LOCGame Character Spotlight: Crypto Day Trader
We’re still soaking in the blood-bath that is, the global market with no end in sight. Hold your positions, Legends. This too shall pass.
While we mere mortals are weeping and counting our losses, there are people who are making the most of the bear market. These are the Day Traders.
Day traders are people who buy and sell their assets within a day. They are risk-takers always determined to close their position by the end of the day. Because day trading can be risky, the potential high reward can be profitable, and this is what inspires them.
In today’s spotlight series, we will learn about the Crypto Day Trader, a LOCGame character who thrives on risk, charts and caffeine.
The Crypto Day trader is an influential market operator who indulges in day trading.
He is a former investment banker turned crypto analyst. He leverages his wealth of experience as a former investment banker to make successful trades.
He buys and subsequently sells crypto assets or futures and options within the same trading day. All the positions that he creates are closed on the same trading day.
Unlike the Diamond Hands, he doesn’t HODL. And he attributes his success to knowing which coins and tokens to trade in, when to enter a trade and when to exit it.
His main objective and strategy are to take advantage of small price movements in highly-liquid coins and tokens. His strategy thrives on volatility, and the more volatile the market, the more favourable the conditions for him to trade.
He has good knowledge and understanding of various coins and the right platforms to trade on. This market mover makes a profit by differentiating between the bid price and the ask price for different assets. Whenever he senses an impending movement in a particular coin or token in either direction, he would buy or sell it above or below the bid price or ask price.
The Crypto day trader typically works alone and sometimes manages other people’s money or enriches his own. The short-term nature of day trading mitigates risk allowing him to make profits.
You too can ramp up your risk tolerance by channelling your inner Crypto Day Trader when you play his card in LOCGame.