Bitcoin Forum

Background understanding of what a trader is


Points To Note

1. You need to have the right mindset, this is the most important (and the very first) requirement in becoming a day trader.

2. You need to be mentally prepared to take risks and suffer losses.

3. Have in mind that no one can generate profits consistently. Intermittent and extended losses are part of the day trading game. (For example, a day trader may suffer eight loss-making trades in a row and only recover with profit on the ninth trade.)

4. Master your entry/exit strategy

5. Have money management understanding

Important my friend because sometimes a day preceding holiday could be highly volatile or dull. Sometimes it is better not to trade on the day before holiday to be safe.


This is a good advise for we all

https://www.investopedia.com/articles/active-trading/051415/10-steps-becoming-day-trader.asp

It is a great article, I like those tips, they usually speak in a general sense, although I give more importance to learning to know the market, its movements, the way to interpret the volume and not only dedicate itself to only doing technical analysis, but Try to understand the market movements.

None of these tips or tricks or eBooks or any type of video tutorial will actually help you become a trader in real life. Right now every Tom, Dick and Harry is making boatloads of money on the stock market like every Tom, Dick and Harry made back in crypto in late 2017 and eventually the markets will trade sideways or bearish and people will lose all their realized gains.

The only way to become a profitable trader is basically to have experience and you can't teach experience. Just because a few kids made $1 million dollars trading with a $3000 account on Robinhood with Tesla options, doesn't mean they are better traders than those that made $50,000 yearly profit off their $100,000 starting balance.

Like the famous saying goes "Anyone can make money in a bull market". Don't need to be a experienced trader at all.

Before experience, someone needs to start from somewhere and that is why they are called newbies. You don't grab experience on the air or fly to catch but you grow into it. And those tips are steps to be better experienced in the future.


Did this quote also capture those catching the grenade?  ;D
Remember bull run also get some trapped. So there are loses and gains whichever direction. People that bought bitcoin at ATH are still counting their losses.

That's why there is a need to know how to really trade in bull run or not, There were times that we become too greedy expecting that bull may still continue and can give us more profit but in the end will just make us lose a lot since we didn't know the fundamentals or atleast know how to read the charts.
Setting our mindset when to sell can help but it should be realistic and not too much that we lose a chance to earn since we expect it to be that high, having a proper mindset is really needed but also learning some TA can help traders to actually decide when to buy and sell.

Day trading will end up in lose or no net profits in the long term so it is not meant for everyone.Preparing to face the worst day of their crypto trading life is the best survival strategy, make use of stop loss feature which can save you from huge losses.

Because we need to understand the reason for a bull or pump to know when its limit is reach. Definitely, not everybody body makes profit during the bulls. When you buy at the bull limit, you get hooked up.




That includes stop loss and take profit.

The first thing I learned is #4 "entry/exit strategy". Well I have to learned it the hard way, but the lesson is worth it. I guess when I was a beginner, my emotions (greediness) takes over of me and I don't exit when I already have made a good profits, specially in 2017.

And to add what @adaseb have mentioned, too gain experienced, you really need to get your hands dirty, sort of, so you really need to go into trading right away and learn the trick and tips by yourself. Don't depend on those so called experts, because there's none.

I think there are many more tips for day traders and newbie traders, but that tips work good for them. Number 5 is a must that every trader should have, whether he is a day trader or newbie traders because, without money management, he can not know how much money he should use to trade. That can prevent him from going all-in because I see many traders use that to expect of making a huge profit. If the market is moving on the right track, it will not be a problem, but it is still too risky to do.

That is "day trader" and not just trading, which means obviously this would help day traders but newbies should not be day traders, it is a lot harder than long term trading and for a newbie to start everything with a regular day trading would be very difficult.

I would highly suggest newbie traders to first check out a bit more longer term, it doesn't have to be years, it doesn't have to turn into long term investment type of situation, but not to have any open position at the end of the day means they have to accept losses and close positions sometimes and they should not do that, they should be basically closing all profitable positions and keep all the losing ones until they profit from them as well. If they do this, they will end up with both talent but also patience.

This is one of admired in the OP's list. The risk management, and you are correct, the risk/money management includes stop loss and take profits.
Also, it includes the risk:reward ratio for every trade we do. How much we want to risk for that reward. So there are we need to consider for this, the entry price and target price.
This is one of the sweet mistake of some traders, at first when they enter a trade, they don't have a price target or stop loss that's why they ended up getting rekt or being greedy to get more profits for their trade.

New traders often commit mistakes but that is the real talk in trading. We can't fully understand crypto trading if we never experience failure and success. We don't need to become an expert in here, good strategies and have self-control will eventually work great. But of course, if we keep thinking what OP and experts say, it is surely fine.

It takes it all, appreciates, and hope new traders will take this seriously and apply this.

Those are the advices that a typical trader tends to forget.
Having a confidence with good mindset to start every trading can possibly forget especially when you lose in previous trades. That's how I always experienced, rebuilding confidence and reseting mindset is a must.

