How to start: Daytrading? - page 3. | Bitcointalksearch.org

teosanru

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

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

Study study study. Learn what is trading. Basics of technical analysis. Learn price action study and learn market phases and patterns. Also try to learn some indicators. But the thing is that this isn't enough. After this you will have to develop your own system by using all what you have learnt. Back test and forward test your system for sometime with low capital. Have patience and ensure that you maintain a trade journal. After persistent efforts you can definitely start to earn a good money

Colt81

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Quote from: huige007 on November 02, 2019, 10:57:34 AM

Quote from: Distinctin on November 01, 2019, 11:09:18 AM

I'll give in to the doubts that bots seem to be helpful for beginners. It is particularly not a good idea if we are still learning.

I'll just give some tools which most traders had used already: TA's, trading signals and practice to read a chart. These things will give you a hint but not just to rely on all of them, it also we need to analyze the market carefully as we know that volatility still at play. Spending more time in trading will help us to fully understand how it really works.

Instead of depending on bots, would not it be more beneficial to do some research on one’s own. Moreover, depending on tools rather than one’s skills and not trying to enhance them, will build the habit of relying on such bots in a newbie. This is not good at all. Using these tools in the right way is not possible without having a good understanding of trading and asset. Manual trade with bitcoin must be the starting point.

In my own opinion, using bots in trading is only a guide for newbies or beginners for them to enhance their skills in trading, but using bots is really not a good tool for trading because it is not that effective for you to make a successful trade, that is why manual trading is still an effective to make sure that you follow your strategies. You should also be doing some research like watching videos in YouTube and asking guidance to a professional trader for you to know other things that you could used in your trade. Lastly, you should also know how to control your emotions in trading for you to have patience and to panic when you are experience a downfall in a market.

DeadCoin

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Quote from: huige007 on November 02, 2019, 10:57:34 AM

Quote from: Distinctin on November 01, 2019, 11:09:18 AM

I'll give in to the doubts that bots seem to be helpful for beginners. It is particularly not a good idea if we are still learning.

I'll just give some tools which most traders had used already: TA's, trading signals and practice to read a chart. These things will give you a hint but not just to rely on all of them, it also we need to analyze the market carefully as we know that volatility still at play. Spending more time in trading will help us to fully understand how it really works.

Instead of depending on bots, would not it be more beneficial to do some research on one’s own. Moreover, depending on tools rather than one’s skills and not trying to enhance them, will build the habit of relying on such bots in a newbie. This is not good at all. Using these tools in the right way is not possible without having a good understanding of trading and asset. Manual trade with bitcoin must be the starting point.

Yes, one should have knowledge on setting up the bots to trade. For this, one should have his own experience in manual trading. Basics are, finding out the right coins and pairs that would bring profits. Analyze the coin's background, its product, its team's strength and watch its growth via the channel they have provided. Then when you are sure about few coins to be in your portfolio and have confident on the coin's growth, then yes, go for setting up bots for the coins you have chosen.

huige007

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Quote from: Distinctin on November 01, 2019, 11:09:18 AM

I'll give in to the doubts that bots seem to be helpful for beginners. It is particularly not a good idea if we are still learning.

I'll just give some tools which most traders had used already: TA's, trading signals and practice to read a chart. These things will give you a hint but not just to rely on all of them, it also we need to analyze the market carefully as we know that volatility still at play. Spending more time in trading will help us to fully understand how it really works.

Instead of depending on bots, would not it be more beneficial to do some research on one’s own. Moreover, depending on tools rather than one’s skills and not trying to enhance them, will build the habit of relying on such bots in a newbie. This is not good at all. Using these tools in the right way is not possible without having a good understanding of trading and asset. Manual trade with bitcoin must be the starting point.

Apened

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

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

First you have to learn to read charts and analyze what is the possible movement within that particular day.
Second is to understand how the market works in the daily and
Third is to plan your trade with a proper understanding and using your own risk management in trading because Fay trading isn't easy in a way that if you don't know what to look for and fin the gokd coin for you to have an entry and exit with profit in that day.

