Cryptocurrency traders and investors have one thing in common: they’re all on a quest to escape the fiat rat race. Many have done so successfully, while others struggle to make a buck in the crypto markets. But what is a day in the life of cryptocurrency traders actually like?
In this article, we’re going to walk through a typical day in the life of cryptocurrency traders. We’ll start at the beginning, and you’ll gain insight that will prepare you for what lies ahead.
What is cryptocurrency trading?
Cryptocurrency trading is the act of buying and selling cryptocurrencies, such as Bitcoin and Ethereum, for profit. Since Bitcoin was first introduced in 2009, there have been dozens of other cryptocurrencies created and released into the market. Some are clones or “forks” of Bitcoin, while others have unique features that set them apart from the pack. Most cryptocurrencies are either mined or purchased with fiat currency through an exchange like Coinbase.
How Cryptocurrency Traders Spend 24 Hours
The cryptocurrency market is a 24/7, 365-day operation. There are no days off. The only way to make money is by trading and making smart decisions. If you are going to trade cryptocurrency, then you need to have a plan for every day of the week. The daily routine of a cryptocurrency trader starts with checking their portfolio balance. Thereafter, they ensure that everything is okay with their investments. After this, they check the latest news about their favourite coins to see if there are any changes or newsworthy events taking place
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After, they will look at charts for each of the coins in their portfolio so that they can analyze their performance over time and make decisions based on this data. It’s important for traders to know what kind of impact each coin has had on their overall portfolio growth over time because this will help them make better decisions when it comes.
The Morning
Most traders start their day by checking their phones for any news that may have affected the markets overnight or early morning. This is usually done before breakfast as it gives them an idea about what type of trading day might be ahead before they even get out of bed!
Once they have had breakfast, they will check their charts and see what happened overnight and if there are any gaps that need filling before the next big move happens. If there are no gaps, they will look at other indicators like volume and price action to see if there is anything worth taking advantage of in the next few hours or days without risking too much capital at once.
Later on, they decide which coins they will want to trade that day, and open the appropriate apps on their phones and computers. They like having a few tabs open at once: one for the markets themselves (CoinMarketCap), one for Slack (Slack is where I chat with other traders), one for Twitter (for news), and one for Reddit (to see what people are talking about), etc.
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The Afternoon
After lunch, most traders will continue checking their charts and maybe even go out for a walk or do some exercise while they are waiting for something to happen on their charts that may lead them to make an important decision regarding whether or not a trade should be entered into right away.
However, after lunch, most traders take a break from trading activity until the US market opens again at 3pm Eastern Time. Since US is home to many of the world’s biggest crypto exchanges and these exchanges are open 24 hours a day during US trading hours. The US market closes at 4pm Eastern Time and then opens again at 6am Eastern Time (11pm GMT). The European market starts trading at 10am GMT and closes at 7pm GMT. Then comes Asia: China markets open at 1am GMT and close at 11pm GMT; Japan markets open at 2am GMT and close at 12am GMT; South Korea’s won opens up again at 5am GMT; finally, India opens its doors for business at 7am GMT.
The cryptocurrency market opens at 5:00 PM EST/2:00 PM PST, and you’ll want to be there right away in order to get the best possible prices on all of your buys and sells. If you’re new to trading or just want help getting started, check out our guide on how to buy cryptocurrencies with USD.
It’s Okay to Take a Break
At around 7:00 PM (Time to Celebrate or Not). You’ve made it through your first full day as a cryptocurrency trader! If you’ve had any success with your trades (or if you have extra money from selling); now is the time to celebrate with friends and family by going out for dinner or drinks. If things haven’t gone so well today, though, don’t worry — tomorrow is another day!
The weekend is a time for relaxing and enjoying life. But for cryptocurrency traders, it can be just another day of work. In the world of cryptocurrencies, there are many different types of traders. Some trade full-time, while others dabble in cryptocurrency as a side hustle.
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The weekend schedule for cryptocurrency traders varies depending on their trading style, However, there are some commonalities among all cryptocurrency traders. Some of them may choose to trade during the weekdays and take off on weekends; others may take a few days off from trading altogether. The weekend schedule of a trader will depend on each individual’s preferences and what works best for them.
Conclusion
The life of a cryptocurrency trader is never dull. They may not exchange their cryptocurrency straight for dollars as an average forex trader will. There are still certain things to keep in mind when it comes to tax compliance and the overall growing regulatory environment. It’s not always easy to stay on top of every nuance of the cryptocurrency trading realm. Therefore, it’s important to not only do your research, but also communicate with your accountant regularly, or speak with a tax attorney if you have questions that crop up often enough.
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