How hard is it to consistently net $50 daily from daytrading crypto?
I was sitting there lamenting the wagecuck life when it hit me that all I realistically need is ~$1500/mo (could probably get it down to ~$1250/mo) or $50 per day (after tax) to live.
So say I had ~$10k to start with, how difficult is it to make the 0.5% or $50 per day consistently on average over the long run. What can I do to guarantee this result in terms of a strategy?
lol... if you had 10k to start with, you'd be making $500 per day trying to do what you want. I only play with $350 and $50/day can be done with one trade.
If you can make 14% a day then you should be rich in a matter of months.
Teach me? I have 15k budget
eh, without a solid strategy I think it's easier said than done to assume anyone with $10k can just gain $500 each day, every day. At that rate someone with $10k would grind up +$15k per month, or +$180k per year, assuming they withdrew all profits and only continued trading with the original $10k - they'd make much more if they compounded it on top.
That's why I'm not trying to be unrealistically greedy here. If I can do $50 per day (or at least the $1200-1300/month after tax) I'll be happy. If I can do better, great, but that would just be a bonus.
I mainly just want to know what the best approach is, where to learn, what strategy to use. Is just sitting there for 10 hours a day swingtrading ETH or something the best plan? learn how to accurately interpret TA and buy/sell according to the memelines?
all it takes is one bad day, one bad trade, one wrong call to lose 10% - 30% or you get stuck with bags of coins that you hold until they get comfy gains or break even, meaning you can never tie up more than 10% of your stack in one coin. This way as long as you break even on 50% and do 10-20% on your others you could net 100 - 500 assuming you haven't lost on the solid coins.
I would split the 10,000
ETH
XMR
LTC
BTC
as your solid coins
and gamble on some Alts with Pump and Dump groups
If you don't mind being a wage cuck, and you put 5,000 on OMG right now you'll be sitting on 50,000+ by the EOY just from that.
by EOY2018*** not this year obviously
ya for sure there'll be some down days, hopefully enough up days to compensate
i don't really want to hold anything though, that puts me at the mercy of luck, and if I want to cash anything out to pay my bills (which I would have to monthly) it means cutting into the actual quantity of coins I'm holding (ie: if i was holding 2 BTC and I need to pay bills, I have to withdraw like 0.2 BTC into fiat leaving me with 1.8 BTC now)
i need to do a daytrading strategy for this to work, so the profits are generated by way of buying low/selling high constantly to accumulate more quantities of the coins - like if I started with 10 ETH, I daytrade all day long, end of my day I have 10.7 ETH, I can withdraw 0.5 ETH to pay bills for example, leaving me with my original 10 ETH intact
It's pretty easy but the big problem is you will likely lose either fiat or your cryptocoin in the long run making it increasingly infeasible to continue.
what do you mean by lose fiat or coin? like I'll fuck up and make losing trades? or...?
Lying shit.
Your biggest trades are the ones where you are patient, I can guarantee you that.
To answer your question OP if you do it properly you can end up with your own system where you literally never trade at a loss even with fees, and where you find patterns common enough to do it multiple times a day. I won't tell you completely how I do it, but I go all in on each trade (only 5k atm) and have never traded at a loss. Sometimes to make it happen you have to be staring at chart for hours whilst other times you could literally just come home and immediately make a trade for 3-5% without any effort.
he's inferring you aren't taking into account all the transaction fees on top of the 50$ in profit you want. you'll probably need to make 75-90 dollars to make the money pure profit
Awesome dude. Of course I wouldn't expect you to tell specifically what you're doing to make your profits.
When you say look at charts though, can you get any more specific? Or I guess I should ask: what should I learn regarding charts? what do you value highly in your analysis? any good recommendations (websites/video) on where to learn charts/TA?
And yea my plan (ideally) was to go all in on each trade, or close to it. I don't want to be in like 5+ different coins at once, would rather pull back into fiat (or tether if it can be trusted) between trades and just focus on the incremental percentage gains.
ah true, would have to trade on sites with lowest fees to really optimize I suppose
This, this faggot is full of shit. If he makes $50 a day, why is he only playing with $350?
