Topic: How to choose correct coin for Day Trading - page 4. (Read 480 times)

There is no such thing as "correct coin for day trading". It just depends from person to person. Person A prefers to trade ETH, while person B prefers to trade BTC. Also, based on your description, it looks like you're planning on trading through speculation on what's going to happen news wise; and that's definitely not for day trading. That's more for more or less mid-term trading. Day trading is another beast that's actually harder to conquer(at least in my opinion).

I've joined pump & dump (or "signal") groups on Telegram back in 2017 and I learned my lesson. Some of these groups had an incredible influence over the prices but the chances of earning anything through the P&D cycles were slight. Before I could even write down the 3 letters of the coin to buy it, the price was already at its peak. I had to buy it at peak and sell it with huge losses. Hence, it's a bad idea to go for these schemes.

This is a pretty risky thing to do, but when trading I usually looked for the coins with a high difference between the first buy order and the first sell one which also had a decent volume. I would place an order to buy it
for a 10% smaller price and as soon as my order's filled, I'd sell it for the "cheapest" price on the sell order book. By doing that, I once doubled my balance in a matter of hours, until it didn't work anymore.

But then, there's a difference between the usual trading (using analysis) and using order book differences in order to benefit off them. If one's going for trading based on analysis, then more popular coins (like BTC and ETH) are better. They have high volume, the chances of your orders to fill up faster are way higher, you don't need to sell your coins for a shitty price and pump&dump groups cannot have much of an influence over the prices of these coins unless they have whales inside them.

The pump and dump group isn't really effective at all if you think about it,
They are only trying to control the market by telling their followers to buy or dump a certain crypto.
But if you are late to buy or dump their crypto or their followers didn't listen to them then they are just a useless group.
They don't really read the charts they are just trying to manipulate the market.

Most people paying for those group's "information" end up losing money because all that's happening is the groups recommending people to buy the coins they already own (i.e. create liquidity to sell into).

People just need to stop forcing themselves into a trade. If you don't know what coin's chart offers interesting and potentially profitable trading oppotunities, then you shouldn't be trading to begin with. Not losing money due to your greed is better than wiping out your entire exchange balance. People always think about what profit they can make, but ignore the part where the losses are a more realistic outcome.

You will never be able to accurately predict which coins will up or down, I would prefer coins with high volumes and also the price increase isn't too high either and because my profit target isn't too high it's only between 1-5%, so I don't think too much about pumps and dumps.
If you want to know specifically which coins will be pumped or dumped, you must join the group and of course there will be a fee to pay I'm not recommend that way because you need a big capital also a chance for you to get scammed are high.

I am new to trading. But I know basics about how to buy, how to sell those. I have some experience too.

But I failed on choosing correct coin for which I do trading, where I get information about it. Which coin get good pumps, dumps today. Like those details is possible to known before.

Any one know pls share some tips for me.