Bitcoin Forum

As someone who has been day trading Bitcoin for the past 3 years usually successfully, I have learned some valuable lessons that have helped me become a successful trader. Here are five key things I've learned:

1. Never trade against the market trend. The market trend is king, and attempting to trade against it is a recipe for disaster. Following the trend allows you to capture profits and avoid unnecessary losses.

2. Stick to your strategy no matter what. A trading strategy is a roadmap to success, and it's crucial to stick to it regardless of market conditions. Deviating from your plan leads to impulsive decisions and missed opportunities.

3. Use technology to your advantage. Emotions can hinder a trader's ability to make sound decisions, but technology can remove this obstacle. Using a crypto trading bot (https://maketo.com) that operates on pre-set criteria ensures that trades are executed objectively and without emotions.

4. Listen to industry influencers but form your own opinion on the long-term direction. Industry influencers can offer valuable insights, but blindly following their advice is a mistake. It's essential to conduct independent research and form your own opinions about the market's long-term direction.

5. Risk management is critical. Managing risk is essential to a day trader's survival. I always set stop-loss orders and avoid over-leveraging my trades to limit losses and protect my capital.

Bonus tip: Keep it simple, don't complicate your trading even if it looks cool. It's easy to get caught up in fancy indicators and complex trading strategies, but simplicity is often the key to success. Keeping your approach straightforward and easy to execute will lead to success.

Questions?

We can still trade against the trend but we have to bear in mind that we have to exit immediately since the bias is in opposite direction. Trading against the trend has low probability for me than with following the trend but we can't deny that there are traders who are more profitable of trading against the trend.
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Don't let the bot trade for you because the market movement is always changing. So trading with the bots will only good for beginners and it only good at the beginning, it will not work in the long run. Learning to handle an emotion is a must, so if you're having a hard time try to read the book of "Atomic Habits".
I agree with you. They're just getting paid to hype a project or maybe they have huge holdings with that coin that's why they are hyping. But even though we knew that he/she just hyping, but we can't deny that there's always have an effect to the price.

The reason I added this part is because when you trade with trend your win chance is already higher. You can look at it as a really simple confirmation indicator

Keep your life simple by don't use leverage. Don't do Margin, Leverage, Future tradings and your life will become more easily and less stressful.

Stop-loss orders can not protect your capital if there are lags on exchangers or Cascade effect on the market happens. With Spot trading, you can have loss too but you won't be forced liquidated and lose 50% or 75% of your capital by one liquidation.

Another order to protect your capital in Spot trading (I don't advise to use Margin, Leverage, Futures Tradings).
Stop-limit order (https://academy.binance.com/en/articles/what-is-a-stop-limit-order)
Awesome Crypto Trading (https://github.com/SpiralDevelopment/Awesome-Crypto-Trading)

Good tips but I don’t agree with nr 4. I have yet to meet an influencer who offers valuable insights in crypto trading. For stocks, that can be interesting but crypto is different.
We need to stick to our strategy but its hard when you are new. When you see your profits grow, you can become greedy and not stick to your strategy anymore.

Sorry to disagree on you mate but i think OP is right in here. We should be more open-minded to listen to those reliable crypto influencers as they may have also brilliant ideas that will be beneficial for us. But it does not mean that you will stick to whatever they say, still you have to DYOR and find the right strategies that will work on you. But it's already a different story if you end up listening from untrustworthy influencers. That's the reason why we also have to do our part so we won't be deceived from crypto influencers like them.

In the last couple of years of trading, the lesson that stood out the most for me is the principle of risk management and how crucial it is in trading. I specifically learned that, if done correctly the trader need not loss because on the flip side of it is profitability over a long period of time. I could remember instances where my risk management strategies have helped me to make better decisions like looking that the risk and reward inherent in every trade before jumping in. I cannot overemphasize how much my trading discipline and consistency has improved over the last couple of years because I have been able to adhere to the rules I set for myself.

We have to be careful with this also. Industry influencers are also kind of the whales that want you to take a decision to their favour. They will hype a coin and get you to buy it but you get trapped down on it while they dump and buy limousine  ;D. Industry influencers also are the telegram owners. They influence members to buy shit projects but you never know their plans. It is better to follow your instinct and not to rely on them.

