Topic: 5 Things I've learned day trading Bitcoin for 3 years (successfully) - page 3. (Read 411 times)

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.

There is a famous quote when it comes to trading, and that is "The Trend if your Friend."
Well, we have futures already, so betting against the trend is still a good thing if you are a good futures trader. Overall, following the market will give you profits especially when you are doing spot trading. As for futures trading, you can still get profit even though you go against the trend, but it would be better to follow it.

"Stick to 1 strategy."
Always, always stick to only one strategy that will help you get profits. I mean having more than 1 strategy would be better, but as for me, I don't want to complicate things because that will make me stressed while trading, and that might lead to some unnecessary decisions that can make me loss money that's why I always go to only 1 strategy that I know will help me get those profits.

TBH, I didn't ever tried using bots when I'm trading, but I've heard some good and some bad comments from it.
Overall, I still prefer going for manual trading instead of using bots.

If they're shilling a coin or a project that you don't know yourself, don't follow what they are saying, and do your own research.
There's nothing in following these influencers because after all, they are contributing, and sharing some knowledge to the newbies, and to us as well. I've been following some crypto influencers for years already, but they're not shilling any new project or coin at all.

Stop-loss and take profit are very important when it comes to trading.
Always set a percentage where you will take profit at this particular percentage, but at the same time, also put a stop loss. Whenever I'm trading, I always put a stop loss, and take profit right after I enter (futures trading).

Making things complicated will make you overwhelm during the process, and that can make you do some bad decisions along the way, and if that happens, you have a high chance of getting lost. Overall, just pick one strategy that will help you along the way. Always keep it simple because you can think way better if you do it that way rather than thinking many things that will affect your performance in trading.

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.

You've made five excellent points. However, listening to influencers these days can do more harm than good. Influencers aren't concerned with the genuinely of a project, but rather with the money they will receive once the work is completed. They can easily deceive people with their sweet words, and anyone can fall into their trap. The best thing to do is to keep learning new things and to try to do your own research to find a better market guide.

3 years is not a short time, and there must have been a lot of good and bad experiences with trading. Various things like this, of course, should be able to help, at least share information so that it can be used as learning for many people related to trading. But sometimes, trading is not as easy as we see. You may be good at using such analysis and method, including the theme, but not for other people, this may be quite risky.So, it will depend on how we manage ourselves in trading, to be properly gaining the profits as always

With regards to point number 3, this can be a big help if you are a busy trader but since there’s a fees for this many can’t afford to have this and they are force to trade on their own. Day trading is very risky, I have done this and I can say that emotions will always be there and losing the money is very normal this is why I stop doing this and focus more on my long term investment strategy. Do trading once you can control your emotion, and have a good strategy.

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.

I just want to talk about point 2, as a day trader we should be more flexible with our strategy so it doesn't mean we have to follow the strategy we planned for since we are talking about day trading and if needed don't hesitate to exit because it will leave us with minimum loss or else it will be huge and unbearable for some time.

Apart from every points are good and every traders can share their own here so it will help the upcoming traders to avoid any mistakes.

Thanks for the good advice, but I disagree with you on number 2. In my opinion, it is not wise to stick to one strategy and not abandon it, no matter how circumstances change.

It is good to follow your trading strategies and stick to them but sometimes you have to change your strategy as the market changes or if you feel it might be a failure.

Sometimes sticking to one strategy leads to making mistakes and exposure to big losses, so in my opinion it is better to change the strategy in such cases.

Listen and learn what is worth and don't follow any given investment advice or crypto buying advice. there are some influencers who do provide good crypto education for beginners and some only suggest buying certain coins. Filtering the influencers you follow might be better, so that you get more and more useful information.

You've done well with your points @ Op and you actually nailed everything one needs to know in day trading and I want to place more emphasis on risk management, because no matter how perfect any strategy might or prove to be, without a proper risk management, the strategy might seem not to be working out, hence traders should always make sure to implore better risk management system whenever they're trading.

Another area of my concern  is with trading with emotions and a real time trader but understand that trading doesn't work with emotions and they should always keep their emotions aside when trading to allow for good financial decisions.

Do you mean that for 3 years when you did trading here in cryptocurrency you became successful here in the crypto space? How can you say that? I'm just asking.

       Then I also just want to add something about the advice given by influencers in their contents that are made about trading, most of the influencers have no substance in what they say, you can see and notice that their motive is only for views. they don't disclose the important things in what they say and teach. I can say this because I observe what they say and understand and then in the end I realize that most of what they said is not realistic. You need to choose the one that you know really makes sense.

They say when you’re in trading, never trust anyone but only yourself. Never trust others to do your trades because  it will never bring advantage to you but will only make you as a useless trader. However, listening to some crypto influencers might not be bad at all, you just have to weigh things right if they can be trusted or not. At the end of the day, it’s not them who will lose but only yourself.

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.

There are some important things to know when using bots:
* there is no improvement in the trading techniques you learn and no evaluation for yourself.
* You will never control your emotions forever.
* you're not trading or not a trader at all.

We have to be careful with this also. Industry influencers are also kind of the whales that want you to take a decision to their favour. They will hype a coin and get you to buy it but you get trapped down on it while they dump and buy limousine  . Industry influencers also are the telegram owners. They influence members to buy shit projects but you never know their plans. It is better to follow your instinct and not to rely on them.

In the last couple of years of trading, the lesson that stood out the most for me is the principle of risk management and how crucial it is in trading. I specifically learned that, if done correctly the trader need not loss because on the flip side of it is profitability over a long period of time. I could remember instances where my risk management strategies have helped me to make better decisions like looking that the risk and reward inherent in every trade before jumping in. I cannot overemphasize how much my trading discipline and consistency has improved over the last couple of years because I have been able to adhere to the rules I set for myself.

Sorry to disagree on you mate but i think OP is right in here. We should be more open-minded to listen to those reliable crypto influencers as they may have also brilliant ideas that will be beneficial for us. But it does not mean that you will stick to whatever they say, still you have to DYOR and find the right strategies that will work on you. But it's already a different story if you end up listening from untrustworthy influencers. That's the reason why we also have to do our part so we won't be deceived from crypto influencers like them.

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.

Keep your life simple by don't use leverage. Don't do Margin, Leverage, Future tradings and your life will become more easily and less stressful.

Stop-loss orders can not protect your capital if there are lags on exchangers or Cascade effect on the market happens. With Spot trading, you can have loss too but you won't be forced liquidated and lose 50% or 75% of your capital by one liquidation.

Another order to protect your capital in Spot trading (I don't advise to use Margin, Leverage, Futures Tradings).
Stop-limit order
Awesome Crypto Trading