Daytrading advice

[AdviceNeeded]

after getting really rekt in 2018 (I got into crypto in December 2017) and being a community member for almost a year I finally accepted my losses, decided I had not much more to lose and started trading. At first I started swingtrading the shitcoin I was bagholding and increased my position almost 50% in one month. Eventually I got left out in a pump and refused to buy back higher. Luckily I didn’t because 2 weeks later it got delisted everywhere and price dumped really hard. So I moved on to Binance and started following some traders on Tradingview. I also got 3commas. I selected 5 coins intending to swing them over a couple of weeks, but eventually couldn’t resist closing my trades whenever they had $20 profit. The first 5 days I did this (March 11-16) I averaged at least $100 a day in profits and so my interest shifted from swingtrading to daytrading. The reasoning behind this is I’m only trading with $6000 and daily profits give me a sense of security, it’s better for my mental health.  I have a lot of free time and I’m prepared to do whatever grunt work is necessary to succeed in this. Also, I believe I will grow my portfolio much quicker by adding small quantities every day instead of trying to get multiple 20% trades within a month. Funny thing is, since I’m trying to daytrade I’m unable to get daily profits like I did when I was trying to swingtrade!

I’m a bit frustrated because I don’t really know what changed. Maybe it’s because it’s unsure what BTC is going to do and alts aren’t as jumpy as they were last week, or maybe I just bought my current bags too high, resulting in those funds getting stuck until they at least break even.

I have some questions that could help me understand more about daytrading in general, I hope I can some feedback on them:

- How many coins do you have on your watchlist?
- Do you check all those charts on your watchlist every morning (or even multiple times a day)?
- At what timeframes do you check them if you intend to daytrade (15m - 1h?) or swingtrade (4h - 1d?)?
- If you had only 1.5 BTC would you get 15 0.1 BTC bags or 5 0.3 BTC bags (with multiple entries)?
- What works for you to pick your daily coins? Some do full TA, others just look at Bollinger Bands and Stoch RSI, I watched a lot of youtube videos and they all make it look really easy but I haven’t found what works for me yet.
- Do you use signals? The signals on 3commas for example have a 80% success ratio and can be used to automate bots. I wonder if it’s really that easy? It seems too good to be true, but then again the results…


As you can see I need some advice and I would really appreciate it if I could get some tips from experienced traders! Everyone likes a motivated student don’t they

[el kaka22]

Most probably you may not get right piece of advice as most people here are just long term holders still I do see there are many serious discussions on day trading here always. Personally I tried day trading twice but I got stuck then I waited for weeks to recover my losses then I just exit covering fees and some small profits. Now a days, I am too a proud long term holder of cryptos and this way I never get stuck still I am confident about comparatively more profits than day trading. Day trading must need your full time and you might need lots of analysis. If you still finds it is worth for your efforts and time, you may continue with day trading.

Here I am just quoting one good post on day trading which may answer some of your questions and doubts:

Here are few of our useful discussions on day trading, many of our beloved traders have suggested what to do and what should be avoided:
with market conditions like this, are there any tips for continuing day trading?
The advantage of day trader
LastLaughingGuy - day trading diary
Binance day trading BTC

Mistakes need to avoid in day trading
day trading is like having sex

Please advise me which coins best for the day trading
Is there any reason to day trade anything other than bitcoin?

These 2 are useful article on general day trading :
https://www.investopedia.com/articles/trading/05/011705.asp
https://www.investopedia.com/articles/trading/06/daytradingretail.asp

[asyakashi]

- Do you use signals? The signals on 3commas for example have a 80% success ratio and can be used to automate bots. I wonder if it’s really that easy? It seems too good to be true, but then again the results…


I suggest not to be too sure about the trading signal. if you want to try it, I suggest looking at some testimonials so that the signal can be proven.
or you try to subscribe to trading signals that are not free.

[Reid]

Yes you already have the answers here.

There is not much of a movement by now.
Even my portfolio is not moving or worse they are going down. How can we make profits with that?
Resting will be a better idea.
Taste that last profits and maybe refresh in a good place then come back working your ass afterwards.

Maybe after that we could see a good movement again. Let us take out Tether then maybe we can see a good swing.  
I just became a hardcore hodler.  

