Topic: Crypto Day Trading (Read 351 times)

Unfortunately, everything is not as simple as you described, day trading is a very tedious job, a strategy is needed, but there is no one strategy that will always work. The market is unpredictable and it is on day trading we will find the most surprises, it is also on day trading you can lose a lot of money using stop losses. Day trading is too complicated, that's why I pay more attention to medium-term trading.

correctly. there are many ways to learn how to trade in order to become more proficient. Whether it's from YouTube or through reading, everything is good. But it's even better if it's done in a hands-on way. because direct practice will give us genuine knowledge called experience. even flying hours (experience) also determines whether someone can become proficient or not.

because if we talk about learning all the analytical techniques, it is indeed easy if we seriously study them. But the important point for becoming proficient in trading is actually not only mastering the technical knowledge. because sometimes we have analyzed correctly. and make planning take profit and stop loss correctly. but people who are inexperienced especially in controlling emotions in trading always end up losing. not because of the wrong planning and analysis. but because it is caused by the inability of that person to control his emotions in trading. and it is these emotions that are the most difficult to master. To master it requires quite a long experience.

Day trading can be very profitable, but its profits vary according to the strategy used, so there must be a correct, tried, and accurate strategy. and day traders must understand technical and fundamental analysis, and look at price movement patterns, charts, and other indicators. Before starting a trade, we must set a limit on the amount we will invest and set a risk management strategy, and we must use stop-loss orders. For me, a scalping strategy needs huge capital, but its profits are small like the profits of arbitrage. For me, I prefer smart trading, as it gives me good profits and control over returns, and it helps me greatly to choose the positions I enter and exit from. Frankly, each of us has his own strategy that he prefers, but all of them are not without risks, so we must invest in what we can afford to lose.

If there is something you need to avoid in day trading, it is scalping, it does not worth it in the end. The time and energy that it demands are not worth it as traders tend to lose at last. Another consideration is that crypto exchanges charge separately for every order opened and closed, and might not be wise for those with little money and scalp regularly. They might lose more through that while they continue wasting their time on such practice.

I'm not entirely against day trading, but it must be cleverly explored. This is in the sense of making sure that the holding time is in hours, it will be more reasonable and safer like that.

What you did there of stopping for a while is a good idea because if you didn't do that then you might be losing more than 1k dollars. Not just in trading but also in investing and gambling, being emotional is the number one enemy. When you are in profit, you will feel greedy and you will continue up to the point that your profits are turning into losses.

Predicting is something that is hard to do no matter what practice you are doing. There will always be times that your prediction will fail but you should accept it as losing is part of this game. Futures trade is risky so if we are a starter we should start with the easier one. It can be spot trading.

Being a beginner and directly trying this kind of trading, really high risk. Watching videos from YouTube is not as easy as we can. Moreover, they are professionals and if you are still a newbie, you need more learning before starting. And wow, you may use leverage, but about 20-50x is too high moreover for beginners. This is risky enough. I think that you should lower your leverage trading again if you have been learning again from previous experiences. But from the story, I think that you have been ready for the loss and you never mind with the money you can afford. This is also basic enough, moreover your emotions.

Be careful, yo ar eon the radar of scammers right now.

That is what I did, online trading information is easier to copy and apply in actual trading. There are a lot of Youtube tutorials available online and very easy to follow but honestly, it was a different situation when you are in actual trade. This will tell us that experience is really a good teacher because what we got from reading books and watching videos are just ideas that we can use but overall, I see decision-making had make it different as you need to decide in every situation.

There are many ways to learn trading and understand how to do analysis, it can be done visually or by reading. I think watching Youtube channel will be easier to learn something about trading than reading, so it's worth a try. In addition, practice if needed to hone their skills. So with have a little capital, it will be good to start.

Since you are here since 2021,you will have enough trading knowledge. Trading can be learn with the good knowledge into the trading. As the experience traders know,trading knowledge will be learn by practice of trading in day to day. Some people learn the trading from the you tube channel.But only few YouTube channel are trusted one. Because they won't place the high game against the video fron you tube.

I don't recommend YouTube or written publications for traders who don't have experience trading. In trading, there must be a physical mentor, especially for the newbies. These mentors stand to guide against greed, help grow patience and ensure there is constant improvement on any strategy chosen. Most videos on YouTube don't give in dept understanding about trading. Learning online can play with one's physiology. It is always better in a physical venue then move to online sources for advancement.  

Leverage trading is mainly for traders who know when to pull out of a trade. Just the same way it yields massive profit, It also wipes out trading accounts in the same speed.

