Limit Orders vs Trading Bots?
Limit Orders vs Trading Bots?
I am looking to make profits from the constant fluctuations of cryptocurrency.
I am tired of just HODL’ng, it seems like nothing but stagnancy and indefinite waiting for no guarantee.
But it occurred to me, there are constant dips and rises, especially with Bitcoin, not just day to day but hour by hour, minute by minute, second by second really.
I thought, surely there is a possible way to make money from these constant fluctuations?
I noticed Limit Orders, I knew it was there before, but always ignored it and only HODL, but that doesn’t seem to be doing anything for me.
I need to make more money in the short-term, long-term doesn’t even matter for me right now, there is no good long-term without a successful short-term, after all.
Yes I know it’s “risky” and “volatile”, but it also seems like untapped potential (for me, I already know other people day trade crypto).
Bots sound potentially better, more automated, and can work while you’re, well, working, and sleeping.
But are trading bots actually good? If they’re not even outright scams, do they earn decent profits?
I have no technical skills whatsoever, so I’d be reliant on a subscription, and since know that’d probably cost a monthly fee (MAYBE with a free trial) AND there are fees just to buy, sell, and convert, it has to make more than it costs, otherwise it’s a waste if time, and money.
I’m sick of only making money by wage slaving though, and I’m not counting on becoming the next Elon Musk or Jeff Bezos or Bill Gates, or going viral on YouTube or TikTok or something like that.
On the other hand, why would anyone offer something to help you make money, instead of keeping it to themselves? Sure, they might be charging a fee, but why would they even do that if they could just make all the money for themselves?
Example, I found put $1-$2K into Bitcoin, set it to only buy when the prices drops to say $60-$65K, and then to sell when it reaches $70K-$75k, and most likely it’d hit these price points in a matter of weeks if not months. But I’m not sure if this is very feasible or efficient for the small profits I’d net, and still have to pay short-term capital gains tax on that.
Government makes it even harder to make money…..
In theory you are 100% correct. In practice not so much.
If you are serious, send some eth to Base and practice catching the waves with nice, cheap fees. There is a constant rotation of shitcoins pumping and dumping 50% or so within an hour.
If you bet small and shoot for a modest 10% gain, you’ll be pleasantly engaged, kind of like penny machines at a casino. But anticipating the pattern is virtually impossible. You’ll always sell too early and buy too late. But pulling 10% out of a 50% swing is good. Don’t let greed get you.
In the end you’ll be about even, but it’s fun to do.