Bad time to get into daytrading?

[lutepatrick]

I've been studying day trading crypto on and off for about a year. Everyday i'll go into 10 or 20 coins mark their supports and resistances to get really familiar with reading charts. I've studied candlesticks, trading patterns and a lot of indicators. I'll put up a few of the indicators and go through past markets to check how they reacted previously. I then try and predict which way a coin is going. I make notes of where i would get in and get out to see if it was real what sorta success I would have.  I seemed to have it done alright so thought i would have a go with real money. I put a few hundred pounds in and the first few days i think I was very sporadic and kept trying to put money in everywhere i thought i saw something. It didn't go too well. This week I calmed down and said i'd only do a few trades a day where I really concentrated and really thought it out. Every time I put my money in it would start to go well, all the indicators pointed to success then all of a sudden it would plummet out of nowhere. I'm wondering is this a bad market to start learning to day trade in or do I just need more practice. Also any tips?

[BabyBoss]

I've been studying day trading crypto on and off for about a year. Everyday i'll go into 10 or 20 coins mark their supports and resistances to get really familiar with reading charts. I've studied candlesticks, trading patterns and a lot of indicators. I'll put up a few of the indicators and go through past markets to check how they reacted previously. I then try and predict which way a coin is going. I make notes of where i would get in and get out to see if it was real what sorta success I would have.  I seemed to have it done alright so thought i would have a go with real money. I put a few hundred pounds in and the first few days i think I was very sporadic and kept trying to put money in everywhere i thought i saw something. It didn't go too well. This week I calmed down and said i'd only do a few trades a day where I really concentrated and really thought it out. Every time I put my money in it would start to go well, all the indicators pointed to success then all of a sudden it would plummet out of nowhere. I'm wondering is this a bad market to start learning to day trade in or do I just need more practice. Also any tips?

My bad times in day trading is when my first time I enjoy a lot because l get a profit in every trade but when I almost lost my token And l have to bet my remaining token to lose it or to gain. Ive realized that its not easy to trade but you have to learn also how to trade so that you will gain not a loser.

[ajaymukund]

More practice leads to more experience in any field. Books can teach you good theories but practice will help you remember the whole life.
that is why so many people spend between $ 100 and $ 200 to try trading. have emotions, there is bitter, then a new trader should be formed.

[exstasie]

I've been studying day trading crypto on and off for about a year. Everyday i'll go into 10 or 20 coins mark their supports and resistances to get really familiar with reading charts. I've studied candlesticks, trading patterns and a lot of indicators. I'll put up a few of the indicators and go through past markets to check how they reacted previously. I then try and predict which way a coin is going. I make notes of where i would get in and get out to see if it was real what sorta success I would have.  I seemed to have it done alright so thought i would have a go with real money. I put a few hundred pounds in and the first few days i think I was very sporadic and kept trying to put money in everywhere i thought i saw something. It didn't go too well. This week I calmed down and said i'd only do a few trades a day where I really concentrated and really thought it out. Every time I put my money in it would start to go well, all the indicators pointed to success then all of a sudden it would plummet out of nowhere. I'm wondering is this a bad market to start learning to day trade in or do I just need more practice. Also any tips?

Day trade BTCUSD, not altcoins, especially as a beginner. TA works much better on Bitcoin and liquidity is much thicker to enter/exit positions. Altcoins are much less predictable. I only trade them when they're in a global bull market against BTC (fairly rare). And in those cases I just buy and hold and then partially exit on 2x and 10x gains.

I would hate day trading alts.

[jhonjhon]

@OP, you've started it already for a year but you still have doubts and question in your mind. What you're doing for that long? Cause I supposed to think that you learn a lot, besides, 1year is enough to tell how crypto it is and how it affects our life being a trader.
You have a lot of experience( I was supposed to think that), only it needs for you to realize the good things about crypto is to engage more.

[DoublerHunter]

A day trading is very risky if you don't have enough knowledge on this, please dig research furthermore to enhance your skills on trading and besides this is so stressful when you are always monitoring the market(I really hate). Yeah right, technical analysis(TA) is the best skills on trading you should master this strategy first. Nevertheless, this also includes good timing when you buy and sell on your altcoin. Just split yur fund for holding long term a good idea in having profit.