I also wanted to add about the cut losses and stop losses. Market is always tricky and sideways cannot be prevented. Putting stop loss in everg trade will help you to save up huge loss and liquidity.
Anyway, I appreciate this advice. Since I wanted to go back to my own  plan as I felt that I am a bit lost of track.

Many traders are just following their guts in making a trade when they think this is the right time to make a market entry they will and if they think this is the right time to pull out it is.

All of those have a process when is the right time some of them are just carried away from the statement and the market movement if they are losing some of them are already pulled out the funds.

Trading requires a lot of knowledge snd a strong mind because it's winner take all.


Stop loss has a lot of contribution this may prevent you to make a large amount of lose also if you have a large amount wage. But still this is your choice for me most of the time I used the market limit.

It happens to me in my early trade because I am lack information about how to trade. I made a loss in many coins, but that makes me realize that I need to learn more about trading. Since then, I have tried to spend more time learning about analyzing the coin I want to buy.

As long as we can analyze, I think we will find the time to trade, and we will have the opportunity to make a profit. It's only a matter of time for us to make that profit, and we don't need to give up because we still have more time to make a profit.

Even if we think that we have skills in trading, we need to learn more because the market will always change from time to time, and if we miss learning, we will see that the chance to make a profit will not be too big.

It actually, traders can read this, and surely they can understand this but I'm not sure how persistent they are in doing all of these things till the end. Because people often change especially when they know other strategies and they keep experimenting with new things away from the basics. All of these will be forgotten at any moment.
This is a reason why traders like this won't make a good end but just a horrible end of their trading life.

That's a bad habit as a trader, if one can gain profit on a certain strategy why change? They might have to change strategy if the previous strategy won't make enough profit but experimenting new strategy again might not be as effective as the previous one plus consider the other factors that could lead them to losses. They should be consistent with the strategy that gives them enough profit since trading is not for everyone.

As a trader i don't think there is a 'pro' in the market because of crypto market uncertainties, the pros in trades also learn everyday but he beginners don't want to learn anything but focus their attentions on profits. Many have been trapped severely becasue of this singular act of not ready to learn the market mechanism and it volatility. Great tips and very much helpful for those who want to make a difference.

Entry/exit strategy is something major and people really do not consider how important it is. Normally you could get in, have a small amount of profit like 5% and get out and quickly do this over and over again enough, obviously sometimes it will be 1 hour, sometimes 1 month but if you keep doing this forever, you do not have to put any new money, do this constantly and you will have a huge retirement fund in 10 years, which is a very quick time if you are young (if you are already like 60+ that wouldn't really be a big deal).

So, I highly suggest people to know when to get into the market and how to get out quickly as well, those are very important parts of crypto trading that not many people managed to master, even I am telling you all this but I can get better at it for sure.

While these tips are good and will help the newbie traders, I think that only practice can make them better at trading.
Experience comes through regular practice and we tend to make many mistakes through the process which makes us learn and grow.
My only advice to newbie traders would be practice daily until you master it and then start the actual trading.

I'm pretty new but I've been putting in hundreds of hours of work on trading and I'm convinced that success in this game really depends on experience more than anything else. One example of this that I never hear talked about is how you fundamentally look at charts when you're beginning vs. when you have some time under your belt. It's easy to look at a chart and spot entries and exits but it's a different story when you're looking at the patterns develop in real time. After a while, I started to look at charts from a perspective of: "ok, I'm on this bar and I'm seeing this, how could I have identified the right course of action without taking into account what comes after that bar (period)? It seems like common sense but i think it's easy to subconsciously miss this point when developing a system and later find yourself hesitant to take entries or taking the wrong entries.  

Another experience based thing is simply figuring out all the mechanics of trading and orders and becoming thoroughly familiar with the tools that your broker gives you. This doesn't happen overnight but I think it's really key to developing an effective strategy. It's like, somebody can tell you in mechanic school to that you need to tighten this bolt with a torque wrench, but if you don't have experience and confidence using the tools to complete the task, you're going to be slow and make mistakes with it. This is especially true with day trading because your mind will be working on a bunch of different factors to trade as it is and it's important to have your tools down as second nature so that you can focus on what you need to. With day trading, minutes if not seconds can really make a huge difference.

I've listened to many hours of interviews with successful traders of all kinds and it seems to me that the one thing they all agree on is that experience and time are things that you absolutely need to be successful and almost all of them experienced years of losing or not making much before things started to click for them. The more i trade, the more I understand why they all say this.  

I have a separate note of being successful when trading and will help traders, actually the key to success in trading is controlling ourselves.
Without it we can become greedy when trading, and cause losses in the end. If we can control our emotions when trading, profit will be easy
to get. Another important thing that traders often forget is that they must use the stop-loss feature,without this the capital we have could run out.
Because as we know volatile crypto prices can experience drastic price drops, without the stop-loss feature it will be very dangerous.

