Suitable for active users who are willing to spend more time trading. Also here are a lot of strategies and ways to do it. Day traders invest for a short period of time, they are satisfied with the lower percentage of gains and they do a lot of transactions (trades). They need to observe the market all the time trying to find investment opportunities (price changes) and make some profit from it.
The crypto market is open 24/7. Usually, Day Trading means that you should spend a lot of time in front of the computer and also having the knowledge to use some search and signaling software. It means literally spending hours of your time observing the market and trying to find opportunities and execute them. That’s why general public says that Day Trading is just for professionals.
But now you can use PalmaBot. It makes Day Trading much easier.
PalmaBot is mobile – no need to spend hours in the office, watching the market 24/7 – you don’t lose your eyes on the monitor, signaling you about the changes – so you don’t miss it, very easy to execute the trade on the go – just press a button (buy/sell), … PalmaBot also has advanced features and with them, you can even set up several different types of automated executions if you choose to do so. Just explore all of the functions that PalmaBot offers.
Here is an example of Day Trading using PalmaBot, an approach for beginners. Have in mind that there is a numerous way to perform it.
- Decide what your Market is (USD, EUR, USDT, BTC, ETH).
- Choose the coin(s) with which you are willing to trade.
- Set up a diff signal to track the price changes (between 0,5% and 1%).
Basic set up is done. Next, you need to implement a small habit into the everyday routine.
- In the morning just press the News button from the received signal. PalmaBot is offering a selection of 3 most clicked articles on Google about the selected coin. Read it, it will take you 5-10 minutes. Now you get the idea about the sentiment on the market (you can even find some Technical Analysis about the selected coin).
- When PalmaBot sends you a signal, look at it. Now you have to decide what to do: buy, sell or wait. If you think that the fall is over, buy.
- Follow the price and when the price rises for approximately 1% from the buying price, sell it.
- Wait for the next opportunity and repeat it.
- It’s recommended to read the news 3 times per day – in the morning, at lunchtime and at the evening.
Sound difficult and time-consuming? Well, it’s not. It will take around 1h (per partes) of your daily time doing it while you do your usual stuff. Remember, 1h is around 4% of the whole day – 24h.
If you choose to practice with PalmaBot in the DEMO mode first, then you will get used to it.
When you feel confident in what you’re doing, then switch to the real money.
Volatility is not a problem for day traders, lack of it is. When you trade like this, most probably you will feel emotions like fear or greed. It’s very important to have these emotions under control. You must be very satisfied with 0,5%-1,5% profit per day – calculate this on a monthly or even yearly level.
Don’t expect that every trade will be profitable. Moreover, you have to learn to accept loses. If not, then you try to compensate loss with very risky trading moves which often leads to even greater loss. It’s called “chasing loss”. Losses are the part of traders’ life. If that happens, just try to relax and think over. Next opportunity will be here. But what is important is that at the end of the month (year) you have more positive trades than negative ones.
Professional day traders make around 50-100 trades per day. If you do between 1-5 trades per day, you will be fine.
Keep in mind that exchanges take a trading fee with every transaction (0,1%-0,25%). You need to calculate this fee into every trade you make and act accordingly.
Day trading is very short-term trading. You can hold the coin/s just for a few seconds or a couple of hours. Try to sell it at the end of the day (most of the assets). In the special cases, let the PalmaBot do it for you. The goal of the day trader is to finish the day with some small, but quick profit.
Using the functions as different types of Stop Loss (SL) and Take Profit (TP) is much recommended. Especially on the crypto market. But with PalmaBot you can also improve your automated trading technique using functions such as Trial Stop Buy, Trial Stop Sell and others.
With practice, you will gain confidence, control and thanks to PalmaBot it doesn’t take much time to manage your own assets. Practice makes perfect.
Example of Day Trading in practice