Am I doing daytrading right?

19 years old and I started daytrading with $500 from my savings.

Been daytrading since early august and managed to make $3000 just by watching the volume of altcoins and selling when I've made like 10-15% profit.

Am I a certified crypto trader now?

Certified cocksucker maybe

>selling when I've made like 10-15% profit.

You're already smarter than 90% of Veeky Forums

good strategy until you miss a pluto mission and have to kys

Too early to say, it's easy to win when you're trading with lunch money. If you make it from 3k to 100k you're definitely gifted though.

This is basically me except I am at 1300 vested now, i am debating whether to put a portion of these profits into a trading or lending bot. Looking at Gunbot atm, any other suggestions?

>it's easy to win when you're trading with lunch money
In what sense? I can make a few trades, 10 contracts at a time, on a futures market for just a few ticks and make $2,000. Having a bigger buying power is much easier

In my experience it makes you less likely to be logical with trading. Yeah you can make $2k in a few seconds but you can also lose that much, and it's hard to stick to your original plan when you see yourself losing money that fast.

>everyone has a plan until they get punched in the face

Oh yea no doubt. For me, I always follow the trend and never take a trade that goes against. That is how I scalp at least. And of course always have your stop losses, if a guy can be that disciplined then he wouldnt be seeing losses that we are talking about.

>just by watching the volume
What do you mean by watch volume? Where can you see rising volume?

How does capital gains work on day trading? Do you need to keep track of every trade?

Every single trade is a taxable event. Say you bought 1BTC at $4000 and sold it at $4400. Rebought 1.1BTC at $4000 and resold at $4400. You pay (400+440)*0.25 = $210 assuming 25% capital gain tax

Thanks user! So you only pay 25%of the profit you take? Is it the same for buying and holding coins?

I started pre fork with $3000. It now $16k, have barely day traded because it doesnt work well for me. I just researched and got into great coins. Shit is growing every day

You pay nothing if you only hold. It's when you cash out you pay.

How did you research? help newfag out pls

I've started with a hundred and change, my shitcoin mooned and now I'm afraid to sell. Seems to be holding steady so not sure if shorting would work.

>Every single trade is a taxable event
What if you're trading crypto for crypto? Bittrex for example does most of its trading in BTC or ETH. Are those transactions taxable, or only cashing in/out to USD?

better safe and steady than salty and baggy

>e
Just put your logic hat on, for example. BQX first thing you want to look at is the concept.

For BQX its a platform that lets people invest in multiple coins under one 'basket' same as what a investment firm would do for you, without the enormous fees and its for crypto. So all the people who dont want to research or dont understand crypto can just use the BQX platform to invest, sounds amazing right?

Then you look at the team, if the team has experience in crypto, actually shows their names then chances are its not a scam.

If there is a need for the product and you see value in it and the team shows their name and has good experience, its probably a winner.

Thx senpai

"sell me this coin"

My understanding is that they only give a fuck if USD is involved.

what was your shitcoin?

Only in the US. In europe it's only what you profit all in all at the end of every trade you made

bottom bars on candlestick chart represent volume

ZRX

What if you hold for years and cash out on a year you put no money in?

Bingo! You found the loophole. Hold for one more year and you can cash out for free.

Does it apply in every country ? I heard this was the case for Germany, but if you tell me it is everywhere that would be a beautiful thing

I can't tell if you are being ironic. That sounds super retarded if true

It's supposed to be taxable. Like kind exchanges are extremely specific and don't apply to securities or currency. The IRS doesn't care if you don't trade to USD at any point, you're responsible for selling what you need to pay taxes owed.

That said, exchanges aren't giving the IRS anything (yet) and most don't even take personal information in the first place. It's mostly on you to report your income honestly. I'm not sure what would happen if you simply reported a mass of Bitcoin sales without showing where they came from, but paid the full tax.

>not every european country has its own tax policy
literally retarded user, you just went full ananas

>tfw turning 30 next week
I'm gettin old bros

not poor tho

Aight I'll just keep doing what I'm doing til I reach lamboland bois.

DNT has nearly quadrupled from my initial investment so i got that going for me