How to start: Daytrading? - page 2. | Bitcointalksearch.org

FanEagle

legendary

Activity: 2884

Merit: 1117

Quote from: rexxarofmoknathal on March 05, 2020, 05:04:18 PM

Quote from: DimitrisLodirogas on October 29, 2019, 03:11:50 PM

Top 3 things to look after?

To my knowledge the top 3 things to bear in mind are, cover your basics, don't invest more than you can afford and set yourself a deadline for when you're going to stop day trading and asses how it all went. Also, can use tools but I wouldn't recommend them at the beginning, give yourself some time before you use them as you'll need to first understand how they operate.

OP only made this short thread to ask for experiences from some traders here. This explains me how lazy OP actually is and such people hardly have any profits in trading. There would be a huge list for OP to start with if he wants to have any profits with trading. Trading is never impossible and any individual can start with trading with no prior knowledge but the efforts to be taken by such individual are great enough.

There are thousands of newbies entering cryptocurrency trading daily but more than half of such newbies might be leaving the markets in a single day. Trading is a trickiest source of investment but yet can give us major profits so you should always try to gain as much knowledge as possible before actually performing your first trade.

BuNga_cute

full member

Activity: 1736

Merit: 116

Starting day trading we must use capital that we can afford to lose, the next step is take profit of no more than 3% per day. And the last step
is using the cutloss feature, so when the market changes suddenly it becomes bad. We can still do day trading, by buying more coins at low
prices. If we carry out the three steps I mentioned, they should be able to make a profit per day. And my suggestion is to save profits that can
be stablecoins so it is not affected by price movements in the market. In my opinion for day trading no tools are needed to predict prices or help
from trading bots. Just do it manually will go smoothly.

rexxarofmoknathal

sr. member

Activity: 980

Merit: 260

Quote from: DimitrisLodirogas on October 29, 2019, 03:11:50 PM

Top 3 things to look after?

To my knowledge the top 3 things to bear in mind are, cover your basics, don't invest more than you can afford and set yourself a deadline for when you're going to stop day trading and asses how it all went. Also, can use tools but I wouldn't recommend them at the beginning, give yourself some time before you use them as you'll need to first understand how they operate.

desertfox470

sr. member

Activity: 542

Merit: 251

Look for a coin that has a high trading volume, don't ever buy a coin that has a very low trading volume also consider if that coin is a good for investment some of the good coins with a high vitality rate is the Bitcoin, Ethereum, Ripple or the top 10 top cryptocurrencies.

You should consider as well on when you are going to enter the market thorough the analyzing the market using technical analysis and set an amount of your target and when you have reached that specific target then don't be greedy and get out.

Lastly, cut your losses by setting a price on where you need to sell it don't ever think that it might go back again. It's better to be safe than never and remember to accept losing in trading and accept small losing rather than big lose.

RealMalatesta

legendary

Activity: 2338

Merit: 1124

I guess OP is treating day-trading as something too different but in reality it is just a short term trading and when dealing with only on spot markets then there will be no worry to close your day-trading within a day; this way your day-trading may turn as a positional trading which is always good for making easy money compared to day-trading.

Day-trading in derivative/leveraged market is NOT at all recommended. We may day-trade the spot markets and if it is not profitable then we must focus on holding it rather than exiting at stop-loss levels. Remember I talk all these just based on bitcoin and few established altcoin based trading alone and not for trading shit altcoins which do fly on pumps without enough volumes.

nekonyun

full member

Activity: 882

Merit: 101

looking for coins that have potential to grow in the long-time and also check coins specifications like total supply coin, price ICO or community coin will be able to make prices rise or not. and also analysis coin price movements period 1 day and 1 month

JessicaVL

member

Activity: 346

Merit: 47

Quote from: DimitrisLodirogas on October 29, 2019, 03:11:50 PM

Top 3 things to look after?
Are tools recommended?
Thank you!

When it comes to day trading, you'll want to start off slow! Trade only with amounts you can afford to lose, and ensure that you're keeping track of the ups and downs of the market. If you get good enough, day trading can eventually become a profession, but it'll take you a while to work up to that. Also consider using a marketplace like Vertex to trade - fees are lower than on exchanges so you can maximize profit.