The volatility of the crypto market makes it a perfect market to profit as a day traders. If you pay close attention you would realize it quite easy to make thousands just buying some random tokens on an exchange that has major development ongoing or just got a news update from it developers on their social media platforms. What actually occurs daily that leads to coin getting pumped excluding the manipulation from pump and dump groups is, these projects are traded based on news in upcoming events ore development.

I'll assume the OP isn't referring to trading bitcoin daily as that requires more funds that could lead to the trader getting emotional when the trades aren't going his/her way. With bitcoin the idea of day trading shouldn't be included in your investment strategy.

It is precisely because of this we need to be awfully honest with ourselves, there are many people in this market that earned fortunes by just being at the right place at the right time, in short they were lucky, but they confuse their luck for skill and they keep investing in the market thinking they can replicate that kind of success only to be disappointed because it seems they have somehow lost the Midas Touch, the truth is they never had it and even if the results of other traders are not as impressive over the long term they should surpass them as they will make consistent profits on the markets while the capital of those that were lucky will just go down.

Day trade is still considered or can really be included in investment strategy.It only varies on the intensity and level on how you do deal up with prices.

Day trading isnt something that someone can achieve or able to do so yet this one do require sufficient knowledge and skills in the market.

You cant just dive into it without any preparations thats why some people do tend to hold instead on dealing with price actively.It doesnt matter on where
you would choose, just be sure that you are prepared enough to deal with it.

I think what should be the most important part is.. You should have money.  ;D A lot of it.

Being a day trader ain't that easy.
Let's say you will have a lucky day and it all went well.
But those things do not happen for so long. The end of line will always be there and you should be prepared for that. Have some spare to get it back.
Just stating my own experience. It's like a streetfight out there. You can be punched anytime and everything will go black.

This is what I have been telling to young people (and sometimes even people on my own age) to do but they are really not listening. If you think that you could get rich inside one year, have a life changing thing that makes you from a regular paycheck to paycheck worker to suddenly a person who doesn't have to work and could make money, you could literally go bankrupt, that type of greed really hurts everyone.

However if you could wait and if you could manage to actually aim for a 20 year plan, you could be richer than you can imagine. Buy bitcoin right now (hell buy gold right now) in bulk and wait for 20 years and you will be able to retire early, it is a long term plan and you could benefit from it instead of focusing on how to get rich over night which could lead to you being scammed.

There are many possiblities in the trading field, sometimes it will broke your confident to make a profit. Yeah, I often to find this situation, I collect a bunch of riset for my trading system and I tried to entry but there always time the strategy didn't give me a profit event just give me a huge lost.

So, those points that OP mentioned is really usefull for new trader like me. Having a good mindset and always getting used to don't have a high expection especially to get a consistent profit, the avarage's expectation will only new trader leave the crypto trading. Just trade and use money that you can afford to lose because it will make you stay longer and learn many new strategy to trade.

Mastering entry and exit with good money management of trades caught my attention in the OP write-up this two rules ensured proper planning of my trades before pulling the trigger to buy or sell while using 4 hour timeframe as the minimum trading frame.
I used resistance and support zones as the point of exits thus giving me the opportunity to calculate my stop loss and take profit while taking into cognizance the risk to reward ratio of that particular trade I am about to enter whether it worth trading to a earn decent profits or not else I leave it for another one.

This points that OP's have mentioned is truly helpful for people who want to engage in trading for the first time because this tips will encourage you to start trading in no time. Having a right mindset and mentally prepared is indeed important whether you are a short-term or long-term trader because it will keep you from selling too early of impatience or greed.

I agree with you that the above points are really good especially for newcomers. Analyzing these strategies before the trader gets involved will help the business and will rise to the top. All must think equally positive bad mindsets lead to bad moods if the business does not plan and strategize such a thing there is a risk and not enough capital is available. This is why you have to keep your mind right and control your emotions and move forward with patience this will make it easier to earn and prevent.

Having those tips in mind will help you remind when things get muddled. I agree that experience will teach you the biggest but isn't it wiser to learn from other's experience too. It is better that they have knowledge doing daytrading rather than diving straight into it and gaining the experience, atleast have something in your belt to help you right?

Another good tip to add is do not compare your profits to other successful trader or even your experienced friends, it will leave you the feeling that you are doing something wrong. Roll with the punches because there will be losses.

These tips are the basic thing to know as a trader, we must keep this in mind in order to become aware of what to expect and the risk associated with it. We are not certain if we can gain or lose when we trade since everything is up to how we react on a different market situation. Thats why its better to have a plan and strategy to follow so you wont panic incase something went wrong. Its fine even you have a small gain, as long as you're not losing your capital then its a good starting point to be a pro trader by improving your skills and strategy.

Proper and best working mindset is the key for everyone's success in trading. You can also apply this characteristics for other purposes in your life. All of the next mentioned tips below already belongs to this category. If you had a proper mindset, you will not find it hard to those micro adjustments and important set of discipline in yourself toward trading. Set yourself up properly before engaging to this kind of investment. For this will help you be filled with knowledges that you can use to your trading adventure.

