How to make a life by Day Trading - page 7.

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Quote from: palle11 on August 11, 2023, 05:27:21 AM

Quote from: Strongkored on August 10, 2023, 11:27:47 PM

I am very curious how your strategy is to earn $300 per day and also how much capital you use to trade? Don’t say that you take a small profit margin by doing a lot of trades every day because I’m sure it will make you spend a lot of time in front of the computer and will have a little time left to do anything else.

It is not difficult for op to make such kind of profit daily if he knows his strategy and wants to go all in with the gains. What he needs to do is to increase his risk appetite like 5x or more and that could give him the reach to target faster before the volatility hit on it.

Day trading is not as easy as you are thinking about it because I definitely know that if you are a trader, you are not making that amount daily unless you have huge amount of money to use for trading, but not possible because the same trader will have days that he will be losing too. No trader is 100% accurate to be making money everyday. That is not possible.

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Quote from: Strongkored on August 10, 2023, 11:27:47 PM

I am very curious how your strategy is to earn $300 per day and also how much capital you use to trade? Don’t say that you take a small profit margin by doing a lot of trades every day because I’m sure it will make you spend a lot of time in front of the computer and will have a little time left to do anything else.

It is not difficult for op to make such kind of profit daily if he knows his strategy and wants to go all in with the gains. What he needs to do is to increase his risk appetite like 5x or more and that could give him the reach to target faster before the volatility hit on it. However, this is serious risk though depending on the account size but I know many traders who increase their lot size and scalp out some huge profit faster. It is all about the strategy we adopt to get to our target. Taking a fast profit by increasing the lot size makes you not to stay on the screen a long time but we need to be careful on it and of course to use stop loss.

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Quote from: Strongkored on August 10, 2023, 11:27:47 PM

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

for me I'm currently happy making $300 a day since it covers my daily life essentials and needs

I am very curious how your strategy is to earn $300 per day and also how much capital you use to trade? Don’t say that you take a small profit margin by doing a lot of trades every day because I’m sure it will make you spend a lot of time in front of the computer and will have a little time left to do anything else.
I’m not saying trading with the goal of funding daily life is impossible, but it’s not an easy way to make money, there are a lot of traders who think it is possible, but you should have enough time and capital so that you can really fund living from trading.

you have a point there. I'm wondering what OP portfolio looks like. it seems that OP's trading with different coin to gain that amount also I'm guessing OP capital is already huge to earn that amount but let's not forget that this topic is subjective.

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

for me I'm currently happy making $300 a day since it covers my daily life essentials and needs

I am very curious how your strategy is to earn $300 per day and also how much capital you use to trade? Don’t say that you take a small profit margin by doing a lot of trades every day because I’m sure it will make you spend a lot of time in front of the computer and will have a little time left to do anything else.
I’m not saying trading with the goal of funding daily life is impossible, but it’s not an easy way to make money, there are a lot of traders who think it is possible, but you should have enough time and capital so that you can really fund living from trading.

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Quote from: EarnOnVictor on August 09, 2023, 03:33:12 AM

I discovered that no matter how good the plans are, traders tend to deviate from them when emotion sets in as a result of some challenges in trading when the market did not behave as planned.

This is the discovery every trader must experience to succeed. Because the real battle doesn't start with your plan. It starts when you're sitting in front of your screen. There it will start the fight with your own demons. Your fear of missing out, greed, impatience. All throughout while the market is still open.

As you grow being a trader, it will be more difficult and more challenging managing your own emotion as relates to your positions.

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It seems you have studied it properly and that’s why you like it and talk about it enthusiastically. I do have couple of trading enthusiasts friends who gave their life in learning it and also made the career out of it. They are very successful and mostly focus on the day trading portfolio. One lesson to learn from them and you is to know the correct budget, leverage and technical skills to work everything altogether. Without this one can not really establish a proper trade to routine and might just end up losing all the time. Definitely worth for those who are looking forward to have a career in the same.

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

Hello I'm going to make this as a topic since I just want to share some knowledge for everyone that considering making a life by being a day trader in crypto.
3. Use the right indicators for you - This one it depends what will work for you but let me tell you the basic indicators that I use as a daily trader.
MACD Indicator[/b] - This one has been effective on me, I've been using this one since 2020 you can lookup and watch some videos about this indicator. I suggest you use this with the coin with a minimal volatility. So you can setup a position if you'll go for long/short.
This indicator is a powerful tool that can tell you identifying potential trend reversals.
4. Using the right graph - I suggest you choose the candle sticks so you can see the patterns that's being made and put it on a 4h time frame. regarding to the patterns you can look it up also on web so you can study different kinds of candle stick pattern.

You have made some good points in your post about day trading which can be very useful for new traders.Indeed MACD indicator is very good and powerful indicator. I myself am trading through this indicator and it makes it very easy for me to take trades.Therefore, using the right indicator plays an important role in taking a good and profitable trade.I have watched many videos about MACD indicator which helped me a lot.

You are right that even through the graph we can take a good trade and if we keep the candlestick on the 4 hour time frame, it can help us a lot.With this we can take a good trade by looking at the support and resistance.By the way, there are different time frames used in day trading, but I think your 4 hour time frame is the best because it gives more accuracy.

