Day trading

[unfathomable]

Let me preface by saying that I am a no-coiner. But I have been interested in day trading (stocks too) merely because I am autistic and semi decent at coding. Which means coming up with algorithms and automating the buys and sells sounds extremely fun to me. For example creating alerts for buying signals, making buys after a dip and then selling at 3% profit or whatever.

I am sure this is appealing to others as well. Who doesn’t want to make money sitting on their butt? Day trading is an exciting and feasible way to accomplish this. Because when you look at a chart, every time it has dipped and rebounded. You could have made a lot of money buying near that base line. It doesn’t matter what the current price is, it doesn’t matter what it will be 10 days from now. You’re not in it for the long run you are merely making money from the daily shifts in the market.

So I would like this thread to become a resource for day trading, where we can share content, ask questions, and give our own experiences.

 

[CrunkLord420]

if you want to mess around https://github.com/askmike/gekko

 

[unfathomable]

Quickfingers Luc - This is the guy who got me interested in day trading crypto.
https://www.youtube.com/channel/UCbcxHiowf0TSNKn3xVpGTiQ

I also found out about this website from him, steemit. Where content creators earn money via upvotes.
https://steemit.com/@quickfingersluc

 

[Skeletor]

You'd have better luck trading stocks thanks to Bitcoin's huge fees. GL

 

[Null]

You'd have better luck trading stocks thanks to Bitcoin's huge fees. GL

ya don't trade btc dum dum

or you do it within an exchange which doesn't actually traverse the network

 

[unfathomable]

 

[oldTireWater]

Charts tell you what you want to see. The "analytic" approach is an exercise in self deception, and "fundamentals" are meaningless in day trading. You can come up with countless filters and algorithms that produce great returns on a specific set of historical data, but PAST PERFORMANCE DOES NOT INDICATE FUTURE BEHAVIOR. The markets are not a puzzle which math will solve, they are neither random nor deterministic. There is no signal hidden in the noise, only hate. Transaction fees will bleed you.

You can make day trading work, but it takes a lot of time, money, discipline, and LUCK. The odds are not in your favor, literally.

Spoiler

I spent about a year working at it part-time. I followed an algorithmic approach based on a lot of back testing. In the end, after 7 figures worth of transactions, I had a net loss of roughly $500. I think I did pretty fucking good, but I didn't see a systematic way to do better. You're still betting against the house.

edit: If you want to make money, then write books about how to day trade.

 

[AnOminous]

You can make day trading work, but it takes a lot of time, money, discipline, and LUCK. The odds are not in your favor, literally.

The rake taken by the exchanges makes it almost always unprofitable except to the genuine wizards. Also, the exchanges are often not terribly honest and somehow, seem to stop working suspiciously during periods when it is conveniently likely delaying transactions would benefit the exchange.

 

[lindsayfan]

Daytrading really is a losing game compared to the wealth available if you just buy a good coin and hold it. I know it's been said before, but it bears near-endless repeating.

Daytrading might be your best hope if you have severe capital limitations (no money to put into crypto) and need to build a stack... but for anyone else it's foolhardy. Still, motherfuckers gotta learn the hard way. I sure did.

That said, when Bittrex announced they were delisting MTL last night I made a nice little profit buying the panic that ensued on Bittrex and then transferring to more obscure, lower-volume exchanges where there were standing MTL buy orders. I'd never actually arbitraged before. Not in a hurry to try it again, but it was fun.

 

[AnOminous]

Daytrading might be your best hope if you have severe capital limitations (no money to put into crypto) and need to build a stack... but for anyone else it's foolhardy. Still, motherfuckers gotta learn the hard way. I sure did.

I think it's even worse then. Transaction fees are based on the size in bytes of the transaction, because of the limited space in each new block, so the smaller your transactions, the higher a percentage you're paying just on transaction fees. And with daytrading, you're not just paying fees once or twice, you're paying them repeatedly, sometimes on a nearly hourly basis.

And that's not counting the exchange's fees, whatever those are. Or the unethical practice of some exchanges of just delaying transactions when it's in their advantage.

 

[CrunkLord420]

Pro-strat: Flip a coin and go 100x leverage position. BitMEX will pay you "fees" (it's called a rebate when you get paid) to place maker orders.

 

[Null]

the boards are wallpapered with pink wojaks today