Day trading is a term used when referring to buying/ selling financial assets in a time frame that’s not more than 24 hours tops, it ends in a day. A variety of analytic methods are used by those who engage in it to predict the possible outcome of asset price movements to make profits. To day trade commodities, other currency pairs, is undeniably one great way to earn big in the cryptocurrency industry. Research shows that over ninety percent of day traders end up losing trades because they can’t understand the entire concept behind the scene. There’s however, no single way of making it big in intraday trade, traders have to evolve as the market evolves and learns every day from charts, signals. As a crypto intraday trader, with a capital of $100 to start with, sets daily goals for number of trades and strategies to utilize, sticking with them.
Cryptocurrencies and Forex markets are not in all very different from one another, they behave similarly as regards chart analysis. Basic analysis as used to analyze the foreign exchange market applies to altcoin trading like tech analysis and indicators. The major difference is that in Bitcoin and other altcoin trades, the volatility is more swift, trends are faster, this supports short-term day orders. In the Blockchain system, a trader can trade these coins with low amounts such as a hundred dollars and still make profits from it. With low amounts like $100, coins of the swiftest, less expensive transactions are bought to bypass high transfer fees. Not many brokers will allow this on their platform though, quite a few do, most brokers allow day trading cryptocurrencies when the foreign exchange markets are open.
Some brokers only allow a certain number of cryptos, some allow just BTC, others can let you day trade over 30 different cryptos. Min deposits are from $10 to $20, to trade with a $100 capital is worth it if the trader is not an amateur and he knows what he’s doing. Trading cryptos are not allowed on most Forex brokers’ platform, which is less complicated than using an exchange made for pros. Crypto’s bots are found to be very effective than humans in making profits because they lack human feelings. They hardly make drastic decisions born out of greed or fear not to lose more than they’ve lost or won more than they’ve won. If you’re not an expert trader, they’re varied bots for you to choose from and grow that $100 to $1000 in a few weeks.
Always eliminate fear, enter positions that are carefully analyzed, and don’t enter positions because of chance or greed, don’t be greedy. Lots of traders lose more when trying to cut down their losses or trying to maximize the little profit they’ve made. These are some of the psychological downturns of cryptocurrency day trades, which makes more than 85 percent of traders out there to fail. When trading with a balance of 100 dollars, the least lot size is advisable to use, risking less than 10 percent of $100, to protect your interest. Always set stop losses at positions that can risk, don’t set it more than an anticipated lose percent, this is one way to prevent over losing. The human mind some times would want to hold on for a while anticipating a reversal in its favor, but with a stop loss, this emotion is invalid.