Bad time to get into daytrading?

[peter0425]

There’s no such thing as bad time in daytrading instead it’s called “Bad Decisions” because market will go ups and down daily and that’s not something to call timing
Most of he failure in daytrading is wrong decision on when and how much to sell vice versa in buying
Better that even if you are focus in daytrading also be ready in semi long term holding as our cuurecncy sometimes took a week before growing again

[Dart18]

Proof that the market is unstable.

What coin are you dealing with?
Bitcoin?
It is difficult when you are trading with small amounts. You tend to go all in and also easily be in panic or FOMO. Too many emotions will succumb you also if that is only your money.
Better make a larger capital. Save for now and do it like a pro next time. Maybe do it again with less worry.

[el kaka22]

I think this is one of the best times to go into day trading. It is going between 10k+ (like around 11k but not exactly) and then 9k (still not exactly, kinda like 9.4k or so) and if you take advantage of that specially with some leverage on top of that then you can actually make a big profit.

Don't get me wrong it is incredibly hard to know when it will go up and when it will go down but if you do not wait for the maximums you can just buy when it hits anything under 10k and then sell when it hits above 10k and make a to not money via leveraging it like x50 lets say. It is not ideal and I would suggest becoming a great trader before you risk that much however it is certainly a great potential for all of us right now. If you only want to know the timing, this is a great time to start.

[jamesndungu1]

No, I don’t think so. The cryptocurrency value might be unpredictable, great traders make money whether the market is bullish or bearish. If you are fully invested in trading crypto, you will cope with the ups and downs of the industry keeping in mind that adoption of this technology is spreading like a wild fire! There are greater times ahead.

[bitbunnny]

No, I don’t think so. The cryptocurrency value might be unpredictable, great traders make money whether the market is bullish or bearish. If you are fully invested in trading crypto, you will cope with the ups and downs of the industry keeping in mind that adoption of this technology is spreading like a wild fire! There are greater times ahead.

You've mentioned one key point, great traders or I would say skilled and experienced traders. So, that means that daily trading is very demanding and risky and it's not for everyone, especially not beginers.
I agree that every time is good time to join the Bitcoin market but everyone should carefuly choose trading method that suits the skills and possibilities.

[Bob Smith]

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.

I agree, no single time is good or bad for everyone in day trading. Markets keep moving and one’s success depends on how one handles the situation.

[nur rochid]

There’s no such thing as bad time in daytrading instead it’s called “Bad Decisions” because market will go ups and down daily and that’s not something to call timing
Most of he failure in daytrading is wrong decision on when and how much to sell vice versa in buying
Better that even if you are focus in daytrading also be ready in semi long term holding as our cuurecncy sometimes took a week before growing again

With the present market condition, it's hard to make profits in day trading. It takes good fundamental and technical analysis for you to survive and minimize losses in day trading. I suggest to wait for the market condition to be stable again and trade only when you see a good timing. For now, keep on holding your coins for long term because its still the safest way to make profits.

but must choose the best coins to hold in the long run and wait for the market to return to excitement, like bitcoin. but if we want a coin with a stable price, I suggest to USDT, where the coin price is the most stable, so we can wait for trading time quietly

[ethereumhunter]

You can start learning trading at any time you want as long as you already learning the basics of trading before. You don't have to worry if you cannot get the profit because that will be a part of the lesson and you need to learn about patient too. I am sure that if you can stay calm waiting for the right to trade, you will have your chance to buy at a low price.

The indicators will always change as it moves because of the market, so if you can adjust your analysis with the current situations, then you can see a chance to make a profit. But yes, there will be a bad time for you moreover you cannot make the profit on that day. But trust me, there will be many more lucky days for you to make the profit.

[velive08]

trading will not always give the best results, even if your capital is hundreds of pounds will still experience a loss. I think you only need to practice good trading techniques in order to stay in trading. because now if only with money without using good technical skills, I think it will be easy to experience a loss.

[shield132]

I have no idea why to trade daily, as always, quality over quantity. Daily trading will just turn you into more depression and is a lot of pressure because not only technical analysis but you also have to read news around cryptocurrencies because they have huge impact on price too, sometimes very unexpected things happen. So to my mind it will be better to trade when you see it's time for it, when you feel that price will rise/fall and you'll make profit, will be calm and do everything without being anxious and depressed.
Some may suggest hodling but personally I don't find that right, why to freeze money? It has to be in circulation, hold it for a while but for years? Maybe will be profitable again but it's very, very hard and I already stated another personal reason.

