Topic: How to start: Daytrading? - page 4. (Read 1072 times)

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.

I see someone commented about bots, if you are a beginner, I wouldn't recommend it because it's just going to complicate things on your end.

Maybe you can read about TA or understand it by going thru https://www.tradingview.com/ and see how those who have experience already made their charts and 'predict' the next price movement.

I really don't know who recommend you to do day trading because it's difficult specially if you are a newbie. Anyways, best of luck to you.

Did I mention that people should make same mistake twice or more?

Making mistake regardless of the loss is good that you can learn and know what's right. But not to repeat it again as you should not be that stupid.

Not every day you can make a profit from this market because there will be times when the market suddenly drops prices and you can completely lose more than 10% of your assets in just a few hours. I think that when you do day trading, you need to have good knowledge and be careful with the volatility of this market because we are often unpredictable. In my opinion you should team up and have a specific plan when investing because each of your members will have different predictions and can decide to invest if it is a good choice.

That's losing their self-control and lead to emotional trading which will directly lead to a lot of losses. First thing first is to set your mind when trading, do not feel any emotion connected when the market is not on your side. Day trading is a bit hard if you are just doing the basics, practice trading more often but handle the risk safely.

First, Learn every basic trading out there. Especially how to do technical analysis (how to read the pattern of the charts) and fundamental analysis (financial statements such as news).
After that choose an exchange and the alts you want to trade, which has a good volume is better.

You need to set your mind set, do not lose to your emotions. You have to focus. Know when to buy and sell based on the support and resistance. And when to cut lose or buy back at the bottom.

You have to make a quick decision whether to buy or sell, and it's not easy. Just try with a small amount of funds first. And only invest what you can afford to lose.

key point was we have to set our trading plan before we start our trading ,this plan will be usefull when suddenly market moved againts our direction.only less trader that dicipline with their trading plan.meanwhile trader could be success due this key.and second we must  not be greedy,dont ever thinking we will earn huge profits in each trade.collecting profits 2-5% for each trades could be huge amount someday.

A lot of good advice here. I'll just add that I think it is important to be self aware. In fact, I think it's really important.

Day trading involves quick decisions. I was just reading another thread that talked about over trading and other things. If a day trader loses his/her 'cool', if often leads to bad trades. So it's important to be aware of your mood etc. This is much more difficult to control than it sounds. Taking a loss is not easy, and then not letting it get to your head is even harder.

It should be better to help the author to make that plan...I think it has to cosist of several pshychological points where traider has to stop.

Pumps and dumps are the best friends for risky traders, so topicstarter has to understand which strategy does he want to use.

Some popular companies are propositing demo accounts to try real trading without real money. It will be cool for a newbie to have free|paid courses before start of using big money in any kind of trading.

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

if you want to start day trading find some exchange first where you can practice your skills because it looks like you're pretty new here and yet have no enough knowledge about how it really works .  After that learn how make technical analysis and find some site where you can obtain news about the market because that is the most important as well to don't miss all the opportunity and to avoid risky situation. Remember day trading is very stressful and you need to focus on it time on time if you want to save your money and if you realy want to accumulate more profits. Because if miss something on it there's a possibility that you will lose some money on it.

High volume coins have better opportunities to move faster, if you are working with day trading activities make sure to analyze, those who deals with fast moving project able to anticipate though it's something like gambling with fate. But if you are a type of risky trader and you know how to deal with consequences incase you missed the ride, day trading can gives you a good outcome.

Before you start day trading you first need to learn about the blockchain, and which currencies to trade. Before you invest your money in any altcoins for trading you have to do serious research about them and get to know everything that you're meant to know about them.

Next thing is to sign up for a good exchange, most newbies I know usually starts with Coinbase because of how simple their trade interface is. You can as well make use of Binance, but it not as easy as Coinbase, though they are regarded as the best, but you will have to be advanced before making use of Binance. There are other exchanges as well, such Huobi and Kraken.
 
After you have gotten the right exchange, what's next is to learn the basics of day trading, it's not something you go straight into, there's a lot of risks involved. You learn the basics and as time goes on you start to learn more and increase your skills. And don't forget to use limit and stop orders effectively, these are very important.

Yes, even there are some tools are available to ease the efforts of a trader, they will not be remaining reliable all the times. At the end of the day, even after using any tool, final decision should be based on our experience. This is why day trading is not at all recommended. Day trading may eat up all your time but there would not be any guarantee that you may match a long term holder over the time in profit levels.

1. Determine how much money you will use. I suggest using $50-$100
2. Choose the coin which has a medium movement. You can find the coin by analyzing one by one.
3. Make a few order buy and sell and don't use all-in of the money.

Let say you use $50. You place an order buy at the three-level price and wait one by one of the order filled. If one order filled, you need to place an order sell at the high price, set it at least 0.5%-1.5% from the order buy price. If your order buy price is 100 satoshi, then you can sell at 101 satoshi, rinse and repeat if the price has a good movement.

For the second-order buy price, you can buy at 90 satoshi, and you can sell at 91 satoshi, rinse and repeat again. And so on with the other order buy but only create up to 3 order buy price because you need to have a backup of the money, just in case if the price getting dump so hard.

If the price increase, then you need to adjust your order buy to a higher price, but be careful because the price could up and down faster, so you need to prepare yourself.

I think you don't need tools to start, and only watch the price move and watching and analyzing the chart. Good luck.

Don't rely too much in indicators and expert predictions, I use manual trading based on my study or whenever there are news in that specific coin. When we already trading we can eventually realize our strengths and weekness in trading, we can try with few bucks then allot more when you already make you weekness a strength too.

These three statements are really useful on daily trading, But peoples are expecting more profit on everyday so Token investment is the best choice for crypto trading. They have not huge volume so risk factor is high in this coin. So I don't recommend for new investors and those are have knowledge in mid term trading they will try and earn this format.

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  
 - 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

At the beginning making mistakes with small amount of money in trading is fair but making mistakes every time is not good because in this way a large amount of money can be lost by the traders, a trader should learn from his initial mistakes and should try to improve his skills and knowledge about the day trading by making himself expert, but not learning from his mistakes would lead him to a great loss.

I would recommend these three things for day trading
1. learn Technical Analysis and fundamental analysis ( working trading strategy)
2. Device a good money management to manage your losses well after deploying your strategy with a  good risk to reward  ratio at least 2:1
3. Personally I would recommend manual trading I wouldn't deploy Bot or Expert ad-visor for trading.

The reason I suggest everyone to make mistake is to be able to do what is right then. When you don't know how it feels to have mistake, you won't really have effort to avoid it.

27/4 means the longer you are in front of your computer, the faster you become an expert day trader.