Hello Guyz, The idea behind Day Trading is to look for trading opportunities that offer you the potential to make a quick profit. If day trading suits your own personality, let’s dive in and get through a step-by-step guide on how to day trade cryptocurrency.
Now, before we go any further, we always recommend taking a piece of paper and a pen and note down the rules of this scalping strategy.
In this Article , we are going to look at buy side :
Step #1: Pick up Coins with High Volatility and High Liquidity
Step #2: Apply the Money Flow Index Indicator on the 5-Minute Chart
Step #3: Wait for the Money Flow Index to reach the 100 level
Step #4: Buy if MFI = 100 and if the subsequent candle is bullish
Step #5: Hide your protective Stop Loss below the low of the day. Take Profit during the first 60 minutes after you opened the trade.
Feel free to leave any comments below, we do read them all and will try to respond.
This works well in a bull market. Have you ever done the day trading in bear market and yet be successful ?
As per my experience, day trading works best when bitcoin is moving up and market sentiments are positive. In a bear market, it very hard to make profit daily.
I've been in the bull as well as bear and I've been trading for more than 2 years now. One thing I can say is these strategies are just for beginners. Price action plays an important role in trading and whether its a bull or bear you'll definitely make money. All you have to do is find good entries for shorting and longing.
A strategy that I use is short at resistance and long at support with good stop loss.