There are some important things to know when using bots:
* there is no improvement in the trading techniques you learn and no evaluation for yourself.
* You will never control your emotions forever.
* you're not trading or not a trader at all.

Believing in influencers' bragging will only backfire. they are also looking for profit, we as their listeners will only be bait. They get paid to promote a new project or an existing coin to get people to buy it. Trading is not based on the advice of other people or influencers, but based on research, because without research we will not know what will happen later. At least we know some signs that the market will rise or not.

They say when you’re in trading, never trust anyone but only yourself. Never trust others to do your trades because  it will never bring advantage to you but will only make you as a useless trader. However, listening to some crypto influencers might not be bad at all, you just have to weigh things right if they can be trusted or not. At the end of the day, it’s not them who will lose but only yourself.

Do you mean that for 3 years when you did trading here in cryptocurrency you became successful here in the crypto space? How can you say that? I'm just asking.

       Then I also just want to add something about the advice given by influencers in their contents that are made about trading, most of the influencers have no substance in what they say, you can see and notice that their motive is only for views. they don't disclose the important things in what they say and teach. I can say this because I observe what they say and understand and then in the end I realize that most of what they said is not realistic. You need to choose the one that you know really makes sense.

You've done well with your points @ Op and you actually nailed everything one needs to know in day trading and I want to place more emphasis on risk management, because no matter how perfect any strategy might or prove to be, without a proper risk management, the strategy might seem not to be working out, hence traders should always make sure to implore better risk management system whenever they're trading.

Another area of my concern  is with trading with emotions and a real time trader but understand that trading doesn't work with emotions and they should always keep their emotions aside when trading to allow for good financial decisions.

Listen and learn what is worth and don't follow any given investment advice or crypto buying advice. there are some influencers who do provide good crypto education for beginners and some only suggest buying certain coins. Filtering the influencers you follow might be better, so that you get more and more useful information.

Thanks for the good advice, but I disagree with you on number 2. In my opinion, it is not wise to stick to one strategy and not abandon it, no matter how circumstances change.

It is good to follow your trading strategies and stick to them but sometimes you have to change your strategy as the market changes or if you feel it might be a failure.

Sometimes sticking to one strategy leads to making mistakes and exposure to big losses, so in my opinion it is better to change the strategy in such cases.

I just want to talk about point 2, as a day trader we should be more flexible with our strategy so it doesn't mean we have to follow the strategy we planned for since we are talking about day trading and if needed don't hesitate to exit because it will leave us with minimum loss or else it will be huge and unbearable for some time.

Apart from every points are good and every traders can share their own here so it will help the upcoming traders to avoid any mistakes.

With constant research, you will know which of those influencers are highly educational or are not helping you at all. At the end of the day, it’s you who will finally decide whether to take their decisions or not. But I believe it will help you grow as a trader if you provide your own strategies and work on it. Trading is risky, that’s why you have to trust yourself more than anyone else.

With regards to point number 3, this can be a big help if you are a busy trader but since there’s a fees for this many can’t afford to have this and they are force to trade on their own. Day trading is very risky, I have done this and I can say that emotions will always be there and losing the money is very normal this is why I stop doing this and focus more on my long term investment strategy. Do trading once you can control your emotion, and have a good strategy.

3 years is not a short time, and there must have been a lot of good and bad experiences with trading. Various things like this, of course, should be able to help, at least share information so that it can be used as learning for many people related to trading. But sometimes, trading is not as easy as we see. You may be good at using such analysis and method, including the theme, but not for other people, this may be quite risky.So, it will depend on how we manage ourselves in trading, to be properly gaining the profits as always

You've made five excellent points. However, listening to influencers these days can do more harm than good. Influencers aren't concerned with the genuinely of a project, but rather with the money they will receive once the work is completed. They can easily deceive people with their sweet words, and anyone can fall into their trap. The best thing to do is to keep learning new things and to try to do your own research to find a better market guide.

I agree with you on the rest of the points, but what do you mean by the direction of the market? Is the market analysis based on recent variables or on historical data, and from here it leads us whether to listen to short-term or long-term technical indicators?

In general, trading is an art, and to be an artist, you must choose your own method. It is true that there are similar things, but in the end, your artistic touch is necessary.

There is a famous quote when it comes to trading, and that is "The Trend if your Friend."
Well, we have futures already, so betting against the trend is still a good thing if you are a good futures trader. Overall, following the market will give you profits especially when you are doing spot trading. As for futures trading, you can still get profit even though you go against the trend, but it would be better to follow it.

