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Bitcoin trading has become big business in recent years as people have realised that the new and emerging market place is one that has the potential to offer impressive gains. Bitcoin trading has many faces, but one of the more popular ones, in this volatile and fast moving market, is Day Trading.

Day Trading is trading that moves fast. It involves making multiple trades in a market on a single day, quickly reacting to price fluctuations to make lots of small margins of profit which eventually add up. Traders have to be quick on the draw, and they have to be vigilant, knowing when to enter and exit the market to maximize profits in a short space of time.

Because Bitcoin’s market price has been known to fluctuate by double digit percentages in a matter of hours, it makes it a perfect market to Day Trade in, but the difficulty in the market is timing those entries and exits, and this is where getting a solid Day Trading Setup can be a real game changer for Bitcoin Day Traders.

What Is a Day Trading Setup?
A Day Trading Setup is also known as an entry strategy, and as that name suggests, it is a strategy that traders use to try and identify good times to enter the Bitcoin market in order to time a price rally so that they can soon cash out and collect quick and efficient profit. It is also linked to trading psychology in order to lead with the head, over the heart

Using a Day Trading Setup means having an eye very closely glued to the Bitcoin chart to identify what is happening on the market in real time so that a trade can be made when the strategy suggests. It means trying to identify different patterns on the charts that are showing what is about to happen so that the Day Trader can enter the market and take profit off the perceived next market movement.

Many day trading psychology strategies have been developed over time, and many of them come from other markets and securities as Day Traders like to utilize these strategies across the different markets in order to make profit. These same strategies can easily be transposed to the Bitcoin Market, and in fact can be better used because of the potentially higher volatility and bigger moves.

Why do I need to use Day Trading Setup?
The strategies in a Day Trading Setup may sound, to some, like extra work in an already fast-paced and busy world of Bitcoin trading, But, the use of a Day Trading set up can offer a lot of certainty and structure to an already established Day Trading Strategy, and it can help point out different opportunities to make quick profits.

A Day Trading Setup is not even that complicated as it is a pretty straight forward way of thinking that we use everyday anyway.For example, we use historical data to recognize patterns and make predictions in our everyday lives like if you are driving to work, you know what time to leave to hit the least amount of traffic based on past traffic situations and experiences you may have had. The same logic holds true for day trading.

Most good Day Traders already have a strategy for their trading anyway, so to have a Day Trading Setup can simply be an addition to that to make the entry and exit of the market that much more certain and efficient.

5 Favorite Day Trading Setups
Below are five of the more popular Day Trading Setups that have been effective for traders for a long time, and across different markets. You will note they all have different nuances, and different uses, but primarily thay are intended to help Day Traders profit.

Setup #1: Day Trading Breakout
One thing that is always notable, and one thing that causes excitement for traders is breakouts. In the Bitcoin space this is especially magnified with the level of volatility, and they play in well with the first Setup — Day Trading Breakout.

A breakout is defined when a stock gaps up or down on high volume first thing on the open. These types of moves are almost always related to a news event. Day traders move into the market once they see that the price breaks beyond flat range. After this breakout, the trader closes the trade above resistance level. This is known as “support and resistance.”

Once this is established traders can buy when the market breaks above a failed resistance level, and sell when the market breaks below a failed support level.