Topic: How to choose correct coin for Day Trading (Read 539 times)

I bet you got it wrong because of the troll box (chat box).
When I was a newbie I was dragged by those idiots. (somehow I am the idiot back then)

Picking? Don't try the new ones. It will just be a mess.
Look at histories of different coins. Try to analyze if it have movements in a week.
Don't go for just days or hours of change for starters. Start with a little long term. Not that long.

Generally I don't like day trade for always. Sometime day trade can give good profit but not for all time. Only bullish market can give you some profit in day trade. So I will suggest you,

1. Try to do day trade only in bullish markets
2. Choose a exchange with large volume like Binance, Bittrex, Houbi etc.
3. Don't be greedy for higher profit. Or must you loss your capital.
4. Try to understand how price chart/candle works. And all things about chart.
5. Don't buy any coin which is already pumped.

It finds the right idea to choose coins to trade that has a huge market volume and also it was listed on the top trading exchanges in the market. This is a big challenge for newcomers and they'll find it hard and even suffer losses before they get onto the right track. A lot of factors to look for a certain to trade but the most important to look for is a coin that has been rallying good in the market for many years with suffering a deep loss.

It is hard to predict which coins has a good dumps and pumps, usually I am also after of volume for day trading. Also on top altcoins in coinmarketcap which have a high potential on getting profit. We can never go wrong on choosing a coins if doing a research which to invest. When you are new on trading always do an analysis before investing and just invest to what you can afford to lose because of the volatility price of coins in the market.

Choosing based on volume is the thing, I guess most traders are following because when a coin is having decent volume then it may not get dumped/pumped suddenly. But, volume along with more number of trades alone will give you exact right coin for day-trading because some devs will manipulate their own coin by showing big volume with the help of shit exchanges. In that case, we can easily figure out them by checking how many trades happened in last 24 hrs.

But, not all the exchanges are showing how many trades happened in last 24 hours. This may be the catch to traders to mislead them toward manipulated coins. It is always better not to go for day trading and even if you go just day-trade bitcoin against fiats as it will always have plenty of volume.

In my opinion you can choose a coin that has a high 24-hour volume on an Exchange, my experience is that we can get quick profits by day trading with coins like that. If you trade on Binance then look at the top what coins have high volume, then choose it.

Yes, it is like to search a needle in the sand because only with research that can help you to find the potential coins to buy. But in these situations, I think it is very difficult to find the correct coin for day trading as we saw that the market still not moving as good as we want. So we need to dig deeper to find those coins that will need more time to get it. If you cannot find the potential coins for day trading, I think it is better to take a break for a while because if you still trying, I am afraid that you will not get that coin, but you can get a loss because you choose the wrong coin.

You are simply contradicting yourself. What is the point of trading a coin without analyzing about it. It will happen when you are getting misled by exchanges or by advertisements or by your friend through pump and dump games. Do not listen to everyone for risking your capital but you should go for your own due diligence so that you can multiply your capital rather than losing them with an unknown coin.

I do rarely trade new coins/token as I am sticking with my usual BTC/USD pair. When you are consistent with our performance with the usual trading instrument then you will never need to choose any new coin for your trading purposes.

You may choose new coins for long term holding but definitely not for daytrading.

Without complete research about the coin, it is impossible to trade the coin and even though we have found out potential about the exchange in order to trade the coin. Yes, without research it is impossible to find out potential about the coin.

I agree. It depends on your target profit as well. There are lots of potential coins out there but you have to look for coins with good potential. You can check on their history and legitimacy.
I always prefer to choose from top coins like Ethereum and ripple because they have been consistent and have passed lots of tests of time but Bitcoin would still be the best choice for me.

I think you should know the coins that popular so that you can do trading to get a profit. Many altcoins but only some are getting popular so choose the popular one, I think you can choose the correct coins if you do search which coins are the popular most that you can trade.

Top 10 coins from which list? From coinmarketcap's ranking? This must be famous and basic mistake, most of traders are usually doing and ending up losing their money by getting struck with corporate coins.

For example, XRP is a shitcoin from a corporate (means not a decentralized coin) and if you notice by this time last year it was trading around 9000 satoshi and right now trading below 3000 satoshi. Another perfect example is TRX, which was trading last year around 700 satoshi and now just came above 200 satoshi. These are the coins which do get their places under 10 in coinmarketcap list but sucking innocent investors money slowly.

for a beginner, you should choose a coin that is famous and popular. the top 10 altcoins will be a good choice for starters, and for learning. In fact, people use coins whose fluctuations are very high, and that is found in altcoins outside of the top 10. However, for the beginning try using BCH, or BSV, it has large fluctuations.