"Stick to 1 strategy."
Always, always stick to only one strategy that will help you get profits. I mean having more than 1 strategy would be better, but as for me, I don't want to complicate things because that will make me stressed while trading, and that might lead to some unnecessary decisions that can make me loss money that's why I always go to only 1 strategy that I know will help me get those profits.

TBH, I didn't ever tried using bots when I'm trading, but I've heard some good and some bad comments from it.
Overall, I still prefer going for manual trading instead of using bots.

If they're shilling a coin or a project that you don't know yourself, don't follow what they are saying, and do your own research.
There's nothing in following these influencers because after all, they are contributing, and sharing some knowledge to the newbies, and to us as well. I've been following some crypto influencers for years already, but they're not shilling any new project or coin at all.

Stop-loss and take profit are very important when it comes to trading.
Always set a percentage where you will take profit at this particular percentage, but at the same time, also put a stop loss. Whenever I'm trading, I always put a stop loss, and take profit right after I enter (futures trading).

Making things complicated will make you overwhelm during the process, and that can make you do some bad decisions along the way, and if that happens, you have a high chance of getting lost. Overall, just pick one strategy that will help you along the way. Always keep it simple because you can think way better if you do it that way rather than thinking many things that will affect your performance in trading.

In order to determine the method, it is necessary to practice in order to find a suitable method.
Any artist will not find their method with just one try. Including in trading, technical analysis, and fundamentals become the basic art of trading that must be known.
If you have mastered it, you are ready to enter the next step.

And as for the time it takes, it depends on how one learns and understands it.
If OP takes 3 years to succeed, then other people may be more or less than three years.

No knowledge is obtained instantly, it takes a process because the process is important.

Maybe this is what it means. Listening to reliable crypto influencers can help us get useful information in managing our crypto investments, besides that as an added bonus. However, it should also be remembered that in making investment decisions, we must gather information from a variety of sources and ensure that we carry out independent research.

Because there are still many well-known crypto influencers who have a good reputation in providing useful investment advice and guides. Although there are also influencers who can give inaccurate or even harmful advice. That's why we have to choose carefully who we listen to and make sure the information provided matches their experience and knowledge in the crypto field. I think the point is that OP is also like that, don't blindly trust influencers, but we have to be selective.

To be able to trust yourself it is necessary to learn how to trade properly. Some beginners only depend on other people, including influencers, even though we also don't know whether these influencers have good knowledge in trading or not.

Starting the initial strategy with our own analysis is a good thing to keep doing. failing at the start of trying it doesn't matter, it will be a valuable experience. choose the type of trading to be used, but for beginners, usually the long term can be a recommendation, but the short term also provides several advantages such as quick profits with good market analysis and doing some risk management.

3 years is even quite long if you are really putting your whole self in trading. You could have mastered trading within a year or two if you are really determined to learn and master it. But everyone has its own unique way in learning trading, but I believe with frequent experience, it will always be the best teacher no matter what. Trading is never easy, that’s why we should also learn it even in the hard way.

it is up to everyone to learn it. in 3 years maybe people can trade well like OP, but forever we have to learn about the market, and there are also people who during that time can analyze well but still find it difficult to control themselves, and often repeat the same mistakes. Of course, repeated training can correct mistakes that should not be made.

Do take note that even if you are actively trading in those years, there will be new projects coming in, in which, you need a different approach.
As each project have their own features and aspects to look at, you can't always use the same strategy that you used before.
Traders are always open to learn new techniques as they traverse their journey on this market. Each project is unique and so the strategy that you need to utilize on it.
This is why, it is a never-ending process of learning when it comes to acquiring those trading strategies even if you got plenty of it already.

I hope you know we can trade against the trend especially when it about to change. Trading on trending market is another way to make some few dollars from the market but the problem is that what about when you are trading thetband the trend pattern suddenly changes without you knowing earlier.

The market just need us to be very smart so that we can keep making profits from the market with our good strategy. Trading is very complicated and it requires us to be able to make decisions at any given time. Their are certain things we need to note that will enable us to make profits from the market not just normal rules.