Into the world of risk of trades there are a lot of people would like to earn but it doesn't like easily because there are a lot of things we should consider.

These are the things i commonly experience. 
1. Fear of missing out.
Some of the newbies always click buy and sell because they think they don't skip any profit on this day they becomes too much greedy.

2. Lack of confidence
When they see that the market price of the coin drops they immediately pulled out their investment. Which is wrong and could cause of loses a large amount of money.

Yeah, mastering entry and exit is something incredibly hard, nobody can do that very easily, it takes time to master that and it involves a lot of patience in order to reach that level because you are not going to get in and get out at the right time early on, but you will learn about it over time.

Literally money management is another, if you go into bitcoin and want to get out at 100% profit you are either going to lose money or you are going to wait years for it, but if you do that with smaller coin and 5% profit you are going to be fine, plus if you go all-in with all your investments eventually it will hurt you a lot, but if you go in with just 5-10% of your portfolio even if it goes down 5% that is only 2.5% of your portfolio so you should be fine in the end.

Yes. These tips are very helpful not just for beginner traders but even for those who have been in trading for a period of time. Having a positive and right mindset could be the best key to end up a successful trading. Of course you won't engage into trading if you're not willing to take risks and suffer losses. Learning the best entry and exit in trading cam be very helpful too so you can prevent more losses and attract huge gains.

^ Really? Professionals would always say, "Real coaches will not do coaching for living". Real coaches aren't there offering to teach you how to trade. Because if they really are the best, then you will never be able to see them having their hands off their computers and trading. I would suggest you find a real person and seek assistance and mentorship from him. And that is the best time that you can learn the real game. Nevertheless, never trust radom people online, seek the professional one in person.

I don't see any problem with lack of confidence. You know what they say that in trading, always remember that you're always wrong until you're proven right. It's better to stop your loss as early as possible rather than wait until the to coin bounce back but then never really happen and just continue to dip.

I couldn't agree more. There is little purpose in knowing and respecting all the other tips if you fail at the main one - learning to predict or become comfortable with the market volatility.

Technical analysis is also important and to be fair all of these factors are good in their own right which is why you don't have exclusivity. A good trader painstakingly learnt all of these tips and is able to grow more comfortable with both risk and loss.

Trading needs skills, coaches will just guide you but of course, not all the time he's with you and even teaches everything he learned. It is a top-secret dude, they keep it for their own. That is a reason why we should have to work hard, learn from our mistakes, and tried to adopt the market faster as we can. Because if we keep relying on them, we never have to improve also.

I would like to focus on being mentally prepared in trading, a lot of people think that trading is only about technicals but they are wrong because trading of cryptocurrencies, securities, forex and stocks are about 80% psychology. Having good mindset wherein you accept that trading is about possibilities and there is no profit that is really guaranteed. I always telling a lot of traders that they should always have a plan especially if they will do a day trade where in the market is too volatile and they are using short term time frame . Having a plan have a connection in our psychology, we should not expect to have big gains especially if you doesn't create a plan. Plan your trader and trade your plan, this statement is really helpful not only for the professional traders but also in newbie traders. A good plan consists of 4 things, having a good entry point, having a cut loss point, having trailing stop or target profit and having a good risk management.

Hope many beginners traders will follow it because the mindset of the newbie once they entered to the trading journey they expecting instant earning money . Which is very wrong so they need to see this to know what they do.

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.

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.

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.

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.

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.

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 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Leaving the main job because focusing on trading alone is the wrong choice in my opinion. The main job remains a support as real work and some income that can be used as capital reserves to trade and support the family.

Trading becomes a part time job which provides extra income when making a profit.

actually the capital used for trading must be adjusted to your own abilities, don't force it to use large capital but must drain all your savings. Use as little capital as possible but can produce consistent profits. Everything starts from small to big.

The most important thing is to always learn to analyze the market if you want to get results from trading, don't be a trader who doesn't know the direction, it will only mislead you and will be very detrimental.

Try to learn a lot, gain experience to be able to make your own decisions.
Actually trading on the cryptocurrency market or any other financial market requires experienced and knowledgeable people.
Never believe the promise of profit and do not believe in technical analysis, there is no one with technical analysis in the cryptocurrency market.

Simple advice given in this thread are just useless but it doesn't mean that they aren't necessary to consider. The reason why they are useless is that just saying you have to have a right mindset, be mentally prepared, etc are just easy to say and something that everyone knows they have to do but the most challenging part here is how to achieve that, how to achieve that mental state, how to get rid of emotions and how to get rid of control that emotions can gain on us while trading and so on. Advice means nothing if it doesn't give you any vision or a way to solve a problem.
If someone advice you to learn a laws, how will you learn them if you don't have a book of laws? Same applies to these advice that OP gave to us.