Personally, what I recommend most is for long-term investment without a doubt with Bitcoin and to trade with trading it is good to choose ETH, or the first 5 currencies of CMC, because they have the behavior and history very similar to that of Bitcoin.

If Bitcoin has a bullish rally, those cryptocurrencies will be the first to increase a lot, if bitcoin falls in the same way those currencies do so, but they have a greater degree of survival due to their history, which, does not happen with nascent coins or new projects .

For me the first should consider of trader is to have knowledge to all coins especially to those beginners, so they will know which coin have potential to grow and give them huge profit. Also they should know about the market, to help them on how a good timing to trade by monitoring the situation of the market. To choose a good coin they can allso do reasearch about coin they want or read some article about it.

Bollinger Band indicators is commonly used to determine the right entry point in trading because it show high/mid/low in the channel trend so definitely not a good tool to choose in determining the right coin for day trading.

If OP is using leverage trading then he has no problem on determining the right coin since he can adjust the leverage on trading. The goal in day trading is earn sufficient amount of money in short period so most probably the perfect coin are those volatile coin.

Try to use Average True Range(ATR) indicator to determine what is the average volatility of a certain coin. That indicator shows you range of price change of the per time frame that you want. It is perfect to hunt perfect coin for day trading. You should always look on the average price change.

Yes, OP is mentioning about only basics he knows in trading hence I am also suggesting him not to go for day trading due to its wild risk levels. But, we cannot ignore the fact that everyone starts with no experience but over the time, they may become profitable and then slowly becoming professional traders. Still, trying with least capital must be more important until gaining enough experiences.

That must be a good suggestion for the people who do not have any experience in trading so far. I agree the current markets must be at its bets prices to accumulate as much as possible. Still, investing only in bitcoins may prevent unnecessary regrets later as only bitcoins are having definite future as far as I studied.

You should be able to use trading tools like Bollinger Band. There's tutorial for day trading in Youtube, if the coin didn't seem to give you any good within that trading tool I mentioned, then probably you should skip that coin. You got higher chances around top 5 in CMC. If you're newbie in trading, I would suggest for you to consider other strategy as day trading is really hard to get around with just plain knowledge on how to do it.

Volume. Yes, it is the simplest answer on-which you must choose your coin for trading.

When you're focusing on high volume based coins then you can easily filter out the coins which are being pumped and dumped by its bag holders.

Moreover, I never recommend to go for daytrading even with high volume coins like bitcoin or ethereum because definitely you will get trapped because no one could predict exact reversal point of markets which is the reason daytrading is always a slow kind of suicidal. If you want to make easy money from crypto markets then definitely you must adopt the holding way of trading because it will definitely fetch you big profits over the time as we are still in early adopting stage of cryptocurrencies.

That's what I do to see if  the project still have developments to get a better insights of quick profit but don't usually go back  to buy again since I don't trust to hold back and look for another prospect to  earn, but if people still not sure on how to investigate or don't know what  to do better if they stick on bitcoin  and learn the basics since trading the top is the most ideal thing for beginner for testing the waters.

Before you buy some coins in the exchange dude, you need to review or check the latest updates about it first.
After checking that things, you must also check its status at the coinmarketcap as well if the community are positively supporting
it or not somethings like that.

Well, It is not  easy to predict the best profitable cryptocurrencies for a day trading, the charts of market are always changing over time. In my opinion, I only focus on a long term for trading, it is really essential for being patient in this field. Possibly, you will make a profit in the day trading especially when you pick the right coins in the best time but not all the time, there is nothing expected well in this volatile market.

It is difficult to find the right coins for day trading. There are many groups who sell signals. But those groups are mostly involved with pump dumps. Pump dump groups are dangerous. They pump coin and and give signals to their subscriber. I joined such a group, and I suffered huge losses. In my opinion  coins should be buy through technical and fundamentals analysis.

We all know the reason of the fast-changing market, that is because of the volatility of cryptocurrencies.

That is why it is so hard to pick a good coin to trade since we don't know, well, no one knows what coin will be the pumping one or which one will give us the best profit that day. Another thing is that you should be aware of the changes every sinlge day which will be hectic if you have a lot of cryptocurrencies or your portfolio is so diversified.

