How to start: Daytrading?

[Dewi Aries]

Before do day trading, maybe learn to analyze top volume coin so not pick wrong coin, or maybe wrong rate. If you can pick good moment, good rate, good coin, maybe you can get profit in shorter time. And for minimize loss, maybe don't target really high price to sell, at least your order can reached and filled. After that, you can start again to other coin or can try with same coin again.

[1714863092]

1714863092

[1714863092]

1714863092

[1714863092]

1714863092

[JC btc]

First, are you ready to lose some of your money? Are you ready to see the value of your money decreasing? Are you aware with the risk management and are you emotionally ready and will have a long patience

Those are the basic things we need to be ready first, when we are in motivation while we are learning we can create our own tools and strategy.

[rijaljun]

Rules and theories are just to complicated and they might be different when you start to practice.

Just make it more simple :

- Make mistakes as much as possible
- Learn from your mistakes
- Do things right then

additional tip : 24/7 in front of your computer, don't move too long out of it.

[SirLancelot]

I may not have too many things to say but I will tell you that after you must have gathered the knowledge to trade which I believe you would have had your strategy also that you will use for the trading, you have to ensure one thing, ensure that you are able to manage your greed level because that is the real main thing that usually do kill people’s trade.

one of the way you can control your emotion and manage your greed level is if you try to use your trading tools, like stop loss and profit taking tools, if you can actually manage this, then I think you will have a very great and wonderful trade. Last thing I would advise you on is never to go on leverage trading if you are new o trading, it will kill your trade money faster than you can ever imagine.

[Darooghe]

As long as you will looking for tips and advice you will never end up winning in this profession, but still i would suggest you ,deep knowledge about the subject, a good trading plan and rigid discipline can take you further all the best. become an expert at discretionary trading while factoring in trading with algorithms. All financial markets are now dominated by big players using algorithms to bait traders into the market and then move against them. You need to figure out how this is being done.

However, My best tip is to forget about day trading unless you have money you can afford to lose. Day trading is risky and not for amateurs. 95 percent of day traders blow out their account in less than a year. If you’re going to have a shot at succeeding at it, spend a few years learning the ins and outs of the financial markets. Otherwise, you’ll be wondering, Where did my money go?

[MathGame]

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

As a beginner, the day-trading is not going to be easy for you since you have zero experience from the cryptocurrency market.
I think these are the top 3 things to master in crypto trading which are as follows:

- Learning crypto trading is a MUST
- Master the art of finding profitable/trending coin
- When to buy and when to sell

[nydiacaskey01]

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

Tools are always required, you shouod use all the tools the know of to help you decide if you can Sell Or Buy. But the most important is time, if you dont have a lot of time to spend to monitor the price movement of the coin that you bought, then day trading is not for you. In day trading you need to monitor the price.

[supercanada1]

Rules and theories are just to complicated and they might be different when you start to practice.

Just make it more simple :

- Make mistakes as much as possible
- Learn from your mistakes
- Do things right then

additional tip : 24/7 in front of your computer, don't move too long out of it.

I wont ask anyone to make as much blunders as possible but rather suggest the exact opposite: learn as much as possible so that mistakes can be avoided at most. However, learning from mistakes plays significant role in order to grow and survive. Instead of sitting 24/7, he can use some app that will notify him regarding the changing value on hourly basis or so. No human can work 24/7 for sure.

[Ridwan Fauzi]

Find a good time to entry that is the key IMO. When you start trading at least you have to familiar with the movement price itself. I think, the price of cryptocurrency is extremly different with another place such as forex or etc. I had been two year being trader forex and yeah I came out from it and start to trade on cryptocurrency.

I'll say a good time to entry to trade on cryptocurrency is the key to gain money. How come, you can gain a lot profit in short time pariode and sell it first and wait a correction and you can buy again, repeat it as much as you can. Regardless of a tool to trade, I myself didn't recommend it, use your ability because your ability will never cheat you.

[Shasha80]

If you want to start day trading the first step is to prepare capital that we can afford to lose, because day trading has a huge risk.
The second step is to analyze the market thoroughly and choose the coins that are in accordance with day trading, namely coins
with high volatility. Third Step using stop loss, if the coins we choose the price drops dramatically, we can do the cut loss so it does
not experience big loss. And the last one I suggest don't use bots for day trading, bots usually like to make mistakes later our capital
can be used up.

[S4VV4S]

3 things you need to consider when you want to do daily trading in my opinion are:
1. Exchange, you need to choose an Exchange that has a high volume so that the coins you choose are coins that have a high volume too.
2. The right coins, you must really choosing the right coins to avoid loss.
3. Studying technical and fundamental analysis.

[maxreish]

Actually not only 3 things to remember and to look after but let me say few that a trader must do especially in day trading.

-It's not a quick rick scheme so do not rush things.
-Emotions can messed up trades.
-Stop loss is important.
-Setting a target profit.
-Prevent looking at the chart from time to time or every minute. It's not advisable and will just give you doubts in your plans.

Are tools recommended?

Probably yes, like Technical analysis. You highly need them to track the status of your daily trades.

[rijaljun]

Rules and theories are just to complicated and they might be different when you start to practice.

Just make it more simple :

- Make mistakes as much as possible
- Learn from your mistakes
- Do things right then

additional tip : 24/7 in front of your computer, don't move too long out of it.

