What is the difference between day trading and swing trading?
In day trading, you are opening and closing positions in the same day.
That is why it's called day trading.
In swing trading.
You open your position and you wait for several days, weeks and even months to close your position.
Day trading is more risky because you have a lot of trades during the day, but it is also more rewarding
because you can make more money when you are trading more.
While swing trading is less risky and you don't need to do the things fast, you can analyze the market,
open a trade, and then wait for days for a trade to go your way.
To start day trading or swing trading and even investing, you do not need a lot of money.
You can start with just $100 or even less.
You just need to find an exchange.
We recommend Bybit because we use Bybit everyday for trading and investing, and they have really simple
platform for trading.
Once you open your account, do the KSC and deposit money.
And we made a video for you.
I already talked about it.
You have it in the description with a step by step instructions.
You can start investing in trading.
If you want to invest, you're going to use spot account.
Spot account is a place where you buy different coins and tokens without leverage.
For example, you want to buy a part of Bitcoin.
You're going to choose a Bitcoin.
Choose the amount you want to buy for.
You could see here I put 20 USDt.
Make sure you choose a market order and just click buy.
And you can do that with many other coins or tokens you can find here.
Coin or token you want to invest in for example Ethereum, Solana, XRP or any other token.
Put the value you want to buy for and click the buy button.
Once you want to sell, you're going to click the sell button.
Choose the amount you want to sell.
You can sell a part half or everything and then click the sell button to confirm for expensive tokens
like Bitcoin and Ethereum.
You don't need to buy the whole token, you can just buy the part of the token.
As you can see here, I just bought the part of Ethereum for $480.
Once you buy your tokens, you could go to assets Assets Overview and see the tokens that you bought.
You could see that for $480 I got 0.19 of Ethereum.
I also have some near protocol in this account, XRP and some other tokens and coins.
If you want to trade cryptocurrency, you can go to the option trade and Find futures.
Futures have the same platform as spot account.
They are just letting you use leverage up to 100 x.
It is very easy platform to use.
You can explore.
You can find a token that you want to buy.
For example I'm going to type in Ada.
You can analyze the price of the token.
You will see here that we have high lower high lower high.
So it looks like the price is going down.
I'm gonna put 2000 Ada in short.
If you go down, you can see your open positions and open orders.
If I want to close my order immediately, I will make sure that I have 2000 other tokens that I bought
market order.
And I will just click buy.
Another way to close position is to set a take profit and stop loss orders.
You can go here add.
Let's say I want to set my stop loss at 0.71 and my take profit at 0.70.
I will type in 0.71 and 0.70.
I will click confirm.
And now I am protected.
When I go to edit, I could see that in this case I'm risking $5 to make $15.
So in this case my risk to reward ratio is 1 to 3.
And I recommend you when you start trading start with just a few tokens.
Buying and selling just to see how the platform works, to practice your skills, to practice your strategies.
And once you start making money, you can do the big orders and possibly make more money before you
start.
You can also practice on demo account.
It is the same platform.
You just don't risk any of your money.
You're trading with a fake money and just practicing your skills.
If you just start trading nonsense and without any goal, you are probably going to lose money.
So you need a trading strategy.
That's why in the next lesson, we are going to give you a simple backtested trading strategy that actually
works.