Please click the link to listen to this episode of my weekly crypto podcast ‘Two Minute Crypto.’ These are intended to be short, single-topic ramblings on some aspect of the cryptosphere. Comments and critiques welcome
Two Minute Crypto
Welcome to Two Minute Crypto – Today I’d like to pose the question whether you consider yourself crypto day trader. If an immediate answer popped into your head upon hearing this then good for you. If you are leaning towards not sure – then not so good.
Let’s state up front – day trading is an enormously challenging endeavour. You are competing with insider information, multi-million-dollar hardware systems, finely tuned bots, and some of the smartest people on the planet. The lower the time frame the less likely you can compete. Even moving your targets and focus to the daily or weekly charts doesn’t make day trading an easy or sustainable means of earning an income. Now a very occasional and minor day trade does not imply you are a day trader – as that regularity and capital allocation mean you’re basically a punter nothing wrong with that but a punter you remain.
Successfully day trading any market requires many thousands of hrs of learning, iteration, market lesson synthesis and the ability to get back up when the market slaps you down as it will and as it does. You cannot skip the learning curve.
Now, of course, you can follow the recommendations of others – by doing so you remove the burden of decision-making, analysis, and experience from yourself and risk only your funds. For the vast majority of people – guided trading is the only long-term viable option of making a return on your positions. Finding that mentor, now that’s the rub – the crypto world and indeed the trading landscape at large is awash with charlatans, fraudsters of every ilk and the barely competent, all more than happy to sell you an expensive course or inflated subscription and eventually send you on your way none the wiser and often much poorer. In terms of finding who is right for you and your financial situation, I won’t make any recommendations except to state – do your research – take your time – be skeptical – and finally verify don’t trust. Oh, and above all, keep the greedy monkey in your brain on a very tight leash because the more you cede good sense to promises of easy returns the more capital you are going to lose.
Thanks for listening.
For expert-grade advice on Day Trading and Investing across a range of markets consider checking out TIMM.