The reason for this is changing over time, because it is unclear which one will be successful and which will fail. Every day some new coins or tokens are coming to the market and they are trying to capture the market but they are failing. In fact, there are some decisions that you have to make yourself and you will fail Because it's important that you know the details of everything.

I don't think that there is a way to choose a coin for jus a day trade.
We wouldn't have enough time to analyze all of the alt-coin specially those who aren't on the top 100.
I think the coins that is rapidly raising up from some trading sites are orchestrated by some groups but it is risky to join them.
I see them as a pyramid schemes the early investor would take profit from the late one's.
So you need to be fast when you've joined one and be alert on the dump don't hold it for so long because it would surely crash down and you would lose more.

Actually it is very difficult to say and from year 2017 i saw may comments or predictions in market but sorrow that no predictions work. So my basic suggestion is you must have to work on field that means trading. The more you will connect on trading, the more you will know the news i think and after some days of trading you can easily guess coins pump or dump. So be connected on trade.

Best of luck.

And for now, I'm focused on the top listed coins in the market. We don't need to be greedy enough having a huge number of coins to trade, having 2-3 coins is quite good enough to start with and could surely we can focus on it.
Some newcomers are attracted to new coins that showing a sudden pumps but we must have to be careful to this cause this only a hypes scheme which many noobs been fooled to this and suffer losses after the hypes are done.

People have many strategies. One of them is to invest in cheap coins, set up sales way higher than your buy ins and just leave it like that for weeks. From time to time these coins get pumped 100-200% in an instant and your offer gets filled.

Another is to buy oscilators that follow the price of BTC but with a little higher volatility like LTC and trade those.

For day trading it's important to avoid coins with low liquidity.

Firstly, joining pump and dump groups are a bad news. I've had my own fair share of pumping groups. My experiences were nothing to write about. Even signals groups aren't worth it. They make you think that giving you fishes to eat would make you happy but it's wrong. Even if they do make you some profits, it is short lived most of the time. At to be clear, most of those signals are just predictions, other times, they are copied. That said, either ways shouldn't be considered by anyone who plans to take trading seriously.

I've not really tried the method you mentioned – That is, to buy/sell based off orderbook differences. I mainly trade after doing the good old traditional technical analysis. What I do is to check the current market conditions (via the fear/greed) index. Depending on the outcomes, I check trading communities that I am part of to see which tokens/coins everyone is looking to trade. Then I proceed to trade. This way, even if I make mistakes which results in losses. I can learn from them and improve.

I have not dedicated 100% of the crypto trade, but the day I decide to do so I will study the techniques of analysis, charts and learn from the specialists. Like everything new, it is necessary to learn from the basics and progress over time.

Bitcointalk is a good place to talk about crypto and this thread is perfect for sharing useful information. I have read this article and it contains valuable information for those who start in crypto.

https://blockgeeks.com/guides/how-to-trade-cryptocurrency/

This is problem here you cannot predict about any coin as cryptocurrency nature is unpredictable no one can give you correct information about this which coin is going to high and which is going down in past few pump and dumb groups was in action but these was also not have good information or method for this just because of this many investors lost big amounts now most of peoples doing own research and using most big volumes coins for trading and profit.

Particularly, you can't find out the correct coin or tokens for trading because the entire market is volatile and unpredictable. We have heard of many pump and dump groups who claim to be insider to many projects and thereby giving fake information for a token or coin to be pump or dump.   I have lost to these group's and will never be a victim again, am wiser now than before.....

For day trading we must choose coins with high volumes, because by choosing coins that have very high volumes easy to sell. Usually coins
with high volumes are more volatile than coins with low volumes. So from that very easy to take profit if the price is very volatile. So in
conclusion, choose the top altcoins for day trading, because the top altcoins all of them has a high volume. So you can day trading with
the right coins.

If you are for day trading, you shouldn't pick any coin at all but BTC/USD alone. You will have less chance of knowing whether the random coin will be pumped and all of a sudden its volume will be more than 500K USD for the rest of its life. If you are to trade then just do it where all the volume you need is present. Day trading will need you to have good amount of capital that you can gain bucks for every change of trend direction.