SvonioneFromMangoCoinz

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

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

tools are also a necessary tool but to start trading, you should not use tools. You should buy books about reading more and experience with the first 100 transactions in your life.
for me, the important signals are Elliott wave, 2 top 2 low. And more importantly, you need to learn and master the use of EMA, MACD, RSI, FIBO. It is very important knowledge to identify the trend of coins in the short future.

rodel caling

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If you want to start day trading makes sure you have a lot of time to focus to avoid risk and loses and also makes sure you are strong in times of troubles to face how to recover the loses.

Quote from: BigBoom3599 on October 31, 2019, 04:19:38 PM

Some tips from my experience:

- When you start a trade, always have a plan and stick to it
- Make sure you always have a stop loss in place, it will save you a lot of sleep and stress Grin

- If you're starting out with no prior experience you can try trading without actually buying/selling to try it out, just write down what you would do and see what your profit or loss would have been
- Don't use too much leverage, otherwise you may as well go gambling
- Learn some basics of TA, don't just trade on intuition
- Know that these markets are heavily manipulated, try not to fall for the traps

This a great advise and do not greedy earn small percentages daily profits is enough to avoid trap.

AliMan

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Quote from: EdvinZ on November 02, 2019, 01:07:39 AM

Before you start day trading real money, I strongly recommend that you achieve stable success by trading on a demo account. Moreover, trading on it should be strictly disciplined, in full accordance with your chosen trading strategy. If on a demo account you deviate from your trading strategy and do not develop discipline, then when you start trading with real money you will almost certainly lose your Deposit. And of course you need to learn a lot of technical analysis and constantly be aware of the most current news.

Having demo account is a basic way of starting trading step by step so we can achieve a substantial knowledge, even though not yet effective but at least it's gainig good results. However this process would take a lot of time, and every trader should develop courage, determinations and will in order to become successful in the long run. Having awareness in very important for trading, regardless it it's daily or long term.

danherbias07

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First thing you should do is to look after yourself. No one will do it for you.
No one will care if you have the right or wrong choices.
Do not regret what you did.
Doubts may also be a wall to your choices. If you have a decision then just do it.

Daily profits is essential. If you cannot see any profits and the price keeps going down then stop it already before it goes to the wrong path.

alan2here

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Quote from: EdvinZ on November 02, 2019, 01:07:39 AM

Before you start day trading real money, I strongly recommend that you achieve stable success by trading on a demo account. Moreover, trading on it should be strictly disciplined, in full accordance with your chosen trading strategy. If on a demo account you deviate from your trading strategy and do not develop discipline, then when you start trading with real money you will almost certainly lose your Deposit. And of course you need to learn a lot of technical analysis and constantly be aware of the most current news.

I think using a demo account to make a trade is a good idea because they will have more new experience when investing in this market and can decide to make a real investment if they feel okay. This market has plenty of opportunities to make money for everyone, so it takes discipline before deciding to invest. In fact, new traders will often easily panic sell if the market starts to fall and there will be many wrong decisions that can directly affect their profits.

During this time, I had very few trade and only chose long-term investment because this is the safest way to make money in the bear market but it still has its own risks if I can't control my psychology.

Baby Dragon

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Quote from: Obito on November 02, 2019, 01:36:52 AM

Quote from: leowonderful on October 29, 2019, 03:35:06 PM

Cut losses early. Don't let losses grow and don't blindly hold positions. If you're actively using TA, close your trade out once whatever principles you entered the trade on have been invalidated. It's very easy to become emotionally attached to losing positions, but that's something you want to avoid. Only let your winning trades run.

Totally agree with. Not feeling well with your day trading? Cut if off as early as you could so that it would not get more severe. And before this I bet you already knew these things. First thing is that KNOWLEDGE do not go around messing with your trading stuff if you do not know the basics, and plus keep on the track by reading latest news. Second set funds that you are willing to lose. So that you'll never be off control with your money. Third keep it small, and as you feel confident enough with your trading skills then go big.

Its true that knowledge is the best asset that you can use in trading because if you have enough understanding then it will be easy for you to make the right decisions and if you have ever encounter a problem then you can easily find a way to resolve it. Also, it serve as guide to you that's why it was needed particularly when you are still new into these kind of things not only for them but everyone because we should never stop learning. It is also accurate that when it comes to funds, just set what you aren't afraid to lose because you don't want yourself to feel remorse because of it that's why be careful on making decisions.

