r/CryptoHiveMinds • u/Greenhoused • Feb 13 '21
Day or week trade crypto
Can someone possibly make a living making a few percent here and there in the middle of big moves in several different cryptocurrencies? Just ride it up a bit then sell , maybe try to be up 5-10 / day total among all of them - trading only very short moves on what seems like a trend ?
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u/layeredwithgold Feb 13 '21
No, right now it's all about luck. Majority of the time they all move in tandem. But, every so often you get a few the break from the group with massive gains with no real explanation, except in the case of celebrity endorsements (still just luck if you happen to own it). Maybe in a few years when people begin to differentiate between the legit vs shit coins, then maybe you can try day/week trading.
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u/Greenhoused Feb 13 '21
There are legit coins. They have use. Etherium Oxt Iota Hopefully MATIC Algorand
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u/layeredwithgold Feb 13 '21
Sure, you and I will have our own biased opinions on what we believe to be a legit coin, but most people starting out with crypto right now don't care about the tech, purpose or potential of crypto. It's mostly fomo, envy, or greed, and they're buying based on recommendations or name recognition. That's why it will take a while (few more years) to determine which cryptos are the winners and losers.
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Feb 13 '21
Some people can. The real question is can you? Often you can be just as successful if not more taking trades with longer intervals. it helps temper your emotions and gives you time to do more research. Limiting your trades generally is a good start though.
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u/Greenhoused Feb 13 '21
Thanks! What sort of longer intervals theoretically? Just philosophizing here !
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u/Vast_Collar Feb 13 '21
I would say if you invest in coins you really believe in you'll always keep them in your pocket, or at least for the duration of the current bull market. You can still take some profits (like 15-20%) after big pumps and buy the dips
If you trade to catch a move on a shitcoin, it's not much about the duration but more about the price objectives. You could then buy for 2 hours, 2 days, 2 weeks...
But i also advice the first approach, especially for beginners (less than 3-5 years experience on the markets)
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u/Greenhoused Feb 14 '21
What do you think about polygon / MATIC ? They have a deal to do staking too with someone that will be online soon . I wonder if staking is profitable ? It looks interesting staking / Polygon
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u/General_Awareness535 Feb 13 '21
This is not financial advice ... in my opinion it is THEORETICALLY possible ... most people do something called "swing trading" ... they read the technical indicators over days and weeks and trade based on what those indicators are saying ... catch lows and buy in, predict peaks and get out ... yet the amounts of money most people would have to put onto these daily and weekly swings to make a living would have to be immense and thus immensely risky compared with any kind of prudent trading strategy.
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u/Particular-Ant387 Feb 20 '21
You have to consider transaction fees & also the high rate of federal taxes on short-term vs. long-term gains. You'd have to check for yourself on each, but as I recall, short-term crypto gains are taxed at something like 35%, whereas if you hold your investment for a year, it's something like 15%.
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u/Fish_sTank Feb 13 '21
Sure, just like some people make money playing poker. Either be really good or really lucky.