How to day trade cryptocurrency using Binance!
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Question... when you are trading coins between bitcoin or ethereum as their price fluctuates does that have any affect on the coin you are trading? For example you wanted to sell NEO at .143700 but if the price of ethereum goes up or down that .143700 could mean $160 NEO or a $170 NEO. Is that correct or do I have that all wrong?
That is correct. There is a mindset shift that has to take place, you have to see ethereum as the currency your trying to boost versus trying to boost the USD value, irrespective of ETH's fluctuations. Otherwise, in your example, you would simply not have bought any NEO and had more USD just from hodling ETH.
Additionally in your example, If ETH price significantly drops, your buy order might go through despite NEO price not changing. But that should not matter if you still have faith in ETH and believe its USD will bounce back.
Great point about the mindset. Thanks!
So what you’re saying is it is best to trade for more ETH even if the price of the coin is the same or possibly lower as when you bought it rather than trading the coin at a higher price?
Yes, as long as the # of ETH you hold is greater than the oringinal.
Gotcha! Thank you for clearing that up for me. Really appreciate it!!
I actually had the same question. Thank you guys for the responses.
This is what it’s all about. Helping each other out and making money together! 👍🏻
Good answer. Also need to say that if ETH price goes down during NEO buy/sell process you end up owning more ETH anyway. It's the same as selling ETH when it's high and buying when it drops. It always preserves the value.
Yes, this is what I implied but it is important ot mention.
And if that’s the case wouldn’t you want to watch the price of NEO instead of watching the .143700?
You're right, that's why you should trade based on Ethereum due to its (more) stable value.
I found easier to trade on Bitcoin for some reason
Did you suffer from the high transaction fees? I usually trade in ETH since remember when my friend traded in BTC the fees were about 2 times higher than ETH
Think of it as exchanging USD for the Euro. Each has their own value and both fluctuate as well.
HOLD gang
Totally correct on your part. I always look at the USD value of the instrument used and the USD value of the coin purchased at time of buy and again at time of sell. Easiest way for me to make sure I never get burned on converting back to ETH or BTC.
Thanks for the help!
I personally like to hodl my coins for a big payday.
Me too. Daytrading is a long term goal but the day job gets in the way. :-)
I just waiting for RXP to come alive
especially when the market breaks out
daytrading is what I have been doing to stimulate my mind lately haha. very much enjoy your videos.
Seems like a lot of sitting around, stressfully watching the graph move in your favor.
Yay been waiting for over a week for the approval of my steemit account! I'm a crypto newbie been wanting to give day trading a try. Great videos keep up the excellent work!
Thanks for the tips!
Really enjoyed your mindset getting into day trading as a newby. I'm trying to start doing some day trades soon myself.
Managed to catch this during the Livestream. It was really cool to actually follow along and see what you were thinking instead of just reading the messages of completed trades on the Telegram group. Really puts things into perspective and as always it's nice that you take some time to interact with your audience.
Keep up the great work and looking forward to future content.
I love your show! You got my first Steemit upvote and follow! Watch ya all the time on Youtube!
When you day trade is it better to use the 1 or 5 minute chart? Also, what's your stop loss set at as in percentage to your buy order? Well stream btw and as a starter to this whole cryptocurrency market, I have learned most from you and your daily uploads such as reading the charts and knowing when to get in using different indicators.
1min is too low as it reflects random price movements and "noise" in the market that can trick you into thinking a move is happening. Saying that I have seen people trade 1min and be successful but it takes alot of skill.
Initially I faced a good load of losses when i started Day Trading. however, I know it now, and I am saying this from my past experience.
Solid advice, getting greedy is when it goes from trading to gambling.
Especially #2, your much safer, and better off to grab multiple small wins rather than trying you hit a home run every trade.
Also, take small losses. One thing people often dont do and end up holding on and pulling out with a massive loss.
Thanks for the show, enjoyed it live. Hope you managed to make your 25 ether at the end.
Really enjoy your videos. This one in particular reminded me of the horse races. Keep up the awesome work you put out there for us. I am still learning but the next step I'd like to get into is arbitrage. Have any info or insight there.
After a great day of trading, i got stuck with a coin today. Not bad but it put my daytrading on hodl.
This guy is awesome! Thanks for your dedication to informing and teaching others about Crypto!!
Keep up the good work Cryptocoinnewz!!!!
I am still learning how to read and interpret the graphs.
Technical Analysis of the Financial Markets by John J Murphy is a timeless book on how to read charts etc, it can be applied across all markets. You can find the full PDF by just doing a google search.
https://steemit.com/bitcoin/@philakonecrypto/lesson-12-let-s-learn-advanced-55-ema-strategy
This isn't my post but you can learn a lot from it.
