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**Megaton's Million $$ Day Trading Crypto Fantasy** Official Thread


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Don't want to take over Cav's Thread, so I will move this discussion here.

I missed out on the great bull marker crypto run at the end of last year and jumped in just in time for the great Crypto Bear Market of 2018.  Depressed at keeping and holding and seeing my initial investment drop from $9K down to $4K, I noticed I was missing opportunities to make some money.  I started looking for opportunities where prices were beat down too far or prices were running and I started to make money on quick trades and I could sit out and not lose anything on days which were just a complete blood bath.   I have come to think the way to play these crypto's is day trading.  If you look for good opportunity and set modest goals you should be able to kill it.  None of the trades were making a lot of money, maybe $30 here, $60 here, and few days catch a good one and ride one for $100 to $300.  It was kind of fun, but the numbers were not exciting, until I started to look at the potential of exponential grown with even a modest constant rate of growth.  This is my plan to make a million this year:

-  Start with the $4600 I had in my account on February 9th 

-  Set modest Target of each trading day of make 3 percent and that would be a Win

- Set limits to daily losses of 2 percent and the calling it a day which would be a Loss.  If it is clearly a bear market or just flat, just sit it out.

- If I can net 195 winning days out of the next 325 days, I will have well over $1,000,000, even after taxes by the end of the year.  Unrealistic, but that is the fantasy.  Will adjust expectations with time.

No real experience in day trading.  Will be most watching the moving averages and looking for bullish ones at good buy points.  Will mostly concentrate on bigger ones (ETH, NEO) which have good volume and trade quickly and have strong upside.  The key will be to be patient for good spots and cut losses quickly.  

CURRENT STATUS: 

3 Days Won (with 3.66% Excess Banked)

0 Days Lost

2 Day Null

Account:  +8.31%

vs.

S&P 500 (F42 Tracker):    +1.47%

 

DAILY LOG:

Start (Feb 8):   $4600

Day 1 (End Feb 9):  $4838  (5.17% Win plus 2.17% excess)

Day 2 (End Feb 10):  $4836  (Null)

Day 3:  (End Feb 11):  $5007 (+3.49% Win plus small excess)

Day 4:. $4980 (-0.54%, will use excess to make it a Null, Excess balance now 2.12%).

Day 5.  Feb 13.  $5024

Day 6.  Feb 14.  $5486

So far, 3 wins out of the 195 needed, plus lots of excess banked.  

I am learning lots of lessons as I go on how to optimize winnings and cut loses.  Greed is not your friend.  Be happy and take a good win.  Chasing is for losers.  If you need to get into or out of a trade refuse the temptation to chase too much.  90 percent of the time, what you are chasing will pause and come back to a more reasonable level.  There are rare occasions when there is huge news and the market is falling, in that case chase and get out.  

Edited by Megaton
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No one gets what you're trying to say here. Can you please explain it, again?

Don't want to take over Cav's Thread, so I will move this discussion here. I missed out on the great bull marker crypto run at the end of last year and jumped in just in time for the great Crypto

Is this an eminence alias? 

So a few main questions, and you can be a #### and respond as sarcastic as you’d like, but please try to at least answer the questions.

As you plan on becoming a successful day trader out of thin air ( :lmao::lmao: ), why not just the regular stock market? Can you even short most of these coins (I was under the impression that it isn’t easy)? Day traders usually need to operate in both directions. Regardless, doesn’t it make sense day trading on platforms that have much better executions (E*TRADE, IB, Schwab, etc.) than some buggy garbage crypto trading platform? Being a day trader, you really have no loyalty to what you’re trading, so why not the lower fees, better execution, regulated markets, with about a gazillion more things to trade?

Furthermore, as you become a successful day trader, in cryptos, wouldn’t you start to want leverage? Brokers like the aforementioned can do that, I doubt most coin ones offer that, certainly not at close to the scale. 

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45 minutes ago, Rattle and Hum said:

Just to confirm, only going long (buying)?

Yes.  That is really the only option at most crypto trading sites.  I believe there are ways to do it at a few sites, but not where I set up to trade.  On days I am short on the market, I just sit.  This is a side activity, not something I am dependant on.  