[freedomgo]

There is no bad or good time to get in day trading, you have to know first if you have the skills to be consistent, so you will end up profitable.
Crypto market has a lot of coins trading, not only BTC and the volatility is still high, so if you have a working strategy, you don't need to wait for the bull market to trade. If you look at the trading volume here https://coinmarketcap.com/charts/ in general, there's a good volume on a daily basis, which means people are day trading ever since.

[lutepatrick]

Day trade BTCUSD, not altcoins, especially as a beginner. TA works much better on Bitcoin and liquidity is much thicker to enter/exit positions. Altcoins are much less predictable. I only trade them when they're in a global bull market against BTC (fairly rare). And in those cases I just buy and hold and then partially exit on 2x and 10x gains.

I would hate day trading alts.


[/quote]

Thanks this is great advice i'm definitely going to give it a go. Do you trade this everyday? What sort of percentage gain would you average weekly?

[Herry Toms]

Well, I'm not sure if someone can make money with day trading. Day trading is not a good thing not many professionals prefer this, and when it comes to crypto markets I think Day trading is not good for it. Because crypto is newly established industry where volumes and liquidity is not enough to trade on daily basis. I would say swing trading is the best way to trade in the crypto markets.

[Thirdspace]

Every time I put my money in it would start to go well, all the indicators pointed to success then all of a sudden it would plummet out of nowhere. I'm wondering is this a bad market to start learning to day trade in or do I just need more practice. Also any tips?

you waited too long to realize your profit, at least you should set stop loss
you are better off aiming for small profits often, rather than trying to make big profits but ending up with a loss

... when it comes to crypto markets I think Day trading is not good for it. Because crypto is newly established industry where volumes and liquidity is not enough to trade on daily basis.

I have to disagree with your opinion, you must've picked a wrong/dead coin
you should trade a well known coin that has a good volume and liquidity

[rewse]

I've been studying day trading crypto on and off for about a year. Everyday i'll go into 10 or 20 coins mark their supports and resistances to get really familiar with reading charts. I've studied candlesticks, trading patterns and a lot of indicators. I'll put up a few of the indicators and go through past markets to check how they reacted previously. I then try and predict which way a coin is going. I make notes of where i would get in and get out to see if it was real what sorta success I would have.  I seemed to have it done alright so thought i would have a go with real money. I put a few hundred pounds in and the first few days i think I was very sporadic and kept trying to put money in everywhere i thought i saw something. It didn't go too well. This week I calmed down and said i'd only do a few trades a day where I really concentrated and really thought it out. Every time I put my money in it would start to go well, all the indicators pointed to success then all of a sudden it would plummet out of nowhere. I'm wondering is this a bad market to start learning to day trade in or do I just need more practice. Also any tips?

I think, you trade patterns instead situation. Candles and patterns it just indicators and may not work out.
And examine risk management.

[MonsterV]

I think you just need some more practice, maybe you have been able to determine resistance and support lines, but you may not be able to explain why you provide resistance and support lines. Basically it might be because of looking at chart in past but actually there are many factors why resistance or support is formed, and sometimes break. Well, I think you should learn about it, about technicalities and especially fundamentals.

What you're doing for that long? Cause I supposed to think that you learn a lot, besides, 1year is enough to tell how crypto it is and how it affects our life being a trader.

No, a year is still not enough in my opinion. Although trading daily, each trade will take up to 2 weeks. And experience that plays an active role here, in a year I think experience is still very limited because those who are trading for 5 years still sometimes fail and some don't understand. Learning cycle is analysis-Op-Tp/SL-analysis not analysis-Op-Tp/SL, basically always learning to analyze from previous trades.

[bitbunnny]

Daily trading is not for traders with lack of experience, that usually ends up bad. It's one of the most demanding forms of trading and demands a full dedication. Better to be well prepared and learned enough than to be sorry at the end.

[semobo]

If there is a huge bump in very short term then this is risky time to enter for day trading because after the huge bump there will be a correction then only the prices will starts to grow but no one can give an explanation that what is that huge bump and when it will happen.We just have to decide based on the market situation.

