Tips and tricks for day trading - page 5.

Oshosondy

legendary

Activity: 1624

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Gamble responsibly

Quote from: Wind_FURY on March 24, 2022, 03:46:56 AM

That's a waste of time, and your money. If OP wants to treat trading like gambling when he's bored, then OK. Deposit 50 and lose all of it like he played dice. But if OP wants to make some extra profit, best way for us plebs is to save part of our monthly salary and HODL them in Bitcoin.

My advice will always be, "Spend less than your monthly salary, budget your money, pay your expenses, then HODL the rest in Bitcoin".

From your advice, it is clear that you are a holder, that is nice and best because holders do not lose like traders. But your advice seem more like you do not even want him to trade at all, learning trading can start from anytime. Anytime it starts, new traders will lose, that is normal, but for learning and can worth it, that is why it is good to use very small amount of money to trade that the person can afford to lose. This is how it will continue and the trader will develop do and don't that will later help him and later consider to further to trade or stop after practising scalping, day trading and swing trading, or if he gaining in one than other, he can decide to choose the one that he is making profit from which could be swing trading.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: Oshosondy on March 24, 2022, 03:23:55 AM

Quote from: Silberman on March 23, 2022, 03:02:54 PM

The best tip for someone like you is to stay away from day trading, day trading is for experts only

But someone can not just become expert in one day, if you are discouraging people not to trade, then no one will be an expert.

Quote from: Silberman on March 23, 2022, 03:02:54 PM

now you may engage on it if you want but I guarantee you that you will lose your money

New traders do lose, then best to advice them to use a very small amount which they can willingly offer to lose, starting to trade with $50 is not bad while trading with $10 in each trade

Quote from: Silberman on March 23, 2022, 03:02:54 PM

so I recommend that you begin by just holding your coins and then after some time you can lower the time frame in which you make your trades.

Tradimg can start anytime, it depends on the approach used.

That's a waste of time, and your money. If OP wants to treat trading like gambling when he's bored, then OK. Deposit 50 and lose all of it like he played dice. But if OP wants to make some extra profit, best way for us plebs is to save part of our monthly salary and HODL them in Bitcoin.

My advice will always be, "Spend less than your monthly salary, budget your money, pay your expenses, then HODL the rest in Bitcoin".

Oshosondy

legendary

Activity: 1624

Merit: 1200

Gamble responsibly

Quote from: Silberman on March 23, 2022, 03:02:54 PM

The best tip for someone like you is to stay away from day trading, day trading is for experts only

But someone can not just become expert in one day, if you are discouraging people not to trade, then no one will be an expert.

Quote from: Silberman on March 23, 2022, 03:02:54 PM

now you may engage on it if you want but I guarantee you that you will lose your money

New traders do lose, then best to advice them to use a very small amount which they can willingly offer to lose, starting to trade with $50 is not bad while trading with $10 in each trade

Quote from: Silberman on March 23, 2022, 03:02:54 PM

so I recommend that you begin by just holding your coins and then after some time you can lower the time frame in which you make your trades.

Tradimg can start anytime, it depends on the approach used.

Despairo

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Merit: 843

Quote from: palle11 on March 23, 2022, 08:09:07 AM

You are not getting this right. If you seeing trading as the same thing like gambling that means you will be getting it wrong and you will be doing wrong trading. Trading can be distinguished with gambling because you have charts that you can use for trading but gambling is not like that, gambling is all about alot of luck.

Do you think "charts" is enough to beat the market?
There are so many course about technical analysis and chart patterns, I've learn and understand it, but sometimes it doesn't work for the market since it's go wrong from the analysis. As the discussion is day trading, you're supposed to made profit every day but the fact only 1.6% day traders are actually profiting. I'm surprised you're promoting gambling site but you said gambling is full of luck, play poker or sportsbook.

Quote

https://tradeciety.com/24-statistics-why-most-traders-lose-money/
Profitable day traders make up a small proportion of all traders – 1.6% in the average year.

Quote

You are not making clear explanation here. Day trading is part of trading or you make better example of what you mean.

My point is don't do day trading and only trade in an events e.g. China crackdown, El Salvador accept Bitcoin etc.

Silberman

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Merit: 1338

Quote from: midori_samitto on March 22, 2022, 09:59:48 AM

Hi everyone,
I'm a newbie and I would love to receive from you all of your tips and suggestions about doing day trading.
I want to understand strategies, websites, people to follow for doing shot term investments.

• Could you explain to me a good strategy?

• Which websites are the best for analysis?

• Who should I follow on Twitter or Reddit to read about their analysis and predictions?

Thank you for your time,
Samitto.