I don't doubt he's done that before, but I doubt the consistency of it. If he's been trading for more than a month and still only has $350, I wouldn't listen to him.
Rather than trading I would look for holds. You'll make more, if you're smart and diligent. Just look for promising projects that can't go any lower (like LINK, REQ, etc).
Another freebie is when this board hypes a coin, then you see marines and pink wojaks every where for a week to a month, it's probably a good time to buy in after some research. I got into REQ and LINK this way at their absolute floor.
Stupid strat imo. You must waste a lot of time hoping to get out of the red.
It's true though, as long as I've followed my little set of rules I've not lost out on any BTC. Only times I've lost are when I feel like just investing in something.
Just start noticing trendlines, symmetrical/ascending triangles, breakouts and whatnot much more. Most trading is just done using indicators that I won't share. Big dips are the most useful thing for looking at what to buy.
Ok fair enough, thanks for the insight user
It might be true, but there's ways to get much higher ROI in a much shorter time, but you have to be willing to lose some.
Sounds to me like you just swing trade your whole portfolio. You can also loose everything that way if some terrible news comes out when you're all in. I'd swing 60%, and put some towards small cap coins personally. If you didn't buy REQ before the moon you're just a big dumb dumb
Doing it consistently while also not losing money is the hard part.
REQ is a high market cap shitcoin with no use, it is going nowhere. Also the probability that something I'm in goes to shit because of some event is really unlikely considering I hold what I'm trading for about 10 minutes and I use stop-losses just incase. It'd be like somebody generating the Bittrex exchange wallet.
Not hard i made 90$ while sleeping today
im shit and i do stuff like this daily, this was todays.. like 100$ and im done for the day
trade whatever is the hot thing right now and just dont try to time the pure top and bottom every single time.
dont worry about buying back higher than your last sell if its obviously going up again too, it might feel dumb like - well if i just held through id have more profit now anyway if its going up again? but you didnt know it was going to do that and you took profits to wait and assess. the aim is to have more btc than you started with at the end of the day, not more of the coin you trade on (obviously trading qsp at like 500 sats would have been fucking stupid, youd just hold through then)
and dont worry about pussying out if you go in and arent properly confident, you shouldnt feel like you are taking a risk at any point
fuck
>So say I had ~$10k to start with, how difficult is it to make the 0.5% or $50 per day consistently on average over the long run. What can I do to guarantee this result in terms of a strategy?
bitcoin goes up 0.5% a day on average and you don't have any risk of trading.
I know this isn't much money for a lot of people, but I've finally managed to develop my own strategy to day-trade with mostly winning trades, even for shit prizes some times (+2$ yeah!) but at the end of the day, I do make +5 to +15% of my total fund, and I do that after my wagecuck job.
Yes this is realistic to do it, if you never get greedy (I won't told you how much I lost before reseting this table, just by greed)
>REQ is a high market cap shitcoin with no use, it is going nowhere
Capped, lol. Market cap increased substantially this week, if you weren't in before that you're dumb. Guess you're just jealous I'm moon bound while you're not taking full advantage of the crypto space.
same lol
Right, it's just barely past ICO price and its lost 30% of BTC price already. There is nothing good about it, the only reason people like it is YC even though 90% of their startups fail. "Paypal of Crypto" is obviously just their chosen buzzword and it seems to have worked - for them of course, not any investors.
Consistently is very hard. Some days you could make $2000, some days you lose $1000. Like anything it's a skill to be mastered. Just start doing it and see for yourself. You will get better over time and be able to make more money with more consistency.
The later you start, the worse off you will be since it generally takes about 10,000 hours to master something (5 years of a standard 40 hour work week).
Right now it's pretty doable but you gotta understand we are living the absolute bullest of markets.
>If you had started in january you could have pulled 700% just by holding.
