5 Things I've learned day trading Bitcoin for 3 years (successfully) - page 2.

Synchronice

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Quote from: BitcoinForLiffe on April 02, 2023, 04:57:16 PM

2. Stick to your strategy no matter what. A trading strategy is a roadmap to success, and it's crucial to stick to it regardless of market conditions. Deviating from your plan leads to impulsive decisions and missed opportunities.

Why should you stick to your strategy if it doesn't work? Isn't it better to change strategy when its necessary? If there is a news like the USA bans bitcoin holding and mining and at the same time you hold bitcoins, profit-wise, isn't it better to sell them immediately before the crash happens and then rebuy again?

Quote from: BitcoinForLiffe on April 02, 2023, 04:57:16 PM

5. Risk management is critical. Managing risk is essential to a day trader's survival. I always set stop-loss orders and avoid over-leveraging my trades to limit losses and protect my capital.

Day trading itself carries a huge risk, isn't it. My strategy is: When I want to trade, I push myself to wait some more days or weeks. While it may sound curious, this helped me a lot of times to see the further, brighter image of the market and buy then. For example, there have been cases when I thought that it's good time to buy but after some days or weeks, there was more decline in price and I was able to catch a good dip.

Your advices are really good, plain and simple while keep in touch with modern reality.

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Quote from: hugeblack on April 07, 2023, 04:26:57 AM

Quote from: BitcoinForLiffe on April 02, 2023, 04:57:16 PM

1. Never trade against the market trend. The market trend is king, and attempting to trade against it is a recipe for disaster. Following the trend allows you to capture profits and avoid unnecessary losses.

I agree with you on the rest of the points, but what do you mean by the direction of the market? Is the market analysis based on recent variables or on historical data, and from here it leads us whether to listen to short-term or long-term technical indicators?

In general, trading is an art, and to be an artist, you must choose your own method. It is true that there are similar things, but in the end, your artistic touch is necessary.

Trading doesn't only mean to sell for profits but when we buy a coin at the dip, that can also be called as trading. This is where I disagree with him when he said that never trade against the market. I like how you use art to compare it with trading but indeed art isn't only limited to drawing and painting but there are lots of things or activities where it can be treated like an art.

Like you said each must have their own method, that is true and that is why some are trading even if the market is in the opposite direction. They have strategies like selling at a loss and then buying a coin again but they also know how to take advantage of the pump. They are just showing how versatile they are.

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I prioritized Point 2 very well i.e I sticked with my trading strategy having been convinced it workability, when I incur a loss I usually go back and check for my mistakes with a possible amendment to prevent future occurrence, I don't just change trading strategy based on one or two losses, trading is partly mental input plus technically and fundamental analysis thus most trading strategy work well it's only the user due diligence in using it will determine it profitability in a long run.
I never bothered about any influencers I trade using charting analysis relying on candlestick pattern formed reveal alots about price thus wouldn't rely on any contradictory analysis from any influencers.

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I have been day trading Bitcoin since 2017, and in my opinion, some of your tips are very useful and valuable. For example, you mentioned not trading against the trend, but from my personal experience, I would suggest not following the trend blindly. Sometimes, following the trend can result in losses. Having a well-defined trading strategy is crucial, but sticking to only one strategy in different market conditions can lead to losses. It is better to have 2-4 strategies tailored to different market conditions.

I noticed that your third point appears to be promoting a trading bot. I strongly advise against giving money to a bot as it can lead to unfavorable circumstances and potentially huge losses. Instead, it is better to have control over your emotions as this can prevent selling at a loss.

Listening to industry influencers is not always beneficial as it can sometimes cause more harm than good. It is better to form your own opinion by considering various sources of information. Risk management is crucial, and it should be integrated with your trading strategy to maximize profits. In some cases, leveraging up to 2x or 3x can result in good profitable trades, but it is important to keep in mind that leveraging is risky.