Obito

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Quote from: leowonderful on October 29, 2019, 03:35:06 PM

Cut losses early. Don't let losses grow and don't blindly hold positions. If you're actively using TA, close your trade out once whatever principles you entered the trade on have been invalidated. It's very easy to become emotionally attached to losing positions, but that's something you want to avoid. Only let your winning trades run.

Totally agree with. Not feeling well with your day trading? Cut if off as early as you could so that it would not get more severe. And before this I bet you already knew these things. First thing is that KNOWLEDGE do not go around messing with your trading stuff if you do not know the basics, and plus keep on the track by reading latest news. Second set funds that you are willing to lose. So that you'll never be off control with your money. Third keep it small, and as you feel confident enough with your trading skills then go big.

EdvinZ

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Before you start day trading real money, I strongly recommend that you achieve stable success by trading on a demo account. Moreover, trading on it should be strictly disciplined, in full accordance with your chosen trading strategy. If on a demo account you deviate from your trading strategy and do not develop discipline, then when you start trading with real money you will almost certainly lose your Deposit. And of course you need to learn a lot of technical analysis and constantly be aware of the most current news.

ufaiz50

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

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

Tool not recommended, newbies sometimes can't operate it and can't adjust it to market conditions, but for traders who are used to it. I would recommend boot trading. For traders who have experienced tools are highly recommended.

Daily traders must have extensive knowledge and lots of cryptocurrency information, because day traders prefer crypto that has a positive signal. emotion is wrong decision making.

Reid

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Fresh mind and also a good and non stressful day.

I dont use any bots. I do it manually so I better be in the right mind while doing it.
You should always be wise not to be dragged by a wave that is happening.
Profits come and go and you better take the opportunity while it is there.
Prevent being a FOMO. If you are seeing a pump, put a number into your mind into where you will sell. When that number comes never doubt. Sell it already. Next, do not regret it even if the pump continues. Wait for another dump to buy.
The amount should be lower than how much you sold the same coin.

Dart18

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You must be first emotionless here.
Once there is gain, take it. Do not be greedy and wait for more. You are day trading and that means profit just for that day.
Take advantage of the short pump and stop being a holder.

Next, when you feel like you are losing more, stop it already before it gets worst. Do not think that it might go up later. That is an unwise call.

cryptothreads

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Quote from: vintages on November 01, 2019, 06:58:35 PM

It's always not as easy as it is been stated; that's the bitter ugly truth. Though, most of the advice given to you here are true but day trading is not something you start in a day and learn about it all in the same day.
You will need constant practising, better still get à demo account and learn the tricks from there. If you can't find a demo account, try trading with small amounts and with shit coins, from there, you get better.

I think it will take several years to learn because day trading requires a lot of analytical knowledge and not everyone is skilled enough to do this in this market. The market has a lot of big fluctuations and if you can make a good profit during this time you are definitely a very good trader. I tried but not much success because my psychology is often very bad and often loses money if the market starts to turn red.

My current best option is still the long term investment because this is the easiest way to invest and is quite popular among the bear market. Of course no one can guarantee your profits because every coin has a different value.

TelolettOm

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Quote from: pamsugas on November 01, 2019, 03:02:36 AM

Tips for daily trading
1. try when you already get 2-5% profit you sell directly
2. Determine the support first and make the cut lose below the support
3. When you want to trade you should, look for a large volume for easy trade

Planing for daily trading is very important. when prices actually did not increase and also decreased and it has been a few hours we have to make a decision to sell it. because our money must keep turning back. as a daily trader do not hold too long. Cute Lose's decision making must be done to be able to turn back our money

vintages

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It's always not as easy as it is been stated; that's the bitter ugly truth. Though, most of the advice given to you here are true but day trading is not something you start in a day and learn about it all in the same day.
You will need constant practising, better still get à demo account and learn the tricks from there. If you can't find a demo account, try trading with small amounts and with shit coins, from there, you get better.

desticy

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I will give you only one piece of advice that I think is most effective for both beginners and experienced traders.

Always start trading with a demo account. It is not necessary to use a demo account on a specific exchange, you can just start writing down on a piece of paper the alleged transactions where you opened and closed your positions. The goal will be break-even trading.

When on a demo account you will not have minuses, but only pluses, only then you can safely sit down and try on the day trading.

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