How to make a life by Day Trading - page 5.

bangjoe

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Quote from: Xampeuu on August 20, 2023, 10:57:21 PM

I am also learning to get trading for a living, but until now even though I already have theory and techniques and chart reading, I am still at war with my psychology which is still very unstable. even though I know what I shouldn't do, I still get used to breaking it, so it ends badly. I don't know, although I often learn to control myself, but in fact it's difficult and hasn't been successful until now. It turns out that it is not easy for day trading, because you have to master complex knowledge to respond to market movements every day

Because indeed the most intimate in trading is mental, because it is the most important basis if you want to be a day trader, I think it is the main fundamental for you friends.
And you need to remember that building a trader's mentality takes a long time, knowledge and understanding only affects a little in terms of cycological, encouragement of fear and greed will be greater at the beginning of being a trader, you still need a lot of time to educate your mentality friend.

I don't think you have to immediately switch professions, you should do it slowly with a small margin so you understand how you should be against your market fluctuations and feelings, if you feel able to control yourself well then the right decision for you to increase your time in trading.

Litzki1990

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Quote from: GreatArkansas on August 16, 2023, 10:59:08 PM

Quote from: 19Nov16 on August 16, 2023, 08:47:57 AM

I think the thing we can do to make day trading is to always be active in search of new listings on coins, usually New Listing Coins have a good opportunity for rising, of course we must have the right plan or profit target to be achieved, if the target has been achieved then don't Never waited again and immediately selling is a good thing, I've done something like this and can develop money, and of course this technique is successful and loss is common.

I don't think so. They are more risky, most new coins right are scams and only last minutes-hours after it is being dumped on the market.
That's not how day trading works, it's kinda a gambling if you're that way.
I highly suggest to look a pair that got good trading volume and also trade on reputable exchange.

Always avoid choosing new coins for trading. For trading we need to select some coins which are highly traded and have high trading volume. Choosing a good coin before trading is very important to profit from trading. Because if you decide to buy a new coin in the market hoping to make a profit by trading and after a few days that coin disappears from the market then you will lose the profit and capital at the same time so you need to protect your capital first. We can conduct trading activities every day but we have to forget the idea that we will earn profit by doing trading activities every day. No matter how experienced a trader is, the market will not always go according to his expectations. Sometimes if his chart is wrong or if there is bad news in the market then it will be seen that he has suffered instead of profiting like other days so we have to wait for some more time to recover that loss.

Altryist

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Quote from: Mauser on August 19, 2023, 04:18:09 AM

Congratulations on being a successful day trader, this must have been a lot of work over the years to come this far. Making 300 USD from trading per day is a nice income, after taxes this is still probably 4-5,000 USD. When starting out with only 200 USD as starting capital we need to be more realistic about our return expectations. I don't think for a beginner it’s possible to get anywhere close to such kind of money. It's good to have successful trader share their stories here as many people are interested in the topic of day trading and would like to learn more. Maybe you could tell a bit more about your journey and how you slowly increased your trading capital? For your 300 USD return target you probably now have a lot of money already to cover any losses. Because prices are changing so quickly in the crypto market there is also a lot of risk involved.

The OP cited an example of a $200 budget as a starting capital, which might be enough for learning to understand the principles and how it works. But unfortunately, only money will not solve anything in trading without proper knowledge and experience. And in trading, I would not focus on any indicators of daily earnings, because in trading we cannot predict something for sure, we need time and a favorable market for our strategy.

Xampeuu

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I am also learning to get trading for a living, but until now even though I already have theory and techniques and chart reading, I am still at war with my psychology which is still very unstable. even though I know what I shouldn't do, I still get used to breaking it, so it ends badly. I don't know, although I often learn to control myself, but in fact it's difficult and hasn't been successful until now. It turns out that it is not easy for day trading, because you have to master complex knowledge to respond to market movements every day

HONDACD125

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Quote from: MFahad on August 17, 2023, 12:41:11 PM

Everything is difficult at start but as the time passes you will learn the exact things and will be able to achieve the best results. We cannot say that if one person loss regularly for 2 or 3 times then he will never be a successful person but if he learns about the correction of his mistakes then there is a chance for him to be a successful trader.