[Lanatsa]

I've been studying day trading crypto on and off for about a year. Everyday i'll go into 10 or 20 coins mark their supports and resistances to get really familiar with reading charts. I've studied candlesticks, trading patterns and a lot of indicators. I'll put up a few of the indicators and go through past markets to check how they reacted previously. I then try and predict which way a coin is going. I make notes of where i would get in and get out to see if it was real what sorta success I would have.  I seemed to have it done alright so thought i would have a go with real money. I put a few hundred pounds in and the first few days i think I was very sporadic and kept trying to put money in everywhere i thought i saw something. It didn't go too well. This week I calmed down and said i'd only do a few trades a day where I really concentrated and really thought it out. Every time I put my money in it would start to go well, all the indicators pointed to success then all of a sudden it would plummet out of nowhere. I'm wondering is this a bad market to start learning to day trade in or do I just need more practice. Also any tips?

Theres no specific time for you to start day trading yet those movements are just typical days on this very volatile market which means either you trade up too well but doesnt mean that you would be profitable in the end of the day.Basing up with your situation its just clear that this had been a very common event for most traders on the market where they are somewhat sure with their analysis but still end up on losing because the market moves on the opposite side.Keep practicing up and dont bother or get discouraged easily with losing trades yet mistakes are really inevitable.The thing here is that on how you do handle it up and trying your best on your next trades to come.Dont mind too much if you entered too early or too late because theres no specific time for that as i mentioned earlier.

[BitcoinHunt3r]

I've been studying day trading crypto on and off for about a year. Everyday i'll go into 10 or 20 coins mark their supports and resistances to get really familiar with reading charts. I've studied candlesticks, trading patterns and a lot of indicators. I'll put up a few of the indicators and go through past markets to check how they reacted previously. I then try and predict which way a coin is going. I make notes of where i would get in and get out to see if it was real what sorta success I would have.  I seemed to have it done alright so thought i would have a go with real money. I put a few hundred pounds in and the first few days i think I was very sporadic and kept trying to put money in everywhere i thought i saw something. It didn't go too well. This week I calmed down and said i'd only do a few trades a day where I really concentrated and really thought it out. Every time I put my money in it would start to go well, all the indicators pointed to success then all of a sudden it would plummet out of nowhere. I'm wondering is this a bad market to start learning to day trade in or do I just need more practice. Also any tips?

For now, if me i will take rest or maybe use long term strategy. If you off for about a year maybe for now tokens is dominating. But new tokens not listed in big exchange. What i want to say is maybe trade old coins not really have high volume like in past. But trade tokens will full of speculation. If me for now i only take top coinmarketcap coins include bitcoin to save and do bounty campaign like signature campaign.

[Questat]

My bad time on trading was that every time I will sell my coins the price got dumped at once, were by that time I don't know
how to see the right application of right timing in selling and buying coins in the market. So, most of often was I failed into
trading, which was lesson learned to me.

I feel not be a coincidence, it possibly you are just in the wrong timing and you just sell it when the price is going down. If that so happen, I'd like to suggest that not sell it,  you better hold sometimes and never been affected of what you've heard around. Cause if you are trading with potential coins, no worrying that it will bounce back but you are trading those tokens coming from ICO,  I have doubt that it will rise back.

[Upgrade00]

Losses is not very uncommon in day trading, especially when you are only recently trading with actual investments. Experienced traders lose out, would there does not have to be an explanation for your loss or an allusion to now being a bad time to day trade.

You just need more practice, I would suggest you continue with the same amount in capital or reduce it if you must change anything. Concentrate on perfecting your skill and identifying where you think you went wrong.

[SlimShadyMmp]

That is one thing with trading prediction is really a tough thing to do even when your thoughts are right You have to be willing to put in the effort of putting real money and losing few Take some punches and regret and maybe retry to see how things pans out Is just doing that make you perfect And remember crypto market are not that straight predictable Volatility is a big issue

[Reid]

Try to go with the trend. Look for a group that maybe analyzes what is happening. I am not saying you believe them, just some clue but still doubt them. Question their call and make your own analysis.

It aint the bad time, it is as actually the better days to do it since you will be better when you already experienced the difficult part rather than some who are being too careful.