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31 minutes ago, fantasycurse42 said:

So a few main questions, and you can be a #### and respond as sarcastic as you’d like, but please try to at least answer the questions.

As you plan on becoming a successful day trader out of thin air ( :lmao::lmao: ), why not just the regular stock market? Can you even short most of these coins (I was under the impression that it isn’t easy)? Day traders usually need to operate in both directions. Regardless, doesn’t it make sense day trading on platforms that have much better executions (E*TRADE, IB, Schwab, etc.) than some buggy garbage crypto trading platform? Being a day trader, you really have no loyalty to what you’re trading, so why not the lower fees, better execution, regulated markets, with about a gazillion more things to trade?

Furthermore, as you become a successful day trader, in cryptos, wouldn’t you start to want leverage? Brokers like the aforementioned can do that, I doubt most coin ones offer that, certainly not at close to the scale. 

I am doing this as a hobby.  I know you think crypto has no future, but I think it will be huge.   There is so much upside to crypto that will produce an opportunity that is not available with stocks outside of trading options, which IMHO is far riskier than crypto.  Yes, I do wish there were more reputable sites with better software, but at this level if a few thousand, not all that worried at the moment.  I addressed the short side in the above post.  

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1 hour ago, Megaton said:

Need this market to turn.  Been tough fighting in a down market.  One failure away from taking my first loss.  

Good thing your alias doesn't presage impending doom...

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12 hours ago, ren hoek said:

Have you ever used one?  

If you're implying what I think you are, the tools to trade cryptos and IB (which is basically like a gold standard for day trading) are like comparing a Motorola Startac and an iPhone X... Please just stop. 

 

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14 hours ago, Megaton said:

I am doing this as a hobby.  I know you think crypto has no future, but I think it will be huge.   There is so much upside to crypto that will produce an opportunity that is not available with stocks outside of trading options, which IMHO is far riskier than crypto.  Yes, I do wish there were more reputable sites with better software, but at this level if a few thousand, not all that worried at the moment.  I addressed the short side in the above post.  

I see @Getzlaf15 liked your post, so maybe he can respond too. 

You missed one of the most important aspects of my post... I'll say it with caps this time:

YOU ARE DAY TRADING, THE GOAL IS TO HOLD THE UNDERLYING ASSET FOR AS SHORT AN AMOUNT OF TIME AS POSSIBLE WHILE TURNING A PROFIT. YOU HAVE NO LOYALTY TO ANYTHING YOU'RE TRADING, OTHERWISE, YOU WOULD JUST BUY AND HOLD IT!!! 

Please allow that to register, reread my post, and explain why crypto and not regular securities for day trading. 

FWIW, I've asked this question to others who said they would be day trading cryptos and nobody was capable of giving an answer that made sense, I don't expect any different here. 

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The answer is in the volatility. Most people hear volatility and think bad things. High volatility is actually good and necessary for day traders. I can understand why this point might be lost on stock thread bros when there is an unironic discussion about bonds going on in there right now.

A few other random points:

Shorting is not difficult

Leverage is available

The sites are not buggy and give reasonable execution

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https://discord.gg/bYJU8h

That discord has some TA sub groups specifically for crypto. Also tradingview.com has various jackwagons opinions on TA. In any case good luck. If you’re into adding news to your repotoire I’d follow r/cryptocurrency, coincentral.com, cointelegraph.com and CoinDesk.com. You can follow NEO, EOS and others on discord as well. Will be following this thread. 

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13 minutes ago, Peyton Marino said:

The answer is in the volatility. Most people hear volatility and think bad things. High volatility is actually good and necessary for day traders. I can understand why this point might be lost on stock thread bros when there is an unironic discussion about bonds going on in there right now.

A few other random points:

Shorting is not difficult

Leverage is available

The sites are not buggy and give reasonable execution

:yawn:

Nobody disputes the bold :shrug:

Day trading in general is pretty ####### stupid and nearly impossible, the amount of successful day traders over an extended period is close to zero. 

