How to start: Daytrading?

[DimitrisLodirogas]

Top 3 things to look after?
Are tools recommended?
Thank you!

[leowonderful]

Cut losses early. Don't let losses grow and don't blindly hold positions. If you're actively using TA, close your trade out once whatever principles you entered the trade on have been invalidated. It's very easy to become emotionally attached to losing positions, but that's something you want to avoid. Only let your winning trades run.

Don't risk your entire balance on one trade, or a large majority of it unless you're stopping the trade out so you're only risking a small amount of money on a trade. It's very rarely a good idea to be risking everything when the potential reward is small in comparison.

As for 'tools' you could try using, there are a large number of indicators you're able to use on sites like bitcoinwisdom.io or TradingView (click either for direct link), and if you're ever unsure how a particular indicator works, looking it up on a search engine usually works. TradingView in particular also allows you to make your own custom indicators if you're willing to learn their Pine Script language.

[harizen]

Top 3 things to look after?
Are tools recommended?
Thank you!

Prior:
- Study the basics and general info about doing day trades. You don't want to just start on the actual, emptyhanded right?
- Study all the associated risks
- Choosing a coin
- Choosing a trading platform
- Determined how much amount you are willing to risks (why risks? Because you will lose it all, just kidding. )
- Take this seriously and SPEND LOTS OF TIME doing this. Daytrading is not a past time or "for fun" activity.

Once you are now on actual:
- Focus only on a single coin "for now"
- Study the coins' behavior
- Learn to use cut-loss
- Patience, Relax, Focus

It's difficult at first and there are times that a trader spends several months and even years before becoming a good trader. It needs practice. It needs experience so you will become used to it. There is no overnight profit here.

Are the tools recommended? Sort of bot or learning the chart lines? Not necessary but you can consider. You will be there soon.

[Wexnident]

Set a time to stop completely. Don't get consumed by greed by looking at how much you made. Be satisfied with what you made for the day instead of extending your trading sessions and suffering losses instead.

Read, analyze and study a lot. Day trading involves a lot of speculation so expect the unexpected. Expect losses and wins. Be ready for them instead of avoiding them

It'll be long and arduous trust me, but it should be quite worthwhile.

[AGroose]

Day trading is not the best thing on the cryptocurrency market. For bitcoin and altcoins, swing trading is best suited, when positions can be moved through the night and work out for several days.
But if it did not convince you, then I advise you to use Neironix - https://neironix.io/cryptocurrency/bitcoin. There is a news feed left where you can conveniently quickly trade

[bassbity]

Daily trading is good if you have the right ability, can analyze, read charts, and find the right information about the coin, daily trading is not as easy as what is imagined but we have to be able to perform well,

the most important are:
Analyze
Chart
Bot to help your trade.

I hope you can rule in those 3 things.

[Wysi]

Day trading is not the best thing on the cryptocurrency market. For bitcoin and altcoins, swing trading is best suited, when positions can be moved through the night and work out for several days.
But if it did not convince you, then I advise you to use Neironix - https://neironix.io/cryptocurrency/bitcoin. There is a news feed left where you can conveniently quickly trade

Thanks for sharing this link mate as it will help most of us I mean we are already aware of swing trading especially during these fluctuations but a news feed about the market progress will definitely help us to make an accurate move and moreover day trading is not for beginners ad it requires lot of analysis in order to make the right move which might go wrong if market goes the other way around.

[shield132]

At first how can you start with day trading especially when you really start and are new in it? You will miss a lot of good chance I guess.
So I would say: Avoid day trading at first when this thing is new for you (suggest to avoid in future too).
N1 thing that I would suggest to you is: It's not needed to catch every moment, you have to catch good and best ones, this way you'll achieve success in trading.
Of course tools are recommended cause they help you in analyzes and different things, if they are beneficial for you, why not to use them? But don't forget to read every bitcoin and crypto related news, they often affect prices.

[MURONDI]

learn to understand market behavior, each altcoin has a different behavior even though most of it follows the movements of bitcoin, specify the altcoin you want to trade, learn to read and understand indicators that fit your taste,
learn to control your emotions so that you are not greedy in profit or panic when there is big movement.

[rose9696]

Top 3 things to look after?
Are tools recommended?
Thank you!

I think that's what we need to learn a lot from experienced people and invest in trading courses.
There, they will show you tricks that books never show you. I once started trading without knowledge, it was really a waste of money and time. so I just recommend you take a lot of courses to be better.

[DimitrisLodirogas]

Cut losses early. Don't let losses grow and don't blindly hold positions. If you're actively using TA, close your trade out once whatever principles you entered the trade on have been invalidated. It's very easy to become emotionally attached to losing positions, but that's something you want to avoid. Only let your winning trades run.

