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
 

kel

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

squiggly

Sparrow
Some people make money trading because lots of other people make money losing through trading. How can you make sure you are the former?
 

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.
 

Mikeyd03

Sparrow
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
 

Sargon2112

Sparrow
Read up on how short term trades are taxed. If you don't understand that, you'll be in for a rude awakening, even if you do make successful trades.
 

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.
 
Top