[Tytanowy Janusz]

- How many coins do you have on your watchlist?
- Do you check all those charts on your watchlist every morning (or even multiple times a day)?
- At what timeframes do you check them if you intend to daytrade (15m - 1h?) or swingtrade (4h - 1d?)?
- If you had only 1.5 BTC would you get 15 0.1 BTC bags or 5 0.3 BTC bags (with multiple entries)?
- What works for you to pick your daily coins? Some do full TA, others just look at Bollinger Bands and Stoch RSI, I watched a lot of youtube videos and they all make it look really easy but I haven’t found what works for me yet.
- Do you use signals? The signals on 3commas for example have a 80% success ratio and can be used to automate bots. I wonder if it’s really that easy? It seems too good to be true, but then again the results…


• I have 20 coins that i've checked fundamentally to be sure (almost sure) that they won't be dumped to 0 due to scam accusation and delisting
• All the time. Buy opportunity may appear every moment
• every interval has its sponsor. On 5 min candles small whales are fighting for their profit pushing price in direction that they want. On 1h candles middle whales are fighting on bigger volumes. On 1d candles huge whales are pushing price pumping milions to set it how they want. Enormous whales are fighting on 1w candles, because only on that huge interval they can find volume that is right for them. Funny thing starts to happened when 5 min candle whale is trying to set price how he want it hitting in 1w whale wall.
  That's why you can't trade looking only on 5 min candles because you can be hit by 1w whale. Always check what's going on on big intervals and then go to smaller and smaller. There is no rule. It depends on how much would you like to earn and how much would you like to risk. After checking big intervals i like to daytrade on 5-30 min candles.
• I would split that into 5 x 0.3 but having everything loaded into trades should not be your priority. If you see 1 buy opportunity today put 0.3 btc and search for another. If there isn't any don't try to invest it no matter what
• I'm whale hunter. I always try to search for untechnical movements. For example - support was broken, price should crash but big volume appeared and price come back above support. What would do that if not a whale? That's where I join and earn with that big guy.
• Signals will kill your progress in trading

[akram143]

Firstly date reading will not suitable for lots of kisses because the tension and work was very different from other type of investment in trading so you have to work continuously without any time and date so making your day trading possible you need to ready for everything it will be a profit or loss when will you this type of things will be carried out by the people.

[ajqjjj]

Firstly date reading will not suitable for lots of kisses because the tension and work was very different from other type of investment in trading so you have to work continuously without any time and date so making your day trading possible you need to ready for everything it will be a profit or loss when will you this type of things will be carried out by the people.

This community was supporting to day trading because majority of the investors are enter into this platform. So active traders are make some losses at anytime But those are monitoring the crypto as well as stock market they only success in this platform. I personally analyse the stock market and crypto market both are same process so high margin investment will not drop in any Investment.

[alisafidel58]

Firstly date reading will not suitable for lots of kisses because the tension and work was very different from other type of investment in trading so you have to work continuously without any time and date so making your day trading possible you need to ready for everything it will be a profit or loss when will you this type of things will be carried out by the people.

As a newbie once its good to ask for pointers for old-time traders, asking a question to learn won't give you any harm and can expand your knowledge towards something. it is only right that OP asks a question it is for his own benefit and not yours.

[sarmrakib]

- Do you use signals? The signals on 3commas for example have a 80% success ratio and can be used to automate bots. I wonder if it’s really that easy? It seems too good to be true, but then again the results…


I suggest not to be too sure about the trading signal. if you want to try it, I suggest looking at some testimonials so that the signal can be proven.
or you try to subscribe to trading signals that are not free.

Day trading is always a good way to earn shortly but you have to invest a lot .However if you use signal without testing it can make you losses .I think you have to test it first if you have any option to demo trade .I personally do't believe in signal ,i just try to research myself and trade .Its the best strategy, so learn first and start trading.

[Furious 7]

- Do you use signals? The signals on 3commas for example have a 80% success ratio and can be used to automate bots. I wonder if it’s really that easy? It seems too good to be true, but then again the results…


I suggest not to be too sure about the trading signal. if you want to try it, I suggest looking at some testimonials so that the signal can be proven.
or you try to subscribe to trading signals that are not free.

Day trading is always a good way to earn shortly but you have to invest a lot .However if you use signal without testing it can make you losses .I think you have to test it first if you have any option to demo trade .I personally do't believe in signal ,i just try to research myself and trade .Its the best strategy, so learn first and start trading.