Your not alone there, I think a lot of us are just starting the learning process
glad to see your humble and you make a decision like the rest of us and still can relate to us that don't have a heavy bankroll i do have a more solid understanding watching your video and of course studying too Thanks Zach for yor dedacation
thanks you!!! U helped me a lot :)
Thank you for giving some actual good advice unlike how most people are just trying to scam as many people as they can
This is exactly what I asked for on another comment! I know the video has a lot of lul moments, but it give perspectives a chance to see what goes on in the mind of a trader. The thought process when coming up with a strategy and the wins/loses the person takes and learns from doing it. I wish I had more funds to day trade with but unfortunately that is not possible atm. But a littl can go a long way. Great video and I hope to see another one again soon!
When I initially got into the crypto space I started off trying to day trade. I then came across this channel on YouTube. I bought into NEBL around the $23 mark, with about $800, in the early part of January before it made its run up to $65ish. I ended up getting out on its way down around the $54 mark. I wanted to pull out long before it peaked. It was down in the $30's when, if I remember right, Zach said on it YouTube that it would spike and then consolidate then spike with another consolidation period. I'm so grateful that I listened and rode it to the top before looking to get out. I was able to get my investments all the way up to about $2400 off of $1,000 total starting. I then bought up other coins that had already dropped like TRX(which has a good portion of my $). I am now just hodling through the dip like everyone else. I have pulled in a little bit of cash that I am now playing with trying play with trading on this bearish/stagnant market. I figure if I can learn to turn a profit with this kind of market I can definitely make it when the bulls come back in. Hopefully after the New Year money gets infused back into the market. Thanks for all you do at CCN. Good luck to everyone else.
Only 1 out of 10 people are successfull in day trading! Still liked the article, unfortunatly i don't have money to play around ahah so for now I shall HOOODL 😎😎
keep up the good work mate!
this day trading business confuses me specially when you are trading with coin pair. if it was using fiat pair, then it would make it easier to follow.
but i will still follow you and try to get hang of it.
During the video noticed that Zach was pulling up the calc & trying to do the profit margins in his head a number of times. Made a small google sheet that can be handy. Here we can see if the desired sell price is within the BOLL bands and decide the sell value immediately according to the desired profit margin. It's shared here. You are welcome to use it and improve it further :-)
https://docs.google.com/spreadsheets/d/1shIbYEOebeXicSjtNFnER5eC3D-ZIRT3i6l5u5qdj1A/edit?usp=sharing
$400 is pretty good...starting with $15k!
Lit channel
Whats up Zac! I managed to use your strategy today, and made $150 in this dragging market! Thanks!!
Thank you so much for this video. I rally need to learn this.
I really enjoyed the day trading video and cannot wait for the next video. I am doing a similar challenge but over the first 6 months of 2018 and starting with only $200. If I could manage a 5% gain daily which is tough that would be over a million in 6 months through compounding my earnings!
I am in the same boat as you. Day trade as a small hobbie only for a couple hours a day and see where it takes. It’s hard to turn a profit with so little funds though... But little here and a little there could turn ito more funds to trade with every single day.
If u really think about it we can all make money if we just like eachother post an throw in a small comment... Simplicity of it.
Kind of a cool concept. Seems like it's gonna take a lot of quality contributions to actually gain any quantity of funds though.
Nice real time tutorial, thanks
Watched it live. Interesting and I learned a few things. Always good to see someone else's thought process when thinking through decisions. Thanks!
Will you trade ltc?
Zach killing it as always !!
Finally got accepted! Glad to be here
I too am trying out day trading for the first time, really appreciate your take on it. I gained 2% after trying your method. Keep up the great content!
Gotta be careful day trading and swing trading especially with a bot there is alot of info u need to keep track of for taxs reasons+ if your doing alot of small trades gotta watch the fees they add up quick...great video keep up the good work
NEO EOS and ICX to the MOON!!!
Crypto Coin News is my favorite channel to acquire quality information! Thanks for all your HELP!!!! Much appreciated!
I'm trying to daytrade, but don't have much capital to start.
Take time and do what you are comfortable with. when I got in, I didn't know much about all the fees and such so i ended up getting railed transferring bitcoin to binnance. Ended up only having 64 dollars. after the rise in December and then the short market correction, I'm at a little over 1,000 dollars. Sure its not 15,000, But they are still percent gains. if you only go up 1% each day and are smart about it. It will add up over time.
Time to learn day trading!!! I’m ready to take notes!
Great livestream, learned a lot, thanks ❤️
i actually watched ur whole video i thought it was amazing learned alot in real time
I see alot pump and dump coins on Binance.
Binance does have it's share of pump n dumps, but nothing like Cryptopia.
With all of the rumors out there POE might be a really good swing trade over the next 2 days. What do you think?
Zach killing it as always !!
I heard Binance is not accepting any new users :(
They are. I just checked. They had a freeze a few weeks back while they upgraded equipment, but they are definitely accepting new registrations. Binance is by far my favorite exchange, but I wish they offered more coins like Mintcoin.
I am starting to say trade a couple hours with a very small amount of funds(learning experience). The thing I wish Binance would change is the fees they charge even on limit buys/sells
Really?
Thanks for having the live stream. I enjoyed seeing how you day trade.