The best tip for someone like you is to stay away from day trading, day trading is for experts only, now you may engage on it if you want but I guarantee you that you will lose your money as it is impossible that a newbie is going to have the right strategy and the ability to execute it correctly under the high pressure of having to do this in just a matter of seconds, so I recommend that you begin by just holding your coins and then after some time you can lower the time frame in which you make your trades.

hugeblack

legendary

Activity: 2688

Merit: 3983

I do not think that day trading is something you can learn just by following channels or following what they say, it is something that makes you money, and there is no easy and guaranteed way to make money so you must learn the basics of trading, learn how to control your feelings, control how you evaluate risks and after you take a while enough you will have a "sense of trading"
So there is no trick but rather a reward for all the traders who have spent some time learning and developing themselves.
Once you gain enough experience, you can start such a risky investment and then you may make profits.
Trying to imitate others is probably the easiest way to lose your money.

Zilon

sr. member

Activity: 966

Merit: 421

Bitcoindata.science

physical mentorship for trading tricks is best especially for newbies. It's complex for newbies learning online. i see online trading academies reserved for intermediate and advised traders who understand the basics and wish to further at their own pace. Day trading for newbies learning online will take longer time to stick with and it can be tempting to want to trade live even when the concept is still strange

boyptc

hero member

Activity: 3024

Merit: 680

★Bitvest.io★ Play Plinko or Invest!

Quote from: midori_samitto on March 22, 2022, 09:59:48 AM

• Who should I follow on Twitter or Reddit to read about their analysis and predictions?

On this one, you should follow almost everyone that has good insights about the market. This is where the fundamental analysis comes in since the whole market is a speculative market.

It is relying mostly on the news so if there are those Twitter crypto personalities that are sharing some fresh news at all times, they're likely the ones that I'm going to follow.

But since there are also news outlets that I can check for fresh news, it's also good to check on them at all times.

palle11

sr. member

Activity: 2366

Merit: 332

Quote from: Despairo on March 23, 2022, 04:21:31 AM

I assuming day trading is similar like gambling. Each casino have few % house edge, in math gamblers always lose while house always win. But you're wanted to beat the house "everyday" it sound like impossible.

You are not getting this right. If you seeing trading as the same thing like gambling that means you will be getting it wrong and you will be doing wrong trading. Trading can be distinguished with gambling because you have charts that you can use for trading but gambling is not like that, gambling is all about alot of luck.

Quote from: Despairo on March 23, 2022, 04:21:31 AM

Don't do day trading, better to trade in some special conditions e.g. when market sudden decrease or increase. In that moment you can advantages of either buy on bottom and sell on peak.

You are not making clear explanation here. Day trading is part of trading or you make better example of what you mean.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: midori_samitto on March 22, 2022, 09:59:48 AM

Hi everyone,
I'm a newbie and I would love to receive from you all of your tips and suggestions about doing day trading.
I want to understand strategies, websites, people to follow for doing shot term investments.

Don't "day trade", not during the current politico-economic situation, and the situation of the markets both legacy and crypto.

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• Could you explain to me a good strategy?

Buy and HODL, wait for the big DIP. I believe placing bids near the 200-week SMA will be filled, like during both bear cycles.

This graph shows a 200-week WMA heat map, 200-week SMA currently shows +$5,000, https://www.coinglass.com/pro/i/200WMA

Use TradingView, and graph your own weekly Moving Average. Plus use Bitstamp's data.

Despairo

hero member

Activity: 1064

Merit: 843

People do trading to earn money, if you're want to day trading it mean you want earn money everyday. Trading isn't easy, so day trading is difficult than trading, I assuming day trading is similar like gambling. Each casino have few % house edge, in math gamblers always lose while house always win. But you're wanted to beat the house "everyday" it sound like impossible.

Don't do day trading, better to trade in some special conditions e.g. when market sudden decrease or increase. In that moment you can advantages of either buy on bottom and sell on peak.

Tellek Garing

full member

Activity: 854

Merit: 130

Trading is a highly volatile venture as one can not just offer you a trading trick that will guarantee good trading profits, so trading skills are built by experience it takes time to become a perfect trader, Day trading is not that easy to be understood from affair so you need to start practicing from a small amount till you become perfect in it before increasing your capital.

Oshosondy

legendary

Activity: 1624

Merit: 1200

Gamble responsibly

Use low amount of money for day trading
Always know it is risky
Use spot or just low margin
Practice very well for months to a year with very low amount of money to know how it is
Study indicators

Some traders were day traders before but later prefer swing trading, if you know you fall into a category that you always lose, that is a sign you should change to holding or swing trading.

Always be very patient too, traders are very patient before they enter market at a particular price.

