What is the first rule of daily trading in your opinion?

[radjie]

Let's see what you think Guys.

First rule will always be, DO YOUR RESEARCH! Never jump into something you don't understand. Especially when it involves money. Then, when you have understood the system and you think you have a little grasp on it, then you could test the waters with something you can afford to lose since you're just starting. We all have to lose sometime to become good traders, right? 😉

doing research in advance is indeed a major factor for trading, researching carefully the market price movements and see what coin growth we will trade in order to always be able to benefit.

[Daimon88]

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

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

In my opinion the first rule of daily trading is the profit margins of that day. I mean if you trade something and you observer the market value of that particular thing then you will make your trading more easy and profitable because if the profit margin is very low or even zero then there is no need to trade something on that day.

For example gold because the price of the gold vary every day and the gold traders should keep the price first before trading in that day.

[zeaderza]

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

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

In my opinion the first rule of daily trading is the profit margins of that day. I mean if you trade something and you observer the market value of that particular thing then you will make your trading more easy and profitable because if the profit margin is very low or even zero then there is no need to trade something on that day.

For example gold because the price of the gold vary every day and the gold traders should keep the price first before trading in that day.

I believe the very first rule that applies to trading cryptocurrencies online is mostly invest what you can afford to lose, and that rule does not mean you will lose your money, it’s just to remind you that trading is risky and that you’re likely to lose your money. Cryptocurrency trading is not an easy task to do, it’s quite difficult and not everyone can jump into it or you will end up losing your money.

You have to go through some.series of training before you can become very perfect in trading, but this doesn’t mean that being a professionals makes you an exception, rather it reduces the risk.

[ThunderCatSteve]

Learning to read charts is important - spotting daily trends - and also researching the company to see what big events, releases and updates they have coming out. From many coins have a good 10-20% range on a daily basis - obviously not 24/7/365 - but it's always good to watch the coin for a while and study the patterns of people.

oh yeah, and stop loss

All the best!

In my opinion, for daily trading, a trader must have no fear of facing the loss because in this case the probability of facing the loss is larger and a person must have a very good understanding of his digital asset. He must stay up to date and alert.

I find this a very tough task and day trading requires the trader to stay alert. I have seen people who really make profits this way but my talent is zero in this case.

[miltonpogi]

In my opinion, the first rule in trading is to set your plan everyday, because setting plan can arrange your steps and to avoid forgetting some ideas you need to take note, setting plan include sourcing all information before going to a trading process, always considered all the possible outcome of your decision whether it good or bad, and always become a risk taker. this are the rules that you need to considered in daily trading but most important is the "plan".

[cindygirl]

My number one rule is to learn to limit losses as well as maximising gains, inevitably you will have bad days where you lose money but it is just as important to limit losses on these days as to maximise gains on good days.

[nagatraju]

I read in one article about the rules of trade - one of the main tasks is to protect your trading capital...perhaps this is not the first rule of every day, but this is an important rule for me... and this means no unnecessary risks...and this doesn't mean the absence of any unprofitable trades - all traders lose, this is part of the business ... it means to approach to everything with the mind and without unnecessary emotions...

[Sowik]

Watching the price of the coin and how it performs for a decent amount of time IMO.

[keenjester]

Never trying to earn more than 10% is the first rule i think we have to keep in mind. Greedy will push us into the loss in every scenarios.

[butrsukumpanumet]

Watching the price of the coin and how it performs for a decent amount of time IMO.

Only watching and there is no buying ? I think you should buying this coin today and watching another coin for tomorrow surfing is for suitable ? I think maybe you should wait for the right moment to make buy and sell orders, not only watching. Only watching will make you miss the opportunity.

[sheilasekarbumi]

I read in one article about the rules of trade - one of the main tasks is to protect your trading capital...perhaps this is not the first rule of every day, but this is an important rule for me... and this means no unnecessary risks...and this doesn't mean the absence of any unprofitable trades - all traders lose, this is part of the business ... it means to approach to everything with the mind and without unnecessary emotions...

Protecting your capital isn't the first rule in trading. What happen if you're only winning ? I think the first rule in trading is figuring out where is the right new to use. Protecting your capital is protecting the results when you're winning.

[YaChou]

honor the stop-loss

[entrepmind23]

Let's see what you think Guys.

Always have a trading plan. It would be good if you already know where is your entrance and exit strategy to the trade so that as much as possible, you can avoid getting your emotions involve in the trade. If in case you don't have a trading plan and just buy a certain coin because it is getting hype then it is either you are lucky why you are in profit or you got what you deserved when you are at loss because you didn't think of a proper plan. One of the struggles of the traders are the emotions during trading because they will either become greedy if already in profits or still hopeful that the price would still go up even if they are already in a major loss because they didn't use stop loss.

[Victorycoin]

The most important rule is just to look at the charts, and see price movements among the whole day, just follow all the candles on every chart you are going to trade and look the opportunity to join the market.
But the most important thing is to set a desired profit, i dont take more than 2,5% profit per trade, usually they get filled in less than 2 hours, and in good days of trading i do 6 of them a day.

What you told is the correct rule of daily trading is to set the desired profit or loss of trade so that you dont make mess with your investment. It is always good to first check the movement of the coin and then according to it trade it, let the price move up little but you will get idea of the movement is really bull or its a bull trap.

Much better to start off your trading day by first checking the news for latest developments, because nothing moves the market like the fundamentals, technical analysis merely works within the boundaries so set by the fundamentals. In the event that  a high impacting news is in view, it's always safer to wait and see! In the absent of any major news, then a look at the charts to ascertain if the market is already overbought or oversold and then looking for good entry point. Tools like pivot points, Rsi, Bollinger Bands, Stochastic,etc can be of immense  help.

[Renai0925]

Number 1 rule for me is don't give in to FOMO. If a coin is already pumping, resist to join in. If you have assets and profit is already within reach with pump slowing down, sell it. Play it safe and don't be greedy.

[iv4n]

I believe that for day trading you need to have a lot of time, day trading is a full time job. If you don't have time for spending by the computer, watching charts, follow news, and act in minutes when you need to then don't count that you can be a good in day trading.
Time and money for spending, don't practice say trading with all the money you have, practice with one part of your bankroll and of you lose some money you need to have more to try again tomorrow.

[lvincent]

In daily trading there are alot of reminders that you always need to remember, try to relax as much as possible and don't let emotion interfere so when you're making a decision you can make sure that it is the right decision if you just recklessly make a decision because you're panicking then you'll gonna lose much bigger. Try to be as knowledgeable as much as possible, you don't want to enter a war without any weapon do you? So try to research and read some article about the market before you enter trading and try to analyze the market to help you a make that right decision and finally trust your instinct and Pray.

[gabbie2010]

Let's see what you think Guys.

Firstly, check your chart to analyze  the overall  trend are we still in bullish sentiment as being presently observed in BTC/USD? if yes continued to hold on your coin,  although there may be consolidation or pullback of price do no panick, if want to buy freshly wait for pullback before pulling the trigger.
Finally, if exhaustion candles like dojis, bearish engulfing bar, bearish harami is observed then that may likely  be the end of the bullish sentiment.

[Vaskiy]

Have different assets in your portfolio. Be focused on each and every price move happening with the digital assets. This will let you make the right buying and selling decisions. Avoid the tendency that you need to make certain profit for the particular day. If the market is not in a situation to support, then leave it. Don't go trying for profit making and end up in losing.

[kkofor]

When I join in cryptocurrency, my first rule is "not greedy". If you can control yourself, you will not be panic when the price down and will not be greedy when the price goes up.