Oshosondy

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Quote from: kaimoure on August 09, 2023, 09:06:58 PM

I am new in this forum and still learning. I’ll try to edit this topic and add some disclaimer on it later today. I didn’t know that not everybody here is already know how to trade since this is a trading discussion board so I assumed that everybody already knows that trading is risky. I created this topic so we can all discuss our own opinion and what we’re using to get a good portfolio in trading.

You are a newbie and you are able to post on this trading discussion board. That should be an evidence for you that other newbies can also post on this board. Also that anyone can go through the trading discussion board and see your post.

If I should be candid, it would be good to show everything that is needed to know. If you are talking about leverage trading, you have to include that people should have risk management and not spending more than their trading budget which should not be more than 5% of the money they are earning.

Trading is like gambling. I am not saying this because I think. It is because I have been a trader for almost 5 years and I know what it should be called and how people need to be warned and cautioned before going for future trading.

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Quote from: hugeblack on August 09, 2023, 06:04:11 AM

I hope you add a big warning, leverage and day trading in cryptocurrencies is considered one of the most dangerous types of trading and it is difficult for a beginner to make a profit with it, you should avoid investing in it.
You can start trading in demo accounts, where you do not need to deposit money or lose $200, and then start learning spot trading, including day trading, and then decide whether you want to increase the risk level or not, but in general you can make a good profit from spot trading.

Leveraged trading is an option for professional traders and should not be recommended because it can make profits for beginners, it is a real loss.

You told exactly correct. I am huge losser from here. Because i have little knowledge about this day trading. I think it is future trade. Am i right? My friend informed me about future trade, and he told me to follow his signal he also collect this signal from paid telegram channel. And first trade i was lost $500 within 12 hours. Because there was no knowledge me about this trade. My trade was 25x and after my trade start market gose my Against and it was continued. But I had no idea about TP/SL . So i Lost my all fund. Even every time I do this trade it goes to zero my all fund. Some times i made $20/$30 but Again has been zero.

So now i am avoiding this trade. And i am trying to learn about it. If anyone want to give any advice about please give me. And if i get any useful link about this it will be very helpful for me.Thank you.

palle11

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Quote from: Queentoshi on August 10, 2023, 09:45:42 AM

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

4. Using the right graph - I suggest you choose the candle sticks so you can see the patterns that's being made and put it on a 4h time frame. regarding to the patterns you can look it up also on web so you can study different kinds of candle stick pattern.

One of the things I can say will be strange to me if I see it is to see someone trading or making technical analysis with lines or any other thing asides candle sticks. Most traders that I have seen charting mostly make use of Candle sticks and not Lines which you can actually change your trading view to. Candle sticks are easier to understand in trading forex or cryptocurrency. Lines can be used when you intend to make comparison between the movement of two things in the market, Lines give you better results then.

Both lines and candle sticks are important in trading analysis. Different traders analyse their chart with different indicators which lines is also part of. For a trader who relies more on lines, he can use those lines in support of candles to see the areas of support and resistance. If the line and the candle sticks either form certain alignment or a particular signal like the candlestick closing below or above his line, that can give a sign for a direction of price.

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

4. Using the right graph - I suggest you choose the candle sticks so you can see the patterns that's being made and put it on a 4h time frame. regarding to the patterns you can look it up also on web so you can study different kinds of candle stick pattern.

One of the things I can say will be strange to me if I see it is to see someone trading or making technical analysis with lines or any other thing asides candle sticks. Most traders that I have seen charting mostly make use of Candle sticks and not Lines which you can actually change your trading view to. Candle sticks are easier to understand in trading forex or cryptocurrency. Lines can be used when you intend to make comparison between the movement of two things in the market, Lines give you better results then.

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

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.
Also Setup your target loss per day for me I'm okay with losing $100 a day but that's it once I lose that $100. I will go outside and get some fresh air and come back once my mind is clear again remember once you're losing you tend to increase your leverage which is bad It will cost you a lot.
Trust me I've been there before.

If you are earning $300 a day then you are earning more than an average middle class family. It's a pretty good amount.
But if you are okay losing $100 a day then your risk taking capability is high and I guess this is why you are able to earn so much.
Coming straight to point, can you show your trade history so that we can actually believe what you are saying is the truth.

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Quote from: Cookdata on August 10, 2023, 08:04:33 AM

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

So that's it, hope this will help you from being a future trader. Good luck! Wink

This is great but I'm not sure this will wrap everything you need to become a daily trader, you will end before starting because this is a random basic introduction and some properties of trading, there is more to trading and you wouldn't understand everything until you start trading live, the things you read on the paper might will be forgotten when that emotion comes into play.

In fact, I'm not sure how you were going to survive future trading with all these indicators when they are not enough to guide you on spot trading, huh! is there magic to your advice because I don't see how you plan to open positions and close positions when you didn't explain leverage, PNL, the risk, liquidation price, the entry price and the margin types, you need to learn all this before you give your money to another trader because basically, that is what future is all about, you bet that price will go up by longing while others short with anticipation that it will go down.