I think if the only thing you care about is day trading, it is easier to eliminate many of the coins. I am not saying there is one correct coin to daytrade or there are anyways to figure out which coin is the best coin for day trading or anything, all I suggest is that there is methods to remove the non-daytrading coins out of equation so you can take a look at the other ones. The other ones may not be good neither but at least you removed some of the bad ones and left with some bad and some good.

The best way to remove these are looking at volumes and spread, if a coin has high liquidity, high volume but also high spread and does this for number of days/weeks/months, that means that coin could be better for day trading compared to ones that are more strict and conservative on its movements.

Coins with highest volatility can give you better profits so it is not going to be known coin for sure.But it is better to pick the coin with daily trading value of more than 500 or 1000 BTC to ensure some liquidity whenever you wanted to.

If you need to analyze the market first to choose the right currency for day trading then you can understand which currency is good for business. Each currency has a profit loss and from there you can learn better with education You can also analyze trading charts to get an idea of the good currency.

You can get information from history chart, they will give you everything you know to predict coins movement. People will choose popular coin but for me, new coins also have chance to give us profit, with low value we can play with quantity. Use your indicator and analyze which coin should buy, I can't recommended any coin because you should find it by your self, trust with your skill.

Indeed, it will be difficult for us to determine exactly which coin is suitable for a daily trade, even if the chart shows a consistent trend, it is still a relative contract, it will not mean our choice is correct because of the unpredictable nature and unexpected cases in this market are never missing. Seriously, we can only try through observation, selecting reputable top coins like you said to ensure safety and have many opportunities to be profitable, for the desire for a perfect choice, the answer would be never

You can't certainly predict if that coin will pump by tomorrow or in the next days. That is how the market works. And the only thing that could save you from having this mistake is to look coin/s that has an amazing market volume, the market transparency and most especially, it was listed to reputable exchanges. Besides, we can find a lot of them by now. Though its price is a little bit high and you can't ever think regrets because your investment is really safe and profitable.

In fact, if you trust the signals, you will never end well because very few people give accurate analysis and when the market falls, you will be the victim there. I think learn from this market by myself and choose some coins to trade because that the best way for you to manage your assets. In addition, it is necessary to analyze before starting to buy because the market is very volatile.

But there are type of coins that we should only trade, I prefer to trade coins that have high volume because it is easy to enter and exit with high volume coin in the market. Day trading have higher risks because of the volatility of the market, there are only specific strategies that you should use if you want to do day trading. The top 10 coins in terms of market capitalization are good in day trading.

choose popular pairs where daily volumes are good since you told that you are new search for low volatile coins , i usually trade in good volume coins less volume where liquidity is high pairs are not suitable for day trading

The best way to earn in day trading is in losing in trading. What I mean is, you really don't have that much information there that will let you win in trading. Because if that is the case, trading is not trading.

There is no such thing as the correct coin. You just have to get along and see what really is effective. Find it out yourself which coins has the potential to invest or trade. You can choose your preferred coin anytime any day. Just make sure to be ready for the risks cause it will always be there.

It is hard to identify that coin especially if that will be a day trading.

All of the coins that you will be picking are automatically a risk since you are dealing with cryptocurrencies and they are naturally volatile. As you said, high volume means much more volatility so if you will be investing, I think it is better to choose a coin you will be holding for a long period of time since that is safer than day trading.

Lol getting information on good pumps and dumps?
How do you even expect to get such an information. People can only make predictions but the predictions are not always accurate.

There are lots of predictions you will see online, you can even get top ten cryptocurrencies analysis on one of the most popular crypto sites – Cointelegraph.com, but their predictions are not always accurate like I said. If it was easy to know when the price of cryptocurrency will pump or dump, then I don’t think there will be anything like loss since everyone already knows when it will dump and when it will pump. So, that cannot happen.

You can get trading signals from pump-and-dump groups, but are they reliable and trusted? Absolutely not, so I would advise you not to go on that path. Majority failed here because day trading is not for everyone. So really don't know what coins are going to be pump next, there's no such thing as insider trading in crypto. The best thing to do is to invest on the top 10 coins and simply HODL on it to make profits.

The only coins that you can really day-trade are ETH and BTC. The rest just don't have enough volatility and liquidity to make it worth while. If you want to trade more alts you can probably swing trade (not day trade) the top 10 (except tether) altcoins listed on Coinmarketcap.