Kimonoe

member

Activity: 700

Merit: 10

day trading is indeed difficult to earn consistently. but that doesn't mean we can't do it. I think there are many books about trading that we can read, and of course from people who are successful in trading. Of course after we read we will practice it and always review every activity, so that we know the weaknesses and advantages of the strategy we are running. and it must always be developed, so it will require a process

Poker Player

legendary

Activity: 1372

Merit: 2017

Quote from: midori_samitto on March 22, 2022, 09:59:48 AM

Hi everyone,
I'm a newbie and I would love to receive from you all of your tips and suggestions about doing day trading.

You've probably already decided to day trade and I'm not going to convince you otherwise, but have you thought it through? Day trading, both in the financial markets and in the crypto world, is highly promoted because exchanges are very interested in it since they make a lot of money in commissions. What they don't tell you is that 90% or more of day traders lose money in the long term.

You will be competing against high-frequency algorithms that are not driven by emotions, and bear in mind that in an emotional outburst you can screw up.

Of course, if you still want to do day trading, the other fellow forum members have given you good advice. In these things, if you have a predetermined idea, until you screw it up for yourself you don't usually change your mind.

Wexnident

hero member

Activity: 2702

Merit: 672

I don't request loans~

I used to use tradingview way back then when I was trying out day trading. I never really had any solid strategy whatsoever, I just tried reading the market thinking what I think would happen, mostly based on the sentiments of the news and whatnot. Basically only my personal opinion, then doing trades based on that. The simple strategy of buy low sell high, nothing complicated. Probably why I never really enjoyed it, nor did I actually profit much out of it. If one day you grow tired of doing day trading, try out DCA, more carefree, but less profits possible.

logfiles

copper member

Activity: 2170

Merit: 1822

Top Crypto Casino

Quote from: midori_samitto on March 22, 2022, 09:59:48 AM

• Could you explain to me a good strategy?

There is no specifiy stategy for anyone. want might work for you, doesn't work for me but you should follow the common rules such as no greed, good risk management etc while you try to perfect a startegy to bet fits your trading style.

Quote

• Which websites are the best for analysis?

I use;
1. Tradingview.com
2. coinalyze.net
3. cryptowat.ch

Quote

• Who should I follow on Twitter or Reddit to read about their analysis and predictions?

Check out this thread. Some useful information there: Underrated Trading resources

GreatArkansas

legendary

Activity: 2506

Merit: 1394

There is a lot of good strategies out there, but I can advise is to focus first on 1 strategy then master it, practice it and make sure you will become familiar with it, be consistent.

The one that is best to follow on Twitter is @EmperorBTC(https://twitter.com/EmperorBTC), as this user is a really good trader and always shares his knowledge with other people, this user has an e-book and a lot of lessons about trading. Check his profile and you can see his Telegram channel where you can get easily all the trading materials he made for FREE.

sheenshane

legendary

Activity: 2492

Merit: 1232

Quote from: BitMaxz on March 22, 2022, 10:49:47 AM

If you want to learn more about trading I have a good source with lots of guides and tools free or paid.
Here's the link https://github.com/SpiralDevelopment/Awesome-Crypto-Trading and check this too https://github.com/nikepan/awesome-crypto-trading

You've given good resources which is where OP all he needs, all he needs to do is to have deep research and understand those analysis before making such a step into trading.

Quote from: midori_samitto on March 22, 2022, 09:59:48 AM

• Could you explain to me a good strategy?

• Which websites are the best for analysis?

• Who should I follow on Twitter or Reddit to read about their analysis and predictions?

We have different strategies if you feel that you're comfortable with your strategy then use it, if not, find another one and apply which gives them an accurate result.

Tradingview is the website that can be used as a tool for the analysis which is on the link provided above. TA and FA are good analyses if you know how to use both.

No, never follow anyone, just have your own research instead, they will mislead the opportunity that supposedly you can take. Most of the people that share predictions and analysis in social media are those pump and dump group.

akamit

hero member

Activity: 1498

Merit: 596

Quote from: BitMaxz on March 22, 2022, 10:49:47 AM

Check these two videos about scalping

- https://www.youtube.com/watch?v=Df-eKNJDkRo
- https://www.youtube.com/watch?v=nFYE0H-Lfzg

Have you tried these strategies? Is it good?

Quote from: BitMaxz on March 22, 2022, 10:49:47 AM

If you want to learn more about trading I have a good source with lots of guides and tools free or paid.
Here's the link https://github.com/SpiralDevelopment/Awesome-Crypto-Trading and check this too https://github.com/nikepan/awesome-crypto-trading

Nice list of resources.

Topic: Tips and tricks for day trading - page 5. (Read 770 times)