Been investing for about a year or so on normal stock market but have been watching cryptos bc of the popularity. Had a couple questions and thought i'd ask yall.. be kind as again iam new to all this. Is it possible to buy and sell crypto rapidly to take advantage of the ups and downs that happen by the second/minute. example a crypto is at .07500 i buy 10 grand worth.,it may go down a little to for example .0744 or more but watching the fluctuations it rises to .075999 and i sell. will the transaction go through quickly enough to take advantage of that small rise, making 100 bucks or so. i understand the risks and can weather long term if needed, but thought it might be way of building money from rapid buying and selling.. i understand this is really just day trading but being new i wasnt sure if transactions happen fast enough to take advantage of small ups in prices, where you buy and in the next few seconds/minute you sell.. any insight is appreciated..
Do you suggest any specific app to achieve this up to the second trading.. and thank you for the reply..
I think you are free to do as you like, in terms of buying and selling. However, be aware that each sale will be a taxable event, as far as the IRS is concerned. Frequent trading could end up being a nightmare, in terms of tax filing.
Yes. I spent about 3 and half months inputting trades one year. (TurboTax would input HALF the info, so I ended up manually entering Every. Single. Trade. My return was about 60 pages that year.