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Quote from: BitcoinForLiffe on April 02, 2023, 04:57:16 PM

4. Listen to industry influencers but form your own opinion on the long-term direction. Industry influencers can offer valuable insights, but blindly following their advice is a mistake. It's essential to conduct independent research and form your own opinions about the market's long-term direction.

Yes this is a good idea to listen influencers but always do what you think that it is right because we don't know that a person who give us information is really an influencer or not hence we know that people can do this activity for the sake of money only but actually they have no concern with day trading.

Sometimes Influencers spread information and these information have direct impact on the cost of certain selected coins and may be they do it just because they have a greater concern with such coins.

So it will be better to just listen to them and then think that what will be better because after sometime your knowledge will be enhances so you can take your own decisions.

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The best way to determine how you will keep up with the market is to monitor it continuously and ensure that you follow the trend. I agree that you can use tools like a crypto bot to take advantage of the market. You could also check Gunbot . I hope you are available to check it out. Maybe you could use it OP to your advantage as well.

I'm curious, how do you determine that you are "successful" in trading? What are the metrics that you use to know that you are, what you say, successful?

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Quote from: BitcoinForLiffe on April 02, 2023, 04:57:16 PM

3. Use technology to your advantage. Emotions can hinder a trader's ability to make sound decisions, but technology can remove this obstacle. Using a crypto trading bot that operates on pre-set criteria ensures that trades are executed objectively and without emotions.

Even though the robot executes trades without emotion, we who set it up still use emotion, how much loss can we bear and also how much profit do we want to achieve, bots only help because it makes our trades run automatically so we don't have to always check market conditions.

Quote from: BitcoinForLiffe on April 02, 2023, 04:57:16 PM

4. Listen to industry influencers but form your own opinion on the long-term direction. Industry influencers can offer valuable insights, but blindly following their advice is a mistake. It's essential to conduct independent research and form your own opinions about the market's long-term direction.

Somehow I feel this is not a good suggestion and I always avoid this, when trading in stocks I will read reviews from the shifters but that's just as an additional reference but the decision should not depend on their reviews, especially in crypto so many people think themselves as experts even though they have only been trading for a few months and because they have already made a profit immediately consider themselves experts even though they are only speculators.

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Quote from: Distinctin on April 08, 2023, 05:46:07 PM

Trading is trusting your own self, and with a knowledgeable and skilled mindset, you will never go for a trade unless you are sure about it. Otherwise, if you keep on trading relying from other people or any crypto influencer, you will never grow as a trader, because your success relies on other people and not from your own self. Remember that in trading, you cannot trust everyone as they won’t be responsible if ever you lose, trust in yourself and be responsible whatever the outcome of your trades.

By believing in our ability to analyze the market and keep learning, it will improve our ability to become a professional trader like no one else. And when we become professional traders, we no longer need signals from other people because we can analyze the market using our abilities. Maybe we can also teach other people to learn to trade so we can help them to make a profit. And always remember to trade with the money you can afford and don't be greedy in taking profits. Otherwise, you may lose the opportunity to take advantage of it.

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Quote from: AakZaki on April 04, 2023, 02:50:34 PM

Quote from: babygun on April 03, 2023, 04:40:35 PM

Good tips but I don’t agree with nr 4. I have yet to meet an influencer who offers valuable insights in crypto trading. For stocks, that can be interesting but crypto is different.
We need to stick to our strategy but its hard when you are new. When you see your profits grow, you can become greedy and not stick to your strategy anymore.

Believing in influencers' bragging will only backfire. they are also looking for profit, we as their listeners will only be bait. They get paid to promote a new project or an existing coin to get people to buy it. Trading is not based on the advice of other people or influencers, but based on research, because without research we will not know what will happen later. At least we know some signs that the market will rise or not.

