Topic: How to make a life by Day Trading - page 8. (Read 1146 times)

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.

OP, You shared a great trading plan for those who already have skills and experience in trading using Leveraged. but it is not recommended for beginners. beginners who may have good capital may be okay with losing their initial capital to learn to trade.
I think spot trading would be better for beginners to understand the concept of trading less risk. but you have shared something good for you. it is possible that if you are a trader trying to copy your habits, they will also match your trading strategy and method.

I won't rely my trade in indicators because it will only depend on the previous price movement and it's a little bit laggy. Instead, you should know how to read the market using price action only. Price action must be your main strat and then you can add those indicators as confluence. For beginners, it's a highly recommended that you didn't use high leverage, don't fall for potential profit because the risk is so high. It's better to use low leverage so that you can survive in the long run and you can master what strategy that is really works.

Well, I believe that getting success in trading comes from a good plan and strategy. Yes, you have shown it right and it is good. Well, when it comes to budget plans or capital, it does not necessarily have to start with big amounts. Maybe you are pointing out that $200 is the minimum, well, I can say that it has a huge impact when it was compared to when we use a small amount. However, I don't encourage this for newbies as they are still learning but if you are already on what we say that have long experience, that seems reasonable and advisable.

I think $200 is on the high side for start ups. So what happens if loose the first, second, third, fourth and fifth $200 each, that means he would be loosing $200 x 5= $1,000 , before even crawling because he is going to loose plenty more of it before he gets to his feet. Or how many times did you lose before now?

MACD indicator happens to be one of the difficult indicators to trade with and to teach it to newbies is more difficult. Traders who share trading experience usually do that with RSI or MA.


Yes I agree with this 100%


What about he didn't get use to it and have lost much of $200 by funding of his lost account.


You are cool with such level but teach newbies the most simplest ways that they can grow with. I guess you didn't start this big.


I thought this would be a disclaimer not to be a financial advise because trading platforms also do warn of the risk in trading. You can keep losing all your money without getting anything back. That is trading reality.[/list]

It's Quite impressive to see a NEWBIES put out good stuff like this, this just made me remember this week MONDAY i had a loss of $21 from a small account i am building up, what i did was seat back and check what made me loss on that trade since am a swing trader, and when i found out the error i just took a deep breathe relax and look for clear setups and this time i hit it with 0.1 LOT SIZE without thinking twice if am wrong or right and boom it was a nice trade. That end my day trading... loss was recovered.

It's worth it from your personal perspective somehow detailing the trade, but for someone from a certain economic base it's actually too expensive. All exchanges with futures trading almost entirely allow the minimum amount to open a position to be much lower (average $10).
I think you just need to mention the minimum cap requirement for the average beginner, or change the word "you need" to "I was", because after all that number is not a fixed suggestion.

Haha whether it's low or High the leverage sucks, in my view if you have lower capital then try to hold your funds in good assets it will take time to build a good portfolio and capital amount but it is the safest and most efficient approach. I use to recommend to my all fellow to avoid Levrage trade even if you have a decent portfolio and capital amount. You should follow the slow and straightforward path. Shortcuts are not good for your funds.

In future trade, the trader only learns about profit making which is our main goal as well but sometimes a single wrong trade can evenly destroy your trading career and I have seen people committing suicides on the wrong trades most of the incidents were reported on the Luna crash.

More evenly sticking to the topic whether than giving my views on the Leverage trade point is for person who has 200$ cant be recommended to trade in Levrage lose all.

I haven't got much experience in day trading. Especially in futures trading. I do not deny that I have also ever traded on the futures market. And well I came to the conclusion that I wasn't ready. Because to enter futures trading, I think we have to have a pretty good level of analysis. And it would be better for me to become proficient in spot trading first. if i was pretty good at spot trading. then maybe I'll consider trying futures trading again.

Thank you for sharing futures trading tips and strategies here. I hope I can also become a reliable trader like you in the future.

Even day trading is not an investment.

Demo account is not necessary because you can open future trading with less than $10. When I started, I used less than $2 to see how it is working. Among all exchanges that I know, I only saw demo on OKX and which I do not like how it is to the real trading look.

Some traders are not professional and continue to lose in trading. Trading is very risky like you said.

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.

Thanks! yes they can adjust the amount depends on how much they afford to lose and depends on the platform they're using. I just indicate the amount I used before when I'm starting on futures trading. They can use this as a reference in case they want to be a day trader like me.
I also want to know what do people say about this and maybe share their strat so I can gain some knowledge that I didn't know in day trading.

This is a trading discussion board right? So I think I can share some knowledge and there's nothing wrong encouraging someone who wants to make a living by being a day trader. the $200 is the budget I used for futures trading before and it actually helps me a lot when I was starting before since you can make an errors when you're new to trading that's the reason why I said that think of it as a fee for learning something new just like when you're going to a university, you need to pay to earn some knowledge.

This is just a small step for being a day trader so I think nothing's wrong with it? Regarding the indicators there's a lot they can use I just share what works for me up until now.

About the strategy they can learn it watching a lot of videos about indicators and patterns

Thinking of making income from trading and encouraging people to do so is very wrong and you are leading newbie traders into depression and huge money loss. People can trade with just the amount of money they can afford to lose because trading is very risky. The riskiest among them are scalping and day trading, especially if you use leverage.

You can even use less than $10 to start trading and see how it works.

The lowest leverage is 1x which is good as it makes the position opened to be of low risk.

There are many other indicators that you can use. Examples are MA, EMA, BB, RSI and many other ones that someone can learn from.

You did not include money management and having trading plan and budget.

You did not include any strategy.

Trading is more than what you post.

After all, you have a very good plan and are also very constructive enough and I would have even merited your post if I have extra merits as such like this is what I like to read in this section of the forum. However, the lack of a plan, trading ideas and budget are not the main reasons why traders do not make it but mostly emotion and poor money and risk management. 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.

Aside from that, you've done well and traders should know that your plan is subjective. They can adjust the amount depending on their level of trading expertise, goal and the standard of living in the country they are living in to make the outcome of the plan worthwhile.

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.

Since you visited this topic I'm guessing you already have an account on some crypto exchange like binance so fast forward to the topic.

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 using.

• 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
• Setting a low leverage (2x or 5x) means low profit from it but you're minimizing your risk facing a losses and also it allows you to focus on long term growth as a trader

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 - 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.
  • It's also simple and Visual friendly since you're just looking for a two lines that crossing together from time to time.
  • This is helpful also on Identifying the trend changes or change of momentum with the price

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.

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.
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.

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