Day trading, in the context of crypto trading, is a short-term buying and selling of crypto within a day. The traders in the market open and close their positions on the same day. They do this to take advantage of volatility in the market.
Such traders employ several tools for technical analysis, including trading signals, chart patterns, and indicators. Traders track the main market trends in crypto pricing based on charts and stats. Similarly, day traders also follow news and analyse market sentiments related to investment in crypto coins.
Before you set out to make a profit by day trading crypto coins, ensure that you know what kind of coins to look at, before choosing the currency for trading.
| What type of crypto coins to pick? | How does this help? |
|---|---|
|
High liquidity coins |
Ensures that ample traders in the market will take interest and perform quick execution at a good price |
|
High volatility coins
|
Ensure traders to make quick entry and exit over a shorter time
|
|
Media and market reputation of crypto coin
|
Ensures an understanding of crypto coin reputation and market worthiness
|
|
Coins with high trading volume |
Ensures that sustained, increasing volume in buying pushes the prices of the cryptocurrency higher |
|
Fundamental and technical analysis of crypto coin |
|
What if you had a slate board to practice writing on before submitting a final paper? TradingLeagues offers just that! It is a fantasy crypto & stock market game app that comes with several games under four leagues that make players learn up how the markets operate. The more you play, the better you get to practice trading virtually.
The top games available on the app under four leagues are-
1. Battle Leagues
TradingLeagues provides various crypto coin-based trading games. These multiplayer games help you practice by picking coins you believe can outperform the others. Compete with players to know how trading works and when you must close your position.
Once you have clarity on how to predict prices and read price movements; day trading in crypto becomes easier to tackle.
2. Target Leagues
Compete among players for a prize pool that is pre-mentioned on the app, by trading with Ethereum and Bitcoin.
Target Leagues – Get the hang of forecasting price movements and, finally, practise technical analysis of stock performances.
3. Selection Leagues
This has a minimum entry fee and also offers a winning amount when you make profits from picking the right coins for trading. Go ahead and choose among the right coins to earn profits. Build the best-performing portfolio virtually and stock up the right amount of coins now!
4. Classic Leagues
Classic Leagues linked to a prize pool, and you get to compete among players in the context of trading with crypto coins such as Bitcoin and Ethereum. You get to understand how live price movements work and trade via predictions on the right coin.
Read on to discover the best cryptocurrencies to buy today!
7 Top Cryptocurrency to Invest in today ranked
Weigh on the liquidity of the asset in the crypto market, the market capitalisation and other factors mentioned earlier. Make an informed choice. Here is a list (with top features) of the most preferred cryptocurrency coins for day trading
1. Dogecoin
- High level of volatility
- Cannot work with decentralised apps
- Easy availability on all exchanges
2. Shiba Inu
- Can work with decentralised apps
- Ideal for speculators
- Highly volatile
3. Cosmos (ATOM)
- Reputed development team
- Good trading volume
- Growing ecosystem
4. Ethereum
- Enables smart contracts as well as decentralised apps
- Strong liquidity
- Available on most exchanges
5. Binance Coin (BNB)
- Exchange value is stable
- High trading volume
- Ideal for day trading
6. Tron
- Offers rewards for content creators
- Enhanced popularity
- Highly active team for development
7. Cardano
- Third-gen cryptocurrency
- Shows sell-off resilience
- High volatility
Conclusion
While there are risks involved in crypto coin-based day trading, gaining a thorough understanding of the domain and how it works takes you a long way forward. Keep engaging in crypto trading games and learn about the conditions that govern the real market.
Download TradingLeagues and master the crypto day trading game with daily practice across the games under the leagues. These games help you enhance your understanding of when to invest and when to sell off coins. Moreover, you get to learn about the ways of cryptocurrency. Following and tracking price changes and market conditions help you get better at settling the opening and closing positions too. Hurry up and download the TradingLeagues app now!
