What is the first rule of daily trading in your opinion? - page 6.

Thanasis

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Quote from: Osarman on October 28, 2017, 03:32:02 PM

Quote from: malikusama on October 27, 2017, 05:42:10 AM

Don't do day trading if you don't have any knowledge or some experience, BTW the main thing is to just stay focus on the market of your coin and be active, day trading is too fast and risky so may you loose the opportunity to earn if you are not attentive.

There are so many things which you need to take care and that too in a well manner if you really want to go for day trading. Day trading is quite a different kind of things and it needs you to remain active and vigilant throughout the time. One wrong decision can result in huge loss of money. So it all depends on how good you are at managing the things and making decisions in short span of time.

As you said if you want to be a trader then you need to maintain many qualities to be successful.And you need to
have lot of the first is Time Investment to Day Trade Successfully.Day trading isn't a get rich quick career, nor is it something that takes years to gain consistency at. Expect to spend six months to a year honing your skills and practicing a strategy before you become comfortable with it in all conditions.

faithupgrade

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Do not trust your feelings. Many newbie traders loss a huge amount from making trades based from their feeling. Study how to read charts and consider the advices of veteran crypto traders. Some of them can be seen from tradingview or twitter.

Quote from: sa3loo on September 26, 2017, 07:14:01 PM

Let's see what you think Guys.

swscowods

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Quote from: hurain on October 28, 2017, 02:42:52 AM

Quote from: malikusama on October 27, 2017, 05:42:10 AM

Don't do day trading if you don't have any knowledge or some experience, BTW the main thing is to just stay focus on the market of your coin and be active, day trading is too fast and risky so may you loose the opportunity to earn if you are not attentive.

Day trading require a lot of experience and skill. In fact day trading is totally different from long term trading. in day trading you need to be more active and must have good trading skill, you must take a decision in right time without any delay otherwise you can lost a lot. I think day trading is more risky if a person do not have any experience.

Day trading is no doubt very much profitable thing but at the very same time, it is very much risky as well. Day trading actually demands you to be very much active and sharp mind so that you can actually rake wise decision and that too in short period of time.

The basic rule of day trading is do not lose your emotions no matter what the conditions are. Just hold your nerves and think well.

Osarman

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Quote from: malikusama on October 27, 2017, 05:42:10 AM

Don't do day trading if you don't have any knowledge or some experience, BTW the main thing is to just stay focus on the market of your coin and be active, day trading is too fast and risky so may you loose the opportunity to earn if you are not attentive.

There are so many things which you need to take care and that too in a well manner if you really want to go for day trading. Day trading is quite a different kind of things and it needs you to remain active and vigilant throughout the time. One wrong decision can result in huge loss of money. So it all depends on how good you are at managing the things and making decisions in short span of time.

GoodLuck2

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Quote from: greatk on October 28, 2017, 06:46:08 AM

My rules of day trading;
study the currency pair before starting
Before a day trade, decide your profit\loss margin and be ready to take profit and stop loss

Simple but efficient strategy, surely there must be more knowledge you have when you are coming in day trade. In long term, you don’t have to cater much problems. All you need to do is wait and watch, how prices are going up and down. But day trade demands the basic and prior knowledge of daily market plus the ratio of margin for profits you wanted to earn this day.

Ewinsane

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Quote from: DragonSlayer on October 26, 2017, 03:33:29 AM

Quote from: WSDN on October 26, 2017, 03:08:32 AM

The first rule is that you must understand what you trade. Don't sell or buy follow market trend. It's just a scam. It can make you lose all your money.

Scam indeed but it is the most profitable one if you now how to ride with the hype and we should expect that after the huge price comes there's always a fall since most of the shitcoins are placing some good signs so that they could trap the huge fool traders. But we shouldn't look for this everyday since there are long term coins are the best to trade and might gonna bring us to top.

There is no way you can ride with that kind of hype. Most of them are just quick pumps that happens like flash and most times will just trap your funds for a very long time without having anything. Might be OK for a long term trader but not for a day trader.

As per you said, it is better to concentrate on coins with good support, easy to read trend with every possibilities of trade not going wrong. You do not have to trade all the coins, just have a list of your portfolio and work with them. It makes things easier.

mroth7684

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Reading news. That is the first my rule before daily trading. You can not trade without informations. If you can know 1 news, your successful probability increases 1%.