One doesn't have to agree or disagree with the recommended lesson about listening to influencers. My take on that is it's good to listen to them to hear something new or things that I still don't know, that's a plus on me if they're discussing things that I haven't learned yet and I heard it from them, that's why they're getting a subscribe from me.

But not all they say are going to be good and helpful with our trades so, that's why we still need to be vigilant and neutral with anything they say.

Just to sum it, take what are good and helpful details they say and it's not that bad to listen and you'll eventually know them if they're a good or bad influencer.

Making couple or dollars is every trader priority in the market, that's the main reason we're trading inother to earned good profits from the market. Although trading requires enough time before one would be able to confidently input analysis on the market and withdrawing profits when TP is finally smashed. Making profits from the market is easy only if a trader knows what he's doing. Trends will only bring noise and I'm 100% adapting with price actions, it's a form of interpretation were we see the movement of the chart and the operation of the market at a specific given time.

As in, do not trade when it is going up as if it will go down, or trade like it will go up when its going down. Which is a reasonable thing to expect and I guess that is why it's the first one. Sometimes people think that reversal is just around the corner and they invest into something thinking it will go down very quickly or go up very quickly as a reversal and that doesn't happen.

This is why invest into something while it's trending towards that move, and not the opposite direction. I personally am a long term investor so none of this really applied in my regular life, but rarely when I trade, I trade knowing that if it's going up, then it will continue to go up at that moment, that's short term trading way.

I am trading for more than 3 years and i did not learned yet. Many times i repeated the same mistake i used to make before. I like risk trading and if you see my trading history, all coin i bought and sold are in the time frame of 15-30 minutes. I generally buy gainers coins or coins having high fluctuation.  The point is that even after so much time I could not master trading completely.

OP is smart enough to learned many basic and advance skills from trading in these three years. These five Tips can be very useful if some one apply in real trading. for me it's very hard to control emotion. whenever i lost some $ , i invest all to recover my $ and often it lead to further loss

As a trader you know how difficult it is to stick to a trading strategy especially during a bear market. I kid you not. It is actually easier said than done. In fact I have a trading buddy who serves as my accountability partner. We usually exchange trading notes and help to ensure that we have the right risk management strategy in place, coupled with plan for market entry and exit.

Trading is trusting your own self, and with a knowledgeable and skilled mindset, you will never go for a trade unless you are sure about it. Otherwise, if you keep on trading relying from other people or any crypto influencer, you will never grow as a trader, because your success relies on other people and not from your own self.   Remember that in trading, you cannot trust everyone as they won’t be responsible if ever you lose, trust in yourself and be responsible whatever the outcome of your trades.

By believing in our ability to analyze the market and keep learning, it will improve our ability to become a professional trader like no one else. And when we become professional traders, we no longer need signals from other people because we can analyze the market using our abilities. Maybe we can also teach other people to learn to trade so we can help them to make a profit. And always remember to trade with the money you can afford and don't be greedy in taking profits. Otherwise, you may lose the opportunity to take advantage of it.

Even though the robot executes trades without emotion, we who set it up still use emotion, how much loss can we bear and also how much profit do we want to achieve, bots only help because it makes our trades run automatically so we don't have to always check market conditions.

Somehow I feel this is not a good suggestion and I always avoid this, when trading in stocks I will read reviews from the shifters but that's just as an additional reference but the decision should not depend on their reviews, especially in crypto so many people think themselves as experts even though they have only been trading for a few months and because they have already made a profit immediately consider themselves experts even though they are only speculators.

The best way to determine how you will keep up with the market is to monitor it continuously and ensure that you follow the trend. I agree that you can use tools like a crypto bot to take advantage of the market. You could also check Gunbot  (https://gunbot.ph). I hope you are available to check it out. Maybe you could use it OP to your advantage as well.

I'm curious, how do you determine that you are "successful" in trading? What are the metrics that you use to know that you are, what you say, successful?

Yes this is a good idea to listen influencers but always do what you think that it is right because we don't know that a person who give us information is really an influencer or not hence we know that people can do this activity for the sake of money only but actually they have no concern with day trading.

Sometimes Influencers spread information and these information have direct impact on the cost of certain selected coins and may be they do it just because they have a greater concern with such coins.

So it will be better to just listen to them and then think that what will be better because after sometime your knowledge will be enhances so you can take your own decisions.

