Bad time to get into daytrading?

[cryptobaro]

A slight move of BTC down or up makes alt go down, it is really a terrible situation that BTC needs to go sideways in order to give alts a rise. BTC gained a huge dominance and goes back and forth during the day, I don't think its a good time to day-trade.

[Mpamaegbu]

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?

What you struggle to explain here is called Technical Analysis (TA for short). And yes, no time is a bad time to get into a trade. However, you must take note of prevailing market circumstances and dynamics before getting into a trade. This is where another issue called the Fundamental Analysis or News comes in. You must not just read the charts alone, news is very vital when it comes to trading. And in crypto industry, news is Highly Important! If you're going to buy a coin for instance because your charts or TA points to that direction but the news is telling you that the same coin has been revealed to be a scam that morning or that the police are clamping down on the developers, what do you think will happen to that coin?

Of course, it will plummet and down the price will go.

[Janation]

It is not that it is bad to start here, it is just hard to do that here.

We are dealing with so volatile cryptocurrencies, it changes so quickly that is the reason it is hard to keep up especially if you have a lot of coins to look out for. I guess make some limits when will you stop and when will you start again but don't stop looking at those movements, those indicators thar might give you a profit.

[michellee]

At least, you have skills to predict where the coin wants to go, that is good. You have the right direction, and you need to keep doing that while  I am sure you can make a profit. My tips will be, don't try to get bigger profit if you don't see a chance to make it because it will be hard to you and you might lose the chance to take the profit.

Be careful, the market can change in anytime, and you might prepare for the bad thing that might comes. You don't need to worry if you cannot make a profit in the day because you will have time to make another profit on another day.a

[lutepatrick]

Thanks everyone for the advice and encouragement. Tbf I was expecting the usual just don't do it you won't be able to. But I know I can make it work. I see it as a way out of this crappy job i'm in atm. (college dropout) so i didn't have too many options.

I know a year part time isn't long to be studying at anything but i got a bit carried away and thought I was ready and was going to start pulling some profit from the get go.
If you look at it this way college takes four years of studying to finally being able to make a career out of the field you studied in. So if I can make a career of it in less than that i'm still up. I'm going to go back to studying and learning and make less trades for now. Maybe even keep to btc/usd like someone suggested for the time being.

This has definitely given me a lot more encouragement. Thanks again  

[guoyu78]

For you to have said it starts to go well, it means that you started making profit which you fail to realized to take and you dint take it because you fell that particular one is small and you wait longer to take a bigger one, in trading, you don’t take chances, execute your orders always as it come. You should know that we are in a volatility market and market can move towards any direction at any time, since you are a day trader, take profit every time you see it rather than waiting for a bigger one like long term investors or traders does.

There is no time that is ever bad or too late for any trader to trade, it is just left for you to have the right skill and the right strategy, once you are that, then the time of trade would not be an issue.

[trickyriky]

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.

Day trading is OK at any time for many reasons, but you need to follow here some rules:
- Trade no more than 2 hours a day.
- Trading only at specific times
- Limit the number of trades per day.
- Do not set unattainable goals.
- Finish trading in the event of a market situation that is not clear to you.
- Finish trading in case of 3 losses in a row.
- Do not exceed daily / weekly loss limit.

[rewse]

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.

Day trading is OK at any time for many reasons, but you need to follow here some rules:
- Trade no more than 2 hours a day.
- Trading only at specific times
- Limit the number of trades per day.
- Do not set unattainable goals.
- Finish trading in the event of a market situation that is not clear to you.
- Finish trading in case of 3 losses in a row.
- Do not exceed daily / weekly loss limit.

What the reason to limit the number of trades? Make trades when you shure, if stumbled don't trade.
About 2 hours also questionable, trade when you can and want, but limit yourself depending on other activities.

[rewse]

Daily trading is so risky more than long trade and holding. For daily trading, there is a need for perfect skill in trading. And nowadays it's harder for daily trading because of the market situation. I think you should wait for daily trading until the market green signal.

Intraday trading does not depend on market situatiod. Daytrading allows you to trade with any price movements.

[RealMalatesta]

Daily trading is so risky more than long trade and holding. For daily trading, there is a need for perfect skill in trading. And nowadays it's harder for daily trading because of the market situation. I think you should wait for daily trading until the market green signal.

Are you talking about day trading in altcoins or day trading in bitcoin, because day trading in bitcoin till present has been a good thing and when you have the right strategy, the time and commitment, then you should not find any day difficult because we are already in the green trend of bitcoin, and anyone that cannot really trade right now, may never trade at all because this is the time that many is out to test on their trading skill, and if you want to know any trader that would really make it more during the bull run of bitcoin and altcoins, it is from now that you will get to know about it.

We have many people that still trade this time, and I am sure that they are still making money as much as I do also, so this time is not bad to trade at all.

[pieppiep]

The market will have a bad time and good time to trade, and you will find that if you trade on that day. But you need to more practice so you can improve your skills to better. You can make daily trade if you think you can do that, but on the other side, you can know when to enter the market and leave the market. That will make your feeling will better to know the right time to trade.

