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

[mast3rm1nd]

predefine a price of entry so that you are in control of when to buy; set up a clear gain margin and stop-loss and STICK to them, don't get too greedy or too clingy. if it's in the price to sell (be it profit or stop-loss) drop that shit.

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[syberwolfen]

See what I do. I am using 3-4 types of altcoins for short term trading. Furthermore I have an eye on BTC and ETH during at least half a year and only then sell or buy.  All investment distributed in proportion 50/50 between altcoins and ETH/BTC.

That's great job there is a lot of buzz for ETH which started before couple of months when the value shoot up even i am planning to invest into ETH with little further research and forecast but i would prefer 70:30 ratio or or else invest into BTC, ETH and Litecoin with 40:30:30 ratio to understand better about the percentage of profits with the duration.

But the best one i would suggest is bitcoin alone instead of waiting for slow and little returns (doubtful) with other alt coins you should invest more in bitcoin than any other crypto currency as the returns in bitcoin is easily outnumbers the returns with other coins so i would always prefer bitcoin rather than any other coin.

[overcliff433]

Analyze before you enter a market.

[Digital_Lord]

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.

There are a lot many factors that are needed to be kept in mind while we are trading on daily basis. Most important among all of them according to my belief is that one should keep himself up to date about the daily prices of cryptocurrencies in market. This is because being an aware of the price can cause you loss at your end.

The other thing is that a person should set up some limit for each day while trading because we all know that anything in excess does harm you. Being greedy about earning more and more money would not take you anywhere except a huge loss at the end of the day.

Excess of everything is bad and in daily trading remember one thing right decision counts more than anything so do trading on some part don’t go for the big piece maybe you will be disappointed I also do same thing I see the market and then take decisions that can give me a profit and I usually spend all my time to analyzing the market and this give me huge in short terms and I am bit satisfied of my strategy.

[davinchi]

Let's see what you think Guys.

First rule of day trading is to control greediness.
Then you have to control your emotions if you have losses in your trading.
These things are the physiological aspects.
Other than that everyone should enrich their technical analysis to become a good day trader.

I am on the side of controlling emotions. Actually trading is all about decision making and when you are deciding for one particular thing, your exemptions must not be coming along the way. If you re over controlled with emotions, believe me your decision will just become raw and you are ending with huge losses. So make your day better with trading while controlling your emotions.

[2hot2handle]

I am not a good trader but as what I observe with people I know that do day trading they are only after with 10 to 12 percent profit with every coin they trade and they always set 10 percent of loss and then move on to the next trade. They do not trade only one coin in a day but a lot of coin.

[Kiweikoo]

See what I do. I am using 3-4 types of altcoins for short term trading. Furthermore I have an eye on BTC and ETH during at least half a year and only then sell or buy.  All investment distributed in proportion 50/50 between altcoins and ETH/BTC.

The first rule of trading in my opinion is to have ample amount of knowledge before you actually start to trade with your cryptocurrencies. On the other hand, the well control of your emotions and technique to not get panicked in any situation is good for the trading purposes.

Short term trading must not be opted at the beginning level and if you have been into trading sine along time, then you could go for direct trading ad well that is no involvement any third party and having direct contact with the buyer or seller.

[Sengoko]

the first one is that you do not have to be afraid to lose because we do not know the trend of trading without spending money on trading because we do not know tomorrow morning that your money is down.

The first rule is buying low and sell high, also when you are into trading the basic steps is you are willing to lose. The market is downtrend and uptrend. All of us must be aware of this moves for us not to lose in trading.

First rule? Study before you engage. Its very important to know about the coin we're going to invest in especially if its short term. Read forums, follow social.media pages, watch videos. These things will give you information that would really be helpful especially for day trades

Exactly! there is no point of denying this fact that you actually need to follow this policy of buying the coins at low price and selling them at high price if you actually want to get something profitable in return. In addition to this, you actually need to make a wise decision while deciding which coin you have to buy as the amount of profit which you will earn will greatly be dependent on this.

