Anyone else just day trading straight BTC, or ETH I guess? Pick one or 2 if you want. You set a limit to buy and a stop loss, you set a limit to sell and a stop loss, rinse and repeat. Slow and steady gains, no stress. No worries about shorting or anything either, just going long, pulling out, going long, pulling out.
And it's that goddamn simple.
the problem is that people get emotional.
>Ahh, I made 5% but I could have made 60% if I bagheld, so next time I'll baghold
then
>Fuck, I just lost 70%! This shit is a scam.
Same shit happens in the stock market. People want the immediate gratification.
I'm actually down kind of a lot out of shifting from shitcoin to shitcoin trying to make it back so I shouldn't talk much but this strategy just works for me.
we all go through it. its those of us that can identify the problem and fix it that end up long term winners.
What service do you use to trade?
I use a lot of exchanges for some reason, some not in English. But for what I said in the OP I just stuck to Polo, but for coins where I want faster trades I use different exchanges because Poloniex kind of sucks.
what other exchange has comparable volume to polo?
I use Coinone, Bittrex, Cex.io, Livecoin, Bitfinex, Yobit, Campbx, and Kraken. Just pick one you like I guess.
I do a similar strategy, but with smaller coins. BTC and ETH are good if you are trading tens of thousands of dollars at a time though.
I'm just now trying to get into this. How do you determine good entry points? I'd love to sit around making 5% on my shitty $500 a few times a day.
Do you play the baby coins or strictly the higher volume ones?
I spend my life counting the seconds until the Good Lord fucks me over again. I would have no problem pulling out at 5% over "waiting for 60%".
Yeah when I was into trading I thought people who margin trade must have rocks in their head.
Don't gamble with other people's money.
And don't trade when there's a possibility you'll lose everything.
If you're not margin trading and your coin goes down 20%, you've only lost 20%, and you can easily just wait for the next pump without a care in the world.
I lost a lot of money on low volume coins even though I've seen them go up 3500% in a day easily. Now I just do the super high volume ones.
Basically I just study it for a while to know the highs and lows. Know where you're certain it'll fall down to and where you think it'll go up to. For a while, ETH floated between 49 and 51 and some people said it was dead but there were opportunities to ride it from 49 to 51 over and over for days.
Lower volume coins have way higher volatility and you stand to lose like 50% in 5 minutes. I don't mess with that anymore.
I just find a coin that seems to move the least and with high volume so it's stable. Then just play with small highs and lows.
Don't get sucked in the mania when coins pop. Usually, at that point, it's too late to get in and you'll get burned.
If you use a stop loss, the money you make from swinging it should catch you so you still end up in the green.
keep it simple. i like it
I'd rather just avoid the mania altogether. I don't need that shit fucking with my mind and causing me to make bad decisions.
You are going to get raped by the irs. Every transaction even between coins has taxes applied.
I'm 2weeks into this cryptocurrency. The fagits on this here sold me into trying it out by getting in on the pump n dumps. Put in 450dollars of BTC and lost 150 of that. Now I'm just trading btc and iv decided now eth. Once I turn my 300 into 900 worth I'm going to put in 10k and try make a living
MFW I currently live in a third world country where they won't do much if I make it big
You clearly don't have any coins nor do you make any transactions with them.
I can trade between hundreds of coins within just 1 exchange, and I use over 10 of them based in different countries all around the world without ever touching USD.
There is a 0% chance of that happening, and I'm not just being edgy and thinking I won't get caught. I may as well be playing a game of poker with people in cash in my house.
I understand why people don't like crypto. But the IRS literally has no way to track the thousands of trades I can and do make every few days all over the world with new currencies coming out every day.
It doesn't matter if you make one trade or a million trades, all it matters is your total capital gains for the year. You're supposed to report them but they are not goino to care as long as you balance your USD profit and not putting 100k in your bank account when you said you made 10k
I mean if you ever want to cash out into fiat they are going to find out if your putting 500k into your checking account
There are a million ways to get around it though.
First of all, sell it in cash and spend the cash directly if you can and forget the banks.
Secondly, deposit it back into your account in change and claim it has nothing to do with the Bitcoin and at most you might have to pay a tax for found money or have someone give it to you and pay the "gift tax."
Thirdly, if you must deposit it back in online, use a different exchange under a different name from a private wallet and then delete the wallet and it will literally be gone. Again, gift tax.
