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

[kendra1107]

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? 😉

[principledquince]

I guess the fist rule in trading is "invest only the amount that you can afford to loose".

[JimmieA]

Let's see what you think Guys.

For me that is not to make small transactions, not worth it. You know, the cost we pay for every transaction is quite high so if we do transactions on a regular basis without control, the amount of money you have to pay for the fee is not a small amount. That's the reason why I want to put this principle first.

[hitrawal91]

So here the question is directly pointed for the day traders. Day trading is only meant for the traders who are doing full time with full preparation of knowledge and practise. I mostly avoid day trading or you can say i do very less precentage of day trading because i like to invest than day trading.
I always remember the quote's of famous trader Warren Buffet, So rule number 1 says that "NEVER LOOSE MONEY"and the 2nd rule says that "NEVER FORGET THE RULE 1".

[humanCNC]

Let's see what you think Guys.

I think when trading, the exact factor is the most important thing. The smallest mistakes  when performing a transaction can also cost you some money. So, for me the first rule when implementing such transactions is to be very accurate.

[paloloy]

I've been searching for a thread like this and the responses were helpful to those who want to take a new level of earning Bitcoin.
Trading is introduced by a friend that doesn't count me in dealing with as other ways to earn money. But it feels better when you read the comments and realize that you are not yet ready to trade.
Thank you guys

[vegethegreat]

For me the first rule is trading is the "technical understanding". To be a successful traders you need to have a knowledge on how the market works. Since you are referring to day trading I guess you already knew that a large portion of your time is in the front of the computer as you need to check always the market changes. And also consider this rule "buy when the price is low and the sell when the price is high"

[RedX]

Always check the prices. All the coins that you hold and the price of btc. The coins that are pumping on coinmarketcap because sometimes there are chances that you can do an arbitrage. Check also the price of the altcoins that you want to buy if they fall on your buy target.

[sucix]

Let's see what you think Guys.

dont be greedy and you have to planning your win or lost percentage. it will reduce the risk.

[Chiggins]

Always check the prices. All the coins that you hold and the price of btc. The coins that are pumping on coinmarketcap because sometimes there are chances that you can do an arbitrage. Check also the price of the altcoins that you want to buy if they fall on your buy target.

I think daily trading is not such an easy job there you need a lot of experience and luck. you must have good skills of daily trade, because the chances of losing money in day trading are more as compare to long term trading. I think the most important rule of day trading is to have some planing and strategy about day trading.

[syaripudin]

Let's see what you think Guys.

I think you should start trading on a scale of capital that I do not say too much because I think the crypto market movement can not be predicted because the price changes will continue to move every minute or even every second. Crypto trading is an activity that has a high enough risk I think it takes a lot of patience from you because many of the traders who make mistakes because of panic over what they do with the decline in the price of crypto in the trading market.

[bitsnkes]

As a daily trader me nevery expect to get more than 1-2% on a single day.
its very bad if you expect more.
Cause even this will heppen one day it will not happen all the day and you will suerly loose money one day if you greed more.
Daily trading is a very hard prospect .you need to be very conscious while you trade daily.

[Yuhee]

As a daily trader me nevery expect to get more than 1-2% on a single day.
its very bad if you expect more.
Cause even this will heppen one day it will not happen all the day and you will suerly loose money one day if you greed more.
Daily trading is a very hard prospect .you need to be very conscious while you trade daily.

for me it is a hassle trading. Bouncing of the token to eth then to btc is such a waste that most of the money is going to transaction fees and gas. But i also expected this kind of hassle but at least i am learning new things and creating many accounts in such sites. And daily trade for me is really absurd. Because it is not always everyday that i get coins but perhaps at least thrice a week.

[m_01]

Watch market updates and then start to trade

[sltshp]

One thing people often neglect is the importance of having a stop-loss.

When u set your order, you should be mentally prepared to close out the order if your losses exceed a certain point.

Most people tend to panic and hold on to their coins in an obvious downtrend, hoping that price would go up.

Sometimes it pays off and price rebounds, but sometimes it can be disastrous if price never returns to prior levels (e.g bancor).

Trading is a lot about discipline and it helps to stay rational.

[credo_14]

For me the first rule in trading is buy/low sell/high. I followed this rule when i was new in trading. But along your journey of being a trader, you will learned other stategies.

[ngesotcoy]

For me the first rule in trading is buy/low sell/high. I followed this rule when i was new in trading. But along your journey of being a trader, you will learned other stategies.

Buy low sell high is the rule can not be changed when trading, you can't buy high sell low . My opinion patience is the first rule of daily trading in crypto currency.

[YuurinBee]

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!

[MoneyIsDebt]

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!

Indeed daily trends really helpful for the short term traders and really beneficial for the short term traders. it is the most profitable one if you now how to ride with the hype and we should expect that after the huge price comes there's always a fall since most of the shitcoins are placing some good signs so that they could trap the huge fool traders like me before 2 to 3 year back when i just started trading but once you got into it and know all the ethics of trading it is really an easy job and exiting as well.

[blueteam09]

I am a person who has a lot of time spent in a day so I will share you some things that I do I search for coin in the market and find some articles about it maybe on reddit or bitcointalk and then that I can order to buy coin on the floor then follow some information of the market bitcoin