[Sowik]

Watching the price of the coin and how it performs for a decent amount of time IMO. You get more and more familiar with the coin's price and how it performs.

[alphalifter304]

Biggest rules I wish I would have realized were to be content with a smaller profit vs waiting to double my money off of one coin. I have seen much higher profits for myself lately by trading multiple coins at smaller % instead of putting all of my eggs in one basket. It also really helps with controlling your emotions as well.

[dimonstration]

the first one is that you do not have to be afraid to lose because we do not know the trend of trading without spending money on trading because we do not know tomorrow morning that your money is down.

The first rule is buying low and sell high, also when you are into trading the basic steps is you are willing to lose. The market is downtrend and uptrend. All of us must be aware of this moves for us not to lose in trading.

First rule? Study before you engage. Its very important to know about the coin we're going to invest in especially if its short term. Read forums, follow social.media pages, watch videos. These things will give you information that would really be helpful especially for day trades

Exactly! there is no point of denying this fact that you actually need to follow this policy of buying the coins at low price and selling them at high price if you actually want to get something profitable in return. In addition to this, you actually need to make a wise decision while deciding which coin you have to buy as the amount of profit which you will earn will greatly be dependent on this.

Yes specially that you are deciding on how you would be chosen this coin on how long does it take before you can earn profit and how long you tryst that coin are depending on how you see that coin so first rule is on how you analyze that coin for.

[wayaneka]

In my opinion First rule is patient and dont be greedy then second rules is always buy coin when oversold, then take profit by maksimum 20%-30%. Greedy trader is mean lose and lose and never profit, also dont forget to decide stop loss area /cut loss area because this important when the price going down continue, so the risk and the loses will be less.  Then also learn about fundamentally of the coin, this is also important when to do longterm trading.

[clarkt]

The first rule of daily trading should be setting very low margin for profit and taking that profit as fast as possible! If you can find enough capital to trade, you are likely to make some appreciable amount of profit.

[carlisle1]

The first rule for daily trader is :
Always play everything that can afford to lose,
what does that mean ?
it mean if you are a daily trader,do not put too much your hope into it because you can not predict the market and nobody can predict it.
do not living your life using that trade and always use some of your side money into it.
you can double your money in the next morning and you also can lose it all in the next morning.
a lot of trader lost all of their money because of it,they put too much hope and dream in their investment.
and when the price is down because of the whales he's panicking and sold his belongings.
he did not know it's a cycle,right now you can see it's below $1 but a month later you will see it at $100.
everything is possible in cryptocurrency

Best advice a trader must have is this one,purely caming from experience that
Leads to success.nice advice Mate its really admirable to read such advices with
Really good intention.

The OP needed one rule of daytrade,i believe mate has mentioned it all but added
To it dont lose faith on your coins,if you missed the expected target and it continue
To drop just hold it dont panic to sell it for lower price because it will recover for sure
Maybe not at the moment but in a long run

[nasibakar]

The first rule is to check the chart.

the other important thing:
Make a goal, 10% profit or more then you can get out to seek other things

[chicobr]

In my opinion, controlling emotion is the first rule when starting trading. If you can not control yourself, you will lose so much

[Daveeoff]

Following the coins you wanna get in and learning the trends are key factors in day trading.

[Mr.Dick]

Honestly, i am not yet into trading (except of exchanging some btc to ltc etc) but here is how I handle almost everey risk:
 NEVER RISK MORE YOU CAN AFFORD TO LOOSE!

[hastag_80]

Let's see what you think Guys.

My first opinion of daily trading in crypto currency is to exchange or buying some have potential of differrent
kind of  altcoins into the blockchain market and hold its while the value is still low and after that you find out that the market value will grow thats the time you goes it market exchanges.In other terms its like you done a  small business of livelihood and the time that it will grow you must sell your livestock in market.

[santali]

Well, the first is not going nuts, and this rule might be apply not only toward trading buisness, but for much more, never gone nuts, my friends!