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    Day Trading Cryptocurrency - Strategies, Tactics, Mindset, and Tools Required To Build Your New Income Stream
    Day Trading Cryptocurrency - Strategies, Tactics, Mindset, and Tools Required To Build Your New Income Stream
    Day Trading Cryptocurrency - Strategies, Tactics, Mindset, and Tools Required To Build Your New Income Stream
    Ebook139 pages1 hour

    Day Trading Cryptocurrency - Strategies, Tactics, Mindset, and Tools Required To Build Your New Income Stream

    By Phil C. Senior

    3.5/5

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    About this ebook

    ⚠ Stop Wasting Money On Ridiculous (And Expensive) Courses! ⚠

     

    Are you still listening to those online "gurus"?

    Have cryptocurrencies left you in a spin?

    Do you want to take advantage of their immense power but don't know where to start?

    Are you seeking the opportunity to make money no matter what the market is like?

     

    Financial freedom is calling and this book will show you how to get there!

     

    Introducing Day Trading Cryptocurrency by Phil C. Senior. In this book, Phil is going to give you all of the secrets and tactics that have made him money from day trading cryptocurrencies.

     

    You're going to learn just how powerful this new asset class can be for your wealth. This isn't a book with standard technical indicators that every other day trading book proposes. Inside, you're going to learn how to decipher the thing that makes all markets move: Order flow!

     

    In addition to this, you'll also learn:

    The real deal about crypto, and why Bitcoin is not the best option for you to trade.

    How to day trade successfully and why you should day trade.

    How you can make money by being right less than half the time.

    The one thing you need to do to be successful. This is what other traders don't do!

    How much you should be concerned about volatility.

     

    Evaluating liquidity and selecting the best currencies to trade.

    And so much more!

     

    The best time to get in on cryptos was a decade ago. The second best time is right now! They have the power to bring you everything you want in life.

    Stop sitting on the sidelines and learn how to use them to gain the life of your dreams!

     

    Take action today.

    LanguageEnglish
    PublisherBluesource And Friends
    Release dateAug 21, 2020
    ISBN9781393707547

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    Reviews for Day Trading Cryptocurrency - Strategies, Tactics, Mindset, and Tools Required To Build Your New Income Stream

    3.5/5

    12 ratings3 reviews

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    • 3/5
      need to look for a better book with strategies on it
    • 5/5
      Wow. Realistic writing with no promises of instant riches just flat out advice on how to get started. Very good.

      1 person found this helpful

    • 5/5
      I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
      $4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity lifetime knocking on your door ? inbox me for more info via dankenny234@gmail.com

    Book preview

    Day Trading Cryptocurrency - Strategies, Tactics, Mindset, and Tools Required To Build Your New Income Stream - Phil C. Senior

    Introduction

    Cryptocurrencies have become all the rage with many investors these days. In fact, the crypto hype peaked around 2017 when the price of Bitcoin rose by a scarcely believable 1,318%. The funny thing is that Bitcoin’s rise was probably the smallest. Alternate currencies such as Ripple rose by an astonishing 36,018% during this period (Saifedean Ammous, 2018).

    Unfortunately for many investors, the bubble burst and many people were left holding the bag right at the peak of the market. The subsequent declines convinced many of them that cryptocurrencies were highly speculative and that they were somehow fraudulent.

    This point of view is held by many people across the financial industry and government. In many ways, these views only reinforce why cryptocurrencies are here to stay and why they have real value. However, as someone who’s looking to day trade cryptos, you don’t need to worry about the long term prospects of these currencies.

    Day trading is a form of speculation and by its very nature, speculation seeks to take advantage of short term moves in a financial instrument. The great news for day traders is that there are so many cryptos out there right now to get started with almost instantly. All you need is a working Internet connection and you’re good to go!

    Having said that, getting started with day trading and executing it successfully are two different things entirely. For starters, day trading has been around for a long time but very few people manage to practice it successfully. One survey conducted by a broker indicated that 90% of people who open their account end up losing everything within 12 months (Saifedean Ammous, 2018).

    Such statistics are sobering for the new day trader. I’m here to show you why these statistics won’t matter for you. It’s not a huge secret of any kind. It has to do with the kind of instruments most of these unsuccessful traders speculate in.

    Why Day Trade Cryptos?

    The average losing trader opens an account with traditional brokers and begins to trade the most widely-available financial instruments. Things such as stocks, options, and Forex (FX) currency pairs are the instruments of choice for most traders. While these instruments are easy to access, the problem is that there are millions of other traders speculating in them at the same time.

    When a large number of traders speculate in a single type of instrument, that instrument becomes tough to trade. This happens because there’s far too much information about it. Even worse, the most popular trading strategies and indicators won’t work because everyone’s using them all at once. This reduces the efficacy or the edge that the strategy has.

    As a result, traders spend most of their time catching up to the market. They need to constantly evolve their trading strategies, and automating their trading strategy is impossible because they become obsolete within a matter of a few days. Think of it as opening a business in an extremely crowded niche.

    If you open a clothing store on a street that already has hundreds of them, your odds of success are going to be low. There’s just too much competition. Instead, if you opened it on a street that offers high foot traffic and low competition, you’ll do a lot better even if you’re less skilled than the person operating in the previous location.

    Volatility

    One of the reasons why many traders stay away from cryptos is due to their volatility. This is a bit odd because it’s a lot like a businessperson saying they’re trying to stay away from money. Volatility can harm you, but only if you don’t know how to manage it well. There’s no denying that volatility causes weird price swings now and then.

    However, volatility is what moves prices to extreme levels. It’s what creates quick profits for traders. Would you rather go somewhere on a bicycle that averages a mile an hour or would you rather go there in a car that averages 70 miles per hour? The choice is obvious.

    The speed with which the car moves is a lot faster but as long as you drive it well, you’ll get there quicker. This is what cryptos do for you. They take you to your profit targets quickly because they’re volatile. Another reason for their volatility has to do with the relatively low levels of competition when it comes to trading them.

    Thanks to the relatively low number of traders operating in them, you’ll find that cryptos will move a lot faster. Thus, the earlier point about low competition assists you once again. It means you’ll make more money faster.

    Of course, this is easier said than done. You will need to master many skills along the way, but this is what you’re going to learn in this book. There are many ways to trade crypto successfully and I’m going to show you just a few. Once you’ve gained experience trading them, you’ll be able to figure out new strategies for yourself.

    The key for you to remember is that there is no perfect strategy. You’re not going to be able to win all the time. Instead, you need to ensure that you make more money than you lose whenever you do win. This is a mindset shift that many prospective day traders never make.

    You’re going to learn this and many more skills in this book. Practice them rigorously and you’ll find money and profits flowing to you easily. Let’s now move forward and take a look at the world of cryptocurrencies.

    Chapter 1: Crypto 101

    Before diving into how to trade cryptocurrencies, it’s important for you to understand how they work. More specifically, you might be wondering what they even are. This chapter is going to give you everything you need to know in this regard.

    To understand cryptocurrencies, we

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