Stedsm

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It's one of the most riskiest types of trading where gaining and losing can be bigger compared to those long term trades where we wait too much. So, the first rule here should be using take profit and stop loss levels because with these, gains could be much bigger if we put trailing stops and losses could be cut the similar way we may close the position manually.

Monnt

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Quote from: realdhanny on October 26, 2017, 03:36:40 AM

Never take your eyes off the market for day trading!

Apparently that is why it is called day trading, isn't it? That is where the difference between a long term trading and day trading comes in. You have to keep monitoring the charts, making pretty fast decisions and then playing out your strategies on each one. However, first rule is never bite more than you can chew. Have a strategy, stick to it and learn from your mistakes.

Apened

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Day trading is not easy so you should watch for some walls to have a clue to what price it may take that was the first rule for me, day trading is based on volune or high volatile altcoins that you can do a swing trade.

Cacingkemi

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Quote from: corroze on October 28, 2017, 08:03:46 AM

perhaps by trying to be more consistent in trading even with small profit targets but if it can be done regularly will certainly result in accumulation of large profits, because we know the current movement of bitcoin prices so active, so have the opportunity to benefit from the that situation .

Simple but sure if done continuously,this is called slow.I agree with you if this is applied to beginners I think they will be more consistent in trading.

Nameless27

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I may not have much technical capability but as I observed, daily trading is a risk itself for a reason we’re stressed out because of unstable price that any minute might change too high or too low, without monitoring in a minute is a wasteful profit as they say.

So the first thing I should advice or tip anyone is control your emotions because a bad day might be a right time to skipped even just for a day. Because it is too hard to think when your mind is not clear and focus of what you’re intended to do.

corroze

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perhaps by trying to be more consistent in trading even with small profit targets but if it can be done regularly will certainly result in accumulation of large profits, because we know the current movement of bitcoin prices so active, so have the opportunity to benefit from the that situation .

Traslavin

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Quote from: greatk on October 28, 2017, 06:46:08 AM

My rules of day trading;
study the currency pair before starting
Before a day trade, decide your profit\loss margin and be ready to take profit and stop loss

Yes I agree with your trading strategy. First and foremost of course you need to study the different techniques and strategies that are needed to a successful trade. Second you must observed the price in the market, how it reacts or how and why it fluctuates. And lastly, if your ready to start your trading of course the most especially you must have courage and be brave and don't expect too much regarding your return of investment.

Mr.John19

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In trading don’t have to be right every time, you just have to follow your rules and my main rules always monitor the value of the bitcoin if the value is lower don’t think twice buy bitcoin immediately and if the value of bitcoin is higher enough sell it with all your heart.

greatk

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My rules of day trading;
study the currency pair before starting
Before a day trade, decide your profit\loss margin and be ready to take profit and stop loss

cryptoalfs76

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Quote from: sa3loo on September 26, 2017, 07:14:01 PM

Let's see what you think Guys.

The first rule of daily trading is to have a skills and strategy of how to trade accurately and precisely in order to earn a great profit of your investment.trading bitcoin is a long process but it is more exciting and challenging everytime you make a trade,sometimes you failed but if you success you can said to yourself i can do it,and im now a professional entrepreneurs.

hurain

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Quote from: malikusama on October 27, 2017, 05:42:10 AM

Don't do day trading if you don't have any knowledge or some experience, BTW the main thing is to just stay focus on the market of your coin and be active, day trading is too fast and risky so may you loose the opportunity to earn if you are not attentive.

Day trading require a lot of experience and skill. In fact day trading is totally different from long term trading. in day trading you need to be more active and must have good trading skill, you must take a decision in right time without any delay otherwise you can lost a lot. I think day trading is more risky if a person do not have any experience.

otunayode

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If you are not whale, always play or trade with something that will not be detrimental to your finance. I think that should be no 1 rule.

raking

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"Do not make too many small transactions." at present, The fee is set at a percentage of the btc price, not the transaction money, so the fact that you make too many small transactions will result in a big fee.

Topic: What is the first rule of daily trading in your opinion? - page 6. (Read 3602 times)