Profits Day Trading Steem Right Now! + Some Tips for Day Trading
Hey guys! Steem has been one of the coins I've been day trading today while I take a break from my studies and so far it's been quite successful! Each time I successfully buy then sell 1 Steem, I make around 3 cents, and in the last 40 minutes I've successfully turned around 2200 Steem, thus making around $66 dollars in the last 60 minutes!
When to day trade?
Whenever you think a coin's price is going to be somewhat stable or at least volatile within a certain range, day trading is alright. For example, mid volume coins like Steem when bullish but has a massive sell wall is quite a good time to day trade. Sell wall means the price probably won't exceed a certain point, bullish means high demand so when it bounces off the wall, it'll rebound back up and low volume means the sell wall won't be broken (hopefully).
What to be careful of
Emotions is the largest thing to be careful of. Even when I day trade, I don't go all in. I buy maybe 30-40% of my money worth and try to sell for 1% profit. If it goes down more (by like 1-2%), I'll buy more and more until my bags are filled. Then I will start selling small amounts even at a loss to try and buy back more. If you never buy back more then that's fine since you should only sell around 10%, if you did buy back more you'd make a small profit but at least feel better about selling and buying back. Repeat this cycle until you're back in profit (which at this stage could take days or weeks).
Why day trading is not always the best
If prices drop a lot, you'll be holding the bags, if the coin moons, you'll be missing out. Day trading is only good when the price of a coin is varying within a certain range for a period of time. As soon as it drops a lot or moons, you'll be the one taking the losses.
How to day trade
If after all these warnings you still decide to day trade, that's fair enough! Just set reasonable buy and sells for small profits (anywhere between 0.5-1.5% is reasonable in my opinion depending on market). I recommend day trading on Binance, it's by far the best site in my opinion! I just wish I bought more BNB back in the days when it was like around $2 each!
Thanks for reading!
Feel free to leave feedback about my tips and suggestions!
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I've never given day trading a try before. I probably would suck at it, too greedy and too impatient to make profits. Thanks for the info all the same @cryptoeater, have a blast in your examinations
Thanks! If you don't already have a Binance account, feel free to sign up with my referral link by clicking the Binance link in the post!
Steem is ranked high af in china : )
That's true! That could explain the recent bull run haha
The price is sitting pretty close to the sell wall now so I'm a bit hesitant to keep day trading, if the price falls around 0.000378 I'll be buying and hodling!
I agree with emotions being an extremely tough obstacle to deal with when trading. As a trader for 3 years now, emotions is something I overcame as I learned from my mistakes. Once I learned how to overcome that obstacle of trading, I started performing better!
You got a 35.05% upvote from @upmewhale courtesy of @cryptoeater!
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@cryptoeater nice post. It's a lot easier for beginners to trade the larger timeframes. Day trading fee's will tear apart small accounts too
Interesting post thanks for sharing.
I will take into account the care you tell us friend