Trading is trusting your own self, and with a knowledgeable and skilled mindset, you will never go for a trade unless you are sure about it. Otherwise, if you keep on trading relying from other people or any crypto influencer, you will never grow as a trader, because your success relies on other people and not from your own self. Remember that in trading, you cannot trust everyone as they won’t be responsible if ever you lose, trust in yourself and be responsible whatever the outcome of your trades.

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Quote from: BitcoinForLiffe on April 02, 2023, 04:57:16 PM

As someone who has been day trading Bitcoin for the past 3 years usually successfully, I have learned some valuable lessons that have helped me become a successful trader. Here are five key things I've learned:

2. Stick to your strategy no matter what. A trading strategy is a roadmap to success, and it's crucial to stick to it regardless of market conditions. Deviating from your plan leads to impulsive decisions and missed opportunities.

As a trader you know how difficult it is to stick to a trading strategy especially during a bear market. I kid you not. It is actually easier said than done. In fact I have a trading buddy who serves as my accountability partner. We usually exchange trading notes and help to ensure that we have the right risk management strategy in place, coupled with plan for market entry and exit.

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Quote from: nur rochid on April 07, 2023, 04:53:08 PM

it is up to everyone to learn it. in 3 years maybe people can trade well like OP, but forever we have to learn about the market, and there are also people who during that time can analyze well but still find it difficult to control themselves, and often repeat the same mistakes. Of course, repeated training can correct mistakes that should not be made.

I am trading for more than 3 years and i did not learned yet. Many times i repeated the same mistake i used to make before. I like risk trading and if you see my trading history, all coin i bought and sold are in the time frame of 15-30 minutes. I generally buy gainers coins or coins having high fluctuation. The point is that even after so much time I could not master trading completely.

OP is smart enough to learned many basic and advance skills from trading in these three years. These five Tips can be very useful if some one apply in real trading. for me it's very hard to control emotion. whenever i lost some $ , i invest all to recover my $ and often it lead to further loss

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Quote from: hugeblack on April 07, 2023, 04:26:57 AM

Quote from: BitcoinForLiffe on April 02, 2023, 04:57:16 PM

1. Never trade against the market trend. The market trend is king, and attempting to trade against it is a recipe for disaster. Following the trend allows you to capture profits and avoid unnecessary losses.

I agree with you on the rest of the points, but what do you mean by the direction of the market? Is the market analysis based on recent variables or on historical data, and from here it leads us whether to listen to short-term or long-term technical indicators?

In general, trading is an art, and to be an artist, you must choose your own method. It is true that there are similar things, but in the end, your artistic touch is necessary.

As in, do not trade when it is going up as if it will go down, or trade like it will go up when its going down. Which is a reasonable thing to expect and I guess that is why it's the first one. Sometimes people think that reversal is just around the corner and they invest into something thinking it will go down very quickly or go up very quickly as a reversal and that doesn't happen.

This is why invest into something while it's trending towards that move, and not the opposite direction. I personally am a long term investor so none of this really applied in my regular life, but rarely when I trade, I trade knowing that if it's going up, then it will continue to go up at that moment, that's short term trading way.

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Quote from: Bushdark on April 07, 2023, 05:34:03 PM

I hope you know we can trade against the trend especially when it about to change. Trading on trending market is another way to make some few dollars from the market but the problem is that what about when you are trading thetband the trend pattern suddenly changes without you knowing earlier.

The market just need us to be very smart so that we can keep making profits from the market with our good strategy. Trading is very complicated and it requires us to be able to make decisions at any given time. Their are certain things we need to note that will enable us to make profits from the market not just normal rules.

Making couple or dollars is every trader priority in the market, that's the main reason we're trading inother to earned good profits from the market. Although trading requires enough time before one would be able to confidently input analysis on the market and withdrawing profits when TP is finally smashed. Making profits from the market is easy only if a trader knows what he's doing. Trends will only bring noise and I'm 100% adapting with price actions, it's a form of interpretation were we see the movement of the chart and the operation of the market at a specific given time.