Trading is not easy but if once a person visualize the reality and try to understand the tricks then there is not a hard thing to get huge income in return.

We all know that nothing is impossible but we have to do hard for it and if someone says that you cannot do trading then learn well and proves that you can do everything as brain of every human is alike but it's depends on us that how we use it.

Undoubtedly, difficulties are faced in the beginning in every field, but with the passage of time, a person continues to learn and his experience increases, then there comes a time when the same difficult things seem very easy to him. Well if we know how to correct our mistakes then we can become a successful trader because man learns from his mistakes.

Trading is not easy but our hard work interest and passion can make it easy. Of course, nothing is impossible, but trading is a difficult task. Even after learning trading there are many factors that we cannot ignore and by following them we can become a good trader. For example, emotions, patience, consistency and nervousness are many factors that we should keep in mind while trading.

Taskford

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Quote from: BRINIRHA on August 19, 2023, 04:33:02 AM

Quote from: GreatArkansas on August 16, 2023, 10:59:08 PM

Quote from: 19Nov16 on August 16, 2023, 08:47:57 AM

I think the thing we can do to make day trading is to always be active in search of new listings on coins, usually New Listing Coins have a good opportunity for rising, of course we must have the right plan or profit target to be achieved, if the target has been achieved then don't Never waited again and immediately selling is a good thing, I've done something like this and can develop money, and of course this technique is successful and loss is common.

I don't think so. They are more risky, most new coins right are scams and only last minutes-hours after it is being dumped on the market.
That's not how day trading works, it's kinda a gambling if you're that way.
I highly suggest to look a pair that got good trading volume and also trade on reputable exchange.

Trading on newly listed coins on a Cex or Dex can sometimes provide quick profits. But it can also cause large losses quickly. Because, well, coins that have just been listed on the market will usually be pumped at the beginning and will be discarded a few minutes or seconds later. And I think this type of trading is too risky. So it is not recommended to do if we do not have sufficient initial information. But if we have enough initial information then we can do it. It's just that initial information can only be obtained from insiders and it's hard to get. And I think it's illegal way.

So yeah it's better to trade normally on those coins that are fundamentally strong and have good trading volume.

Major causes on those dumps are investors trying to sell fast because they want to secure their pockets first before anything will do or even the dev will join on the dump to cover up their actions done. That's the reason its not good to buy when they are newly listed since this is the common incident might happen. Although nothing wrong to trade this but we need to be more careful dealing with this coins. But if cannot afford to participate on riskier options better follow those traders who trade old alts or other coins which have great community and volume since they are more better catch.

BRINIRHA

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Quote from: GreatArkansas on August 16, 2023, 10:59:08 PM

Quote from: 19Nov16 on August 16, 2023, 08:47:57 AM

I think the thing we can do to make day trading is to always be active in search of new listings on coins, usually New Listing Coins have a good opportunity for rising, of course we must have the right plan or profit target to be achieved, if the target has been achieved then don't Never waited again and immediately selling is a good thing, I've done something like this and can develop money, and of course this technique is successful and loss is common.

I don't think so. They are more risky, most new coins right are scams and only last minutes-hours after it is being dumped on the market.
That's not how day trading works, it's kinda a gambling if you're that way.
I highly suggest to look a pair that got good trading volume and also trade on reputable exchange.

Trading on newly listed coins on a Cex or Dex can sometimes provide quick profits. But it can also cause large losses quickly. Because, well, coins that have just been listed on the market will usually be pumped at the beginning and will be discarded a few minutes or seconds later. And I think this type of trading is too risky. So it is not recommended to do if we do not have sufficient initial information. But if we have enough initial information then we can do it. It's just that initial information can only be obtained from insiders and it's hard to get. And I think it's illegal way.