I wont ask anyone to make as much blunders as possible but rather suggest the exact opposite: learn as much as possible so that mistakes can be avoided at most. However, learning from mistakes plays significant role in order to grow and survive. Instead of sitting 24/7, he can use some app that will notify him regarding the changing value on hourly basis or so. No human can work 24/7 for sure.

The reason I suggest everyone to make mistake is to be able to do what is right then. When you don't know how it feels to have mistake, you won't really have effort to avoid it.

27/4 means the longer you are in front of your computer, the faster you become an expert day trader.

[gabbie2010]

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

I would recommend these three things for day trading
1. learn Technical Analysis and fundamental analysis ( working trading strategy)
2. Device a good money management to manage your losses well after deploying your strategy with a  good risk to reward  ratio at least 2:1
3. Personally I would recommend manual trading I wouldn't deploy Bot or Expert ad-visor for trading.

[Triffin]

Rules and theories are just to complicated and they might be different when you start to practice.

Just make it more simple :

- Make mistakes as much as possible
- Learn from your mistakes
- Do things right then

additional tip : 24/7 in front of your computer, don't move too long out of it.

I wont ask anyone to make as much blunders as possible but rather suggest the exact opposite: learn as much as possible so that mistakes can be avoided at most. However, learning from mistakes plays significant role in order to grow and survive. Instead of sitting 24/7, he can use some app that will notify him regarding the changing value on hourly basis or so. No human can work 24/7 for sure.

The reason I suggest everyone to make mistake is to be able to do what is right then. When you don't know how it feels to have mistake, you won't really have effort to avoid it.

27/4 means the longer you are in front of your computer, the faster you become an expert day trader.

At the beginning making mistakes with small amount of money in trading is fair but making mistakes every time is not good because in this way a large amount of money can be lost by the traders, a trader should learn from his initial mistakes and should try to improve his skills and knowledge about the day trading by making himself expert, but not learning from his mistakes would lead him to a great loss.

[BigBoom3599]

Some tips from my experience:
 
 - When you start a trade, always have a plan and stick to it
 - Make sure you always have a stop loss in place, it will save you a lot of sleep and stress  
 - If you're starting out with no prior experience you can try trading without actually buying/selling to try it out, just write down what you would do and see what your profit or loss would have been
 - Don't use too much leverage, otherwise you may as well go gambling
 - Learn some basics of TA, don't just trade on intuition
 - Know that these markets are heavily manipulated, try not to fall for the traps

[cryptoangel]

3 things you need to consider when you want to do daily trading in my opinion are:
1. Exchange, you need to choose an Exchange that has a high volume so that the coins you choose are coins that have a high volume too.
2. The right coins, you must really choosing the right coins to avoid loss.
3. Studying technical and fundamental analysis.

These three statements are really useful on daily trading, But peoples are expecting more profit on everyday so Token investment is the best choice for crypto trading. They have not huge volume so risk factor is high in this coin. So I don't recommend for new investors and those are have knowledge in mid term trading they will try and earn this format.

[Wapfika]

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

I would recommend these three things for day trading
1. learn Technical Analysis and fundamental analysis ( working trading strategy)
2. Device a good money management to manage your losses well after deploying your strategy with a  good risk to reward  ratio at least 2:1
3. Personally I would recommend manual trading I wouldn't deploy Bot or Expert ad-visor for trading.

Don't rely too much in indicators and expert predictions, I use manual trading based on my study or whenever there are news in that specific coin. When we already trading we can eventually realize our strengths and weekness in trading, we can try with few bucks then allot more when you already make you weekness a strength too.

[michellee]

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

1. Determine how much money you will use. I suggest using $50-$100
2. Choose the coin which has a medium movement. You can find the coin by analyzing one by one.
3. Make a few order buy and sell and don't use all-in of the money.

Let say you use $50. You place an order buy at the three-level price and wait one by one of the order filled. If one order filled, you need to place an order sell at the high price, set it at least 0.5%-1.5% from the order buy price. If your order buy price is 100 satoshi, then you can sell at 101 satoshi, rinse and repeat if the price has a good movement.

For the second-order buy price, you can buy at 90 satoshi, and you can sell at 91 satoshi, rinse and repeat again. And so on with the other order buy but only create up to 3 order buy price because you need to have a backup of the money, just in case if the price getting dump so hard.

If the price increase, then you need to adjust your order buy to a higher price, but be careful because the price could up and down faster, so you need to prepare yourself.

I think you don't need tools to start, and only watch the price move and watching and analyzing the chart. Good luck.

[justdimin]

Before you start day trading you first need to learn about the blockchain, and which currencies to trade. Before you invest your money in any altcoins for trading you have to do serious research about them and get to know everything that you're meant to know about them.

Next thing is to sign up for a good exchange, most newbies I know usually starts with Coinbase because of how simple their trade interface is. You can as well make use of Binance, but it not as easy as Coinbase, though they are regarded as the best, but you will have to be advanced before making use of Binance. There are other exchanges as well, such Huobi and Kraken.
 
After you have gotten the right exchange, what's next is to learn the basics of day trading, it's not something you go straight into, there's a lot of risks involved. You learn the basics and as time goes on you start to learn more and increase your skills. And don't forget to use limit and stop orders effectively, these are very important.

I think you don't need tools to start, and only watch the price move and watching and analyzing the chart.

Yes, even there are some tools are available to ease the efforts of a trader, they will not be remaining reliable all the times. At the end of the day, even after using any tool, final decision should be based on our experience. This is why day trading is not at all recommended. Day trading may eat up all your time but there would not be any guarantee that you may match a long term holder over the time in profit levels.