Topic: Crypto Day Trading - page 2. (Read 331 times)

Alright starting from this, high leverage is a big problem to trading if not well managed and you have a small account, just $50.


You no the reason already that you are losing your money. The market doesn't know who is losing or gaining so if you are trading with anger because you are losing, you are making a big mistake on yourself and capital. Revenge trading is getting you to lose your emotions and control so you can't see properly, analyse analytically and scientifically because you are just chasing shadow.


Tough times don't last but tough people last is a popular saying and trading is a what you can do with passion. Know trader succeed always.

You are like me ending up burning over $1K but now I decided to stop until I can control my greed and fear because the emotion is number one enemy when it comes to trading.

and when comes to predicting the market it takes time and patient and no need to rush or FOMO or ending up burning more of your money.

Little piece of advice. Trade on spot and using your analytic, or trade dummy using https://testnet.binancefuture.com/en/futures/BTCUSDT until you are confident enough although personally, I'm not recommending the futures one.

I don't think that with such a small account and applying such high leverage is not going to burn your money several times. Good effort buddy to keep learning in trading, because you won't be able to immediately experience the same profits as other professional traders when you just become a trader. That is something I can say as close to impossible. It sounds like you should try out a demo account before actually jumping right into the real trading.
If I may give advice, don't put too high leverage especially if you are in the learning stage, and also you have to adjust it to the capital you are going to trade.

There are too many groups now in crypto trading but to tell you, I quit joining them because sometimes they give misleading information.
I would rather have my own research that won't distract my own analysis because too many ideas and opinions which becomes you'll confuse which of them you'll follow.

That's not easy as that.
But it's up to you if you're willing to spend time listening to them even though you know they're also speculating the market the same as yours.

Learn those mistakes that will happen again in the future.  Trading isn't all about gaining profit, sometimes we need this experience to learn and become better in the next trading session.

Aha! Welcome to the club. However, you shall not be granted full membership yet untill you rinse and repeat same experience twice or three times more 😆. There isn't anybody worth their game in trading who didn't pass through that. Don't despair.

I don't know how that's even possible on such a small account of $50. The exchange I use won't allow you go up to 15x on such a small account.

You're exposing yourself unnecessarily with that high pitch leverage on a small account. You're seeing trading as a shortcut to riches while it's not so. Reduce your greed level and trade responsibly.

Oh, really? I see 🕶️

Every Trader that started trading pass through your experience, it's normal to loose in trading crypto or whatever precisely minimal loses , therefore if you keep losing and blowing your accounts, it's right time you go into demo trading if you haven't done so before going back to live account again.

Build a strategy that will work for you, gain confidence ,use money/risk management with small leverage of 1%-2% of your trading account , use stops and tps, and

lastly practice over and over again and check your results, if there's an improvement then you go back to live trading.

I applaud your desire to continue studying about how to trade profitably. And despite being thrown out several times, you keep getting up. Leverage trading is the single element I find concerning about you that hasn't changed. Trading with high leverage of 20-50x with only $50 will only get you burned. How about you trade with an amount that enables you to implement a respectable stop loss. Or simply reduce your leverage to a level that offers you some room to absorb when the price is not moving in the direction of your analysis if you continue with a $50 capital, which is fine because we should be starting small anyhow.

The majority of "traders" take huge bets that don't pay off or continuous ones until their balance goes to 0. I don't know why everyone rushes into using trading as a way to gamble without taking some simple things into consideration - such as risk management.

There are ways to do well with trading but if you haven't spent a while watching the markets or scalping the spot (for at least 3 months) you can't expect to be good at trading with leverage - or even maintain your balance over a long term.

If you've got a way to access your account history you could look at what you're doing wrong. If you're constantly getting stopped out you're either overleveraging, taking less optimal buys, or not zooming out to see a bigger trend that might go against you (for example).

High leverage is the beginning of losses. For bitcoin, I use 3 to 5x leverage, for altcoins I use 2x leverage. When I started to trade, I use too much leverage just like you, and I lost money quite often.

Financial independence is not what is easy to talk about in trading, although it is possible but most likely not possible for most traders. Trading is not gambling but just see it as gambling, it is risky, thousands or millions of dollars can be lost in just little period of time. You need to learn, continue with just $50 for months and do away with emotions. Do not expect to gain what you can not afford to lose. You need more experience.

You are still using high leverage. You can use leverage, but if it is getting higher, it brings up emotion and resulting to making wrong decision and making liquidation risk to be higher.

Use low leverage like 1x and not more than 2x first. The best teacher is yourself if you have known chart and indicators. Look for the strategies you think is the best for you to make profits and minimize losses, the more you trade, you will develop these strategies.

The mistake most trade has is that they use high leverage

Not advisable, people will only lure you on how they can make money from you without being cared of you losing money, be careful, what they will suggest bare trading signals which will not help you.

Hey there fellow reader!

To begin with... I've got interested into a crypto day trading back in 2021 September-November. Basically at the end of the 2021. Most likely like the most of the traders I watched some YouTube scalping strategy videos and decided to try it myself. And yes, I burnt my entire account. It wasn't much, only like 50$, but I realized that it's not that easy as it might look like. Of course, I was using high leverage 20-50x. And after a few tries I quit and a few months came back to crypto trading with the idea of becoming financially independent and I actually really enjoy learning process. Been watching YouTube videos, analyzing market, paper trades etc. I even start to read a book called "Money Psychology". But whenever I put some money into my trading account I keep burning all my cash. Basically I try to learn leverage trading 10-20x, I know some of you might say it's pointless to use leverage, but it's not about that. This whole thread is about something else. I know the reason why I keep losing my money, but I can't cope with that: rage trades, back-to-back revenge trades, the idea of making money ASAP and so on... I believe I'm not alone who keeps losing cash over and over again over trading and I thought... Maybe we have here on Sythe some experienced traders who could share some tips or couch a little bit? Also, would someone be interested to make a Discord server together and do analysis, learn and improve in trading together? I believe that would be easier. Even if I lose my entire account over and over again I keep coming back in a crypto trading, because that's the only thing I'm really curious and passionate about.

If someone wants to chat in private, please add me on Discord: Enj100#2242