>But the IRS will get know you bought BTC and assume the cash you put back in is from it
Buy your BTC with cash, using a paper wallet that never goes online.
Put your cash back in through deposits year to year without putting in too much in one year so it's not noticeable.
My point is there are thousands of ways to do this.
Just don't put it into your checking account
Problem solved
Cryptocurrency are treated as property. If you barter them for other property then you still pay capital gains taxes. And since they are property themselves, you pay capital gains tax when you use them to buy each other. Btc to eth for example.
irs.gov
For all those wondering.
I've known everything you're saying for literally years, as have most people here. If you don't want to deal with crypto, don't fucking deal with crypto you fucking newfag.
Again, you're dealing with an untraceable blockchain through 10 different Russian servers liable to disappear any day and with no regulated market value.
But make sure to report those 10 bucks you earned from that bet you made drunk with your friends too.
This shit is common sense you dumb fuck.
turbotax.intuit.com
Here's an article about what "Income tax" is everyone.
For all those wondering.
For all those wondering.
OP, I understand if you don't feel like telling a nub like me, but how does one get into this? I've had a slight growing interest over the years since I found out about btc in uni a few years ago. Any tips on where to start looking/researching?
This is a dumb question. You know already know how to start. You are just scared.
>Buy bitcoin
>Transfer to Poloniex
>Choose when to buy and how much
>Choose when to sell and how much
>Research on bitcointalk
>Research on coin websites
>Research at coinmarketcap
The rest is up to you, and no one will be able to hold your hand further than that. Take the leap or don't.
K. Once you own a cryptocurrency, getting it from one exchange to another or one wallet to another is pretty fast and very, very simple.
The tricky first step is getting your money (USD) into the system where it can easily be used to buy cyrptocurrencies like Bitcoins.
If you want, start at the very, very beginning with something like Bitcoin.com and just read the very basics.
Basically, though, if you'd rather not do that, just get your money in the system. You can do this on many sites which will allow you to either a.) transfer funds from a bank account which usually takes up to 9 days or b.) buy funds immediately with a credit card and pay a higher fine. However, another method to get in is to use a peer-to-peer buying site like localbitcoins.com or paxful.com to buy from someone directly. If you choose to do it through an institution, perhaps for fear of being scammed when buying peer-to-peer, you will need a website like that allows you to buy or trade BTC. Some websites, like campbx.com, only allow you to do this through bank deposits, while others can accept credit/debit cards and they all have their own fees. A few that will allow instant transactions are cex.io, coinbase.com, and several others. Coinbase is known to track where you send money and be all around difficult and a piece of shit to work with but idiots still give them business because they have a user-friendly interface. As does cex.io and many other sites. You can google this, as there are many. Most of them require identify confirmation and this can take several days, though not all do. Pick a site you like and use it to get your money on their site where you can buy BTC/ETH/whatever crypto you want or simply keep it in USD and buy directly through an exchange on their website if you have one. There are hundreds of sites like this. Just pick one.
Once your money is in the system and you have bought a crypto, transfer it to an exchange. I use more than 10 exchanges.
Once you're on an exchange, such as Poloniex (this is popular here for some reason even though it's really slow but again people like it for the fucking user-friendly interface), Bittrex, Bitfinex, Campbx, Coinone, Cex.io, Livecoin, Gdax, literally just pick one that carries the coin you like.
Coinmarketcap.com is a directory that allows you to look up the cryptocoin you want to trade and see which market exchanges carry it so you can transfer your funds to that site in the form of Bitcoin and trade on it.
Just research the rest. Once your money is in the system, it's really intuitive from there.
Have fun semi-gambling.
Poloniex has the most volume, so it is more liquid. That's a big reason why it is popular.
This.
Gotta resist that and set yourself somewhere.
I set myself at 5%.
U mad bro?
Good luck when you get audited and have to prove where your coins came from.
>b-b-but you cant prove that I was trading them
Thats why they require you to have documentation every time you trade them.
You cant just show up with $100,000 in coins and expect them not to ask questions about how you got them.
>Thats why they require you to have documentation every time you trade them.
>Documentation
Lol. No, they literally don't. Not the exchanges I use at least. Enjoy your fucking idiot taxes though.
>You cant just show up with $100,000 in coins and expect them not to ask questions about how you got them.
Aaand you didn't read all the suggestions above which give better alternatives to doing that.
You can be in denial all you want, but what we're saying works and when done correctly has always worked. If you want to pay taxes on this, it is your loss.