I think I can consider this as a guide for newbies for a deeper understanding of what they should do or prepare for. This can give newbies the right path by doing their own research and having experience over time. Of course, this won't happen overnight, Continous knowledge, experience, and determination are needed on gaining this kind of advice.

If I am a newbie and see this advice, I would probably expect that these qualities is needed and I would expect that losses can't be avoided in the learning stage. This guide would probably bring me curiosity by making more research on what should I need to do.

How to know the ATH is the difficult part of trade but your word is funny. If ATH is discovered, it is better to sell and not adding a buy order. This is why we lose money. Buying high is a big risk.

See if you want to be a good trader ATH is nothing except when the coin move downwards and hit's that resistance again. People generally think that trading is buying at the lowest point possible and selling at the highest point possible. This isn't true no one can predict the exact height and breadth of any move. Best way to trade is trading in market momentum. It's about determining the cut off point after which you are sure that this coin would go up or determining a point after which you are doubtful about the coin's move. Even doing this will take all your efforts this isn't an easy task. ATH is nothing but a number it's not that everyone who sold at ATH made a huge profit. People brought bitccoin at 18000 and sold at 19000 for them all time high was nothing.

Moreover people buying at ATH are no one but imbeciles and these are the people due to whom traders actually make money. If there won't be such people in the market whom do you expect to sell your load at ATH? When it comes to trading just think about yourself. It's good to share your knowledge but you can't make everyone trade the way you trade.

There is actual technical analysis but the thing about them, sometimes they work and sometimes don't.

Experience is the best factor to lean on in trading. You don't get signals or any paid VIP membership from groups. A little profit can give you more experience and get with the process done.

While aiming for quick huge profits will only lead you to nothing.

You're saying it like newbies are not welcomed here.

No one could start into something and say that he is experienced in it, we all starts in the bottom and slowly we take our path going up. We gain knowledge and experience as we go and it is not that easy. There are a lot of times that you could get some losses but that is fine, that is a part of it. As the OP said,

At least all crypto traders were once newbies and had no experience. In addition, in the market, someone always wins, and someone loses, and no matter how long a particular trader is engaged in this activity. The most important thing is understanding for everyone, The more we comprehend knowledge in cryptocurrency trading and gain experience, the higher the chance to achieve the desired result.

I think the crypto market works on news, it doesn't work according to technical analysis. The people who make the most profits are the ones who know to capture and process information early.
I don't believe in trading signals, if someone has good signals he will use them instead of selling it.

This is the point where most traders always get it wrong. They are totally over whelmed with making profit without an atom of a lose. Hence, they get out of a trade rather too early quite often.

I won't say that someone always wins because it is hard to analyze the market. The market moves unpredicted, and even if we can analyze better, sometimes, we can be wrong and lose the chance to make a profit. It is normal to see if you can not make a profit because the market will be up and down every day, making us watch the price moves. We need to always search for a good time to enter the market to buy low and sell high.

Long time ago, I also believed that it's news. Most news do create an effect to the market which is being thought my most even until now. It's the same as the stocks market.

When there's a bad news from a certain company and traders who have bought their stocks, they are quick to dump their shares from that company. It's the same as crypto but most likely the main factor still is the market sentiment.

All we need is more on application from what we've learn from the searching. Entering in the market like this without knowing even just the basic will results only losses and a reason for their instant exit. That is why, we should have to back-up ourselves before getting into trading because this is not a thing we should think an easy work, no, this is the risky thing we do.

An unpredictable market is natural but having a trading plan with entry/exit points on correct prices will handle any kind of unexpected volatility. The risk is always there, having well-planned money management will not let the trader go underwater and the rest will be done by the market itself if the trader has chosen the right market direction. The trend is the biggest friend of trader, we need to predict it right and trader at right time.

Knowing the market situations and have control will be needed in unpredictable situations at the market because we can see that will happen many times. We should try to reduce the risk by doing more analysis to find the right time to enter and exit the market before the situations become worst. When the dump is coming, we can sell the coin, but unfortunately, we don't know if the price will be a dump.

Just the fact the majority of crypto related news is negative than positives that make you feel like you are never going to go up on your portfolio, while there is a steady high low ratio in the news from stock markets. The point is that stocks and commodities are well known and well versed in the world. Hence the outcome of the news are such.

Crypto trading is still a niche and often frowned upon, so all we can do about it is wait and gradually make people aware of both pros and cons.

You can analyze the past charts of an asset that you have or are willing to buy. Keeping research done is a key here. From that you know what the support and resistance levels are. From that you can predict a ATH or ATL or a buying/selling point.

Sharks and crypto market manipulators know how to use news to attack investor sentiment. When they want the market to go down they will exaggerate bad news and if they want the market to grow they will keep coming up with good news.
Just join the crypto market long enough people will realize that the market is always correcting, just be patient and everything will be solved.

