New Traders Day Trading Discussion

[jimbo2000]

Some nice tips here, I'm trying out day trading myself, trying to make about 3% per trade (on average) this means you double your money about every 23 trades which isn't too much at all. I find with the markets currently on the bullish days there are easily 2-3%s to be made in lots of places whereas the bearish days there's very few small amounts to be made but a few good opportunities to make 10-15% in one trade if you get your entry and exit points right.

[1714855972]

1714855972

[KellyCoin]

Some nice tips here, I'm trying out day trading myself, trying to make about 3% per trade (on average) this means you double your money about every 23 trades which isn't too much at all. I find with the markets currently on the bullish days there are easily 2-3%s to be made in lots of places whereas the bearish days there's very few small amounts to be made but a few good opportunities to make 10-15% in one trade if you get your entry and exit points right.

I think 3% is too small if you factor in the fees/risk and time. I go for anywhere between 15-30% depending on the buzz around the coin and how the market is trending. Currently with this latest China news and bear market I focus more on buying more long term hold coins since I haven't been able to pinpoint where it will settle once they go back up. Ive been getting burned on this China news because they are not going back to previous levels as fast as I would like so I'm stuck holding. But I may try to go for like 7-10% gains to see if this will work in these types of markets. Its just so risky because of how sensitive people are to the news without really analyzing it.

[KellyCoin]

Newbie trader here as well.

Everything is crashing hard right now due to (new) China news. What to do? I'm going to scoop up ETH and BTC, but I'm unsure what to do in terms of Alts. Scoop up as well? Or due to falling purchasing power of ETH & BTC, wait until ETH & BTC have recovered to buy Alts?

During this time the best scenario would be to have some fiat and BTC ready to make buys but I know not everyone can be in this position. For example the last crash I used most of my USD to purchase BTC and then BTC to purchase coins that i thought were dirt cheap only to have to go cheaper today lol. So the solution would be to throw more USD and BTC at them because I know they will rebound when this FUD (Fear, Uncertainty, and Doubt) China is spewing is over. I believe its good to concentrate on long term coins as I've noticed coins that just have buzz around them do not tend to recover as fast.

[yua_na]

As a trader i am going to buy cindicator token. I am tired thinking about trading. Its now the time for artificial intelegent to do my analityc job. I will enjoy my days with my family and let the AI doing it. When i gor ssignal then i buy the coin.
That is my next strategies for trading

I have been in trading world for 11 years..and tired..

[jumpman84]

Thanks for this thread, we can learn a bit from each other.

I got into cryptocurrencies when I bought altcoin trading bot. I didn't know at all what are altcoins about but daily profits made by the bot looked great. After a few weeks of bot trading, I realized the bot makes such high daily percentages because altcoin markets performed even stronger. I became to study altcoin markets the same way I had studied forex markets years before.

Nowadays, I am kind of swing trader, holding positions for 5 - 10 business days. I call it riding the waves From my point of view, I could make even better results holding coins during explosion phases (especially low and mid cap coins) and investing in large cap coins for longer periods of time (month or two). I am now carrying out a small research on market potential for these longer timeframes.

 

Could you please let know which trading bot you use? Thx

[KellyCoin]

Thanks for this thread, we can learn a bit from each other.

I got into cryptocurrencies when I bought altcoin trading bot. I didn't know at all what are altcoins about but daily profits made by the bot looked great. After a few weeks of bot trading, I realized the bot makes such high daily percentages because altcoin markets performed even stronger. I became to study altcoin markets the same way I had studied forex markets years before.

Nowadays, I am kind of swing trader, holding positions for 5 - 10 business days. I call it riding the waves From my point of view, I could make even better results holding coins during explosion phases (especially low and mid cap coins) and investing in large cap coins for longer periods of time (month or two). I am now carrying out a small research on market potential for these longer timeframes.

 

Could you please let know which trading bot you use? Thx

I have never used a bot. But here is a link to a good thread about them:

https://bitcointalk.org/index.php?topic=1944274.0

[damberg]

Thanks for this thread, we can learn a bit from each other.