Don't risk your entire balance on one trade, or a large majority of it unless you're stopping the trade out so you're only risking a small amount of money on a trade. It's very rarely a good idea to be risking everything when the potential reward is small in comparison.

As for 'tools' you could try using, there are a large number of indicators you're able to use on sites like bitcoinwisdom.io or TradingView (click either for direct link), and if you're ever unsure how a particular indicator works, looking it up on a search engine usually works. TradingView in particular also allows you to make your own custom indicators if you're willing to learn their Pine Script language.

Thank you for your time! Sorry i'm quite new in crypto what does TA stand for?
Will check all recommedations for tools, till then...Thanks

[DimitrisLodirogas]

Set a time to stop completely. Don't get consumed by greed by looking at how much you made. Be satisfied with what you made for the day instead of extending your trading sessions and suffering losses instead.

Read, analyze and study a lot. Day trading involves a lot of speculation so expect the unexpected. Expect losses and wins. Be ready for them instead of avoiding them

It'll be long and arduous trust me, but it should be quite worthwhile.

That's the spirit. I'm totally okay with small steps and small expectations as you mentioned
Buckling up for a bumpy ride!

[dimonstration]

I don't do daytrading too much, or just when the market is in good timing to buy and sell. My 3 doings.
1. Don't just buy, be updated! (Know what's the development in your that coin, the reason for dump or pump in that day)
2. Cut Loss, the moment that you see your altcoin drop too much research immediately what's going on (if new project or not in top 20 coins).
3. Identify it's worth, There are altcoins worth daytrading and some popular crypto should be left longer to gain more in the future.

[NathanJB]

Top 3 things to look after?
Are tools recommended?
Thank you!

Yes, but that is not everything to day trading. When you say tools you are referring to tools that will help you come up with the best technical analysis possible such as fibonacci, RSI, etc right? They are all needed as guides. But more than these tools, you need to have the discipline to do fundamental research. I think fundamentals are even more important than technical analysis. Even if the charts are saying that the coming days are bearish, if the project has something really huge to announce, its coin's price will pump.

[ReiMomo]

To be frank I really hate day trading because that is too stressful and very risky.

1] This is have been replied above that immediately cut you lose once there and switch into another altcoin if necessary. Research is the best weapon when you are on the battlefield in day trading so it must you are knowledgeable enough.
   
2] For convenient work use trading tools like Comma or Gunbot trading tool it less hassle when you are monitoring the market price.
Use also tools that can track your coins in just one platform just like blockfolio app for monitoring the price every now and then.

[wajik-tempe]

For this year, i really recommend to daytrading with alts because the movement is so agile and really profitable if we do it in the right way.
Learning technical analysis is a must for doing daytrading and also watch the news for up to date information about a specific coins will helped us to make profits.
Don't forget to do money management, losing in trades is usual thing in trading, but make sure we can maintain our loss and our profits more.

[Ryker1]

Top 3 things to look after?
Are tools recommended?
Thank you!

Well, first you need to study, study, study, and good research. Choosing the potential coin and research one by one.
Accept those possible consequences that probably you encountered and controlling your emotions not to panic. Do diversify when there is a massive drop, you can divert your bitcoin into a stable coin like USDT to cut your losses.

Don't rely on tools or pump and dump group. Doing your own research is the best for you. Indeed, day trading is expected that it is a stressful job.

[erickastella]

1. You must be prepared to lose because of trading, big risks commensurate with large results.
2. use stop loss if the market has not been stable to minimize losses that are very much.
3. immediately sell altcoin / coins after you get profit from altcoin / coins because they are prone to cutters. but if you are sure of not dumping then just hold it

[mersal]

Top 3 things to look after?
Are tools recommended?
Thank you!

First thing don't day trade like gambling from doing this you will lose your profits even if you can manage to make some good trades,learn the trading strategies and technical analysis to understand more about the market condition.

People uses bots to identify the small price changes and make trades but its not recommended for the beginners,try to do on your own until you get better with your trading strategies.

Use only 20 to 30% of your total trading capital.

[ChrisPop]

First of all you should document yourself about trading. There are various free resources on the internet, but first of all you need to decide if this is something you would want to do in your life. I'll tell you this - it is very time consuming to even learn technical analysis and practice your skills on demo accounts and reading charts. Babypips is a good place to start in my opinion. If you want to be a daytrader take into account that you'll have to stay most of your day in front of the screens. Is that how you want to spend your time? - Plus, you can spend that time and still lose money - because that's the nature of trading & over 95% of traders lose their whole accounts in the first year.

As you can see there are many factors to take into account before getting yourself into an endeavour like trading.