Daily trade will give a chance for a trader to make a profit, but that trader should have skills to know the trend. He will feel difficult to make daily trade, especially if the market is not stable like today.

But with increasing of his skills, he will have a way to prevent the losses that might happen in the fluctuate of the market. He can be able to take the profit in hard situations because he can understand the lesson how to get the way in a hard time.

[South Park]

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?

It seems to me that you are going through a very common issue, paper trading can be a good way to learn some of the aspects about how to trade but the experience of actually trading for real money is completely different since now you have to face psychological pressure that was not there and you have no experience dealing with it, now it is also possible that you did not backtest your system for long enough to see how it will behave under different market conditions, if that is the case I suggest to you that you stop trading and check if your system is truly as profitable as you thought it was.

[Reatim]

You must know that Daytrading is not for all of us mate.many of my friends tried daytrading but majority has failed and stopped doing it till now and me as well may accept that a failure about that field of investments that’s why we had focused on Holding,our chance rely on every crypto that we will be insight and studied for period of time and then purchasing and keep the holdings until we reached the price or value we targeted

[maxreish]

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.

The market is not bad, it's just that, it is so volatile. You've said your indicator seems working fine at first, you have to set time and goal in each trades you made.

• Set a target profit. The near possible price that your indicator tell and then exit. I know the feeling of waiting for the high profits and ended up being a loser. But setting 2-5% profit in every trades is enough for me.

And remember, indicators tend to works fine but not everytime since this market offers unpredictable situations.

[maydna]

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.

The market is not bad, it's just that, it is so volatile. You've said your indicator seems working fine at first, you have to set time and goal in each trades you made.

• Set a target profit. The near possible price that your indicator tell and then exit. I know the feeling of waiting for the high profits and ended up being a loser. But setting 2-5% profit in every trades is enough for me.

And remember, indicators tend to works fine but not everytime since this market offers unpredictable situations.

Perhaps, he doesn't need to wait too long to take the profit because if he can see the price can increase for 2-5%, he can take the profit right away so he can wait for another down of the price to buy more. I am sure that he can do that if he doesn't chase bigger profit because that will need the patience to wait for more and not all traders can do that. It is better to get the profit as soon as possible because we don't know when we can come back to make a profit again in the future. Besides that, we can save the profit first before we continue to trade on that day and we can close our trading time with having those profit.

[TopT3ns]

You must know that Daytrading is not for all of us mate.many of my friends tried daytrading but majority has failed and stopped doing it till now and me as well may accept that a failure about that field of investments that’s why we had focused on Holding,our chance rely on every crypto that we will be insight and studied for period of time and then purchasing and keep the holdings until we reached the price or value we targeted

Don't rush your holdings while market isn't making good profit for all of us now. If you risk your funds for day trading without even learning a secure ways of managing how to grow your capital, I think it's like jumping on a shallow lake.

For an addition, daytrading usually look profitable. "Ahh that man can get a lot of profit daily, why i can't?" Usually that is on people's mind. That is why a lot of people really tempted and do daytrading without any knowledge about it.  I think bad or good time, it is all depends on that people whether they really ready or not to do daytrading. Not only mental, but skill and good analysis.

[btc_angela]

You day trading alts? It's very difficult specially if you are a beginner because alts is more volatile. I agree with you call that most of the time you think that you're safe and then suddenly the price goes into the opposite direction. Learn to mitigate risk, have a good entry/exit strategy. Probably you need more practice and just learn from your past mistakes. If you can record your trading that will be good at least you have something to look at specially if everything goes wrong.

[Ridwan Fauzi]

The first thing that you have done were really good, learn more some strategies and read the habits of the market movement. You can suppose that some of these things are a simulation which can change at any time so you have to make a real trading by yourself with use your money slowly.

Don't spend a lot of money first if I suggested, pick one coin that you really think you will get profit if you use your startegy and then make a conclusian or an evaluation at the end. I think that is a good thing to do, because the experience will teach you many things rather than you collect many of strategies but you don't have any experience. And lastly, the other most important thing when you trade is your emotional. You have to organize your greedy thing even your confident when you come in.

[CryptopreneurBrainboss]

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?

This isn't your fault in general, you must be above average (via trading) to benefit from this current market conditions as the current market conditions doesn't favor day trading unless your focus who involve just trading bitcoin against the USD. Majority of the altcoins are declining in price on a daily base and for those gaining some fraction of value in USD they're losing value in BTC.

I'll suggest you use this time as a practice period, only trade with few funds you can afford to lose. The strategy I rely on in the difference market conditions are; during the bull market, I engage in day trading but I result to hodling my coins during the bear market. From my observation, bitcoin/USD is the only trade worth engaging in.

[Genamant]

i do day trading but i admit i suck at it , dont do it specially when you hate using SL
i hate it but am still a pro trader wanna be. I hope ill be motivated and be eager as in crazy eager to learn reading charts.