have any reccomendations?

Thank You
David
 

davsey27

Pigeon
kel said:
Sounds like a ritualized form of gambling to me, but good luck, let us know how it works.

Appreciate it man..I have an autoimmune condition and need to find a way to support myself.I can work with learning to listen about company's infos,news, fundamental analysis but the charts and technical analysis i can't handle with my brain condition. I am trying to help myself without needing to depend on social security.

Thanks fellas
 

oilbreh

Woodpecker
Make an account with coinbase pro, that way you can buy with a limit order and a lower fee than regular coinbase or try gemini. As for trading, every time frame of trading and every asset type will have different nuances. Even a nasdaq global vs nasdaq capital stock will behave differently. I don't suggest going into this expecting to pay your bills with it first year it will be too much metal pressure on top of a very mental game.
 
If this isn't the most bullish thing I've seen all day....

@davsey I am not going to shoot down your idea of trading, but I think a lot of people get attracted to day trading because they look at it as a quick and easy way to make money. Trading is a mechanical process which requires the person trading to have a plan and a high level of discipline and patience. If you think you can take some losses and reflect and learn from that....then by all means go for it!

I would like to say that I think a better strategy for crypto is to accumulate and build positions in the projects you see potential in. Once you have built the desired position just sit back and be patient w/ a time horizon of 2-3 years. Keep us posted.
 

Repo

Hummingbird
Ask family/friends for a loan? If there were quick easy ways to make 500 people would just do that a bunch of times and nobody would worry about money.
 

joost

Kingfisher
Appreciate it man..I have an autoimmune condition and need to find a way to support myself.I can work with learning to listen about company's infos,news, fundamental analysis but the charts and technical analysis i can't handle with my brain condition. I am trying to help myself without needing to depend on social security.

Don't take it personally but that's a very stupid idea. Nobody knows how Bitcoin will be in the future. Bitcoin might be $1million or even zero each.


One thing is buying bitcoins (with some savings) and hope for the best. If BTC rises you make a good profit. If you're wrong you lose some savings.
Other is to sell your house to buy bitcoins. If you're right, you might be able to retire. If you're wrong, you'll be homeless (losing decades of savings).
The bigger the risk, the bigger the profit.


Stay away from gurus with beautiful charts and predictions. Go to SeekingAlpha and TradingView for example. They have a crypto section with plenty of predictions (mostly to The Moon(tm)). They made a shitty prediction every single time Bitcoin had a downturn.

If you bought bitcoins in December 2017 at $20k, you'll be at 50% negative today. You'll have to double your money just to break even. And even if it reaches $20k again this year, you waited 3 years. After that, would you keep your savings there hoping to go to $40k?
 
bybit is the best place for trading, not coinbase or anywhere else. I don't recommend anyone on this website to trade. You have to be a genius or have done several years of self study in this area to break even or do well. Vast amount of traders lose money and the ones that make money are not rich. If you still believe this is the only avenue of income for you then I would at least consider getting tutoring from professionals with decades of experiences. I recommend this website for online learning but you are looking at a couple thousand to get started, well worth it imo considering you stand to lose a ton more:


This is only place I would trust my money with. I am not affiliated with the site or stand to profit from recommending it to anyone.
 

2020Dude

Newbie
I'll advise you to learn technical analysis properly, and trade on a demo/virtual account before venturing into any form of live trading.

Remember that trading is a 3 legged stool...

1. you must have an edge over other participants in the markets via technicals/fundamentals
2. you must use properly money management techniques
3. you must work on your psyche
 

Arado

Pelican
Gold Member
There are so many other ways to make money online that aren't as risky as day trading crypto - why this route? Have you tried something like online tutoring? Isn't there some government disability or unemployment you can go on?
 
Personally, I like to use the Binance website for trading. There are literally 100s of alts to trade against btc, eth, usdt and a handful of other pairings. I usually make my initial cash to crypto purchases on coinbase then send that crypto off to binance. Coinbase is great but there are only a handful of alts available.
 
Don't take it personally but that's a very stupid idea. Nobody knows how Bitcoin will be in the future. Bitcoin might be $1million or even zero each.


