Crypto Day Trading - Good Or Bad?

Hey you, welcome back to the channel. And guys, today the topic is crypto day trading. Should we be crypto day trading? Crypto, is it a good idea? Well, you know, I think this video will be about some of my story with cryptocurrency day trading. And, or what I should say, accidental day trading. But from what I've heard about day trading cryptocurrency, I've been in cryptocurrency now over a year and I never day traded. I had never day traded. I never was a fan of it. Something about it just, I was just kind of a buy and hold guy, you know, although I had past experience trading, you know, various things, but just something about day trading crypto never moved me. I just was after good quality coins and I kind of buy and hold. So is there ever a reason to day trade cryptocurrency? Should we do it or is it just risky business? So, um, you know, I think what I'll say about crypto day trading is if you consider doing it, to look at it as you look at the cryptocurrency market overall. Look at the amount that you invest into cryptocurrency, look at it as something you can lose. And then if you can, if you can get past that point with looking at cryptocurrency as something you can lose and just moving into one coin to another, uh, to try to maximize, uh, you know, your profits, uh, I, I think you'll be fine. But it's, it's very important, I think, that you can separate your emotions from day trading because it won't work out in that way. And I think the only way you can do that is you really have to come in with something you can lose, you lose, and, you know, and kind of look at it as a game, right? Look at it as playing like a paper trading game. You know, although you're using real crypto, I know that's hard, but I'll just tell you this month how I kind of got into day trading, why I kind of started doing it, and why I've kind of been having fun with it and find it quite interesting. Again, this video is not about encouraging you to trade, day trade cryptocurrency. It's just kind of my own personal story and just some curiosity out there about have any of you done it and are some of you do it daily and if it's something you consider, you know, something that has been something you've prospered with. With the market cap now $194 billion, I found a lot of the buy and hold type people a little bit, a little bit on the, on the downside, right? They, you know, they're, you know, everybody's waiting for the market to hit this bull run. But there, you know, are some people who have found ways to create opportunity for themselves even within a bear market and a downtrending market like this. So let me tell you about my accidental day trading story this month. So it kind of starts off, I really didn't have any inclinations to, you know, to do any kind of day trading. I don't, I wasn't really focused on that. I just kind of picked the tokens I really like, and like everybody else, I kind of buy, just kind of wait till they, they go up in value. And I make sure that the, or to the best of my ability, do my research and try to discover tokens and coins that have a good path going forward. So what happens sometimes as a means to move tokens from one platform to another, you know, everybody has their tokens that they use to move money around. Some people use Litecoin, they find it better to use Litecoin. Some people use Dogecoin. I happen to have quite a bit of money that I want to move around with some Dogecoin, so I put it in Doge, uh, and, um, that was, uh, the earlier part of the month. Put in Doge, and, and, uh, I got sleepy, and I decided, well, um, I won't do it tonight. I said, uh, I will do it sometime tomorrow. I got busy all day the next day. I didn't get home till later on that evening. So, uh, you know, some time, I think about, about a day or so had passed by the time I got back to try to move my money out of Doge, right? Because, you know, I was kind of under the impression that I had been moving my money in and out of Doge for a while And Doge would, you know, we know how Doge work. It didn't really change in value or price. So I made one of the best accidental day trades, uh, ever. Uh, because what happened is we know the Doge-Ethereum thing had took off. I didn't know anything about it, but Doge just kept taking off. So I come back the next day, uh, and I think Doge might have just about doubled in value or something like that. It was something really crazy. And I looked at my account and the substantial amount of money I had put in Doge to move had pretty much doubled. And I said, oh wow, I said, that's pretty cool. And so I left it, I continued to leave it in Doge as I did a little bit more research to see what was happening. And I just kind of let it sit in Doge. And, um, right now Doge value from that point in time had increased about 3 times. And so my first day trade was an accidental successful one when I was planning to make. And so I said, well, geez, I said, uh, let me just, uh, that was a lucky, a lucky trade, uh, that wasn't intended to be a trade. But I said, let me see, you know, if it's something to this and, and, um, you know, something else that I could, you know, I could, um, discover. So Um, let me try to get down here on the screen if the screen will load for me. I want to show you here, it's a lot of coins are loading. I'm trying to get down here to the next, the next token that I put some money in. It's a token I've been talking about quite a bit, uh, that you guys have heard on, on the channel. And this was my next, uh, I won't call this an accidental trade, this was just a deliberate good trade. And that token is, um, uh, what is it? It's a Bit BitTube. That's the one I've been talking about a lot, the one that's like YouTube. And so I want to show you what happened with BitTube, how I won on BitTube pretty, pretty big, probably just about as big as I won on Doge. And the reason that happened— here it is, BitTube right here. You can see the market cap's only like $5 million. Uh, so the early part of the, of the, of the month, right, right, right after I did that Doge trade and, and, and had the good return on Doge, uh, I got into BitTube, and I believe it was only like 3 cents. The market cap was like $2.5 million, and so put my money in there, and as you can see, uh, in a very short period of time BitTube went to around 6 cents. Today it's up 26.54%, right? It's a 24-hour change, right? And, and so I did fairly well with BitTube. So it looks like— or I'm sorry, that was over the 7-day period, which is still good. That's 20 24, 24% change over the, over just the last 7 days. It went up 24%, and it was like 8 or 9% over the last 24 hours. It went up. So that's a, that's a, that's a good volume of trade for today. Uh, and so, uh, Bit2 was another one, and another one I'm in is STEAM. STEAM's at a really good price right now. I think it is something good to trading. Steam's at, you know, for me personally, it's like around— oh, I'm sorry, Steam's way back here. It's not ranked that high, that low rather. Steam is at— where is it? Where are you, Steam? Aren't you like number 35 or something? Oh, it's— oh wow, Steam's went all the way to 40 now. Oh man, never seen it that low in a while, but it's at 71 cents now. And there's a lot of cool stuff you could do with STEAM, but I think that's a good price for STEAM. I could easily see STEAM getting back to around $1. So I think that would probably be a good price. And this isn't financial advice, guys. This is just my personal story about some accidental day trading I've done. And I'm kind of interested in— I've had fun with it, actually. I don't take my crypto day trading seriously. I just want, you know, put that out there right now. So, and I think that anybody's gonna crypto day trade, just do it for fun. Do it like how you kind of play the, the games, the, um, the stock trading games, like the paper trading. And, uh, you know, you might want to take a few tokens and, or what have you, whatever your, you know, whatever your situation is, whatever you can afford to lose. Uh, but, uh, I just think it's something interesting to do, especially when the markets, you know, when you come in, I noticed like because of the markets dropped down quite a bit. A lot of people kind of get, you know, you don't hear them talking about crypto as much anymore. It doesn't seem to be anything going on, but kind of found with this day trading stuff that there are tokens that are still, that are still gaining. And, uh, you know, if you kind of look at crypto like, uh, the tokens that you're invested in, if you, if you can kind of be in a mindset of as long as you got the tokens, you haven't lost anything, right? You know, if you, you know, if you trade from one token to the next, And if you kind of look at it like, well, you know, I'm just trading crypto back and forth. If you, if you can kind of put your mental state in a state of mind like that, I think you, you do, you'll do a lot better with day trading. But on the, on the, on the other side, I've heard many horror stories about day trading. I've heard people who have lost all of their investments or a good portion of them, including with thousands of dollars in cryptocurrency. And so that's a, that's a very dangerous dangerous thing is something you should be mindful of, and you obviously shouldn't come in, you know, if you, if you've traded into certain tokens and they went down to nearly zero, you still in theory hold the tokens. So if you can kind of separate crypto from fiat, uh, then I, I think that in the mindset of day trading crypto, I think that would be great. But if, if you have a problem doing that, uh, if you're looking at this like, oh, I want to come in and I want to get rich, or I want to make a money and stuff like that, uh, yeah, then, um, probably you might be better off just doing the buy whole thing. And I, I have my, my set of tokens that are my long-term holding tokens, and, you know, like ones I mentioned in, in my video series. I have my, my long-term holding tokens, and then I have some that I dabble back and forth with on my day trading, uh, and things like that. And so, uh, also, you know, um, You know, if you go here on CoinMarketCap, they do have like the daily breakouts. I'm very fearful of those type coins. Uh, like if I have a certain portfolio percentage, I will put into like those real high-risk tokens in my mindset that move up and down quite a bit. But so far I've been having fun with the crypto day trade. I had never tried it, guys. Uh, like I said, I've been in crypto over a year. I was just buy tokens I thought were good tokens and just hold them and just wait, let them do what they do. And that's probably honestly going to be your best approach with this and your, your best, uh, strategy with this, to, to be very serious with you and to be honest with you. I think that's going to be your best approach because with this so far, I would call this luck for me and my day trading, that I've been lucky that I happen to get into two tokens at the right time that turned me over a really good profit that I haven't had in a long time in cryptocurrency. So, uh, and I had never day traded crypto before, so that's something to think about. Uh, I would love to hear from you guys who maybe are like professional day traders, uh, and I would love to get some advice from you all too about what's been working for you if you're doing that. And don't worry, I won't sue you or anything like that. Uh, the— what I— and what I invest in day trading, I'm prepared to lose, but I kind of find it fun and interesting. I've, you know, I've always traded other things and it's always been kind of hobbyish for me anyway. So yeah, that's all I want to say in this video, guys. I just thought it was an interesting story to tell about Dogetherium, Dogecoin, and various things like that. But anyway, guys, if you like content like this, don't forget to like and subscribe. And until next time, take care.