It is up to each person to decide what to do with their money, but my previous post was just a way to show people how far their dreams are of becoming a reality, trading for a living requires an enormous amount of capital and only those that have huge savings or that can lower their living standards should try something like that, the rest should trade as a part time job, which is not bad if you ask me as the profits can still be significant by only using a few minutes of your time each day if you have a winning system.

You can say that, but I believe not all whales will do that because they don't want to see the market will go down too deep, and maybe they will hold the price not going down deeper. Sometimes, the whales help the price stay stable at the price range, and they don't let the price move if the time is not right. We know that the whales can do anything related to the price because they have a huge fund to move the price.

But I am not sure if they can moves the price in many exchanges because that will need more cooperation with the other whales. Besides that, if one whale does that, while the other whales don't want to do that, there will be any battle between them. If that happens, we need to use the moment to buy low and sell high because the price will move fast than usual.

Of course, whales and crypto market manipulators do not want the market to go too deep because it is they who hold the coins themselves. However, they always know how to use news to manipulate prices, so I conclude that the cryptocurrency market operates according to the news.
Technical analysis and charting are almost impossible to use in this market, because we cannot tell when the sharks will choose to devalue or increase prices.

We could always have two people profiting at the same time and also two people who lose at the same time as well.
For example, someone buys at $8k and sells at $10k and the person that buys it buys at $10k and sells at $12k that means 2 people profited at the same time, as long as price keeps going up whoever buys keeps profiting, same goes for the person who loses as well, let's say someone buys at $12k and sells at $10k and the person he sold to will get it at $10k and sell at $8k, as you can see both of them lost at the same time.

This means people could win together and lose together in crypto market. Basically that is rare and usually that is not how it happens but that doesn't mean that it is impossible, it is quite possible that multiple people can win without anyone losing.

Also I will suggest for any traders who are looking to try their hands on trading to try with virtual funds first and see how it goes because while it sounds simple there are traders I have seen who loose all their capital or a big chunk of it in the initial month of trading itself and it is almost impossible to recover. if you have at least tried trading with virtual funds you know how to manage that because trading is all about bankroll/capital management.

There are who provide good technical analysis and the market movement but neither of them are accurate and the biggest challenge is to find out who is the right person to believe, hence trade by yourself and look out for others for tips but do not blindly follow them just use it as additional information while assessing the market.

Only experienced traders can do any types of trade. If you are a newbie, then day-trading is not for you. At first, you try to gain experience by doing small trades. As the day passes and you get hold of it then you can try other things. Another thing you have to keep in mind, don't fear of losing. When you lose you gain some experience out of it.

We don't always need to know the ATH because the exact ATH is hard to guess and predict but if you have an idea like the coin has almost reached the highest value (in case of altcoins, because bitcoins are gonna scale infinitely) you must sell them and make buy orders at lower value accordingly.

I call the market in 2 stages, imagine a reverse-parabola and there are 3 stage for traders to identify that are: the beginning where you get the cheapest coins and then the parabola reaches a maximum value which means the time is to sell off and get rid off the coin and then there is sunset which means there is literally no scope left for the coin now.

Generally what day traders and even newbie traders literally need is to be mentally strong and have a good mind set for once you are into trading, those mentioned by the OP will be the ones who will be certainly challenged within a trader which mostly once you fail to conquer the challenge can lead to emotional breakdown and once emotion have been put into act, decision made or driven by emotion could lead to a regretful outcome for he will get distracted and make decisions he have not thought wisely which can lead to a potential greater loss. It is important that before you get engage on trading, you must already know the risks associated in it and the essential things you must have which are mentioned by the OP. All of those are essential and must be backed up by knowledge and understanding about how trading works which includes knowledge about that certain coin you wanted to trade to basically know how will you act upon doing trading on it.

Weekend is not good time for trader try to trade or invest with altcoin or bitcoin because almost weekend give bad price for bitcoin and altcoin, you must waiting after weekend to trade and get much profit with your coin assets, how ever always have bad moment in trading when weekend day. Beside with potential coin to get profit you must waiting when coin have been lower price to trade and never take risk when seeing coin on the top price for trading or investing, give bad moment for all you when take price on the top for trading or investing.

I wonder how they can do that easily, I mean, okay, they can manipulate prices, and also manipulate the news, but it makes me have a thousand question about that. But I know that I can not know what the whales will do because they will act with a secret without knowing what they can do next. But I think the technical analysis and charting can use at that time, and maybe we need to have more information because if the price wants to go up or down, I think the price will show a sign. Not many people will know about that sign, and only with analysis deeper that we can do to found that sign.

In reference to this second point, if you’re trading for a long time and mostly what you’re getting is loss, maybe you should quit or work towards improving your trading skills and building better strategies. Trading is a very risky business, and there are other means that one can benefit from the market apart from this trading stuff.

Although I know that some people are being persistent because they have been told that trading is the right business to get them steady income and make them rich. But when you try so much, it’s good to also consider other options that are available to you, so that you don’t be running out of time.

