Topic: This will help day traders and newbie traders. - page 4. (Read 1229 times)

Many people have the dream of leaving their jobs and become full time traders but for the most part you need an enormous amount of capital to do something like that, in order to really understand how hard it is think about how much money you will need to pay for your bills for all year? Then let us assume that you can earn 20% on the markets each year, this may seem like a low amount in the market but believe me less than 1% of the traders reach that goal, this means you will need to have already 5 years worth of savings before you can trade for a living, how many people have such high savings? Very few I guess.

So basically, in doing day trading, you must not just be financially ready but as well as mentally and emotionally ready for day trading a really tough one and you must not let your emotions do interfere on doing decision making for you might regret if worst case scenario will sprout that will give you mental challenge on how you will deal with your trading. Those key notes that the OP have provided are commonly the basic ones which anyone can discover themselves or do have different strategy or approach upon doing day trading but what I can say is that to be able to survive and get along on having day trades, better know the market of the coin you wish to trade with to better get familiar on the entry and exit points to conduct successful trades. It would be difficult at first of course because learning is not the end of it but the application as well which is the trading proper where you can learn another thing from your own experience which you can use to be able to progress and increase the probability of dealing a successful day trade journey.

Unfortunately trading is not that robotic, at least not in crypto just yet, maybe in the future. If you go to any stock market office or a forex office you will see how differently they trade, most people in crypto world is not at that level just yet. Obviously there are some like that, people who have 6 screens all looking at charts and bots that does what they want when they want it and so forth, basically all around fully developed traders that does this as full time jobs, but those are still very few in numbers.

We are filled with people who are "OMG LOOK THIS WENT UP 500%, I SHOULD BUY IT NOW THAT ITS AT ATH" and lose money, obviously they will get lower and lower in number and professionals will go up in number but it looks like it is going to take some time.

I solely concede with this article.
Whether you are a Daily Trader or a Newbie Trader, you have to ratify these. Everyone, even me, has to plop these in our head to trade. Contrarily, the place of help will be bruised.

Before anyone can leave their job to go into trading full-time it would require a lot of hard work which I know for sure that so many can’t deal with it, so sometimes it’s always best to play safe by not quitting your job and trading only when you have the time and the right strategy.

Moreover if one is going to place eight trades and lose and only win the ninth one, then you’re losing. Just calculate that, unless you’re going to be making use of stop-loss to reduce the losses, but how sure are you that the profit will be able to cover up for the losses you have experienced? Apart from all that you have got to talk about the financial aspect of things, just trade if you’re ready for what comes with it.

All these points are clear, but how many people adhere to them in real life? I think that others, just like me, constantly break these rules. In one case, I entered a transaction with an increased volume, in the other I closed the order at the wrong time. All this leads to losses. But until you lose your money and analyze the reasons for this yourself, it is impossible to become a trader.

Money management/Fund control is one of the most important factor that should really be learnt when you do deal up with crypto trading so that you would able to make yourself do sustain in case you do make out losing trades rather than on going those all in type of trading or simply just like on making it as a gambling which is really a bad idea specially when you are doing active day trade.I agree that no course will really be precisely
make you a better trade unless if you do experience  for yourself.On paper then its beneficial but not totally the holy grail that you've been looking for.All strategies available are still subjective when it comes to
efficiency and accuracy.It will vary on how you do make use and make out such decisions.

You will mold up those kind of learnings when you do experience up things not only on the losing side but also on the profiting side as well.Yeah, its pretty common but those would be the hardest thing to be done
when you are already on the actual situation thats why lots do really fail on doing this and decide to hold up instead than on making doing some active trades.Profit wise then no doubt that this kind of trading do
give the best in terms or intensity of making money but the issue is that it doesnt really fit for anyone and only to those who do the hard work and learning things up will able to do so.

Honestly speaking i was once a thinker that becoming a member or discovering and entering the world of crypto may give me an instant money easily. But in the long run of my journey here in crypto it changed my mindset and i experienced that even i'll just sit in here do day tradings, or just sit typing and sharing my thoughts i'd still need to sacrifice. My time, pay attention to learned and of course accept the fact that i would still need to work it hard to get what i deserve to get depends upon the effort that i exerted.

Actually, all the tips in the opening post are not new, because tips like that are very common and can be found in various articles.
But I appreciate having made this topic as a reminder, that it is not easy to become day traders. You need to go through several
steps in order to become successful traders. And most importantly we must be disciplined in carrying out the tips that have been
mentioned in the opening post, especially prepare mentally to face risks if you experience losses.

