Topic: 5 Things I've learned day trading Bitcoin for 3 years (successfully) (Read 474 times)

Your five key lessons are very valuable for anyone who wants to become a successful day trader in the cryptocurrency market. It's important to follow the market trend, stick to your strategy, use technology to your advantage, conduct independent research, and manage risk. These are all essential components of a successful trading plan.

In addition, your bonus tip about keeping it simple is also very important. Many traders get caught up in complex strategies and indicators, but simplicity is often the key to success. It's important to have a clear and concise trading plan that is easy to execute and understand.

Overall, your insights are very helpful for anyone who wants to become a successful day trader in the cryptocurrency market. Thank you for sharing your knowledge and experience.

I agree that it does have times when it goes against the tide, and sometimes that is the risk we take but that is not the common one so we should be fine overall. I personally trade based on what I can see on the charts and my TA calculations as well, but that doesn't mean that we should be able to make a big deal out of this, I hope that it does go well and I make a profit from it but that doesn't mean that it will happen quickly, it may take a while as well.

I think long term is the best because of this, because that doesn't have right or wrong, you either wait long enough to profit, or you can't wait long enough and you lose, but it is guaranteed that if you wait long enough, you will profit from that and that's a great feeling to know.

I just remember before that when I trade, I only check the lower timeframes and not the trend or the bigger picture, and most of my trades are against the trend, which at first seems to be working, but there are times that it won't hit my TP and it goes in the opposite direction, which is really the time I should be checking the trend to filter out false signals on my strategy so I can better decide what trade to take.

Oh yes, it’s good that you made point regarding considering trading as Cool stuff. Honestly it’s not cool, it’s serious job these days. Peeps are literally taking it to the next level when it comes to the trading. Having private rooms, big screens for the wide view of charts, good flux of light and much more.  They don’t do it out of coolness but because they want a serious level of work with it and some may earn their living from it. Definitely more focused and critical job rather than just flashing about it.
Yes, we should have technological advancement but trading asks for more educational stream behind the process rather than depending on it completely. Hope so everyone takes lesson from this post, it’s good experience.

It's hard to get profit from trading. It is harder to have consistent successful trades from trading. It is barely seen traders can have consistent success and net profits by long time of trading.

You will have to adapt to market trends, new methods for market manipulations, new regulations in both proposals, enforcement and fuds. This cryptocurrency market is very young and can be impacted by future regulations. It is reflected on impacts of fuds on this market as people are more easily panic with news about stricter regulations.

To trade successfully, it's not easy, time consuming and mentally stressful.

If you want to have consistent success, you can change from trading to investment. Investment with dollar cost averaging (DCA) method and consistently accumulate bitcoin. Less or no fear of fuds and success will come to you more easily.
https://dcabtc.com/

Though I agree that consistency plays a great role in getting success, I think one should also be adapting to new techniques that can be utilized in a good way only to maximize the chances of gaining better results. Maybe don't change the existing strategy or get influenced by anyone, but one can keep making updates to an existing strategy.

Or maybe one can also try something different at times only to see if that works or not, but only with a small amount if you are not very confident and don't have enough knowledge about it. I believe change is required over time, for whatever you are doing, or you may stay behind while the world moves ahead.

I really appreciate that you have been being successful trader, hopefully, you are always increasing again. Trading is not easy, needs high consistency, understanding, experience, and also discipline. I am sure that being a successful trader, you have been doing these all of things, more than it.

This also means that we must also be able to utilize every market condition with its trend. Well, although this may be high risk, as long as we know the ways and strategies, this will also be more effective. But I know that it is also not easy to be able to do this.

This is very important, but many traders avoid this. This is how we can manage the risks, by understanding what we can afford and we cannot. By doing what to do and not to do. Although we are brave traders, it doesn't mean that we don't have any risk management.

That's an obvious thing for some coins only, like there are many tokens in the market that do not follow BTC price, such as DIFX, why? I have no prominent answer but I think because they have their own exchange and it's an exchange token. Maybe. Well, this rule totally applies if we are trading BTC pair. Because once btc is in an uptrend motion, going against the trend is not wise able, but we should wait for the right opportunity like, take the example of the current market. BTC is around 30,8k maximum in this week and tried to break this resistance zone but many investors (newbie) like me who do not have 5 years of experience like you. Afraid to take entry in BTC, why? Maybe because we are afraid of losses in the short term that we can face.
Your these two statements seem to be unclear because at first you said usage of technological bots and features will clear the journey for us and make us determined to follow the analysis we have done at the start with no sentiment issues. But in the bonus tip, you said to keep your trade simple without using complex tools and indicators. While what I think is the usage of the complex indicator will make that clarification more accurate and make us more confident in our trades.
Merely Agreed, because i have followed many influencers on Twitter, and not a single time have i made a profit by following their leads to some extent like in the short term even. Why? Because they do not even know what they are saying hehe. Well, maybe that's because i had less knowledge about crypto trading back then.

Your rule 5 is also generic and i have gained the skill of risk management while i was involved in trading. Because this field requires this skill and those who don't have it already will learn on the way.