AGroose

jr. member

Activity: 48

Merit: 1

I would not advise doing day trading on cryptocurrencies. This is a risky slash. The best method is swing trading or stall. Cryptocurrencies are too volatile, so losses on stop orders can be higher than daily profit

Visbay

sr. member

Activity: 1236

Merit: 252

Quote from: Kevondo on November 11, 2019, 10:29:22 AM

Quote from: maydna on November 10, 2019, 08:01:54 AM

Don't greedy to chase your profit. Otherwise, you will miss the right time to buy and sell. You need to have skills to analyze the coin because, in day trading, it is not easy to choose the coin as many coins will tempt you to select. You should know when you must get out of the market, especially if there is no sign to keep staying at the market.

Tools only help you to analyze better, but you should have the basics skills in analyzing. Last but not least, only use the money you can afford and don't risking all of your money.

Being greedy is good as long as the approach is realistic and smart. If you desire to get huge amounts of money, that is good for you eventually. However, you must not look for shortcuts and willing to do more work than you are. Choose a potential coin, that is basically bitcoin and you wont have to leave the market ever. Other than this, tools should be used but depending totally on them is wrong.

Yeah for sure everyone desire to become rich so those who are being foolish to think that in trading they can get fast profit by using short cut are gonna suffer lose as willing to become rich faster without working hard is the wrong concept just make research then you will find the best coin for you and when you get your coin then just hold and trade for long term.

Kevondo

sr. member

Activity: 742

Merit: 251

Quote from: maydna on November 10, 2019, 08:01:54 AM

Don't greedy to chase your profit. Otherwise, you will miss the right time to buy and sell. You need to have skills to analyze the coin because, in day trading, it is not easy to choose the coin as many coins will tempt you to select. You should know when you must get out of the market, especially if there is no sign to keep staying at the market.

Tools only help you to analyze better, but you should have the basics skills in analyzing. Last but not least, only use the money you can afford and don't risking all of your money.

Being greedy is good as long as the approach is realistic and smart. If you desire to get huge amounts of money, that is good for you eventually. However, you must not look for shortcuts and willing to do more work than you are. Choose a potential coin, that is basically bitcoin and you wont have to leave the market ever. Other than this, tools should be used but depending totally on them is wrong.

wajik-tempe

sr. member

Activity: 1022

Merit: 252

Quote from: maydna on November 10, 2019, 08:01:54 AM

Don't greedy to chase your profit. Otherwise, you will miss the right time to buy and sell. You need to have skills to analyze the coin because, in day trading, it is not easy to choose the coin as many coins will tempt you to select. You should know when you must get out of the market, especially if there is no sign to keep staying at the market.

Tools only help you to analyze better, but you should have the basics skills in analyzing. Last but not least, only use the money you can afford and don't risking all of your money.

Tools are really needed for newbie traderw who want to do day trade because in day trade we don't trade only one coin a day, it must be more than 5 coins or even in different exchanges. So, for easy monitoring our trades we should have tools like blockfolio so we can control our trade and know the right time when we have to get out from the trades.

maydna

hero member

Activity: 2912

Merit: 556

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Don't greedy to chase your profit. Otherwise, you will miss the right time to buy and sell. You need to have skills to analyze the coin because, in day trading, it is not easy to choose the coin as many coins will tempt you to select. You should know when you must get out of the market, especially if there is no sign to keep staying at the market.

Tools only help you to analyze better, but you should have the basics skills in analyzing. Last but not least, only use the money you can afford and don't risking all of your money.

acdc

sr. member

Activity: 939

Merit: 256

Always plan ahead, cut losses if losses exceed 3% and never let your emotions overwhelm.
Besides these 3 things, there are many things that a trader needs to know every day, such as always learning and improving knowledge, listening to the opinions of others but always being himself in the decisions.
Divide the capital into small parts and invest in many different currencies.
Trading on large and high volume exchanges is easier than trading on low volume exchanges.

rmhuntley

sr. member

Activity: 980

Merit: 255

HALA MADRID

3 Tips start DayTrading Cryptocurrency :

1. Take time to analyse fundamental aspects of cryptocurrency
2. Pay attention to the history of coin prices, buy cheap and sell expensive. One way in trading is that you do the price scanning of some of your cryptocurrency coins such a fundamental aspect.
3. Cryptocurrency Technical Analysis
Anyone can trade Bitcoin or other cryptocurrency and get profit when the market is bullish, and can also lose when the market is bearish.

