Hi there, I've been studying trading for a few weeks now, mainly with BTC. I actually haven't walked away from a trade down as of yet, and have made correct calls on my trades (I call them trades but they aren't really, I'll explain soon)
I seem to understand and be able to scope out resistance and support levels well, to be able to leverage the price action and have 3 indicators that really work well for me in seeing buy in and sell points.
My issue however is with using exchanges and buying / selling, and would really appreciate some help.
Up until now I've been 'trading' in the most awkward way, I have fiat on a wallet website. When I see a point to buy BTC I do that within the wallet and a 2% fee to convert fiat to BTC. When I see indicators of a bearish downtrend about to begin I convert back to fiat for a 1% fee.
I know how basic and amateurish this is, there are no limit or stop loss functions (don't fully understand them as of now) and the fees are not ideal. This is also what I don't understand, let's take Binance as example. A trader needs to deposit BTC to their Biance wallet, but to buy the BTC in the first place, they need to incur a fee somewhere along the lines. Once they have the BTC on the exchange, when they want to sell they will also have to pay a fee to remove it from the exchange to their external wallet. How can scalpers or day traders make a profit with such fees? I don't understand this process and would love some help. The actual technical aspects of reading the market and seeing position is easy for me, the other aspect has me stumped
I seem to understand and be able to scope out resistance and support levels well, to be able to leverage the price action and have 3 indicators that really work well for me in seeing buy in and sell points.
My issue however is with using exchanges and buying / selling, and would really appreciate some help.
Up until now I've been 'trading' in the most awkward way, I have fiat on a wallet website. When I see a point to buy BTC I do that within the wallet and a 2% fee to convert fiat to BTC. When I see indicators of a bearish downtrend about to begin I convert back to fiat for a 1% fee.
I know how basic and amateurish this is, there are no limit or stop loss functions (don't fully understand them as of now) and the fees are not ideal. This is also what I don't understand, let's take Binance as example. A trader needs to deposit BTC to their Biance wallet, but to buy the BTC in the first place, they need to incur a fee somewhere along the lines. Once they have the BTC on the exchange, when they want to sell they will also have to pay a fee to remove it from the exchange to their external wallet. How can scalpers or day traders make a profit with such fees? I don't understand this process and would love some help. The actual technical aspects of reading the market and seeing position is easy for me, the other aspect has me stumped