Just do what you believe, trade is a combination of analysis and emotional control. it requires practice and a long time.
it's not easy to become a trader, this is not a theory of selling expensive and buying when it's cheap.
anyone can say it, but the fact is trading is a difficult job to do.

[Bitinity]

- Do you use signals? The signals on 3commas for example have a 80% success ratio and can be used to automate bots. I wonder if it’s really that easy? It seems too good to be true, but then again the results…


I suggest not to be too sure about the trading signal. if you want to try it, I suggest looking at some testimonials so that the signal can be proven.
or you try to subscribe to trading signals that are not free.

Day trading is always a good way to earn shortly but you have to invest a lot .However if you use signal without testing it can make you losses .I think you have to test it first if you have any option to demo trade .I personally do't believe in signal ,i just try to research myself and trade .Its the best strategy, so learn first and start trading.

High likely newbies will trust trading signal because it is the easiest way for them to trade instead of doing their own researches. Cant blame them though as it is their own right, I can call it as a process for them to learn about trading. Once they noticed that the trading signals is not that good then they will try to do their own ways.

[asyakashi]

- Do you use signals? The signals on 3commas for example have a 80% success ratio and can be used to automate bots. I wonder if it’s really that easy? It seems too good to be true, but then again the results…


I suggest not to be too sure about the trading signal. if you want to try it, I suggest looking at some testimonials so that the signal can be proven.
or you try to subscribe to trading signals that are not free.

Day trading is always a good way to earn shortly but you have to invest a lot .However if you use signal without testing it can make you losses .I think you have to test it first if you have any option to demo trade .I personally do't believe in signal ,i just try to research myself and trade .Its the best strategy, so learn first and start trading.

I agree and that's what traders should do. Moreover, a beginner trader should learn a lot and continue to train the sharpness of analysis in trading.
if I use trading signals I think he is fooling himself.

[Lpim01]

Firstly date reading will not suitable for lots of kisses because the tension and work was very different from other type of investment in trading so you have to work continuously without any time and date so making your day trading possible you need to ready for everything it will be a profit or loss when will you this type of things will be carried out by the people.

We can't actually escape from losses especially when you are new into trading and even old traders, that's because the market seems to be unpredictable and fluctuates all the time. This is how we learn and make strategies that will make a play in the market flows.
Of course, as a beginners it is important to save and advice/suggestions and used it in actual scenarios. We can't be growing if we never have this thing(losses) as it give us courage and to be more careful for the incoming.

[Juse14]

We can't actually escape from losses especially when you are new into trading and even old traders, that's because the market seems to be unpredictable and fluctuates all the time. This is how we learn and make strategies that will make a play in the market flows.
Of course, as a beginners it is important to save and advice/suggestions and used it in actual scenarios. We can't be growing if we never have this thing(losses) as it give us courage and to be more careful for the incoming.

Yeah we cant really escape from losses, but atleast we can minimize losses for the trading activity. If the market still continue on bearish trend and we can predict the market. Maybe we can get out the market with 2-3% losses.

[ethereumhunter]

We can't actually escape from losses especially when you are new into trading and even old traders, that's because the market seems to be unpredictable and fluctuates all the time. This is how we learn and make strategies that will make a play in the market flows.
Of course, as a beginners it is important to save and advice/suggestions and used it in actual scenarios. We can't be growing if we never have this thing(losses) as it give us courage and to be more careful for the incoming.

Yeah we cant really escape from losses, but atleast we can minimize losses for the trading activity. If the market still continue on bearish trend and we can predict the market. Maybe we can get out the market with 2-3% losses.

Day trading will give a nice profit if you have skills to predict the trend for every coin. Besides that, day trading will be too difficult if you want to make some percentage because if the market cannot move as we predict, then we could not make any profit and we can get losses. And yes, the risk of losses will be there and we need to manage our fund so we know what we should do.

[sheenshane]

Day trading will give a nice profit if you have skills to predict the trend for every coin. Besides that, day trading will be too difficult if you want to make some percentage because if the market cannot move as we predict, then we could not make any profit and we can get losses. And yes, the risk of losses will be there and we need to manage our fund so we know what we should do.

When it comes profit there's possible that day trading can do that, but it is very risky as well. Time management is not easy to decide especially if we have more things to do. Predicting the market is not an easy way, in trading, you must have fundamental skills and timing when you are going to buy and sell. Make it sure that you have a full of knowledge before engaging the field of trading to avoid possible loose.