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Quote from: zaki12 on April 07, 2023, 03:52:44 PM

Quote from: babygun on April 03, 2023, 04:40:35 PM

Good tips but I don’t agree with nr 4. I have yet to meet an influencer who offers valuable insights in crypto trading. For stocks, that can be interesting but crypto is different.
We need to stick to our strategy but its hard when you are new. When you see your profits grow, you can become greedy and not stick to your strategy anymore.

Maybe this is what it means. Listening to reliable crypto influencers can help us get useful information in managing our crypto investments, besides that as an added bonus. However, it should also be remembered that in making investment decisions, we must gather information from a variety of sources and ensure that we carry out independent research.

Because there are still many well-known crypto influencers who have a good reputation in providing useful investment advice and guides. Although there are also influencers who can give inaccurate or even harmful advice. That's why we have to choose carefully who we listen to and make sure the information provided matches their experience and knowledge in the crypto field. I think the point is that OP is also like that, don't blindly trust influencers, but we have to be selective.

One doesn't have to agree or disagree with the recommended lesson about listening to influencers. My take on that is it's good to listen to them to hear something new or things that I still don't know, that's a plus on me if they're discussing things that I haven't learned yet and I heard it from them, that's why they're getting a subscribe from me.

But not all they say are going to be good and helpful with our trades so, that's why we still need to be vigilant and neutral with anything they say.

Just to sum it, take what are good and helpful details they say and it's not that bad to listen and you'll eventually know them if they're a good or bad influencer.

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I hope you know we can trade against the trend especially when it about to change. Trading on trending market is another way to make some few dollars from the market but the problem is that what about when you are trading thetband the trend pattern suddenly changes without you knowing earlier.

The market just need us to be very smart so that we can keep making profits from the market with our good strategy. Trading is very complicated and it requires us to be able to make decisions at any given time. Their are certain things we need to note that will enable us to make profits from the market not just normal rules.

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Quote from: nur rochid on April 07, 2023, 04:53:08 PM

Quote from: Russlenat on April 07, 2023, 04:40:46 PM

Quote from: taufik123 on April 07, 2023, 09:41:03 AM

Quote from: hugeblack on April 07, 2023, 04:26:57 AM

-snip-
In general, trading is an art, and to be an artist, you must choose your own method. It is true that there are similar things, but in the end, your artistic touch is necessary.

In order to determine the method, it is necessary to practice in order to find a suitable method.
Any artist will not find their method with just one try. Including in trading, technical analysis, and fundamentals become the basic art of trading that must be known.
If you have mastered it, you are ready to enter the next step.

And as for the time it takes, it depends on how one learns and understands it.
If OP takes 3 years to succeed, then other people may be more or less than three years.

No knowledge is obtained instantly, it takes a process because the process is important.

3 years is even quite long if you are really putting your whole self in trading. You could have mastered trading within a year or two if you are really determined to learn and master it. But everyone has its own unique way in learning trading, but I believe with frequent experience, it will always be the best teacher no matter what. Trading is never easy, that’s why we should also learn it even in the hard way.

it is up to everyone to learn it. in 3 years maybe people can trade well like OP, but forever we have to learn about the market, and there are also people who during that time can analyze well but still find it difficult to control themselves, and often repeat the same mistakes. Of course, repeated training can correct mistakes that should not be made.

Do take note that even if you are actively trading in those years, there will be new projects coming in, in which, you need a different approach.
As each project have their own features and aspects to look at, you can't always use the same strategy that you used before.
Traders are always open to learn new techniques as they traverse their journey on this market. Each project is unique and so the strategy that you need to utilize on it.
This is why, it is a never-ending process of learning when it comes to acquiring those trading strategies even if you got plenty of it already.

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Quote from: Russlenat on April 07, 2023, 04:40:46 PM

Quote from: taufik123 on April 07, 2023, 09:41:03 AM

Quote from: hugeblack on April 07, 2023, 04:26:57 AM

-snip-
In general, trading is an art, and to be an artist, you must choose your own method. It is true that there are similar things, but in the end, your artistic touch is necessary.