Trading is indeed not as easy as imagined and maybe we can see it on certain platform channels that only show success in trading. Very rarely do I meet someone who tells how they lost as a trader or when they first started trading. If we continue to watch such things, then we will definitely be affected because it only shows profit.
Understand in advance what trading is, what are the basic knowledge about trading, how does it work, then you can practice it directly. However, everything requires a process and that process cannot happen instantly.

I'm sorry to say but your message inviting people to write you privately on discord will reduce the trust of people that would wish to write to you, so I will suggest you try to respond to the messages you might get over here.

I've been trading synthetic indices on DerivGo for over a year now and I do enjoy the fun and simplicity I get while using the broker I use.
It seems most people don't like trading synthetic indices because they feel it's mostly manipulated and they would prefer to trade the real world market which can be analysized easily.

We can work together and my pm is open for your message.

Hi, fellow trader(s)!

If you're looking for a good Cryptocurrency Trading Dashboard have a look at https://whaleportal.com/
It's a Crypto trading dashboard showing the most important data from derivative exchanges for short-term trading.
They also have a "learn" section where you can learn how to use this data for price prediction of various cryptocurrencies.

Burning your account is really part of the experience but let's prevent it by having a grasp of knowledge. Some of us really want to earn a profit in just a night, like they will watch 3 min video of the trading and then start it in the next hour, this won't work in trading as others learn it for a couple of months and after that, they will start to trade but still, it doesn't mean that you will not earn profit but still it is not since you will still build your strategy. That is why take your time don't rush things so that  you will be a very well moulded trader in the future

You basically are wasting money if you aren't learning of what you are investing you just rush to make a quick profit even though you are a newbie. Using leverage as a way to take and make profit but did you really get a profit from what you are doing?

It might take some more try to get it but you are losing more than earning so this time you are basically gambling and not trading. It's not so wise to just keep on burning your entire funds cause you might bring this in the future as a practice and took it as a normal circumstances when it's not.

Take your time to learn and practice how to trade properly without burning your entire balance and you might make more profit in the future.

YouTube channels, educational videos and experts will not tell you that they lost money when trading because losing money is easy and no one wants to lose, but really no one can achieve financial exploitation at all times using day trading, it is a way to earn extra money if you learn how to manage risk and return from risk.

To begin with, stay away from the following thoughts:

• Quick profit.
• Earn large sums.
• Use of leverage.

You can try to earn 1% every day, and after you make profits, you can try to invest in new things with those profits, not your capital.
Using leverage is the fast way to losing your money sooner or later.

I've experienced something similar to your OP. maybe at the end of 2020 until the beginning of 2021. I have experienced many defeats.
And what I learned from my mistakes is that at that time I still couldn't control my emotions. even though I can't control my fear and greed in my trading. Luckily I noticed it early. and I can finally fix my mistake.

before when I did futures trading I always wanted a lot of profits quickly. so sometimes the margin I use is 10% of the total capital so of course this will make the distance to liquid closer. let alone added lagerage high.

But this year I prefer to trade casually without rushing. I use more time to analyze before finally entering the trade.
The margin used is only 1-2%. so we are not too worried about being hit by liquid.

But before entering futures trading, we must first master spot trading. if we've been able to consistently earn enough profits in the spot market. then it means we are ready to enter futures trading. and if our trading in the spot market is still chaotic. then I suggest avoiding trading in the futures market. because believe our decision to enter the futures market when we are still not consistent profits in the spot market is an emotional based decision. and that's not good.

because even to be able to master spot trading we have to master basic analysis such as technical and fundamental analysis well. we even have to know the basics of such chart patterns and fake patterns and so on.

For a beginner, trading using the leverage of 10x or more carries a higher risk because you are still in the learning stage and need more experience to see or analyze the situation. You should use leverage under 10x or 5x so that the risk of losing money is not too big. Apart from that, you also need to familiarize yourself with analyzing price movements, which are bound to change rapidly. Once you feel in control of the market, you can increase your leverage and learn what is missing. You can't get bigger profits yet, but it's worth doing, especially if you are still a beginner learning to trade.

All you need OP is to open your mind that leverage trading isn't for you. I think you may try spot trading first before moving to higher risks trading like this. Please have in mind that trading doesn't guarantee you winnings or earnings but for sure, losses are what you will get, especially if you have lack of knowledge and skills. Since you already have found out your weakness and mistakes, therefore, you have to address them first and find a solution. Asking someone to accompany you and help you will be good but never push yourselves to leverage trading, otherwise, you will still lose. 

In your thought, it may not be the case of doing 20x-50x of leverage while being a newbie. Well, the learning is there but you need to gradually do the process.
It's good that you're enjoying the learning process because that's not going to make you tired looking at your losses because that's common for a beginner.