Live bitcoin trading bot reddit
Again, even though I buy and sell several Altcoins, at the end of the day my net worth is in Bitcoin. There are three reasons for this:. I earn more USD when the price of Bitcoin goes up against the dollar. Why was it important to clear this up? Several things were on my mind the first time I had to do this. What if I sell my BTC now and the price shoots up tomorrow? Yes, but your bills will be paid.
Sell now so you can pay your rent. You can always hold out for more, but at the same time you are risking a loss. After a few months I got better at trading. 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. I opened a Binance account so there's little point in trading on Bittrex unless I feel like paying more fees.
Divulging how many coins you own can make you a target of hackers and identity thieves. Do not fall victim to the Bystander Effect and think someone else will report it. Please make quality contributions and follow the rules for posting. Welcome to Reddit, the front page of the internet. I checked out binance and noticed the trade volume was higher and the highs and lows of xvg were greater.
So I added that but still think there could be a better solution to. Bittrex is a great exchange but it is Litecoin Options What Are The Best Cryptocurrencies To Buy During The Bch coinbase meltdown Bittrex just crashed During any time of huge interest Bittrex would crash Trades were in limbo When people got exposure to binance and realized the speed it had over Bittrex they moved everything to binance.
This subreddit is intended for open discussions on all subjects related to emerging Buy Cryptocurrency Today United Arab Emirates Enterprise Ethereum Alliance and crypto-assets. Oh, and I use Android but he's on iOS. Also pay attention to spikes in trade volume, as this may imply that strong sentiments of fear or excitement just entered the market.
I made an excel Bitcoin Cash Cloud Mining Contract Genesis-mining Dashboard Show 0 myself, but it looks not were near a nice and as well put together as yours. No URLs in titles. No excessive advertising, URL shorteners, or ads for commercial offerings. Become a Redditor and subscribe to one of thousands of communities. Thanks for the suggestions!
I think the bot is cool. If you wish to have your subreddit or website listed in our sidebar, please review our sidebar listing policy first. If this feature doesn't work, please message the modmail. For a full list of exchanges by country, click here. A market order will execute immediately at… support.
I am trying to add more funds later to see how it works, but it might take weeks with coinbase. Titles cannot be misleading. 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. In fact, if i see a chart like this I almost always ignore it: There are two reasons. It makes a whole lot more sense if you are only working 90 minutes per day. At this point I am actively trading for only 1 to 2 hours every day. Crypto that you hold for more than a year If you are holding a currency for more than a year it is classified as long term capital gains.
Cryptocurrencies offer at least two routes for passive income.