Generally the future alts listed on Bitmex have very good swing opportunities from time to time. You also get decent leverage too. Only issue is that except for ETH and XRP, most of them are paired with BTC and not with fiat. So your trades will be mostly centered with respect to BTC.

If you want to day trade more, then you should just switch to forex. Many opportunites there.

As a trader we don't have any assurance to predict when the coins will pump and dump because we can't control the ups and downs of price in the market. The trading will depends on the traders who manipulates their trades in the trading platform so that the coins are volatile, you can monitor the price market of all currencies in the coinmarketcap.com. But I have a suggestion for you that may help you in trading, when the market price was go down you may trade your coins at a low price because there's a prediction that the low price market will soon pumps up and that's the time that you can get your profit in the trading platform.

There is no "secret sauce" for finding the correct coin because crypto asset is very volatile and it is based on speculation. That's why we have these so called 'whales' around, because they can manipulate the price anytime they want.

So it's a gamble, others may have to study the coin behind before they invest, but I think majority of day traders are into the sort of getting feel of the market sentiments of any coin, before they get in and then get out when everything is about to fall (dumping).

If I'm in your shoes, just study the market first, or better yet invest majority of your capital to Bitcoin and see how it goes for you.

So far I agree with you, newbie should take popular coins ( btc, eth, xrp, etc ) that have volume or liquidity for their transactions, don't use new coins even they promise give you 100% profit per day, that's lie. Daily is short term period strategy, meaning no need to wait long time for leave market. Stable volatility can used over and over to get profit and I recommended scalping ( many op at the same time and position ). Need hard work and good psychology to use scalping but I'm sure you can study, practice and try it.

There's no such thing about perfect coin that would really be good for day trading but i can suggest that better stick out with Bitcoin or other high other volume coins or alts.
Price had always been volatile and day trade or scalping would really be applicable to these coins if you do know on what you are doing.If you are talking about pump and dump
coins then most likely these can be found on low cap but it would really be just like a gamble if you would deal with it and also volume or volatility isnt there much.

Well it really depends on what your strategy is, how much capital you have, etc.

That being said, there are some tools that can help with finding the best coins. I suggest reading this guide on using Coygo Screener to find potentially good coins to trade. https://www.coygo.app/blog/posts/how-to-find-the-top-cryptocurrencies-to-trade-with-the-coygo-screener/

Aside from that you can look at coins that are crossing over their SMA or EMA for a certain time period as a start, then filter out coins with low daily volume.

I thibk it bette to hold your because can possible you good profit. But if you really want to trade then the first thing you must do is to monitor the market and then trade when you see there a little movement upward. But before do day trading you must need to pick one of the known coin because having them can give you good profit.

If you don't know which coin to pick then go with bitcoin and USDT pair.It may not give huge profits everyday but definitely you won't face situation of losing all your capital amount. And no one can say which coin is going to get bump and dump for next day so just make your own analysis.

There is correct coin, all of the coin have risks and its up to your risk appetite on how much risks that you can take. I prefer to you that find a coin that have momentum, it only indicating that there are market participants where many buyers are interested. Find also coin that have high volume if you will day trade but the volatility is so high and you should have a lot of plans before you enter your trades.

I think there's no way for a coin to be a correct coin for daily trading because it is depending on the trader's preferences on what coin will suit his taste for his desired daily trade. If you want a day active  trade, You should find a coin that has high liquidity more of a coin that has a higher volume. You can check coinmarketcap for those coins.

@1referee and @Ailurophile yes you right that's why I'm said it's not recommend I tried to warn him because it could be that he was looking for information outside find the wrong informations that would end in losing money.
It would be better for the OP to learn about technical analysis and also fundamentals to improve your trading knowledge.

You can buy the right coin by analyzing at the market and don't depend on the groups that offer a signal for the coin that will increase in the next hours. You will feel difficult to join with the pump and dump for the coin because the pump and dump will happen in short time and if you are not in the right time, then you will only get lost.

The first thing that you need to know is learning how to analyze the coin, how to find the coin so you can know how to buy the coin at a low price. If you want to make a profit, I suggest you trade for bitcoin pair usdt because the movements of bitcoin price are good to trade than the altcoin. When the bitcoin price is down, you can buy it and hold it for a while, and if the price is increased, you can sell it. You don't have to expect to make a big profit in one-time trading because that won't be very easy. If you can trade bitcoin pair usdt more and more especially when bitcoin price move is good at the market, your profit will be bigger.

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.