Topic: My day trading plan - page 2. (Read 842 times)

i think your plan will be difficult to achieve.
because in this fluctuating market your daily target is not necessarily achieved,

and my suggestion, make a plan or strategy to take action when you lose,

No no no,
that is not for long term strategy.
capital and financial back up are different,capital mean everything that you want to spend.
with this method you're lessening the risk(divide it to multiple coins),
look at this :
you have $100 and you want to invest it to ETH 50% which mean you will invest it around $50,
and the rest is used to buy if the price goes down.
that mean your capital is $50 and your financial back up is $50.
ETH price goes down,you buy it again,
and the next day it goes down again,what will happen ?
you don't have anything right ?
that is why splitting it will lessen your risk and at the same time lessen your profit and lose.
but using this method you can have a lot of chance to get profit instead of losing.
because if one of your investment underwater you still have something left.
and when you profited from it,you can use it to buy it more right ?
just remember,don't let your emotion take a control.
because many people lose it so badly because of it

I think it is important to be flexible with your goal. Planning to sell when you achieve a $1/$2 profit is great a lot of the time but it could lead you to losing out on a lot of value at other times. Also with making such small gains you leave yourself susceptible to one bad trade. This is because with one bad trade you can easily lose much more than the $1/$2 gain you make on a good trade. I am trying something similar to this and thus far am sticking to a few coins and it seems to be working well. Keep us updated on your progress.

No one guarantees 20 profitable days a month, sometimes a good month, sometimes a bad month. (And sometimes you double the whole amount in 3 days!!! I did it after those big corrections in juli, but lost it again )

I'm also playing with top 100 coins on another exchange (100$).

edit: not doubled, but 2 times 20 to 30%

this can work if you really have self control and motivations as we knew that inside trading industry emotions are the one that we needed to conquer
with how the fluctuation works aiming for small amount of earnings from day to day is not bad idea but making it to happen is another thing so before
moving forward make sure that you understand the system.

Even in theory it sounds implausible. I mean twenty days in profit? If it was that easy every trader would be filthy rich unless of course you have a very good edge we are all unaware of.

Isn't that a long term strategy? When I'm trading on a daily base, I wouldn't go in all the way to start with. I go in half. Then, if necessary, I buy/sell some more to get down/up the base price.

Who guarantees 20 profitable days in a month? you have $300. If you plan to diversify let say 5 coins. That would mean $60 per. Not all coins will rally together. One might go up and the other experiences a huge dip. Your overall profit might turn to nothing. Altcoin market is highly volatile, if you will have a plan of having 20 profitable days, you will definitely panic. Just don't randomly go for top 10 coins. Understand the market first. Even coins in top 100 can be hugely profitable. It is all about making a right bet at right time.

Well, this definitely could work.. but take note that day trading is also somewhat a sort of gamble. It's easy to say "my daily goal is 5 to 10$", but what if it goes the other way? Meaning you lost 5$ to 10$ instead? It really is easier said than done. Not to mention the prices have been very unpredictable since forever, and at the same time it looks like we are in a sort of a semi-bear trend at the moment which probably makes it even harder.

Your plan is good but it's not a plan but an idea you will need to know more about trading before doing actual trading. Earning 5$ per day with trading is very possible but loosing your money is also possible. You should be more curies about other things then just thinking. You'll have to learn ins and outs of trading and also you should know enough about risk-management to reduce the risk of loosing much more than you earn. I have been learning and doing trading and I must say trading is really hard for you if you're an emotional person with dreams. But if you have control over your emotions and you have enough experience in trading then you will most probably earn great profits.

thank you,

fear and emotions are something what I'm well aware of. First of all, for me it is a game. I have a fix monthly income, money which I make with trading will be used for going to expensive restaurants:D. So, no money, no restaurants...

On the other hand, I can lose the money, it is not a big deal.

taking the loss? Yes, I should, this will be covered by bigger gains now and then.

That's a good calculation for making a bigger profit through trading. With trading its not that easy to make money as well everything won't happen as we expect. It all depend on the coin you have invested into, and if the price of the coin the trader has invested didn't grow can't get the calculated profit.

That's nothing more than a fatigue exercise and may not go the way you thinking. There are several more trading practices which are more productive than this one.
Along with that, I am never a big fan of day trading. Seriously no one can predict crypto movement in 24 hours or less than that. It is nothing more than gambling so it is advisable to go for solid long-term investment than gambling and saying it trading.

You do have a point and it does really happen on trading which emotions or fear would be the main problem later on when you are in a middle of the trade. Setting up plans is good since you do have a specific amount target on a single day,its easy to set it out but unexpected things do really happen along the way on which same as you said if you do see 5% down how would you react on it? How much more if it would go more down,for sure those plan of yours will most likely to change up along the way.

that is not a the plan,
but that is a theory,if you want to make a plan aka strategy you should make it in detail good and bad.
because you need a preparation for everything that will happen if your investment go down.
plan = strategy.
for example :

i have $3000 and i will trade top cryptocurrency such as ETH,XMR,XRP,LTC.
and i will split my capital to 4,
which mean every coin i will invest around $750.
i will do a small trade and i will sell it if i have a profit for more than 5~10$ for each coins.

that is strategy for the good one.

for the bad one,
i divide it to 4 coins,
but Bitcoin price surging and at the moment it will hit another ATH,
what should i do ?
based on other people said and my observation,Bitcoin price will go down in the next month.
which mean my coins will get pumped in the next month[probably],
so i will hold it for a little bit.
but if the prices really goes down but my coin still not up yet,which mean it will get another downward movement.
it would be better for me to cut the loses right now.
so i can buy it much cheaper in the future.


in trading,everything can be happen.
so you should make a preparation for everything that can be happen in the future.
and you need to have a financial back up for everything.
because most of them sell it because they need cash A.S.A.P

I had a plan similar to this plan, you definitely need to make a note with a pencil, you can not make a plan over the paper, and your plan will not be long.

that's sound good in the theory,
if you implement it in the reality you will know what is called 'Fear'.
and more likely you will trade with 'emotion' which mean it will lead you to get lose instead of win.
if you want to do that,at least make some preparation for the bad one.
for example if you buy it and down 5% what will you do ?

will you hold it or cut lose ? or something like that

Hello,

I have started with my plan this week:

- 300 $ start money
- buying  and selling coins from top ten: btc, eth, ltc,mnr,...
- taking small profits: 1 or 2$
- daily goal is 5 to 10$
- 20 profitable days a month
- work myself up to 3000$

Then (I'm not in a hurry), With those 3000$ I want to make between 1000 and 2000$ a month (daily profits between 50 and 100$, 20 good days a month).

Is this reasonable?