Source

tambok

sr. member

Activity: 812

Merit: 260

Quote from: Distinctin on November 04, 2019, 12:56:37 AM

Quote from: drachman on November 03, 2019, 12:46:09 PM

Quote from: DimitrisLodirogas on October 29, 2019, 03:11:50 PM

Top 3 things to look after?
Are tools recommended?
Thank you!

If you have to ask that question then I can tell you are not ready, day trading is by far the most challenging way to trade and yet it is the one most usually selected by those trying to make money in the markets for the first time, I know the temptation to make some fast profits is there and it cannot be controlled, but believe me you will never make it since day trading is harder than what you think, in my opinion you need to have at least a few years of experience in trading before attempting to day trade.

It is actually the most challenging, as day trading is like you are doing a full time job, you need to analyze the job first, before you will find the solution, you need to consider and focus on a lot of things, sometimes if the market is not good, you will spend more time, just like you are rendering overtime, most of the time you have lack of sleep, so these are the things to consider and make sure you are ready for this.

Distinctin

hero member

Activity: 2926

Merit: 657

No dream is too big and no dreamer is too small

Quote from: drachman on November 03, 2019, 12:46:09 PM

Quote from: DimitrisLodirogas on October 29, 2019, 03:11:50 PM

Top 3 things to look after?
Are tools recommended?
Thank you!

If you have to ask that question then I can tell you are not ready, day trading is by far the most challenging way to trade and yet it is the one most usually selected by those trying to make money in the markets for the first time, I know the temptation to make some fast profits is there and it cannot be controlled, but believe me you will never make it since day trading is harder than what you think, in my opinion you need to have at least a few years of experience in trading before attempting to day trade.

It so happens that the eagerness and such temptation tried to control over his mind and put everything at risk. Realizing how is it importance to have knowledge and trading experience is quite a best thing to do than being of nothing. I believe months of exposure and studying the market is quite enough to learn something and we can just fully understand it once we are in actual scenario.

drachman

sr. member

Activity: 756

Merit: 252

Quote from: DimitrisLodirogas on October 29, 2019, 03:11:50 PM

Top 3 things to look after?
Are tools recommended?
Thank you!

If you have to ask that question then I can tell you are not ready, day trading is by far the most challenging way to trade and yet it is the one most usually selected by those trying to make money in the markets for the first time, I know the temptation to make some fast profits is there and it cannot be controlled, but believe me you will never make it since day trading is harder than what you think, in my opinion you need to have at least a few years of experience in trading before attempting to day trade.

Bezobraznike

sr. member

Activity: 1274

Merit: 261

★Bitvest.io★ Play Plinko or Invest!

Quote from: Bitcoin Seller on November 02, 2019, 02:07:19 PM

Quote from: DimitrisLodirogas on October 29, 2019, 03:11:50 PM

Top 3 things to look after?
Are tools recommended?
Thank you!

You should answer these questions yourself:
- Am I ready to trade CONSTANTLY? (literally, if you want to start day trading)?
- Am I ready psychologically to lose times a day, not only make money daily?
- Do I have enough income sources to cover these losses if they happen?
- Do I have enough information about this business?

It's easy to start with day-trading. Opening account on some exchange, there
are many exchanges, and depositing funds are two things to do and a person is
ready for day-trading.
Hard part is making profit. Person that decides to start day-trading should be
prepared for days without profit, and eventual loss of funds. People should trade just
with money they can afford to lose, covering loses and borrowing money for day-trading
is not a good idea.
Bitcoin Seller you have good questions here, who wish to try trading should have
a ready answers on them. If someone doesn't have answers on them shouldn't even try
with day-trading.

Bitcoin Seller

full member

Activity: 567

Merit: 148

Quote from: DimitrisLodirogas on October 29, 2019, 03:11:50 PM

Top 3 things to look after?
Are tools recommended?
Thank you!

You should answer these questions yourself:
- Am I ready to trade CONSTANTLY? (literally, if you want to start day trading)?
- Am I ready psychologically to lose times a day, not only make money daily?
- Do I have enough income sources to cover these losses if they happen?
- Do I have enough information about this business?

Oilacris

hero member

Activity: 2996

Merit: 609

Quote from: DimitrisLodirogas on October 29, 2019, 03:11:50 PM

Top 3 things to look after?
Are tools recommended?
Thank you!

Technical/Fundamental analysis
Emotion handling
Risk/Fund management handling.
&
Some mix of Luck

Things that is commonly needed for you to learn and control excluding luck.

Topic: How to start: Daytrading? - page 2. (Read 1100 times)