20% crypto trading bot gains in less than 24 hours
If your husband betrays and leaves you, you often feel like crawling on the floor and burning all the self-help books. You can say it something inside of yourself. Some people take too many risks and they go bankrupt. This happened to me. But then I would take big losses and that would wipe out all my profits. The key is that you can take larger and larger risks if you work on better and better ways to deal with those risks. For instance, I might be able to risk marrying someone if I know she is not a hard-core drug addict who regularly betrays the people she is close to.
I can risk driving without a license if I always stay below the speed limit I know this is a stupid risk, but still. How can I get that job? When I was raising money to day trade, I probably contacted over 1, people.
When I was starting an Internet business I started over a dozen Internet businesses and watched all of them fail but one. When I was trying to sell my Internet business I contacted over a dozen companies although Google broke my heart — damn you Google! When I wanted to get married, I went on lots of dates.
She would only go to tea with guys. Within the first 20 seconds you know if you are attracted. So keep it to a tea. But this is just a mental bias.
Say no to it. Day trading pulls everything out of you. It sucks the soul out of your body, blends it up, and then explodes. So you have to take care of yourself. And obviously, this applies to everything else in life. Every day, what small thing can you do to become a slightly better you?
The only way to survive is to laugh. Guy makes a trade. The market goes against him. And then he loses all his money and goes crazy. The market is never crazy. The world is never crazy.
And I will go so far as to say that your girlfriend who just lied to you about where she spent the night is not crazy. I only care about you. Good and bad days happen. But life is about a billion little moments that add up to all the things around you.
If you let one of those moments have too much control then you are bound to be mostly miserable. I was mostly miserable during the period I was day trading. I let that aspect of my life take control. So I stopped focusing on being a good husband, a good father, a good friend, a good anything. I would have nightmares. I would lose sleep. I would wake up many mornings and go to the church across the street so I could be by myself and pray.
What would I pray? So what makes anyone think they will have an edge? How many people listen to me? Because people are sick of their lives, their relationships, their jobs, and all the lies that have been told to them ever since they learned how to walk. I was earning more Bitcoin than I needed to cover my monthly expenses. At the end of the month I sold only what I needed, and kept the rest of my net worth in Bitcoin.
Around this time in my trading career it was getting to the point where I could have bought a Tesla or put a down payment on a house by selling my Bitcoin. Do you sell your Bitcoin to realize your profit in USD? I can live a nice middle class lifestyle in Los Angeles. Or I can drive a flashy car while I rent a crappy apartment in Los Angeles.
It all comes down to your values. In fact, if i see a chart like this I almost always ignore it:. The wild bull runs are hard to find, hard to time properly, and easy to go in the opposite direction where you lose a lot.
Those gains are only exciting if you understand how far they can get you. Of course the numbers above assume you trade days per year. Not many people are willing to forego vacation and weekends to work as a full time crypto trader, even with numbers like that. Not only that but I also let my emotions control my trades. For example, I once purchased Stratis after the price dropped massively. My assumption was that on such a sharp decrease in price, it had to rebound eventually.
The price kept diving. I was constantly tuned into that chart waiting for an opportunity to sell back to Bitcoin. Now I have my strategy that I stick to without letting my emotions interfere. I have a set of coins that I like trading so I only look at those charts.
I have patterns and indicators that I look for on those charts so I can quickly flip through them. Within minutes I can set my orders, set alerts on my desired entry and exit prices, and walk away from the computer.
As the market cap of crypto increases, be sure that the IRS is going to find out how to get their slice. And they will look into the past. I am not a tax advisor. This is a simple overview of what I keep in mind as I trade. My accountant handles my taxes, and I advise you to get an accountant to do the same. Keep in mind that this is US-centric. You need to double check if this is the case in your country. The taxable event is when you sell your cryptocurrency for fiat.
How much tax you pay depends on how long you were holding the cryptocurrency. Buy crypto with fiat - no tax. Sell crypto for fiat - pay ordinary income tax. Buy crypto with crypto - unclear, but does not seem to be a taxable event. This is where things get foggy.
Consult your advisor, but as far as I know this is a like-kind exchange which is not taxable but must be reported to the IRS. The exchange you use will output all of these transactions so you can hand them to your accountant.
The IRS has clarified that a crypto to crypto exchange is not a like-kind exchange. The profit made from each transaction is taxed. If you are holding a currency for more than a year it is classified as long term capital gains. This is another reason why I like keeping my net worth in Bitcoin. At least not right now. Passive income is great.
After you make an initial investment, you mostly sit back and watch the money roll in. Most cryptocurrencies are mined. You invest in a very strong computer and the electricity to run it, and you are rewarded with crypto for contributing to the network as a node that confirms blockchain transactions. This is an alternative to mining that does not require vast amounts of electricity.
The idea is that you stake the cryptocurrency that you own over a wifi connection. That crypto that you stake is used to validate transactions on the blockchain, and you are rewarded more cryptocurrency for putting the currency you own in the pool. In fact, I intend on staking Ethereum when it is possible. Here are some of the questions with my answers.
BTC is my base currency right now because I believe in it as a store of value, and I believe that its value will keep increasing against fiat currencies. I am emotionally invested in the success of Bitcoin and crypto in general. Now I take up to 8 positions in a trading day. I follow the charts. Fundamental analysis could give me a hint on which charts to look at, but at the end of the day my trades are based on technical indicators. Let me know if you know of someone who does it. Get the course here.
Leave a comment below if you have any questions about how I make a living day trading cryptocurrencies! In this course you'll see me make a profitable cryptocurrency trade.
I'll explain what trading is all about, show you how to get set up to trade yourself, and then make a live trade. Check out this presentation I gave on why I trade.
My first month as a cryptocurrency trader At this point I still owned Ethereum and the price was still swinging back and forth.
The goal is to get more BTC. There are three reasons for this: Many exchanges are cryptocurrency-only. I believe in Bitcoin as a store of value. I am faced with that decision every day now.