So yeah it's better to trade normally on those coins that are fundamentally strong and have good trading volume.

Mauser

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Quote from: kaimoure on August 09, 2023, 02:51:46 AM

Once you get used to it invest another $200 as a starting capital. Remember the first $200 funds you used for is for studying trading so expect to lose it all at first so stick to low leverage so you can utilized it and learn a lot from it.
Setup your target income per day for me I'm currently happy making $300 a day since it covers my daily life essentials and needs I'm living outside the US so the cost of living in my country is pretty cheap and $300 is a lot already.

Congratulations on being a successful day trader, this must have been a lot of work over the years to come this far. Making 300 USD from trading per day is a nice income, after taxes this is still probably 4-5,000 USD. When starting out with only 200 USD as starting capital we need to be more realistic about our return expectations. I don't think for a beginner it’s possible to get anywhere close to such kind of money. It's good to have successful trader share their stories here as many people are interested in the topic of day trading and would like to learn more. Maybe you could tell a bit more about your journey and how you slowly increased your trading capital? For your 300 USD return target you probably now have a lot of money already to cover any losses. Because prices are changing so quickly in the crypto market there is also a lot of risk involved.

lalabotax

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Quote from: kaimoure on August 09, 2023, 02:51:46 AM

Setting a high leverage means you're increasing your profit potential and quick returns but setting it also has a downside which is high risk of loss and your funds can be burn due to liquidation

It's nice if traders have this kind of understanding. What is certain is that if you want to leverage, they must already understand that this is a very high risk. But unfortunately, many people don't want to understand it and only hope for high profits.
Many newbies deny that there are some hard processes to pass before getting successful in trading.

Quote from: MFahad on August 17, 2023, 12:41:11 PM

Everything is difficult at start but as the time passes you will learn the exact things and will be able to achieve the best results.

As long as they want to keep learning and trying to always be better, then this will be good, and a good start. However, not all newbies want to go through this and many even just want instant success. So, many of them are trapped in scams or other types of fraud. others that end up losing money and assets instead.

MFahad

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Quote from: HONDACD125 on August 15, 2023, 03:31:15 PM

In any business, if a profit can be made, there is also a risk of loss. It depends on our skill, experience and knowledge how much we can reduce our risk of loss, and how much we can improve our profit rate. Even in day trading, it is not necessary that all our trades give us profit. Our trades may be wrong and losses may occur, but we need to improve our profit ratio through our experience and analysis. All the tools used in day trading and information about chart volatility can help us improve our trading. Day trading is definitely difficult but if we try to learn with interest and hard work we can get good result.

Everything is difficult at start but as the time passes you will learn the exact things and will be able to achieve the best results. We cannot say that if one person loss regularly for 2 or 3 times then he will never be a successful person but if he learns about the correction of his mistakes then there is a chance for him to be a successful trader.

Trading is not easy but if once a person visualize the reality and try to understand the tricks then there is not a hard thing to get huge income in return.

We all know that nothing is impossible but we have to do hard for it and if someone says that you cannot do trading then learn well and proves that you can do everything as brain of every human is alike but it's depends on us that how we use it.

el kaka22

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MACD indicator is actually not a bad one, I still prefer Bollinger Band over anything else, but if we are strictly talking about good ones, I would put MACD into one of the good ones, much better than EMA which has been not that kind to me and have lost a lot because of it. In the end not every indicator will be right, and even all indicators could show one thing and the opposite may happen, there is never a guarantee on it.