Of course, there is not enough information here to fully trade. Here are described the basic concepts for people who do not know where to start and not immediately lose all the money. I agree with you that no knowledge can replace practice, because a lot of knowledge is lost when a person starts trading. But what this man did I respect and I like it. He gave a small part of the knowledge necessary to start trading. This is only a part, but in parts and the whole is assembled

shivansps

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I don't know what your interest is in this, but this information is very useful. Any newcomer and not only I think should get acquainted with it.
It's great that there are people in cryptoworld who care. This information can save a lot of time, money and nerves for newbies and beyond. I especially liked:
1. A person psychologically prepares himself for the fact that he actually invests the first 200 dollars in his training and experience and is not afraid to lose them
2. A very good idea is that when you have lost some money, for example 100, it is better to pause and not go further, get distracted or you can lose even more.
3. Limit on earned and lost money per day is a very useful tip
Thanks to the author! I like it

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You can share the information with your trade OP for example, updates with your current trade, sheets with your margin balance, positions and take profits. Im fan of the MACD too I created a topic before related into it because its ideal too for newbie traders [GUIDE]Moving Average Convergence Divergence (MACD) when I start this trade I trade with the $500 for capital and make a whole day trade not as always have a profit but its good to have end of the day there's an accumulated gains. Beside this I also make a long which takes almost a week to hold, I made different accounts for short and long term trade so I can track the winrates.

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

So that's it, hope this will help you from being a future trader. Good luck! Wink

This is great but I'm not sure this will wrap everything you need to become a daily trader, you will end before starting because this is a random basic introduction and some properties of trading, there is more to trading and you wouldn't understand everything until you start trading live, the things you read on the paper might will be forgotten when that emotion comes into play.

In fact, I'm not sure how you were going to survive future trading with all these indicators when they are not enough to guide you on spot trading, huh! is there magic to your advice because I don't see how you plan to open positions and close positions when you didn't explain leverage, PNL, the risk, liquidation price, the entry price and the margin types, you need to learn all this before you give your money to another trader because basically, that is what future is all about, you bet that price will go up by longing while others short with anticipation that it will go down.

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Quote from: kaimoure on August 09, 2023, 09:06:58 PM

I’ll try to edit this topic and add some disclaimer on it later today. I didn’t know that not everybody here is already know how to trade since this is a trading discussion board so I assumed that everybody already knows that trading is risky. I created this topic so we can all discuss our own opinion and what we’re using to get a good portfolio in trading.

This is not the case, but you are not only talking about trading, but daily trading with leverage, which is very dangerous for those who have a background in trading, let alone beginners who may read your post.
Also, updating your post with some pictures will be useful, although I advise you to start with regular and daily trading instead of using leverage and margin.

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Future trading can indeed be a source of income but not for beginners because they don't have enough knowledge and experience in trading. And it is not recommended for beginners to try future trading before he understands the concept of trading in crypto. Maybe beginners can be advised to learn through a demo account until they can really trade, and then they try to trade. And they can try using spot trading before trying future trading.

And using $200 is enough to trade the future, but it depends on your skills in choosing the coin. Usually, we will choose the coins in the top 10 list but if we have skills in analyzing the coins, we can choose other coins to trade.

I'm waiting for your lesson about future trading as it seems you are already familiar with futures trading. And maybe you can tell how the selection of coins is, what it takes to find coins to trade, etc.

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

So how to be a day trader?
1. Setup your budget - you need atleast $200 (think this as a tuition fee to learn how to trade) to start with. This can give you a lot of capabilities to workaround the sweetspot of trading.
2. Learn how to use the right leverage - In this one you're using your funds as collateral and you're basically borrowing from the trading platform your

Are you suggesting someone with low capital to take high risk way called leverage trading so they can get more returns but I am completely against the idea unless the trader is having $1000 extra to back up if he lost while leveraging. So I want to enlighten that this kind of trading will not only amplify your profits and also the losses which means no one should try it unless they are capable of pay back the loss.

Instead of taking the short cut and make some huge money in short term with high risk I think the better alternative is to stick with the low risk spot trading still anyone who is having goof trading skills can multiply their capital in no time and also low risk means they can do it at their best of interest since no need to worry about paying back if they loss. So over time gradually they will be in a better place financially.

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Quote from: Noctis Connor on August 09, 2023, 08:27:37 PM

This stuff you started is a good read. Thanks for sharing your insights about day trading. I agree with others who say that a heads-up for beginners would be helpful. From what I read, this post is more for experienced traders who are into spot trading and want to try futures trading. I prefer using candlestick patterns rather than other indicators. It would be cool if you could also talk about the patterns you use in your trading journey.

I am new in this forum and still learning. I’ll try to edit this topic and add some disclaimer on it later today. I didn’t know that not everybody here is already know how to trade since this is a trading discussion board so I assumed that everybody already knows that trading is risky. I created this topic so we can all discuss our own opinion and what we’re using to get a good portfolio in trading.

Topic: How to make a life by Day Trading - page 7. (Read 1157 times)