I have been day trading Bitcoin since 2017, and in my opinion, some of your tips are very useful and valuable. For example, you mentioned not trading against the trend, but from my personal experience, I would suggest not following the trend blindly. Sometimes, following the trend can result in losses. Having a well-defined trading strategy is crucial, but sticking to only one strategy in different market conditions can lead to losses. It is better to have 2-4 strategies tailored to different market conditions.

I noticed that your third point appears to be promoting a trading bot. I strongly advise against giving money to a bot as it can lead to unfavorable circumstances and potentially huge losses. Instead, it is better to have control over your emotions as this can prevent selling at a loss.

Listening to industry influencers is not always beneficial as it can sometimes cause more harm than good. It is better to form your own opinion by considering various sources of information. Risk management is crucial, and it should be integrated with your trading strategy to maximize profits. In some cases, leveraging up to 2x or 3x can result in good profitable trades, but it is important to keep in mind that leveraging is risky.

I prioritized Point 2 very well i.e I sticked with my trading strategy having been convinced it workability, when I incur a loss I usually go back and check for my mistakes with a possible amendment to prevent future occurrence, I don't just change trading strategy based on one or two losses, trading is partly mental input plus technically and fundamental analysis thus most trading strategy work well it's only the user due diligence in using it will determine it profitability in a long run.
I never bothered about any influencers I trade using charting analysis relying on candlestick pattern formed reveal alots about price thus wouldn't rely on any contradictory analysis from any influencers.

Trading doesn't only mean to sell for profits but when we buy a coin at the dip, that can also be called as trading. This is where I disagree with him when he said that never trade against the market. I like how you use art to compare it with trading but indeed art isn't only limited to drawing and painting but there are lots of things or activities where it can be treated like an art.

Like you said each must have their own method, that is true and that is why some are trading even if the market is in the opposite direction. They have strategies like selling at a loss and then buying a coin again but they also know how to take advantage of the pump. They are just showing how versatile they are.

Why should you stick to your strategy if it doesn't work? Isn't it better to change strategy when its necessary? If there is a news like the USA bans bitcoin holding and mining and at the same time you hold bitcoins, profit-wise, isn't it better to sell them immediately before the crash happens and then rebuy again?

Day trading itself carries a huge risk, isn't it. My strategy is: When I want to trade, I push myself to wait some more days or weeks. While it may sound curious, this helped me a lot of times to see the further, brighter image of the market and buy then. For example, there have been cases when I thought that it's good time to buy but after some days or weeks, there was more decline in price and I was able to catch a good dip.

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Your advices are really good, plain and simple while keep in touch with modern reality.

A lowkey tip but needs to be understood by many. You don't really need to confuse and complicate yourselves in trading if this is what you want. You just have to trade, learn what's necessary to learn and the strategies that you want to do. Like doing a simple strategy and keeping a profitable trade even if the amount won isn't a lot. That's what being simple is, you just need understand your need and that shouldn't be that much so that you're not expecting a lot in the market and that won't disappoint you as well and at the same time, you won't take your losses seriously but you'll just need to be better with your next trades.

We won’t never know who are those influencers that are reliable and who are not, until we take time listening to them. Some influencers are just promoting their projects because that’s exactly where they can gain an income, while others have really shown genuine compassion to their listeners or viewers that’s why they will only say the realities in trading. At the end of the day, the final decision is all yours to make. With your knowledge and experiences gained throughout the process, I can say that you will greater chances to succeed in trading.

Among the list, this is the most important to me and the thing that most traders must have.
As there are some traders especially those who are just starting are making mistakes on this thing, so for me. Risk management is important, it will help you to preserve your capital and maximize your profits and minimizing your losses.

Making mistakes is unavoidable when we all have to start as newbies. However we pay different costs for our lessons. Careful people will register courses, spend money to learn and get tutors as well as start with demo trading and use small capital for very first trading experience. Those people will pay low cost to learn own lessons from trading and later when they are more experienced and already sharpened their trading strategies and skills, they can gain profit.

Careless people will do not mind about learning first and they only want to jump in the market, start trading right away, experience it with hope to gain profit quickly. Unfortunately, the market is not easy for them to gain profit and they mostly pay very expensive cost to learn own lessons.

