My friend said he quadrupled her bitcoin in just 2 weeks doing swing trade. Is that really possible?

So he just start investing in crypto about 2 weeks ago. He said his first btc is 0.0173 (worth approx. $330) at that time. After just 2 weeks, he turns it to 0.063 btc (worth approx. $1250 today). I was shock to hear he said that.

The pair he swing trade is only BTC/USD. I ask him what is his strategy. He said that he takes only 1% or 2% per trade but if it compounds, the profit will get bigger every trade. He’s done multiple trade a day.

I must noted that this is his first time trading cryptocurrency or even doing trading and I must noted that he use 100% of the balance each trade which is very risky. That’s why I am amazed by his result.

So, anyone has ever done just like his result? I see @HarryvdV and @JasonMasterNET had successfull record doing swing trade like this. What is your opinion? Is that even possible? If so, I am willing to implement that strategy but honestly I am afraid for making mistakes each trade.

I used to think HODL is the best strategy to get bigger gain, but seeing his result, my view changed a little bit.

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I have done it as well. I swing trade between a few coins and only go after 1-2% each trade. That compounds and adds up pretty quick.
I have turned 0.004 btc into 0.014 btc in ~2 weeks. I just like to do it sort of as a hobby/learn how to trade.

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I have been using this strategy with my litecoin for a few weeks and has worked pretty well. My gains have funded my investments into other coins.

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Any useful indicator to get better decision? Or it’s just plain feeling…

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I use stochastic/macd/rsi charting tools and a lot of patience.

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Timeframe. Is it 5 minutes?

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Just be as educated as you can in the coins that you are interested in and study their candle charts and identify their trends. I spent two weeks watching litecoins movements on gdax before i started trading.

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If there’s a lot of volume that day on a particular coin the 5 minute works well. Sometimes just use the 30 minute…A few coins I have studied and feel familiar where their prices tend to oscillate. Sometimes it’s just a gut feel if I see a coin that is normally X price drops 20% for no reason. I’m definitely not an expert at it and have made mistakes. But its fun to learn and expand my knowledge.

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I hear ya there man! You deff will get burned once or twice, the market can be unpredictable. But gut feeling can go a long way.

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but dont you have to pay taxes for every trade?

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if you are on bittrex, 0.25% to buy, 0.25% to sell, so you have to do more than 0.5% to do a benefit. :wink:

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this is a time consuming way of multiplying the BTC stack.

If one has the time to watch BTC like a hawk and trade like a maniac, i think it is possible.

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i remember a popular post sometime ago about someone swing trading $10K and making a tonne on 1-2% gains over 10 hour+ sessions. Very insightful post I think you can dig it up.

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Can you give us a link to the post?

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Yes every trade is a taxable event in the US. Anyone telling you otherwise is incorrect.

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This trading is more than likely done with a trading BOT. I haven’t quite been able to make the said gains above but from what I can tell it is possible to do. For example my BOT has 0.1 BTC to play with and it trades 10 pairings each of 0.01BTC. Over this past weekend my holdings went from 0.1 to 0.12 in two days. Now things are not always this rosey as these profits are just now covering some losses I took when BTC took its second bull run and pushed alts even lower. A couple of weeks ago there was this huge stair step down for all alts for example when NEO went from 0.003 to 0.002

@fuadiansyah

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is it worth it then to swing trade?

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Everyone is a swing-trade pro in a bull market.

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I just do a very small position still trying to determine if it is worth it. For me I put very little effort into it and more just testing the waters. I found that I had too much emotion involved in my trades and found that the BOT really helped take the emotion out for me. Each person has to make the decision if it is worth it to swing trade; I cannot answer that question directly for you hence the vagueness of this answer. Too many variables that only you can answer with your own goal setting.

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yea i meant considering you have to pay taxes for every trade cos the exchanges probably report it if u have a high volume of trades

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