Watching and interpreting the market is one of the most essential thing a trader needs to learn in order to be successful as I have been a victim myself leading to loss of my tokens

This idea came from trading stocks. However, in crypto, we can't really say the situation will be the same. Crypto-market is active everyday, with or without hype or a trend. Lots of surprises and sudden happenings can also happen during weekends.

Crypto is volatile. You can't just say to others that trading after the weekend will give a trader a much better profit.

It's about good timing. Not on so-called rest weekend or active weekdays.

You have stated pure truths and i have just a simple addition. In addition to the facts above, as a trader you need to understand that you have to take note of your mistakes.

Your mistakes or errors could be too excited, wrongly chart reading, anxiousness or perhaps parallax error while studying scale. You need to pay attention to your errors while trading and correct them.

The earlier you are able to take note n correct, the quicker you learn and be even better

I have come across a lot of people who claim to be able to do technical analysis in the cryptocurrency market, but up until now there is no one who can give exact analysis.
The crypto market operates in a completely different way from other financial markets, whales are crypto manipulators and we cannot know what they will do next.

Trading is always a risk as things can moves too fast and most of the time traders play here like a betting so don't move that way or else it will create up major problem, so we need to be so very careful.

No, this is not possible, I know that bull markets could give the illusion that everyone is winning but you do not win a trade until you have sold your coins, and while many earn money during a bull run you can be sure there are always more losers than winners at any moment in the market, after all if you earn a dollar while you trade then that dollar needs to come from somewhere, and when we add the spread and the fees that exchanges keep for themselves then the losers always exceed the winners which is why there are statistics that show that 90% of the traders lose all their money during their first year on the activity.

The cryptocurrency market is full of manipulation, it is very difficult for novice players to actively trade daily,
even professional traders find it difficult to trade alone, usually they will trade in groups, the same as whales who trade in groups.
usually we can know the movement of the whales from the volume and candle charts, because some charts have something in common with the previous chart, if we are careful we can find out when the whales move into and out of the market.

Since we invested on it, we are already facing risks.

Instead of being careful, we need to reduce that risks so that we could maximize the profit we are getting. Instead of seeing that as a problem, we take that as opportunities, if the price fell, we reinvest, if we can't invest we keep on holding. If the price increases, we could sell, keep on holding or maybe trade it to other cryptocurrencies.

A reason why most traders won't succeed is because of their negative thoughts. This thing drives them to weaken their minds and solely they become bothered of what they do next especially when the market drops. If they are only proactive for every market drops, instead of getting worried, a thing that helps them to become profitable.
Anyway, it was acceptable that not all traders are destined to become a full-pledge trader, some did try but somehow they lose then. Some did their best and fully adopt the system and then succeed.

Is it really a good idea to sell when you are down money in a coin?

So, how would you plan to reduce the risk and maximize the profit by not being careful on your trades?
I assume it's always easier to hold long term than day and short trading. Entry and exit point are the most crucial decision you'll execute on your trading career. For you to be able to pull out a good result, you must've a good trading experience, enough market knowledge, and fundamental and technical analysis.
We can't just easily say a falling Btc price is an opportunity to accumulate or a slight pump is a good time to sell.

As I’ve read the article it is very important to a trader. Just like me sometimes I encounter failure when doing trade and reading the above list gives me additional knowledge to apply in my trading journey. I admit, at first, I find it hard to understand the market movements when to enter and exit to take profit so trading is risks and we should be careful and study the market very well.

It is true.

I know that it is bit off to say that but in my case, when I get too careful with my investment, I tend to become more aware of the movements and create a lot of scenarios that might make my hands weak. Instead, I just check the price changes every now and then and adapt to that change. If the price falls, and Im talking about $9K to $6K falls, reinvest if you can't hold. If the price pumps, there are a lot of choices and that is what I meant by maximize the profits, more like take the opportunities that is available.

Honestly it is quite cheap as well, they will not let you know beforehand but if you write any article you want, and I mean anything you want, as long as it is not something illegal like promoting a coin to a point where you tell people to buy it directly, that means you can publish it on the highest levels of crypto news websites.

Like cointelegraph is probably one of the biggest ones, maybe even the biggest one and you can share your article there for 800 dollars. For just 800 dollars you can write an article like "is bitcoin dropping?" and do not say it will go down but question the fact if it may, which will make a lot of people think it may even if you do not say it will. That is what whales do in crypto world and in the real world as well with the media too, you can get any narrative time on TV if you pay them.

Anyone can do any kinds of trading but the one who succeeds is who plans and has tested their strategies with smaller amounts or even demo accounts.

And even if you are experienced in trading then also day trading might be a big challenge because price changes so fast and so unpredictably that you cannot predict it correctly as a day trader maybe in the long run you can.

True and the best way to do learn trading is by not reading articles, watching videos or asking people for tips but just trade yourself and learn every day.

