Daytrading with Bitcoin a thing?

[dany]

I wonder if daytrading with Bitcoin is a thing, something people do?

If I invest right now 65K BTC chances are high that during the next 24 hours it will be 67K so I could sell it and make 2K profits in 24 hours?

 

[JohnnyDoe]

It’s like day trading any other instrument, 98% of the traders lose money or anyway make less than by just buying and holding.

 

[void]

I wonder if daytrading with Bitcoin is a thing, something people do?

If I invest right now 65K BTC chances are high that during the next 24 hours it will be 67K so I could sell it and make 2K profits in 24 hours?

if you don't have/know your edge then you can get lucky but surely lose long-term

 

[dany]

Why long term if I sell once I mean I have earned enough and if I wait to sell if it is not above what I spend on the coin? doing so I can't lose as long as I have no hurry to sell !

 

[polonieth]

I wonder if daytrading with Bitcoin is a thing, something people do?

If I invest right now 65K BTC chances are high that during the next 24 hours it will be 67K so I could sell it and make 2K profits in 24 hours?

Probably, but not successfully.

A day is not a good timeframe to be a successful trader.

 

[dany]

Probably, but not successfully.

A day is not a good timeframe to be a successful trader.

okay I see... so better look on 30 days or so ?

 

[polonieth]

okay I see... so better look on 30 days or so ?

I don't think that is the right question to ask. Bitcoin is down 4% in the last 24 hours, so in your example trade, which would earn you 2k in 24 hours, if it hit 67k, you're actually down $5k.

I am not a trader, but there are no hard and fast rules, most of them will base time frames on bull-ish or bear market conditions. Obviously, with crypto being so volatile, you can operate on shorter time frames, but IMO anyone pushing day trading is either clueless, or is able to make money based on the frequency of your trading i.e an affiliate of an exchange.