In order to determine the method, it is necessary to practice in order to find a suitable method.
Any artist will not find their method with just one try. Including in trading, technical analysis, and fundamentals become the basic art of trading that must be known.
If you have mastered it, you are ready to enter the next step.

And as for the time it takes, it depends on how one learns and understands it.
If OP takes 3 years to succeed, then other people may be more or less than three years.

No knowledge is obtained instantly, it takes a process because the process is important.

3 years is even quite long if you are really putting your whole self in trading. You could have mastered trading within a year or two if you are really determined to learn and master it. But everyone has its own unique way in learning trading, but I believe with frequent experience, it will always be the best teacher no matter what. Trading is never easy, that’s why we should also learn it even in the hard way.

it is up to everyone to learn it. in 3 years maybe people can trade well like OP, but forever we have to learn about the market, and there are also people who during that time can analyze well but still find it difficult to control themselves, and often repeat the same mistakes. Of course, repeated training can correct mistakes that should not be made.

Russlenat

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Quote from: taufik123 on April 07, 2023, 09:41:03 AM

Quote from: hugeblack on April 07, 2023, 04:26:57 AM

-snip-
In general, trading is an art, and to be an artist, you must choose your own method. It is true that there are similar things, but in the end, your artistic touch is necessary.

In order to determine the method, it is necessary to practice in order to find a suitable method.
Any artist will not find their method with just one try. Including in trading, technical analysis, and fundamentals become the basic art of trading that must be known.
If you have mastered it, you are ready to enter the next step.

And as for the time it takes, it depends on how one learns and understands it.
If OP takes 3 years to succeed, then other people may be more or less than three years.

No knowledge is obtained instantly, it takes a process because the process is important.

3 years is even quite long if you are really putting your whole self in trading. You could have mastered trading within a year or two if you are really determined to learn and master it. But everyone has its own unique way in learning trading, but I believe with frequent experience, it will always be the best teacher no matter what. Trading is never easy, that’s why we should also learn it even in the hard way.

AakZaki

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Quote from: Viscore on April 06, 2023, 04:34:32 PM

With constant research, you will know which of those influencers are highly educational or are not helping you at all. At the end of the day, it’s you who will finally decide whether to take their decisions or not. But I believe it will help you grow as a trader if you provide your own strategies and work on it. Trading is risky, that’s why you have to trust yourself more than anyone else.

To be able to trust yourself it is necessary to learn how to trade properly. Some beginners only depend on other people, including influencers, even though we also don't know whether these influencers have good knowledge in trading or not.

Starting the initial strategy with our own analysis is a good thing to keep doing. failing at the start of trying it doesn't matter, it will be a valuable experience. choose the type of trading to be used, but for beginners, usually the long term can be a recommendation, but the short term also provides several advantages such as quick profits with good market analysis and doing some risk management.

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Quote from: babygun on April 03, 2023, 04:40:35 PM

Good tips but I don’t agree with nr 4. I have yet to meet an influencer who offers valuable insights in crypto trading. For stocks, that can be interesting but crypto is different.
We need to stick to our strategy but its hard when you are new. When you see your profits grow, you can become greedy and not stick to your strategy anymore.

Maybe this is what it means. Listening to reliable crypto influencers can help us get useful information in managing our crypto investments, besides that as an added bonus. However, it should also be remembered that in making investment decisions, we must gather information from a variety of sources and ensure that we carry out independent research.

Because there are still many well-known crypto influencers who have a good reputation in providing useful investment advice and guides. Although there are also influencers who can give inaccurate or even harmful advice. That's why we have to choose carefully who we listen to and make sure the information provided matches their experience and knowledge in the crypto field. I think the point is that OP is also like that, don't blindly trust influencers, but we have to be selective.

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