[hyunee]

- How many coins do you have on your watchlist?

3 this includes bitcoin, ethereum and ETC.

- Do you check all those charts on your watchlist every morning (or even multiple times a day)?

Yes, I check them using the site of coinmarketcap.com

- At what timeframes do you check them if you intend to daytrade (15m - 1h?) or swingtrade (4h - 1d?)?

I think every hour? I'm not much engaged in daytrading for now since the market is unstable.

- If you had only 1.5 BTC would you get 15 0.1 BTC bags or 5 0.3 BTC bags (with multiple entries)?

I'll get .5 btc each of my favorite coins.

- What works for you to pick your daily coins? Some do full TA, others just look at Bollinger Bands and Stoch RSI, I watched a lot of youtube videos and they all make it look really easy but I haven’t found what works for me yet.

Whenever I found any signals in twitter or signs of bullish I trade some coins.

- Do you use signals? The signals on 3commas for example have a 80% success ratio and can be used to automate bots. I wonder if it’s really that easy? It seems too good to be true, but then again the results…


Automated bots are somewhat good to try. My cousin tried a bot and succeed trades. But I haven't used any of those.

[crzy]

Firstly date reading will not suitable for lots of kisses because the tension and work was very different from other type of investment in trading so you have to work continuously without any time and date so making your day trading possible you need to ready for everything it will be a profit or loss when will you this type of things will be carried out by the people.

As a newbie once its good to ask for pointers for old-time traders, asking a question to learn won't give you any harm and can expand your knowledge towards something. it is only right that OP asks a question it is for his own benefit and not yours.

Not only for his own benefit but i think it can also help the readers. Its ok to ask especially if you don’t have enough knowledge about the market. Newbies should be more like this than to be greedy, after all it will benefit to you and for sure you will do the same thing to others.

[gantez]

- Do you check all those charts on your watchlist every morning (or even multiple times a day)?

This is one major thing that is now affecting you. If you notice, while you were swinging, you were allowing your trade enough space and not always monitoring. So do the same now that you have decided to day trade. Stop monitoring at short intervals. Set your profit it will get there. Good luck.

[traderethereum]

- How many coins do you have on your watchlist?
- Do you check all those charts on your watchlist every morning (or even multiple times a day)?
- At what timeframes do you check them if you intend to daytrade (15m - 1h?) or swingtrade (4h - 1d?)?
- If you had only 1.5 BTC would you get 15 0.1 BTC bags or 5 0.3 BTC bags (with multiple entries)?
- What works for you to pick your daily coins? Some do full TA, others just look at Bollinger Bands and Stoch RSI, I watched a lot of youtube videos and they all make it look really easy but I haven’t found what works for me yet.
- Do you use signals? The signals on 3commas for example have a 80% success ratio and can be used to automate bots. I wonder if it’s really that easy? It seems too good to be true, but then again the results…


As you can see I need some advice and I would really appreciate it if I could get some tips from experienced traders! Everyone likes a motivated student don’t they

- How many coins do you have on your watchlist?
Right now, I have more than 5 coins on my watchlist.

- Do you check all those charts on your watchlist every morning (or even multiple times a day)?
I'll check multiple times a day because I don't want to miss a good price to buy and sell.

- At what timeframes do you check them if you intend to daytrade (15m - 1h?) or swingtrade (4h - 1d?)?
I set the interval for 15m-1h.

- If you had only 1.5 BTC would you get 15 0.1 BTC bags or 5 0.3 BTC bags (with multiple entries)?
I will choose to have 5 @ 0.3 BTC bags with multiple entries, but it will be good if you leave 0.5 as your back up balance just in case if something worst happens.

- What works for you to pick your daily coins? Some do full TA, others just look at Bollinger Bands and Stoch RSI, I watched a lot of youtube videos and they all make it look really easy but I haven’t found what works for me yet.
I use Bollinger Bands, and sometimes I used MACD and sometimes I used both plus Moving Average.

- Do you use signals? The signals on 3commas for example have a 80% success ratio and can be used to automate bots. I wonder if it’s really that easy? It seems too good to be true, but then again the results…

No, I don't use any signal from telegram groups or others. I only believe with myself.

I hope that you can get some lesson from us and hope you can trade better after this.