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Is Day Trading Cryptocurrency a Profitable Business?

 Day Trading Cryptocurrencies

Day trading is a very common strategy in the stock market. This strategy is also used in the cryptocurrency market.

The cryptocurrency market is open  24 hours a day and 7 days a week. This means there is more time for day trading than limited time in the stock market.

The cryptocurrency market is very volatile. Gain or loss of hundreds and thousands of dollars occur in just a few hours. In day trading you hold an asset for few minutes or a few hours and exit before the day ends extracting a little bit of profit.

You buy an asset when it is at a low cost and sell it when its price is higher. Maximum profits from day trading can only be extracted by coins that are more popular like Bitcoin, Ripple, Ethereum, Bitcoin Cash, etc. than the ones that are hardly known to the public. 

You can yield maximum profit in a day by investing in popular cryptocurrencies.

You need to have acceptance

Day traders try to extract maximum profit from the volatility of cryptocurrency. You can start investing with a small amount of money that you can afford to lose. 

Everybody does mistakes. It doesn't matter how much experienced you are. At some point in time, your prediction can go wrong and you can lose money. 

Watch the news

Suppose Apple Inc. started accepting bitcoin as a payment for their products. More and more people will be interested in investing in bitcoin. You can invest in bitcoin quickly as more and more people continue investing. The price of your asset will rise. As soon as it touches the peak and starts falling, sell your asset and the profit is yours. 

Can people start day trading for a living?

There are a lot of newbies in the crypto market. Although day trading is very profitable, it can be very stressful. It requires time and experience. It requires quick decision-making and quick actions. A delay of few seconds can cost you dollars. 

Newbies may have to spend a lot of time watching graphs going up and down. You must have a strong heart to endure the losses.

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