Here you are wrong because as a trader having the fear to loose is important because a trader who does not fear losing is basically a gambler. You have to be feared of losing and hence trade with caution and make every trade with proper analysis and don't get driven by emotions.

usually everything that happens at the exchange will be used as a very important experience because what has been done in that way and the results are visible, it will make you learn that can be used to determine what future steps you choose, when you panic then selling at low prices and ultimately making you lose, after a while the price goes up again and it will make us disappointed, so keep on being careful stepping in the world of cryptocurrency, don't take a wrong step.

While you have a point I do not agree with it completely, the reason most traders lose money is simply because they do not take the time to learn how to trade, at most they just watch a few YouTube videos and then they begin to use their savings to try to trade the markets and multiply it many times over in a matter of days, this kind of attitude leads them to take risks that are simply too high and invest in projects that most likely are scams, then they lose their money and negativity takes over them and begin to blame the markets and everyone in sight for their shortcomings when they are in fact responsible for losing their money in such a way.

This is important to win a trade. That is the real trade itself because trade is about profit taking and knowing when to get in for that profit is really important. Any trader who wants better trading and its experience, has to understand the exit way too. The exit helps you not to allow the market to eat up your profit.

Yes, psychology in trading is very important. Trading psychology is present in every market. In high-risk markets (cryptocurrency ;)), allowing greed, fear, and regret to dictate your decisions will be even more tempting than usual. The more you can do to change your trading strategy from a guessing game into a tested science, the more likely you will be able to enjoy consistent results over time 8)

However, it would be hard to achieve. It requires preparation, looking for good coins by researching some of their developments and applying your strategy that will incorporate in your system. Psychology in trading is not easy, you should surpass several losses before you attain it. In fact, whenever you think that you will never do the same as before, you will always fall. But, taking it seriously and not giving up in trading will give you the result that you want. Just be consistent on what strategy that applies to you and always look your failures as lesson for the future.

Business strategies make business a lot easier it helps us overcome failure with basic knowledge caution is most effective when doing business in case of loss you should not give up we have to move forward trying to recover from the damage. There will be risk in eating to trade no one will be able to trade without risk the above discussions are very helpful in trading but in addition to these you need to know the trading strategy.

Since trading is not like a joke then we must have confidence before diving into it. I would suggest stop trading full stop if you've no idea and research and learn before jumping into anything. Once you get more comfortable comes back, there are consistently numerous other incredible cryptos.

If you’re not using stop-losses, it’s only a matter of time when a large losing position will get out of control and wipe out most of your trading profits, eventually even your entire account :'(. Always use stop-losses! 8) This is the most important rule in trading.

Better using stop lost than you waiting with price really going dump, I have felt with future trading without use stop lost when price wrong with my prediction entry, if using stop lost we can get back our money although half from first deposit than liquid without get nothing. We must use stop lost when some bad happen with bitcoin and altcoin prediction, although have correct candle chart bitcoin and altcoin suddenly could be dump with bad news like hacked exchange could make our prediction wrong and lost all if not use stop lost.

Because of market volatility irrespective of whether you manipulate BTC or alts being a day trader requires dedication,
motivation and an immense amount of patience.

It involves keeping a close watch on the market to know when to enter/exit.

In other words, it looks more like this...

https://i.imgur.com/xYhJsuB.jpg

Not always. It depends on the situation each time. Let us say you are 100% sure that altcoins you are holding will never grow. Then sell them. The other situation is that when you believe in your alts’ growth. Why should you get rid of them then?

But this is a decision that should have been made long before you invested in these alts right? And if you are a day trader (which is what they thread is about),,, then it's not about holding but making decisions for the day on a strategy that is kept within the same day to keep your capital mobile about the whole market every day right? You always exit, at predicted stops.

Completely agree with your statement. I also think Patience, Perseverance and Focusing on market properly are keys for becoming a good day trader. Day trade is quite irritating than short/long term trade. But in this bullish time it would be a great way to make more money if we choose good quality crypto asset for that. BTC already crossed $15k, hope people make some profit with day trade in this good time.

They may need to change methodology if the past procedure won't make enough benefit yet testing new system again probably won't be as powerful as the past one or more consider different variables that could lead them to misfortunes. The motivation behind why they are futile is that trying to say you must have a correct attitude, be intellectually arranged.

to become a beginner trader you have to be able to master the direction of the market first,
that's the difficult part, because you have to control your emotions when trading,
manage your capital well and of course don't take risks, staying calm is the way to succeed in becoming a trader

I will never forget my past experience,how I loss all my money just because I was afraid of loosing some profit in my trade that caused me loss. Since I came to understand that is not good to trade with fear in the market, make me know more about so many strategies someone can use to trade to get a good profit . All my strategies are really working for me which other trader are keep wondering the system am using to trade my coin to make a good profit all the time I trade in the market.
Many trader never still understand that strategy and personal research can make their trading go well in the market without experiencing any lose from their trade. Many new traders are still finding it difficult to understand the procedure to trade and make a good income from the trade.