One thing is buying bitcoins (with some savings) and hope for the best. If BTC rises you make a good profit. If you're wrong you lose some savings.
Other is to sell your house to buy bitcoins. If you're right, you might be able to retire. If you're wrong, you'll be homeless (losing decades of savings).
The bigger the risk, the bigger the profit.


Stay away from gurus with beautiful charts and predictions. Go to SeekingAlpha and TradingView for example. They have a crypto section with plenty of predictions (mostly to The Moon(tm)). They made a shitty prediction every single time Bitcoin had a downturn.

If you bought bitcoins in December 2017 at $20k, you'll be at 50% negative today. You'll have to double your money just to break even. And even if it reaches $20k again this year, you waited 3 years. After that, would you keep your savings there hoping to go to $40k?
Absolutely agree with you, BitCoin is an unstable cryptocurrency, and it`s hard to make predictions about how it will cost next month or next year... Bitcoin's price is so volatile because of speculation. While it's possible to buy physical goods with Bitcoin in some places, the large majority of Bitcoin transactions are still investment-based. ... This buy-sell cycle is what makes Bitcoin's price so volatile.
Indeed, retail traders tend to buy and sell based on emotion and market hype, which can lead to significant swings in bitcoin's price. Retail traders are small investors that buy and sell bitcoin for their personal accounts. They fbs sign up and buy from there bitcoins.
 
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lonewolf1992

Woodpecker
Hey guys, I need your help. Im getting conflicting info across the internet. I'm all in for learning TA and doing this as a side hustle. Do you think is feasible to make 10-20 USD a day with a couple of years of training? Capital would be around a couple of grand.
 

gework

Ostrich
Gold Member
@lonewolf1992 - It seems you are looking at returns of about 50-100%. It's possible, but not likely.

I made my first trade in 2009. Over eight years it turned out to be a 50% loss, and probably more than your starting capital.

I have made few trades in the time between 2009 and now, all the time watching markets, noting patterns and learning to control my passions.

I have identified patterns in markets for low-risk, high-return entry points. These come around rarely and they occur when your mind tells you not to buy and when you buy you are most worried of the loss. Taking on an excellent entry point requires discipline, as does choosing the right exit point.

Back in March we had a low-risk, high-return entry point when BTC crashed to $3,500. Friends had told me to let them know when they should buy Bitcoin. So in March I told them - now is the time to buy. None of them bought. Fast forward to a few months ago when Bitcoin has reached close to its 3-year high and now they are all getting in. This is why, as someone notes above, some people make a lot of money because a lot of people loose. People are herd-like and wired to make the wrong decisions in markets.

Day trading is a bad idea for anyone who is not prepared to take it seriously as at least a part-time job. Successful day-traders have systems they stick with and resilience. They can take on $20K losses, knowing that on average for each $20K loss they can make $30K, $40K. Anyone who doesn't have an idea what they are doing, from years of observation, will loose.

For retail investors, the solution is to set and forget, which has lower possible returns than full-time trading. i.e. for stocks the average Joe buys and holds for 40 years. That's the simple winning formula for people who don't know what they are doing. If you are a bit more savvy you can try and pick perfect entry points and perfect exit points. Entry points are easy to spot, but they come around rarely. Luckily with crypto they come a bit more regularly. You get a perfect entry point about every 1-2 years; while with broad stocks the perfect entry point is about once every ten years.

For crypto you can do it with one simple indicator, which is RSI <= 30 on 1w candles:



[The bottom line is RSI - when it is low and white is <= 30. The entry points on that were late 2018 and March 2020, both excellent entry points]

Every time it does that there, you are able to make 1X, 2X, 3X within a few months and possibly more if you hold longer.

The exit point is more difficult to pick, but RSI >= 90 with a parabolic spike in a short period, e.g. up $5,000 in three days is probably going to be your exit.

But most people can't stick to that. I've been aware of the above simple entry and exit points for some time, but fear always gets me from just fully sitting back.

Right now is not an obvious entry point for crypto. We've just got passed a bump where retail/noobies have pilled in and whales have taken profit.

My guess is that crypto is going to tank big in the next 12 months with the coming market crash. That is your buying point. If you buy then and hold until it goes parabolic you are likely to make the best gains you are likely to make. 5-10X. That is my opinion of what I think will happen,.
 
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