Cryptocurrencies were the biggest thing to happen in finance in the past 5 years. You have likely heard and read about the 1000’s of percent returns they yielded for holders from 2020, and years before. After studying and trading cryptocurrencies successfully for over 4 years, I have an exciting announcement to make:
Here are some of the best things about trading cryptocurrencies for traders:
As you probably know, The US stock market is open from 9:30AM – 4:00 PM EST Monday-Friday. Cryptocurrencies, however, trade 24/7. This means that cryptocurrencies are easier to day trade for those with daytime jobs. You can trade cryptocurrencies at night after you get off work, in the morning before work, or on the weekends. Day Trading stocks with a day job is much harder because the market hours are when most people work.
No Pattern Day Trading Rule
The pattern day trader rule is a law that prohibits individuals with US brokers with less than $25,000 from making more than three day trades per week (A day trade is defined as buying or selling a stock in the same day).
However, there is no pattern day trading rule in cryptocurrencies. You can open a $200 account if you wanted to with a cryptocurrency exchange and buy and sell as many cryptocurrencies as you want every day. This means that if you do have a strategy with an edge trading cryptocurrencies, you have the potential to grow a small account much faster than trading a small stock account with a US broker.
The majority of stocks have much less volatility than cryptocurrencies on a daily/weekly basis. For day traders and short-term swing traders, this market is perfect for you. Cryptocurrencies like Ethereum move 5%-10% a day. If you know the right setups to look for, you can find some big moves in a very short period of time to capture in the cryptocurrency markets.
You don’t need a 4 monitor setup to trade cryptocurrencies. Because there is no “market open”, there is no need to be watching 8 cryptocurrencies at once for a move. Most of cryptocurrency trading can be done on a mobile device. Some exchanges like Binance have a great mobile application and great executions, which makes trading from your phone much easier.
Start Banking on Cryptocurrencies
If you looking to learn how to profitably trade cryptocurrencies, you should check out our free discord channel where we have our free intro to cryptocurrency trading course.
Key concepts covered include:
- Setting up your account, wallet, and getting ready to trade
- The best trading strategies to maximize your odds of making profitable trades
- The best brokers and exchanges to trade with
- Trading BTC, ETH, and other Altcoins
- Risk Management
- Trading Psychology
- And much more