Day trading cryptos is about 5x idiotic. You don't think there is volatility in the stock market? It isn't always like 2017 (that was the anomaly) and volatility is coming back. 

And if you want to use a phrase like "reasonable execution" while day trading, please take a post it note, write "I HATE MONEY" five times, & stick it to your desk. 

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The best article I've read on crypto is from the NYT Style section: Everyone Is Getting Hilariously Rich and You’re Not

This is a goldmine of great quotes - here are a few

Quote

He drew a chart to explain the crypto community: 20 percent for ideology, 60 percent for the tech and 100 percent for the money, he said, drawing a circle around it all.

A reality show wants to follow him around, but he’s skeptical that it can add to his life.

“I literally have a date with Bella Hadid not having a reality show,” he said.

Quote

“It’s the entire world reorganizing itself,” Mr. Fickel said. “We could get rid of our armies because for the first time you’ll have people saying, ‘I want to vote for a global order.’ It’s the internet waking up — it’s the internet grabbing its pitchfork. That’s the blockchain.”

Quote

Formerly a commercial real estate agent, Mr. Bahmanyar works full time at CoinDaddy after becoming a self-described crypto-millionaire (“you think I would dress up like this if I wasn’t?”). “Right now all our entertainers come from outside crypto culture — not inside crypto, and we’ve got to change that,” he said.

He pointed to his outfit — a long white fake mink coat, gold-heeled shoes — and said, “It’s gold, right? It’s gold. It’s a niche, and I’m going to fill it.”

 

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1 hour ago, Bojang0301 said:

https://discord.gg/bYJU8h

That discord has some TA sub groups specifically for crypto. Also tradingview.com has various jackwagons opinions on TA. In any case good luck. If you’re into adding news to your repotoire I’d follow r/cryptocurrency, coincentral.com, cointelegraph.com and CoinDesk.com. You can follow NEO, EOS and others on discord as well. Will be following this thread. 

Thanks.  Looks like some good info.  Lots of learning to do.   

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23 minutes ago, CletiusMaximus said:

The best article I've read on crypto is from the NYT Style section: Everyone Is Getting Hilariously Rich and You’re Not

This is a goldmine of great quotes - here are a few

 

Quote

Investors trying to grok the landscape compare it to the dot-com bubble of the late 1990s, when valuations soared and it was hard to separate the Amazons and Googles from the Pets.coms and eToys.

The similarity to the dot-com bubble is deafening. Just like every bubble- dot-com, of the late 90's or real estate of the mid 2000's- it has attracted a lot of people who know nothing more than it is has gone up so high, so fast and people are getting rich.

I will say it has taken some beatings with banning and banks not playing and still has been able to keep from imploding. So, that is impressive.

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36 minutes ago, CletiusMaximus said:

The best article I've read on crypto is from the NYT Style section: Everyone Is Getting Hilariously Rich and You’re Not

This is a goldmine of great quotes - here are a few

 

Quote

and some estimate that 95 percent of the wealth is held by 4 percent of the owners.

Good thing they have this decentralized currency thing going :lmao: 

https://howmuch.net/articles/bitcoin-wealth-distribution

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8 hours ago, fantasycurse42 said:

If you're implying what I think you are, the tools to trade cryptos and IB (which is basically like a gold standard for day trading) are like comparing a Motorola Startac and an iPhone X... Please just stop. 

Have you ever used one?  

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2 hours ago, Megaton said:

Caught most of 3 percent run by BTC.  Wasn't enough to put me in the green.  But the red was offset by previous days excess, so counts as a null.  

Have you considered trading more of the ####coins? Obviously high risk / more leverage.

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4 hours ago, JerseyToughGuys said:

Have you considered trading more of the ####coins? Obviously high risk / more leverage.

The ICO maybe.  The volume is small in a lot of them.  So trying to buy large amount or sell  large amount quickly is tough, you have to overpay.  Therebe some way to play it.  There is usually a big spread between the buy and sell price.  I suppose you could try scaling that spread by putting bids on both sides and picking up people paying too much or too little.  But there is usually someone who is already doing that so they will always move in front of you by a penny.   I may play with that and see how the action goes.  

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