>If you had bought eth/neo/cheap bch you could have multiplied your investment tenfold plus
As much as I'd like to believe it, I don't think this is going to last forever. I doubt we have another year in the tank before things slow down, and god forbid we might even crash. I honestly wouldn't quit a job to do this, chances are you'll be looking for another very soon
Don't listen to (most of) the people here.
There are so many here who lie through their teeth about their success, or who've had early success and have gotten cocky.
Just one example: three weeks ago, they're all talking about how a poorfag can make easy gains/steady income on ETH by swing-trading between $290 and $330.
That stopped being true as soon as they locked onto it as a strategy.
A good majority of the forum was "sure" that BTC was going to crash into the $7Ks or even $6Ks today for a deep Black Friday discount. Uh huh. How's that working out?
Etc., etc.
Veeky Forums is, by and large, retarded. They're making money in crypto right now because it's an emerging market, so it's almost hard NOT to.
Buy and hold is the best strategy in crypto.. Don't let these dipshits and pajeets get you trading.
This. Just cuckwork for a year and use 2018 to get a 20x. Attached are my gains starting from May 2017 and $400 + $1200/mo
Accumulate more cash, get ready for some heavy bags if shit goes south and dont think crypto gold rush will last too long.
I bet you could easily make it in 2 years of mixed wagecucking and daytrading if you are smart enough
yea that's pretty much exactly what I want to do. I'd probably prefer to try and swing trade the most popular coins/tokens (btc, eth, ltc, bch, etc.) but I can see the appeal of going after whatever's hot for the day or moving big volume - I think there's probably a little extra risk though in the event you get caught in the losing end of a PnD or something.
you're right, I'll just jump in. will read and watch videos on TA and understanding charts a little better first though and then give it a try.
>you put 5,000 on OMG right now you'll be sitting on 50,000+ by the EOY just from that.
Seriously? What makes you think so?
Right now SPLIT YOUR PORTFOLIO IN HALF
Half Hold, Half Trade
Use these tools:
rsihunter.com
rsihunter.com
make a copy of my spreadsheet here:
docs.google.com
THESE TOOLS ONLY TELL YOU WHERE TO LOOK, NOT WHAT TO BUY!
now split your trading portfolio, half for quick swings, half for long swings.
Get into cryptodogpound slack for medium term swings, lots of educational materials.
Rules:
See which coin you wanna look at
Look it up on twitter, add $XXX and add these tags after the search so you don't get spammed with pump group links.
> -signal -join -telegram -leverage -volatility -earned -earn -gained -gain -super -passive -1broker -discount
LOOK AT 2 HR CHART
LOOK AT 45 HR CHART
is the trend going up? if it is in your favor, check any upcoming news on Coinscalendar, or do TA if you can.
you wanna buy? good, think what you think at the right moment, are you feeling:
>missing out?
>impatience
>lack of sleep
>in a hurry?
>greedy?
DON'T TRADE, if you're not, continue.
zoom in on 5m chart, check RSI, is it flat or way above?
it needs to be below 30-50
ZOOM IN ON 1M CHART
is it still down? or way down and almost gonna cross up? if so, Might be safe to buy.
Buy, set a mental target of 5-10% and once it reaches there put a stop loss to lock in your profits and let it ride, adjust SL as necessary.
Slow movements eventually you'll make it, Good luck!
great start
Messed up another link: 2nd one is:
agile-cliffs-23967.herokuapp.com
this usually detects which coins are pumping right now.
Also, When 5m/1m RSI is high don't FOMO usually it will correct and then u can get a good entry so you don't get JUST'd by buying the top.
GL
>docs.google.com
NOOO MY LINK I LOST EVERYTHING
Fuck, Also use Bollinger meme bands and don't buy when the candles are at the top, usually they fluctuate towards the middle or the bottom.
Don't buy news
sell 1 day before news
sell always before conferences
perceived value > actual value
don't listen to any coin Veeky Forums tells you to buy
if anyone says moon they automatically lose all validity
if anyone on twitter uses emojis block them
if anyone on twitter overuses gifs block them
If wolf or cryptorand shills a coin and you're holding that coin, wait 2m then dump it, buy it cheaper.
