Crypto day trading is one of the most profitable options for trading cryptocurrency. Day trading is daily trading during stock exchange hours. All positions must be closed by the time the market closes at the end of the day. In contrast to investors that work in long-term matters, small price fluctuations are usually used to make profits. Day trading can be done on any asset and market.
You can trade and profit with cryptocurrencies using different approaches and make a consistent monetary amount per day. Among the profitable tools for day trading is lending crypto with a crypto currency loan — you can borrow the currency you want and use it to trade.
For example, you have Ethereum coins and don’t want to sell them. You can take an Ethereum loan and get the stablecoins for the day trading as the loaned funds. Your Ethereum will be collateralized in the cold wallet and will be still yours.
So, let’s talk about the main advantages of working as a day trader.
Working remotely
The advantages of this remote work are numerous — you won’t have to live as per the schedule, wake up before the alarm goes off and report to the boss. You’ll be able to control all your earnings by yourself. The choice of trading is yours — will you work today or take a day off. You’ll be able to plan your own vacations. You can work at your own pace with no one to push you around.
You may work at any place you want to, as long as you have the Internet-connection and a device which you could use.You can combine trading with your primary job, but keep in mind – this kind of working activity requires a great deal of focus. But, potentially, you can give up the regular job and devote your time to profitable trading.
Some traders prefer working for just a few seconds, while others prefer to trade for hours. Day trading adapts to what’s comfortable with you. The trader always depends on the market situation. If there is no movement, you cannot make a successful trade. High volatility of the market is a friend of the day trader.
No income limits
You do not need to attend a specialized school to become a trader. It makes no difference whether you have an education or not. The only thing that matters is your ability to learn. There are numerous free resources on the Internet that can teach you about day trading. Of course, you can also use paid materials if you prefer.
You can earn as much as you want, the main thing is to strive for it and gain experience. You can make small profits from multiple trades and need to limit losses from bad decisions. To make even more money-and to provide free liquidity to the coins you’re working with – you can use crypto loans. For example, you can take an instant bitcoin loan on the CoinRabbit platform and use it for day trading as the speed of the loan receivement is highly important in day trading. Your collateral also will be exposed to all the rate changes. That can bring you even more profit, because you may end up with higher rates of your collateral than you left at the lending platform. This way you don’t have to sell your cryptocurrency and its value grows over time when you are using the loaned funds. How to get a crypto loan you can read in details here.
The most attractive aspect of day trading is that you can make really big earnings. As in all spheres, experience is important for this task, which can be earned by using both theory and practice. The trader needs discipline skills, ability to organize his time properly, and the main thing — to follow the changes of rates.
The main thing is to control what amounts will be invested. You should use only the amount of currency that you can say goodbye to without too much regret. Otherwise you will not only have a negative experience, but your financial situation will suffer greatly.
How much capital do you require for day trading crypto? Anyone can spend just a little money. It depends on the financial product you are trading.
For example, CFDs or some digital options are offered for trading with an investment of less than $1. Futures will require a minimum margin. Also, some stocks may sell for $5 or less.
And, of course, you can take a crypto collateral loan if you want to make your trading even more profitable.
More free time
Once you get the hang of trading, it’s easy to manage your time. And you’ll definitely have more free time than in your regular job, if only because you don’t need to spend time or gasoline on the road to trade. All you need is any device you are comfortable with.
The more experience you gain, the less time you will have to work. That means more time left for other things — family, hobbies, meeting with friends, whatever.
Traders typically make 10 trades per day, which is sufficient for a good profit. When trading intraday, all positions should be closed by the end of the day, and no positions should be left open overnight. Because the trader can sleep well at night, there is no risk of losing money, as there is with some other types of trading.
Conclusion
As you can see, life as a crypto financing trader can be almost perfect if you gain experience. Just a few hours of work a day can provide you with a good living and you won’t have to work for your boss.
The market offers endless opportunities, but be prepared to take risks and fail, because it’s impossible to learn new skills without making mistakes. The main thing is not to let these obstacles stop you, and you will become a successful trader.
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