[Ucy]

I guess you should use your stop loss more.
Also try buying those dips or buy when the price plummets and sell when it recovers. You make money either way — when price goes up or down.  Experienced traders make money from both downtrend and uptrend.
I would advice you concentrate on Bitcoin or top altcoins. Smaller altcoins are very volatile and way difficult to predict

[suzanne5223]

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.

Like one crypto enthusiasts said "every time is good for crypto investment" but the part of waiting patiently for the market to yield huge profit was the major problem most crypto traders had and my advise to day traders who's is having problem in handling the market condition is to quit day trading for some time and later get back when feels better cause "All work and no play makes Jack a dull boy".

[ene1980]

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.

Even with all the statistics and charts you can collect from this market, you will only profit if the market is going higher when it comes to day trading, i am not sure how you will be selecting the coins to enter on a daily basis and which platform you are trading. I will not risk my money with shit coins but if you are having a bot that could identify the trend and give you a call then there is nothing wrong is spending some money on it, other than that i will stay away from day trading.

[nydiacaskey01]

Not within the day but sometimes it’s after 24 to 48 hours I will sell when it reached by desired profits. However, for the past few days I’m trading USDT and BTC only and I am happy to see that I can earn easy profits, most of the time it’s just within a day, but there are also bad days when I have to hold on it a bit longer.

[Phonexy]

I feel day trading is cool if you have a huge some of capital. Some days there are always positive changes in the market movement. If you trade with at least 1 btc you will be making a reasonable sum of money at the end of the day. However if you are being greedy with it you also loose a very big some too.

[pawanjain]

~snip

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?

Well in that case, you just have to set your entry and exit points right. You say your investment start to yield you profits before going down in drain.
So I think your entry point is pretty much okay but your exit point should be adjusted a bit so that you sell before the plummet.
Analyse your trades and find out your targets with good exit points and you should be good to go.

[audaciousbeing]

In  addition to what everyone have contributed whether day trading, weekly trading or monthly trading, there is never a good time to carry it out not in this current period of uncertainty that is overshadowing the market. The point of things going bad before things start to go south is universal and there is nothing to be done about it. The way out is knowing the right time to get out. There is a pattern already which is good for prediction but the illusion of things can only get better would make one forget its time to exit until the loss starts settling in a massive way.

[Oilacris]

if I read all about your statement. maybe you just need to practice and improve your skills, because now trading can be done anytime and the problem of loss or profit depends on how we manage the profit. so I think maybe now just thinking about techniques, good strategies for trading.

I think so, not all of your calculations and analysis will match what will happen in the market, start to accept all the risks that exist and understand that sometimes market movements can be unpredictable. and keep learning because trading strategies cannot only be learned in a short time.

Even if you are not trading you will have to face risk and this risk is there in every business not only in day trading. We only have to find best and good time to reach the trading  I am sure in very near Google and YouTube will be able to update you about perfect day trading skills right now good time to increase your knowledge which can reduce your risk.

Are you sure? Google and youtube isn't sufficient nor enough to give out the best perfect day trading skills but somehow this can give out some examples on how to day trade but the key would always be on the trader itself.

We do have different ways on how to apply others knowledge into ours.It might be effective nor the same but I highly doubt that it will be entirely different
since we do have different mindsets and decisions if we do make trades.

[Viscore]

I feel day trading is cool if you have a huge some of capital. Some days there are always positive changes in the market movement. If you trade with at least 1 btc you will be making a reasonable sum of money at the end of the day. However if you are being greedy with it you also loose a very big some too.

Although day trading is very risky, but i think if you have good knowledge about it and knows the best entry and exit in trading, then you can still make profits even if the market is very volatile. Just keep on trading and never tired of creating different experiences in trading because this will help you to develop your skills and strategies in trading to make you profitable.

[befriendmywater]

You really need more practice. The market will move according to the indicators and some signals from the whales. You also need to read more information to identify the next trend of the market to get the right direction.