Manage risk is important and two orders are helpful

Stop loss order: https://bitcointalk.org/index.php?topic=5173189.0
Stop limit order: https://academy.binance.com/en/articles/what-is-a-stop-limit-order

Good traders don't actually sell at loss to buy again but they always set stop-loss with all their trades so that they don't lose much value from what they have invested in a particular coin or token, that way, they won't have to wait for the market to go up again so that their money is unfrozen from the previous trade.

That strategy is the best but only if you have a pretty large capital and you should be confident that the money you've lost with the stop-loss will be easily recovered with the next couple of trades that you make.

Trading is never easy but not that hard though if you know what you are doing. So if you want to trade and be profitable, then stick to your own strategy no matter how simple it is. As long as you know it’s working, then never be confused about it. And take note that when you trade, never allow yourself to complicate things. That will only lost your focus on trading. Stick to what you think is simple and working, that way you will be more motivated to end a trading successfully.

To me three years is too much for one to use in learning only a particular trading strategy, though other things may come in as well during this period of learning, trading has both it's good and the other side, but it's very common that traders always make more money from trading bitcoin than investing on other asset aside bitcoin, one need to learn to trade using more than two patterns  before concluding on the final one to use at last.

In general, you have mentioned the most essential tips. That’s very helpful especially for newbies, thanks OP. In addition to that, it is really necessary to treat every new market’s condition carefully and without rashness. To begin with,  analyze the market, then set a trading strategy that apply on that condition and finally work on it and  in case it is going on a wrong way, fix it or create a new one. Keep it easy and safe as much as possible, complication isn’t recommended is trading field.

In fact, being updated with media news is important but be aware of fakes ones. They are widespread on many social media apps, same goes to trading influencers, they getting money to advertise shitcoins and unfortunately a lot of traders are following their tips especially the beginner ones who’s looking for easy profit and most of them are extremely greedy.

I think it is important to remember that having 3 years of trading is the key here, if you trade for 3 years and if you have the capital to start doing that while not taking too much risk and run out of money, then most people will become a good trader, at least a decent one. Most of these can be learned by trading, it allows people to open up so much of the situation and we will be able to actually profit from it gradually as well.

Somethings are hard and not going to really come off easy, but at the end of the day if we could make a profit from it then it should be fine. I personally like the situation we are in at this moment, but that doesn't change the fact that we can't make a profit from it when the time comes neither.

Newbies as expected concentrate too much on the profits they think they can get and they believe this is a process which will start immediately, however I have always thought that a newbie which concentrated instead on just surviving during their first year without experimenting catastrophic losses has way higher chances of becoming successful long term.

This is because someone which can last that long trading the markets by necessity becomes really good at managing their money and avoiding unnecessary risks, and with a whole year of experience under their belt then generating profits from that moment on will be way more easy for them.

You get appreciable knowledge through your investment and I think that you will face any difficulty in future because you get the basic points about trading and investment and is really a good way to be successful in upcoming projects.


Yes exactly changing plan will cause the loss of your money as well as it also make you hopeless. No matter ho much lower the price of bitcoin but do not make decision during this period because this time will passed and price will rise again. This will be easy if you avoid short term trading and get involved in investment for longer duration.

Every bitcoin traders will had learn the trading in different manner,they will gain some tricks on trading the bitcoin for the certain period of time.If any try to trade against the trade flow,surely will leads to loss.When you sell during the dump,it will make you to think in future.Because the price of bitcoin surely increases to next ATH with a certain period of time.So buy at the dump and sell at the pump.Every traders should use their own strategies to trade the bitcoin.In case you loss the money by your strategies,you may have some self satisfaction.The trading should not bind with the emotions.When you are trading of crypto currency,you should not allow your emotions to control your trading at the pump and dump.

That's an obvious thing for some coins only, like there are many tokens in the market that do not follow BTC price, such as DIFX, why? I have no prominent answer but I think because they have their own exchange and it's an exchange token. Maybe. Well, this rule totally applies if we are trading BTC pair. Because once btc is in an uptrend motion, going against the trend is not wise able, but we should wait for the right opportunity like, take the example of the current market. BTC is around 30,8k maximum in this week and tried to break this resistance zone but many investors (newbie) like me who do not have 5 years of experience like you. Afraid to take entry in BTC, why? Maybe because we are afraid of losses in the short term that we can face.
Your these two statements seem to be unclear because at first you said usage of technological bots and features will clear the journey for us and make us determined to follow the analysis we have done at the start with no sentiment issues. But in the bonus tip, you said to keep your trade simple without using complex tools and indicators. While what I think is the usage of the complex indicator will make that clarification more accurate and make us more confident in our trades.
Merely Agreed, because i have followed many influencers on Twitter, and not a single time have i made a profit by following their leads to some extent like in the short term even. Why? Because they do not even know what they are saying hehe. Well, maybe that's because i had less knowledge about crypto trading back then.

