How to start: Daytrading? - page 5. | Bitcointalksearch.org

maxreish

sr. member

Activity: 1330

Merit: 326

Actually not only 3 things to remember and to look after but let me say few that a trader must do especially in day trading.

-It's not a quick rick scheme so do not rush things.
-Emotions can messed up trades.
-Stop loss is important.
-Setting a target profit.
-Prevent looking at the chart from time to time or every minute. It's not advisable and will just give you doubts in your plans.

Quote

Are tools recommended?

Probably yes, like Technical analysis. You highly need them to track the status of your daily trades.

S4VV4S

hero member

Activity: 1582

Merit: 502

3 things you need to consider when you want to do daily trading in my opinion are:
1. Exchange, you need to choose an Exchange that has a high volume so that the coins you choose are coins that have a high volume too.
2. The right coins, you must really choosing the right coins to avoid loss.
3. Studying technical and fundamental analysis.

Shasha80

sr. member

Activity: 1876

Merit: 318

If you want to start day trading the first step is to prepare capital that we can afford to lose, because day trading has a huge risk.
The second step is to analyze the market thoroughly and choose the coins that are in accordance with day trading, namely coins
with high volatility. Third Step using stop loss, if the coins we choose the price drops dramatically, we can do the cut loss so it does
not experience big loss. And the last one I suggest don't use bots for day trading, bots usually like to make mistakes later our capital
can be used up.

Ridwan Fauzi

full member

Activity: 1330

Merit: 147

Find a good time to entry that is the key IMO. When you start trading at least you have to familiar with the movement price itself. I think, the price of cryptocurrency is extremly different with another place such as forex or etc. I had been two year being trader forex and yeah I came out from it and start to trade on cryptocurrency.

I'll say a good time to entry to trade on cryptocurrency is the key to gain money. How come, you can gain a lot profit in short time pariode and sell it first and wait a correction and you can buy again, repeat it as much as you can. Regardless of a tool to trade, I myself didn't recommend it, use your ability because your ability will never cheat you.

Karmakid

sr. member

Activity: 742

Merit: 397

Quote from: nydiacaskey01 on October 30, 2019, 06:13:26 PM

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

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

Tools are always required, you shouod use all the tools the know of to help you decide if you can Sell Or Buy. But the most important is time, if you dont have a lot of time to spend to monitor the price movement of the coin that you bought, then day trading is not for you. In day trading you need to monitor the price.

That is right, it is the most important thing when it comes to day trading. Time will become your next capital beside from the money that you are willing to risk in the market. You can start investing your time in accumulating knowledge about trading which will become your foundation once you start day trading because day trading requires a lot of knowledge to be able to beat the market.

supercanada1

sr. member

Activity: 798

Merit: 253

Quote from: rijaljun on October 30, 2019, 10:50:43 AM

Rules and theories are just to complicated and they might be different when you start to practice.

Just make it more simple :

- Make mistakes as much as possible
- Learn from your mistakes
- Do things right then

additional tip : 24/7 in front of your computer, don't move too long out of it.

I wont ask anyone to make as much blunders as possible but rather suggest the exact opposite: learn as much as possible so that mistakes can be avoided at most. However, learning from mistakes plays significant role in order to grow and survive. Instead of sitting 24/7, he can use some app that will notify him regarding the changing value on hourly basis or so. No human can work 24/7 for sure.

nydiacaskey01

legendary

Activity: 1834

Merit: 1036

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

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

Tools are always required, you shouod use all the tools the know of to help you decide if you can Sell Or Buy. But the most important is time, if you dont have a lot of time to spend to monitor the price movement of the coin that you bought, then day trading is not for you. In day trading you need to monitor the price.

MathGame

member

Activity: 168

Merit: 10

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

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

As a beginner, the day-trading is not going to be easy for you since you have zero experience from the cryptocurrency market.
I think these are the top 3 things to master in crypto trading which are as follows:

- Learning crypto trading is a MUST
- Master the art of finding profitable/trending coin
- When to buy and when to sell

Darooghe

sr. member

Activity: 1120

Merit: 255

As long as you will looking for tips and advice you will never end up winning in this profession, but still i would suggest you ,deep knowledge about the subject, a good trading plan and rigid discipline can take you further all the best. become an expert at discretionary trading while factoring in trading with algorithms. All financial markets are now dominated by big players using algorithms to bait traders into the market and then move against them. You need to figure out how this is being done.

However, My best tip is to forget about day trading unless you have money you can afford to lose. Day trading is risky and not for amateurs. 95 percent of day traders blow out their account in less than a year. If you’re going to have a shot at succeeding at it, spend a few years learning the ins and outs of the financial markets. Otherwise, you’ll be wondering, Where did my money go?