No course can make you a good trader unless you try it yourself. The crypto market is a very volatile market, and because of this behavior of the crypto market, day traders can make good profits. Every day different events of one or the other coin, development news comes and the effect of all those news creates in the market price. So those day traders can trade based on those news and make good profit. In any case, you have to follow some rules to trade.

I think money management is the most important thing in trading, because many proven strategies can fail if money management is not followed. So money management is very important in day trading.

A decent amount of capital is necessary if you want to become a trader or investor, and it is precisely why when we see newbies asking for coins that will go 100x or more it is easy to know they are investing in the market with a very low amount of capital and that they are expecting to get rich with a very small investment, the problem with this is that the risks that you will have to take in order to have any chance of succeeding will be enormous.

On the other hand if you have a decent amount of capital you could forget about shitcoins and focus only in bitcoin and other good coins in which case even a growth of 2x could be enough to improve your life significantly without taking any significant risks.

Newbie should not directly jump into day trading if they don't want to lose their capital in quick time, we can't be a master in day trading but we can definitely make more money in shorter trading format but all you need to do is to pick the right coin and trade with a stable pair for less risks.

Definitely the difference between trader and gamblers and newbies and veterans. At the end of the day when you are a newbie and when you think you "found" a strategy that works and you make money, you are usually new enough to go all in and make bigger and riskier moves which could result with you losing a ton of money.

I really do not think that it should be like that, if you found a strategy just keep it going for a while with the amount you do not care to lose, that way you wouldn't care if your strategy suddenly doesn't work. Of course this is not going to last forever, eventually you will go bigger but at first do not start with all-in just because it worked. So be patient, use that strategy and try to tweak it as much as you can in order to avoid high risks.

This showed only the in cryptocurrency we really enough knowledge for us to become successful in the end, because without this thing
it will be hard for us to become successful. So, all of the tips and good idea was definitely approved to me actually in the articles of course.
And I guess newbies together with the traders will adopt or absorb this thing as well.

Yeup, just like all them noobs who first come into gambling and they actually win something big, then they think they've struck gold with some kind of strange strategy that lets them outwit the house. And yes, you start trading like this and you might as well be gambling, except worse, some people think of trading as an "investment".

This is the beginning points of the downfall for anybody who thing its instant money in trading or say in investing as well. Trading is highly risky in this volatile crypto's because if anybody get the direction wrong of price movement, they will incur a huge loss. So accordingly, one should trade with capital and only with good coins initially to get some experience as well.

Just because it can be included doesn't mean we should engage in it. The outcome is more negative than positive. When there's a bull market you're better off just holding your coins than trying to outsmart the market by selling jf as you selling off your holdings will reduce the profits you would had secured and in the scenario of bearish market, the chances of you predicting the outcome of the price movement of a particular coin is almost zero (especially if your experience aren't that strong).

In the space there are various method you can adventure into to bring about a profitable experience as a cryptocurrency enthusiast with low risk compares to that of day trading. Newbies shouldn't be encouraged to go into daily trading, they lack the experience, education etc which will cost them losing their capital to market manipulation.

Investing is one of the easiest and most advisable form of engaging cryptocurrency, the procedure are very simple and all you need is patience couple with some right decision making ability that most have come from you researching in the project in picking potential coin.

Coaches could teach you, people could teach you how to trade, but usually when they retire because they made enough money and they want to spend more time with their family and have more time but they don't know how to manage their time anymore, since they spent so much time working beforehand, now they are very free and they don't know what to do.

Peter Lynch is one of the greatest fund manager in the world and he made so much money for so many people and got rich, dude retired but after he retired he wrote books about how he got rich because he had so much time to himself so he didn't know what to do with all that time, he couldn't just watch TV all day because it is not in his character so he wrote books about how to invest and they sold a ton as well. So "actively trading" greats will not share their info but retired ones may.

If they don't change their minds not to hope to make instant money, they will be able to make money from trading because we can not expect the market always to move good. We need to wait for a while if the market is down. Sometimes the market will be up and down, so we need to analyze the market before we do something. Day trading can allow newbie traders to make money, but they need to learn more about market movements.

It will help newcomers a lot in doing day business there are many new members who are new to the crypto market and if they have no idea about the trade then they will be able to move forward very easily by correcting their mistakes. Be able to gain many basic ideas about trade it is good for every new entrepreneur to follow these ideas.