What Experts Say About Day Trading Crypto

Before you quit your job and start day trading cryptocurrencies, let’s take a look at what some experts say about doing it.

Tyrone Ross, CEO of Onramp Invest, a crypto asset-management technology for financial advisors, says that most people should not be investing in crypto at all:

“The everyday individual is looking at crypto assets as an investment or opportunity to build wealth, but the majority of people should not be investing in them.”

When explaining why this was his stance, Ross said, “It can work for the right person, but there are so many things that are important before you get there, like having an emergency savings, paying down debt, and setting your financial goals. If you haven’t done that, you shouldn’t be trading crypto.”

Taylor Greenberg, head of business development at Allnodes, doesn’t say to avoid day trading crypto completely, but only recommend doing it if you have a full understanding of the assets and their underlying technologies:

“Knowing what the blockchain does, its network size, governance, and protocols will allow you to assess the overall condition of your prospective investment.”

Greenberg continued that she thinks most people that do this will be profitable: “Crypto day trading is a risky activity. Invest what you can afford to lose. But when you approach day trading with the same respect as any serious job and learn everything about the craft and the assets you are trading, you’ll be profitable.”