SirLancelot

hero member

Activity: 2646

Merit: 582

Leading Crypto Sports Betting & Casino Platform

I may not have too many things to say but I will tell you that after you must have gathered the knowledge to trade which I believe you would have had your strategy also that you will use for the trading, you have to ensure one thing, ensure that you are able to manage your greed level because that is the real main thing that usually do kill people’s trade.

one of the way you can control your emotion and manage your greed level is if you try to use your trading tools, like stop loss and profit taking tools, if you can actually manage this, then I think you will have a very great and wonderful trade. Last thing I would advise you on is never to go on leverage trading if you are new o trading, it will kill your trade money faster than you can ever imagine.

rijaljun

sr. member

Activity: 1274

Merit: 267

Rules and theories are just to complicated and they might be different when you start to practice.

Just make it more simple :

- Make mistakes as much as possible
- Learn from your mistakes
- Do things right then

additional tip : 24/7 in front of your computer, don't move too long out of it.

JC btc

sr. member

Activity: 770

Merit: 253

First, are you ready to lose some of your money? Are you ready to see the value of your money decreasing? Are you aware with the risk management and are you emotionally ready and will have a long patience

Those are the basic things we need to be ready first, when we are in motivation while we are learning we can create our own tools and strategy.

Dewi Aries

legendary

Activity: 2716

Merit: 1092

Leading Crypto Sports Betting & Casino Platform

Before do day trading, maybe learn to analyze top volume coin so not pick wrong coin, or maybe wrong rate. If you can pick good moment, good rate, good coin, maybe you can get profit in shorter time. And for minimize loss, maybe don't target really high price to sell, at least your order can reached and filled. After that, you can start again to other coin or can try with same coin again.

ChrisPop

legendary

Activity: 2310

Merit: 1035

Not your Keys, Not your Bitcoins

First of all you should document yourself about trading. There are various free resources on the internet, but first of all you need to decide if this is something you would want to do in your life. I'll tell you this - it is very time consuming to even learn technical analysis and practice your skills on demo accounts and reading charts. Babypips is a good place to start in my opinion. If you want to be a daytrader take into account that you'll have to stay most of your day in front of the screens. Is that how you want to spend your time? - Plus, you can spend that time and still lose money - because that's the nature of trading & over 95% of traders lose their whole accounts in the first year.

As you can see there are many factors to take into account before getting yourself into an endeavour like trading.

mersal

member

Activity: 1204

Merit: 38

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

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

First thing don't day trade like gambling from doing this you will lose your profits even if you can manage to make some good trades,learn the trading strategies and technical analysis to understand more about the market condition.

People uses bots to identify the small price changes and make trades but its not recommended for the beginners,try to do on your own until you get better with your trading strategies.

Use only 20 to 30% of your total trading capital.

erickastella

sr. member

Activity: 826

Merit: 281

1. You must be prepared to lose because of trading, big risks commensurate with large results.
2. use stop loss if the market has not been stable to minimize losses that are very much.
3. immediately sell altcoin / coins after you get profit from altcoin / coins because they are prone to cutters. but if you are sure of not dumping then just hold it

Ryker1

sr. member

Activity: 1932

Merit: 442

Eloncoin.org - Mars, here we come!

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

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

Well, first you need to study, study, study, and good research. Choosing the potential coin and research one by one.
Accept those possible consequences that probably you encountered and controlling your emotions not to panic. Do diversify when there is a massive drop, you can divert your bitcoin into a stable coin like USDT to cut your losses.

Don't rely on tools or pump and dump group. Doing your own research is the best for you. Indeed, day trading is expected that it is a stressful job.

wajik-tempe

sr. member

Activity: 1022

Merit: 252

For this year, i really recommend to daytrading with alts because the movement is so agile and really profitable if we do it in the right way.
Learning technical analysis is a must for doing daytrading and also watch the news for up to date information about a specific coins will helped us to make profits.
Don't forget to do money management, losing in trades is usual thing in trading, but make sure we can maintain our loss and our profits more.

ReiMomo

sr. member

Activity: 2366

Merit: 305

Duelbits - $100k Bonus/week

To be frank I really hate day trading because that is too stressful and very risky.

1] This is have been replied above that immediately cut you lose once there and switch into another altcoin if necessary. Research is the best weapon when you are on the battlefield in day trading so it must you are knowledgeable enough.

2] For convenient work use trading tools like Comma or Gunbot trading tool it less hassle when you are monitoring the market price.
Use also tools that can track your coins in just one platform just like blockfolio app for monitoring the price every now and then.

NathanJB

sr. member

Activity: 756

Merit: 251

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

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

Yes, but that is not everything to day trading. When you say tools you are referring to tools that will help you come up with the best technical analysis possible such as fibonacci, RSI, etc right? They are all needed as guides. But more than these tools, you need to have the discipline to do fundamental research. I think fundamentals are even more important than technical analysis. Even if the charts are saying that the coming days are bearish, if the project has something really huge to announce, its coin's price will pump.

Topic: How to start: Daytrading? - page 5. (Read 1100 times)