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Day trading can be extremely lucrative, but it’s not for the faint hearted. And if that’s true for Forex and regular stock markets, it’s even more so when it comes to bitcoin. Bitcoin has a reputation for being an extremely volatile asset, prone to double-digit swings in the space of days or even hours. It can double or halve in value almost overnight. Movements can be fast and unexpected, interspersed with periods of eerie calm. That volatility is the reason it’s possible to make such large profits trading bitcoin; it’s also the reason why so many people get burned.

If you’re learning to day trade, then there’s one certainty: you will lose money. It’s a rite of passage, part of the learning process. Anecdotal evidence suggests that 80 to 90 percent of day traders lose money in the long run. It’s the few who master their art – or master it well enough – who start to turn a profit before they run out of reserves. For those who do manage to learn, the rewards are high.

Day trading bitcoin successfully relies on a number of things. There are market conditions, to start with – bitcoin is still a relatively small market and is prone to wild swings on large buy or sell orders. A trend can easily falter or reverse just because a ‘whale’ jumps in or out. Then there is your disposition as a trader. The best traders have ice-cold nerves and are able to maintain a rational position when the market appears to be moving against them – but know when to cut their losses, too.

Then, there are the exchanges and the tools you will need to assist you in your trading. There are many bitcoin exchanges. Some are designed simply as places to buy and sell. Others are set up like professional Forex platforms, with many extras that can multiply your profits (and losses), as well as limit your downside in the event the market goes against you.

At BitcoinDayTrading.net, we have substantial experience of trading bitcoins on a number of different exchanges and platforms. We review the largest and most popular exchanges, and their pros and cons for active traders. For newcomers to day trading, we explain key concepts such as leverage and shorting the market. We also unpack a few of the tools you can use to make life easier and safer, such as stop-losses and limit orders. Since not all of the different exchanges offer these, and the ones that do sometimes have other limitations (such as poor liquidity), it’s well worth familiarising yourself with a wide range of options before you start trading.

Ultimately, no one can teach you how to be a successful day trader, especially when it comes to bitcoin. It’s something that you have to learn for yourself through trial and error, figuring out the strategies that work best for you. The purpose of this site is to give you the background you need to get started and to hit the ground running. Good luck!

Contact us if you have any questions. Alternatively, check out our sponsor over at BitcoinGamblingSites.com.

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