Your rule 5 is also generic and i have gained the skill of risk management while i was involved in trading. Because this field requires this skill and those who don't have it already will learn on the way.

I really appreciate that you have been being successful trader, hopefully, you are always increasing again. Trading is not easy, needs high consistency, understanding, experience, and also discipline. I am sure that being a successful trader, you have been doing these all of things, more than it.

This also means that we must also be able to utilize every market condition with its trend. Well, although this may be high risk, as long as we know the ways and strategies, this will also be more effective. But I know that it is also not easy to be able to do this.

This is very important, but many traders avoid this. This is how we can manage the risks, by understanding what we can afford and we cannot. By doing what to do and not to do. Although we are brave traders, it doesn't mean that we don't have any risk management.

Though I agree that consistency plays a great role in getting success, I think one should also be adapting to new techniques that can be utilized in a good way only to maximize the chances of gaining better results. Maybe don't change the existing strategy or get influenced by anyone, but one can keep making updates to an existing strategy.

Or maybe one can also try something different at times only to see if that works or not, but only with a small amount if you are not very confident and don't have enough knowledge about it. I believe change is required over time, for whatever you are doing, or you may stay behind while the world moves ahead.

It's hard to get profit from trading. It is harder to have consistent successful trades from trading. It is barely seen traders can have consistent success and net profits by long time of trading.

You will have to adapt to market trends, new methods for market manipulations, new regulations in both proposals, enforcement and fuds. This cryptocurrency market is very young and can be impacted by future regulations. It is reflected on impacts of fuds on this market as people are more easily panic with news about stricter regulations.

To trade successfully, it's not easy, time consuming and mentally stressful.

If you want to have consistent success, you can change from trading to investment. Investment with dollar cost averaging (DCA) method and consistently accumulate bitcoin. Less or no fear of fuds and success will come to you more easily.
https://dcabtc.com/

Oh yes, it’s good that you made point regarding considering trading as Cool stuff. Honestly it’s not cool, it’s serious job these days. Peeps are literally taking it to the next level when it comes to the trading. Having private rooms, big screens for the wide view of charts, good flux of light and much more.  They don’t do it out of coolness but because they want a serious level of work with it and some may earn their living from it. Definitely more focused and critical job rather than just flashing about it.
Yes, we should have technological advancement but trading asks for more educational stream behind the process rather than depending on it completely. Hope so everyone takes lesson from this post, it’s good experience.

I just remember before that when I trade, I only check the lower timeframes and not the trend or the bigger picture, and most of my trades are against the trend, which at first seems to be working, but there are times that it won't hit my TP and it goes in the opposite direction, which is really the time I should be checking the trend to filter out false signals on my strategy so I can better decide what trade to take.

I agree that it does have times when it goes against the tide, and sometimes that is the risk we take but that is not the common one so we should be fine overall. I personally trade based on what I can see on the charts and my TA calculations as well, but that doesn't mean that we should be able to make a big deal out of this, I hope that it does go well and I make a profit from it but that doesn't mean that it will happen quickly, it may take a while as well.

I think long term is the best because of this, because that doesn't have right or wrong, you either wait long enough to profit, or you can't wait long enough and you lose, but it is guaranteed that if you wait long enough, you will profit from that and that's a great feeling to know.

Your five key lessons are very valuable for anyone who wants to become a successful day trader in the cryptocurrency market. It's important to follow the market trend, stick to your strategy, use technology to your advantage, conduct independent research, and manage risk. These are all essential components of a successful trading plan.

In addition, your bonus tip about keeping it simple is also very important. Many traders get caught up in complex strategies and indicators, but simplicity is often the key to success. It's important to have a clear and concise trading plan that is easy to execute and understand.

Overall, your insights are very helpful for anyone who wants to become a successful day trader in the cryptocurrency market. Thank you for sharing your knowledge and experience.