Every bitcoin traders will had learn the trading in different manner,they will gain some tricks on trading the bitcoin for the certain period of time.If any try to trade against the trade flow,surely will leads to loss.When you sell during the dump,it will make you to think in future.Because the price of bitcoin surely increases to next ATH with a certain period of time.So buy at the dump and sell at the pump.Every traders should use their own strategies to trade the bitcoin.In case you loss the money by your strategies,you may have some self satisfaction.The trading should not bind with the emotions.When you are trading of crypto currency,you should not allow your emotions to control your trading at the pump and dump.

You get appreciable knowledge through your investment and I think that you will face any difficulty in future because you get the basic points about trading and investment and is really a good way to be successful in upcoming projects.


Yes exactly changing plan will cause the loss of your money as well as it also make you hopeless. No matter ho much lower the price of bitcoin but do not make decision during this period because this time will passed and price will rise again. This will be easy if you avoid short term trading and get involved in investment for longer duration.

Newbies as expected concentrate too much on the profits they think they can get and they believe this is a process which will start immediately, however I have always thought that a newbie which concentrated instead on just surviving during their first year without experimenting catastrophic losses has way higher chances of becoming successful long term.

This is because someone which can last that long trading the markets by necessity becomes really good at managing their money and avoiding unnecessary risks, and with a whole year of experience under their belt then generating profits from that moment on will be way more easy for them.

I think it is important to remember that having 3 years of trading is the key here, if you trade for 3 years and if you have the capital to start doing that while not taking too much risk and run out of money, then most people will become a good trader, at least a decent one. Most of these can be learned by trading, it allows people to open up so much of the situation and we will be able to actually profit from it gradually as well.

Somethings are hard and not going to really come off easy, but at the end of the day if we could make a profit from it then it should be fine. I personally like the situation we are in at this moment, but that doesn't change the fact that we can't make a profit from it when the time comes neither.

In general, you have mentioned the most essential tips. That’s very helpful especially for newbies, thanks OP. In addition to that, it is really necessary to treat every new market’s condition carefully and without rashness. To begin with,  analyze the market, then set a trading strategy that apply on that condition and finally work on it and  in case it is going on a wrong way, fix it or create a new one. Keep it easy and safe as much as possible, complication isn’t recommended is trading field.

In fact, being updated with media news is important but be aware of fakes ones. They are widespread on many social media apps, same goes to trading influencers, they getting money to advertise shitcoins and unfortunately a lot of traders are following their tips especially the beginner ones who’s looking for easy profit and most of them are extremely greedy.

To me three years is too much for one to use in learning only a particular trading strategy, though other things may come in as well during this period of learning, trading has both it's good and the other side, but it's very common that traders always make more money from trading bitcoin than investing on other asset aside bitcoin, one need to learn to trade using more than two patterns  before concluding on the final one to use at last.

Trading is never easy but not that hard though if you know what you are doing. So if you want to trade and be profitable, then stick to your own strategy no matter how simple it is. As long as you know it’s working, then never be confused about it. And take note that when you trade, never allow yourself to complicate things. That will only lost your focus on trading. Stick to what you think is simple and working, that way you will be more motivated to end a trading successfully.

Good traders don't actually sell at loss to buy again but they always set stop-loss with all their trades so that they don't lose much value from what they have invested in a particular coin or token, that way, they won't have to wait for the market to go up again so that their money is unfrozen from the previous trade.

That strategy is the best but only if you have a pretty large capital and you should be confident that the money you've lost with the stop-loss will be easily recovered with the next couple of trades that you make.

Making mistakes is unavoidable when we all have to start as newbies. However we pay different costs for our lessons. Careful people will register courses, spend money to learn and get tutors as well as start with demo trading and use small capital for very first trading experience. Those people will pay low cost to learn own lessons from trading and later when they are more experienced and already sharpened their trading strategies and skills, they can gain profit.

Careless people will do not mind about learning first and they only want to jump in the market, start trading right away, experience it with hope to gain profit quickly. Unfortunately, the market is not easy for them to gain profit and they mostly pay very expensive cost to learn own lessons.

Manage risk is important and two orders are helpful

Stop loss order: https://bitcointalksearch.org/topic/one-of-the-best-weapons-in-trading-5173189
Stop limit order: https://academy.binance.com/en/articles/what-is-a-stop-limit-order

Among the list, this is the most important to me and the thing that most traders must have.
As there are some traders especially those who are just starting are making mistakes on this thing, so for me. Risk management is important, it will help you to preserve your capital and maximize your profits and minimizing your losses.

We won’t never know who are those influencers that are reliable and who are not, until we take time listening to them. Some influencers are just promoting their projects because that’s exactly where they can gain an income, while others have really shown genuine compassion to their listeners or viewers that’s why they will only say the realities in trading. At the end of the day, the final decision is all yours to make. With your knowledge and experiences gained throughout the process, I can say that you will greater chances to succeed in trading.

A lowkey tip but needs to be understood by many. You don't really need to confuse and complicate yourselves in trading if this is what you want. You just have to trade, learn what's necessary to learn and the strategies that you want to do. Like doing a simple strategy and keeping a profitable trade even if the amount won isn't a lot. That's what being simple is, you just need understand your need and that shouldn't be that much so that you're not expecting a lot in the market and that won't disappoint you as well and at the same time, you won't take your losses seriously but you'll just need to be better with your next trades.