How to Day Trade Ripple (XRP) with Binance


what’s up how’s it going guys today
we’re gonna talk about trading a specific altcoin today we’re going to be
talking about XRP or as you guys might know it ripple and your might wondering
might be wondering how much do I need to day trade this to make any kind of
profit at all well I’ll tell you I went to my coinbase account and I dropped in
$100 and after fees and it finally landed I think I had 94 dollars of
Bitcoin on by Binance once I got to buy Binance I looked at the graphs and I
studied them and you know it’s just like everyone says buy low and sell high and
that’s exactly what it is and you can kind of see in my history that when I
came here I bought in low and I sold high I bought in low and I sold high and
I just kept doing this and there’s a few times there might have been one time
somewhere specifically that I don’t see that I had to sell
I sold close because I expected a drop to come before it reached the peak so I
went ahead and made that decision to get out of it same thing with iota iota
dropped I was buying in around four dollars and
then I was buying in as much as high as four dollars and fifty cents and I
expected a job to be coming soon and this is where your stop orders come in
place and if you’re gonna be doing any kind of day trading or sleep trading or
whatever you want to call it you’re gonna need to know how the stop limit
function works because that is your life saver if I’m going to bed I set a stop
limit to get rid of it or to buy it depending on what situation I’m in at
that specific time so we’re gonna go ahead and look at XRP and you can
actually see I actually have a stop limit buy order in right now hoping
which I don’t hope but you know for someone that’s
make some kind of profit here and there which the accounts up very well
I mean I’ve gained fifty dollars in three days just off my hundred dollar
investment so you can see I’m hoping that the price dips down to Bitcoin
worth of thirty eight fifty and then I’m hoping that once it dips down that it
starts coming back up and I can buy back in at thirty nine hundred but it’s nice
to have those trigger conditions for these specific circumstances because if
you look every time it peaked it fell and then every time it fell it fell a
little bit more and then it started coming back up which right now it looks
like it’s in a pretty good position that it could possibly come back down soon
and when it does I have that trigger order set so basically to be day trading
this you’re gonna like everyone will tell you you have to buy low and sell
high and you have to look at the trends on the charts
so I look at one-day charts I look at one week charge which right now because
of the market conditions one week charts aren’t going to tell you anything
you’re gonna want anywhere from one day to fifteen minute charts and the reason
I say that is because this market kind of goes up and down anywhere from every
ten minutes to every hour and every 24 hours it might do something crazy so you
got to be careful with what videos you watch and how much you believe people
and what they really say another good idea on trying to figure out where the
price is going is I made a Twitter account specifically just to follow
these CEOs of these companies and to follow these companies so I like to keep
live updates from these companies and what moves they’re making so you know
eleven hours ago this made a little bit of a spike in the price and this was a
good thing and I knew this so I knew the price was gonna go up so I had a stop
so limit in and the reason I did this is I was like okay I’m hoping that the
price Peaks somewhere around where it did last time because I bought back in
low so hopefully this great news about ripple is gonna send it high enough that
I’m gonna be able to get out from under it and then it’s gonna correct and come
back down because all the hypes gone and then I’m gonna buy back in and I’m gonna
wait for the next exciting news and this doesn’t happen every single day there
could be two or three days or there could be weeks but as of right now with
this market and cryptocurrency really booming this is the way the markets
going is there’s news coming out left and right and I really recommend this
coin because big banks are involved and I know people with cryptocurrency is
like oh we don’t want banks banks are bad but banks are backed and it’s a nice
thing to have money that’s back instead of money that can disappear into nowhere
which is kind of what can happen with Bitcoin even though Bitcoin is the
successor right now it is the penny to the dollar basically so hopefully you
guys take some tips from this and you better understand what day trading is
like the people that are day trading and making lots of money they’re not gonna
tell you their secrets and if they are they’re gonna sell them to you and
they’re not gonna give you every little detail that you need to know because
it’s a learn how to basis it’s a gamble you know I’m gambling that the markets
gonna peak and that it’s gonna fall it could not fall it could not peak and I
could not get a buy-in and I could not get a sell in and then it could dive and
that’s what you have to be careful of you have to know your limits
you can’t go all-in and if you do you have to be willing to lose just like
gambling so just some reminders finance is a great exchange there’s a lot of
people that are saying things about it but I can tell you that I’ve been using
it and I have some friends using it and I have friends using it and the hi digit
amount and they’re not losing any money no
one’s taken their money there’s not some crazy fees or anything just be careful
there’s a lot of people pushing referral links and I use them in my videos too
but I clearly state that you don’t have to use them you can click another link
it’s not gonna bother me you know it’s just hey if you’re if it’s gonna ask you
when you register if you want ever put a referral number in you know why not have
one there because it forced me to put one in when I registered because I
didn’t know anyone so I’m just an abyss for anybody but anyways that’s my guide
to what I would consider day trading that specific coin if you’re going to
day trade you’re obviously gonna need more than one coin and you’re gonna have
to follow multiple charts and you’re gonna need more than probably a hundred
dollars if you actually want to make a lot of money if you can live off fifty
dollars every three days then you might be alright but that’s not gonna be me
thank you guys very much and I hope you enjoyed this video if you want subscribe
follow me on twitter facebook Instagram everything’s linked to my name and
that’s legitimacy thank you

21 thoughts on “How to Day Trade Ripple (XRP) with Binance”

  1. Good video brotha. I like the twitter idea…. Btw those tards still haven't helped me and my money is just sitting there in USDT lol so frustrating.

  2. Its cool the way u explain, but i need more information, on how you actually trade, what do you recomend to sell coins to, does itmatter?

  3. Another solid video! When you use binance, it seems like you are using btc to buy your alt coins vs eth. Is there a reason for that? I have been using both , but should probably stick with one or other?

  4. Hey, i got a noob question. Since I have to buy bitcoins to buy iota, I used a platform and then transferred it to binance and bought with bitcoin iotas.
    What currency do I get, if I day trade coins and sell them? Because I somehow only see the coin to coin trade options. Probably a stupid question, but would appreciate it, if you could give me a quick answer.
    Thanks in advanced.

  5. PLEASE HELP!
    I´m doing well just keeping my coins on binance.
    But everytime I trade from one currency to another, I drop 10% in total value. Going back again to BTC or ETH it`s a total of 20%.
    Ps. I´m buying at market price or put a low limit (with buying), hoping I´ll get it cheaper.

  6. Do not transfer btc direct pout of coinbase open a GDAX account watch a tut to long to explain but basically no fees

  7. Thanks for the video, appreciate your honest opinions.

    FYI

    Binance is currently on "registration pause"

    "Fellow Binancians,
    Due to the overwhelming surge in popularity, Binance will have to temporarily disable new user registrations to allow for an infrastructure upgrade. We apologize for any inconvenience caused.

    Thank you for your support!"

    Binance Team
    2018/01/05

  8. Nice video man. I'll probably start with $600 just as a challenge to see how much I could make with such a small amount. Would love to see it turn into 100k, even if the process is slow. Subed.

  9. Daytrading isnt an option atm untill they introduce USD.

    When bitcoin goes down, so does xrp and vice versa. there is nothing to hedge the currency against.

  10. This is a great video. I am using it in my own website about this topic here: https://binbitforex.club/%ef%bb%bfcrypto-coin-ripple-what-is-it/

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