Daytrading advice

[lablab03]

As like what you said op maybe because you bought too high price reason you cant even obtain by doing day trading. Well in my opinion probably yes that's the main reason as well because we have basic rules that must be followed wherein " buy low and sell high "so it would be difficult to earn especially if you start from the very high position. On this kind of situation perhaps profits will be made only unless you trade for long run not day trading because market nowadays didn't progressing well  so maybe it would be better to choose the right way instead pursuing to day trade which is even its  impossible to make profits.

[BitcoinTurk]

- How many coins do you have on your watchlist?
1) Do you check all those charts on your watchlist every morning (or even multiple times a day)?
2) At what timeframes do you check them if you intend to daytrade (15m - 1h?) or swingtrade (4h - 1d?)?
3) If you had only 1.5 BTC would you get 15 0.1 BTC bags or 5 0.3 BTC bags (with multiple entries)?
4) 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.
5) 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…


Since I don't want to write a long article article, I want to answer your questions one by one.

1) Before buying, I look at the graafikler of all the options I have been researching. Especially the last 24-hour chart is very important for me because it is never right to buy from the highest price of the day. (I don't take that risk even if it's an upward trend.)

2) Generally, I do my sales transactions as soon as I reach the targeted profit margin because I have been constantly following the price. I do not limit myself to a certain period of time.

3) Even though I like to make a portfolio, I prefer to create very few choices in daily transactions. Controlling dozens of different processes is both exhausting and takes a lot of time.

4) I usually act on my own decisions when entering or buying a purchase order. I don't use any tools. The options at the bottom of the last 24-hour period are usually my main choice.

5) I certainly don't follow any signal or investment advice. I make my own decisions with my own research. If other people believed that those signals were successful, they wouldn't share it with anyone.

I want to leave a note at the end of my writing. Always stay away from options with low trading volumes.

[milewilda]

- How many coins do you have on your watchlist?

3-4 coins would be enough to make me busy.lol

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

Multiple times a day, since i do have 3 monitor set-up, i do actively check it once in a while.

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

Mostly doing daytrade yet i have all the time i needed.

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

Smaller lot size is preferable yet you can extent your trading 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.

Just always keep in mind that TA doesnt give out precise results but im just using simple trend line and S & R.

- 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…


Nope, dont tend to make use of these things ever.

[bitgolden]

As like what you said op maybe because you bought too high price reason you cant even obtain by doing day trading. Well in my opinion probably yes that's the main reason as well because we have basic rules that must be followed wherein " buy low and sell high "so it would be difficult to earn especially if you start from the very high position. On this kind of situation perhaps profits will be made only unless you trade for long run not day trading because market nowadays didn't progressing well  so maybe it would be better to choose the right way instead pursuing to day trade which is even its  impossible to make profits.

I feel he just need to change his strategy, probably he was trading when the market was still bullish, but now that we are in bearish market, it really requires more strategies to be applied to day trading for one to really make profit from it, it is this bear market that even forced a lot of day traders to be trading shitcoins, though one needs to be very careful with that too as it also require careful study of chart when there is going to be pump and dump.

Though in this bear market, I personally don’t do much of trading, I just hold my coins because I don’t want anything that will give me emotional torture.

[forestx]

My 70% success rate is still in tact but I have made some bad calls later on longer trades. In one case down 50% and also trying to swing trade RVN didnt work out

On the other side made good calls swing trading Celer

[AdviceNeeded]

Thanks for the replies everyone, there’s lots of solid advice in this thread!



For example I do agree using signals and automated bots would take the learning curve away. While I still think it is possible to make profits this way (you can check the results of signal sellers on 3commas), these profits would be the result of putting trust in other people and not by getting more skilled myself. That is certainly not the way to go.



Another great tip for me personally comes from Tytanowy Janusz: 'having everything loaded into trades should not be your priority'. This is something I am very guilty of. When I sell a bag, I buy another one within the next hour. I never have BTC for opportunities. When BTC dumped a bit some days ago there were so many ALTS I’ve could have gotten cheap, but I had no BTC left. 

I also realised why I HAVE to set stop losses this week. At first I was reluctant because of the following reasons:

- the coins I get in are fundamentally good projects and when you look at ICX and LOOM for example and zoom out on the chart, well, chances you’ll be bagholding a coin like that for many years are small. Worst case scenario it turns into a long term hodl.
- you could end up 'wasting' profits when a stop loss gets triggered and price recovers just as fast. Many times you will see coins dump a little before they pump. Nobody likes being left out that way.

After refusing to set stop losses for a couple of weeks however, I have learned that your funds get tied up pretty quickly and while you will not lose on those trades in the long run, you miss out on much better opportunities short term or you might miss the possibility to re-enter at a lower price. So from now on this is a no brainer to me: losses are not bad, you’re not a failure when you realise them, sometimes they are a necessary evil.


Also, I have to accept that while I have the luxury to do this 16 hours a day for 6 more months, I just don’t have the knowledge to put that time to good use. In fact, spending that much time staring at screens without a solid plan will probably be counterproductive like gantez worded so nicely.


- 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.




I guess my main problem is that I’m still wayy to impatient/insecure. In trading and in life generally. I exptected all this free time to be reflected in my profits. And it kinda did, I actually had a great month, I started with $4400 on March 11th and I’m currently over $6100 with two weeks to go before the month ends. What bothers me about it is I don’t really know how I did it and how to replicate it, fearing that all of this was just dumb luck.



I will probably benefit from taking a step back, taking a deep breath and focus on learning. The question is, where to start? So many different opinions, so many indicators, it’s easy to suffer from information overload and I don’t want to get turned off by that.