So, if you do high leverage based on indicators, there is a chance you could lose your money very quickly. I would highly advice people to be a lot more careful about what they do, and that should be the most important thing. If you are certain about your analysis, it is better to do spot trading.

uswa56

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Quote from: wxa7115 on August 16, 2023, 11:36:21 PM

Quote from: 19Nov16 on August 16, 2023, 08:47:57 AM

I think the thing we can do to make day trading is to always be active in search of new listings on coins, usually New Listing Coins have a good opportunity for rising, of course we must have the right plan or profit target to be achieved, if the target has been achieved then don't Never waited again and immediately selling is a good thing, I've done something like this and can develop money, and of course this technique is successful and loss is common.

That is not really a day trader and it is closer to simply being an investor, as you are looking for coins with potential before they hit the markets or that have been around for a short time and as such you do not really have the necessary tools to trade them.

Still it can be a profitable strategy but only if you know very well what you are doing, however if an investor out there wants to make this work by investing in meme coins and other similar coins then a strategy like this will most likely not work and backfire.

Precisely so I think it has a higher risk compared to daily trading, coins that have just been listed on the market are not always as profitable as I have seen and even the loss rate exceeds that of us trading top coins.
I think it's better to choose top coins for day trading, and of course before starting we have to learn a lot of things first to avoid losses, if we can implement a lot of knowledge that we have in day trading I think it's quite worth it to do.

livingfree

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Quote from: 19Nov16 on August 16, 2023, 08:47:57 AM

I think the thing we can do to make day trading is to always be active in search of new listings on coins, usually New Listing Coins have a good opportunity for rising, of course we must have the right plan or profit target to be achieved, if the target has been achieved then don't Never waited again and immediately selling is a good thing, I've done something like this and can develop money, and of course this technique is successful and loss is common.

This is going to need you more effort. While there are other pairs that you can do your trades, searching for new listings are also a good strategy but for how long you're going to do that?

Most of the new coins are known to be dumping and if you think that you can make up with that, that's really risky at all when you'll do day trading with those.

The best is to learn most of the charts and how to read it, so whether you get to see new or old coins then you know what you must do.

wxa7115

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Quote from: 19Nov16 on August 16, 2023, 08:47:57 AM

I think the thing we can do to make day trading is to always be active in search of new listings on coins, usually New Listing Coins have a good opportunity for rising, of course we must have the right plan or profit target to be achieved, if the target has been achieved then don't Never waited again and immediately selling is a good thing, I've done something like this and can develop money, and of course this technique is successful and loss is common.

That is not really a day trader and it is closer to simply being an investor, as you are looking for coins with potential before they hit the markets or that have been around for a short time and as such you do not really have the necessary tools to trade them.

Still it can be a profitable strategy but only if you know very well what you are doing, however if an investor out there wants to make this work by investing in meme coins and other similar coins then a strategy like this will most likely not work and backfire.

GreatArkansas

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Quote from: 19Nov16 on August 16, 2023, 08:47:57 AM

I think the thing we can do to make day trading is to always be active in search of new listings on coins, usually New Listing Coins have a good opportunity for rising, of course we must have the right plan or profit target to be achieved, if the target has been achieved then don't Never waited again and immediately selling is a good thing, I've done something like this and can develop money, and of course this technique is successful and loss is common.

I don't think so. They are more risky, most new coins right are scams and only last minutes-hours after it is being dumped on the market.
That's not how day trading works, it's kinda a gambling if you're that way.
I highly suggest to look a pair that got good trading volume and also trade on reputable exchange.

taufik123

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Quote from: xSkylarx on August 16, 2023, 05:19:17 AM

-snip-
Every trader has already had this happen to them in their whole career as a trader, for sure, but what's best about it is that it taught you a lesson. Instead of feeling sorry and regretting it, change your mindset and make it a positive thought because you'll learn a lesson from it.

Some people never learn from what happened to them, so they keep repeating their mistakes.
An improper mindset may be to blame, as they don't think positively about the situation.

But the most influential is the psychology that prevents them from moving forward.
Too panicked, too greedy, and afraid to implement new strategies to stop the loss.