I got into cryptocurrencies when I bought altcoin trading bot. I didn't know at all what are altcoins about but daily profits made by the bot looked great. After a few weeks of bot trading, I realized the bot makes such high daily percentages because altcoin markets performed even stronger. I became to study altcoin markets the same way I had studied forex markets years before.

Nowadays, I am kind of swing trader, holding positions for 5 - 10 business days. I call it riding the waves From my point of view, I could make even better results holding coins during explosion phases (especially low and mid cap coins) and investing in large cap coins for longer periods of time (month or two). I am now carrying out a small research on market potential for these longer timeframes.

 

Could you please let know which trading bot you use? Thx

I used GUNBOT. I loved the community around the bot, they are more than helpful. The bot is highly customizable, and works for poloniex, bittrex and kraken. More in a thread - https://bitcointalk.org/index.php?topic=1715214.0

[boerthwi]

I think 3% is too small if you factor in the fees/risk and time. I go for anywhere between 15-30% depending on the buzz around the coin and how the market is trending. Currently with this latest China news and bear market I focus more on buying more long term hold coins since I haven't been able to pinpoint where it will settle once they go back up. Ive been getting burned on this China news because they are not going back to previous levels as fast as I would like so I'm stuck holding. But I may try to go for like 7-10% gains to see if this will work in these types of markets. Its just so risky because of how sensitive people are to the news without really analyzing it.

0.25% comission per trade on bittrex. I think you might Forget about that even if you "just" go for 5%.

Risk is very small as Long as you believe in the market 

[KellyCoin]

I think 3% is too small if you factor in the fees/risk and time. I go for anywhere between 15-30% depending on the buzz around the coin and how the market is trending. Currently with this latest China news and bear market I focus more on buying more long term hold coins since I haven't been able to pinpoint where it will settle once they go back up. Ive been getting burned on this China news because they are not going back to previous levels as fast as I would like so I'm stuck holding. But I may try to go for like 7-10% gains to see if this will work in these types of markets. Its just so risky because of how sensitive people are to the news without really analyzing it.

0.25% comission per trade on bittrex. I think you might Forget about that even if you "just" go for 5%.

Risk is very small as Long as you believe in the market 

Yes maybe for some the 5% would be good but is just not worth it for me because of the time involved. But I have recently started to experiment with bots and even 2-3% would be great if a bot can do it. I will post here if a bot can really generate these results consistently.

[khan149]

Your idea is very good.I am not expart in trading platfrom.Although i started trading before three months ago and i always try to trade two way.First is i hold some coin for long term and second some coin is for daily trading.

[KellyCoin]

Your idea is very good.I am not expart in trading platfrom.Although i started trading before three months ago and i always try to trade two way.First is i hold some coin for long term and second some coin is for daily trading.

Yes this is the best way to do it.

[boerthwi]

i definetely agree to hold some coins in the long-term. I only hold 25% of coins, rest is tether or the coin that probably is going to offer profits.

+ trading in tether lets you easily see your winnings in $
 

right now i recommend ETH, LTC and QTUM for relatively save profits in the next days.

[KellyCoin]

Can't believe its almost 2 months since I started this topic. Anyway here is a quick update:

Since my last post I have had very limited time to focus on trading alts. So I started experimenting with Bots as someone suggested.

After some research I decided on  C.A.T and overall I feel it was a pretty good decision. It's a one off purchase unlike some of the other bots out there and it does what it's supposed to. However it does require A LOT of monitoring and tweaking and I am still trying to figure the right configurations to have it run mostly on autopilot. The overall downtrend in Alts is not helping either.

But despite this I have been able to make a profit overall despite some early losses while I was a bit impatient.

The trick with the bot is to focus on small gains 1-3% and use buy/sells when the markets are going up and sell/buys when they are going down. You also have to pay careful attention to when the trend changes so you don't get stuck either holding a bag or selling a coin that rockets up and you are left stuck with a low buy order (this has been the hard part for me since I haven't had the time to monitor it as I should).

Quality coins is key as even if you are left stuck with it, you are quite confident it will rise in the future.

Coins I am currently (actively) trading:

MTH
BQX
DNT
CND
TRST
HVN

[Choosewise]

Follow @PeterLBrandt on twitter, he usually has some pretty good trading advice.