I wish you all the best
the top one i place it there for unused bitcoin balance.
the others if you put 0 in it doesn't calculate haha. you should only type into the blue ones, check the description! ^-^
Everyone else has it covered but I'll repeat it: get what you can in crypto but at this point you aren't going to make yourself set for life.
Keep the job so you have more money to throw in crypto/aren't taking out your gainz to live off of thereby decreasing the stack with which you are playing.
Expect to lose some bets.
Sorry user this is a lot to learn can you give me a quick rundown
>it's cheap and has nowhere to go but up, that's why i dind't buy it
k, stay poor
>if anyone says moon they automatically lose all validity
>literally said moon
welp
idk
Fuck, Also use Bollinger meme bands and don't buy when the candles are at the top, usually they fluctuate towards the middle or the bottom.
Don't buy news
sell 1 day before news
sell always before conferences
perceived value > actual value
don't listen to any coin Veeky Forums tells you to buy
if anyone says moon they automatically lose all validity
if anyone on twitter uses emojis block them
if anyone on twitter overuses gifs block them
If wolf or cryptorand shills a coin and you're holding that coin, wait 2m then dump it, buy it cheaper.
I wish you all the best
my ctrl key is broken i pasted an old comment reeee
DON'T RUSH THINGS, EASY DOES IT.
I firmly believe you can still turn 1k into 1 mil in 2-3 years in crypto. Alts are getting much more serious, adoption is spreading, etc.
I'm holding onto REQ, LINK, and SUB for dear life. Some less promising ones I hold are POWR, RCN, ARDR, ZEN and smaller positions in RCN and QSP. I'm watching a few projects that are currently under the radar too, and will withdraw into those if anything I hold takes off. Hoping for 10k by summer, and ideally I'll be able to put that into new ground floor projects for 100k, and really hope I can milk out one more times ten. IMO we have 2-3 years left here before it gets really tame.
>I'm holding onto REQ, LINK, and SUB for dear life. Some less promising ones I hold are POWR, RCN, ARDR, ZEN and smaller positions in RCN and QSP
altcoins...
Yeah BTC isn't gonna x10 anytime soon bucco, I can much sooner see REQ hitting $.5 than I can BTC hitting 80,000 or ETH hitting 4,500.
My % gains have been fucking killer this week so fuck off. I got in early for literally EVERY moon trip other than RDN, because that's a piece of shit that didn't deserve a moon.
Basically this It started out so well but now I'm just another bag holder
also altcoins usually dump with any movement in btc
i'm thinking the same, but my suggestion is tough it out and wage cuck thru 2018, you will make more holding and then compound those gains. Once I hit my goal of 250k, I plan to quit being a wage fuck and simply work for 0.5% daily trades - 1.25k per day gross. Seems very reasonable to me..
>I firmly believe you can still turn 1k into 1 mil in 2-3 years in crypto
I meant that in a "don't expect to become a millionaire overnight" kind of way but yeah I would agree with that.
This bubble is just getting started and, while BTC is the standard at the moment, who knows what the dot com bubble equivalent of Amazon is or if it even exists yet.
You seem to have a solid plan and actually do your fucking research so godspeed user you're going to make it.
>Yeah BTC isn't gonna x10 anytime soon
What platform do you use?
I'm netting between $60-$80 a day running 5 PHR masternodes (roughly $20,000 worth of PHR, costs $0.90 a day to run 5 VPS servers) if you already have $10k to invest just buy the coins and run masternodes... literally zero work after they are set up, just open your wallet and collect every day
>RDN
>piece of shit that didn't deserve a moon
Yeah, shit coin. I'm only x4ing my initial investment :^)
How do I get into cryptodogpound slack?
Thanks so much user this is great info. I need to learn about RSI and Bollinger bands and whatnot but this gives me some real direction.
what's up with the 'log' button on tradingview charts, adjusts the scaling
How difficult was this to setup?
Not very, there is a pdf walkthrough in the announcement thread on bitcointalk