Like the title of the OP discussion about living with day traders, it requires a strong mentality and knowledge because it will be forced to constantly look at the chart and make fast trades.
If that cannot be balanced, then day traders will fail and give more losses, management also needs to be done.

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Quote from: uswa56 on August 16, 2023, 07:53:59 AM

Quote from: Litzki1990 on August 16, 2023, 04:29:25 AM

There is no substitute for learning to make a profit by trading. Every moment a trader has to learn about trading. A trader needs to understand the trading charts well, observe the candlesticks, observe the movement of the market according to time, and when a trader can do all these things well, his chances of profiting from trading are very high. I am not saying that he will never get hurt if he has enough knowledge about trading, no matter how much a trader learns he can never be sure that he will get confirmation by trading. A good understanding of the market will only lead to good things. We should learn enough about trading and never depend on luck because depending on luck will never be good for your money.

Luck will never come every day, indeed in trading knowledge is very important and there are many things to learn especially for those who trade daily, but it cannot be denied that in day trading crypto certainly has a high risk even though you already have a lot of knowledge about reading charts and other things about trading science but the risk is still the same.

this market is not a rocket science so experience will teach you a lot on how to generate profits from your trades. as a beginner, you should always use small funds where you can readily accept to lose it. each project has their own features, and as such, you can't use the strategy to others. this is why it is important to learn each coin you want to trade with. learn its background as it can assist you on how to decide your next steps.

19Nov16

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I think the thing we can do to make day trading is to always be active in search of new listings on coins, usually New Listing Coins have a good opportunity for rising, of course we must have the right plan or profit target to be achieved, if the target has been achieved then don't Never waited again and immediately selling is a good thing, I've done something like this and can develop money, and of course this technique is successful and loss is common.

uswa56

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Quote from: Litzki1990 on August 16, 2023, 04:29:25 AM

There is no substitute for learning to make a profit by trading. Every moment a trader has to learn about trading. A trader needs to understand the trading charts well, observe the candlesticks, observe the movement of the market according to time, and when a trader can do all these things well, his chances of profiting from trading are very high. I am not saying that he will never get hurt if he has enough knowledge about trading, no matter how much a trader learns he can never be sure that he will get confirmation by trading. A good understanding of the market will only lead to good things. We should learn enough about trading and never depend on luck because depending on luck will never be good for your money.

Luck will never come every day, indeed in trading knowledge is very important and there are many things to learn especially for those who trade daily, but it cannot be denied that in day trading crypto certainly has a high risk even though you already have a lot of knowledge about reading charts and other things about trading science but the risk is still the same.

xSkylarx

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Quote from: kaimoure on August 15, 2023, 09:49:09 PM

Quote from: taufik123 on August 15, 2023, 07:24:49 PM

Not always based on luck, maybe luck is only a few percent, but the most influential is the psychology of trading.
Novice or professional traders both have constraints on trading psychology, they will be affected by unstable psychology.

Psychological control is not easy, it takes good flight hours and strong self-control.
I myself have also been trapped in a condition where my psychology is in turmoil when all strategies do not go according to plan and losses hit quite a lot.

This usually happens to day traders, but for long-term investors, it will only affect the decision of when to enter and when to exit so that they can profit according to the initial strategy.

I relate to this. I remember before when I'm in a situation that waiting for the price to drop below the resistance and I buy short then suddenly the price goes up and didn't put any stop loss since I'm confident that I'm going to make a lot of money overtime it's really hits me hard. That's why today I usually do some strategies and analysis with my friends so we can talk about what we think we must do. It's really helpful for someone who always hesitate on own decision.

You must not see the bigger picture of the chart. For sure, it broke the resistance, but again, we learn from our mistakes, and if you don't want it to happen to you, then for sure you'll need to put a stop loss on it. Every trader has already had this happen to them in their whole career as a trader, for sure, but what's best about it is that it taught you a lesson. Instead of feeling sorry and regretting it, change your mindset and make it a positive thought because you'll learn a lesson from it.

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