How to start: Daytrading?

[Ararbermas]

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

if you want to start day trading find some exchange first where you can practice your skills because it looks like you're pretty new here and yet have no enough knowledge about how it really works .  After that learn how make technical analysis and find some site where you can obtain news about the market because that is the most important as well to don't miss all the opportunity and to avoid risky situation. Remember day trading is very stressful and you need to focus on it time on time if you want to save your money and if you realy want to accumulate more profits. Because if miss something on it there's a possibility that you will lose some money on it.

[pamsugas]

Tips for daily trading
1. try when you already get 2-5% profit you sell directly
2. Determine the support first and make the cut lose below the support
3. When you want to trade you should, look for a large volume for easy trade

[rocku12345]

Some tips from my experience:
 
 - When you start a trade, always have a plan and stick to it

It should be better to help the author to make that plan...I think it has to cosist of several pshychological points where traider has to stop.

Some tips from my experience:

 - Know that these markets are heavily manipulated, try not to fall for the traps

Pumps and dumps are the best friends for risky traders, so topicstarter has to understand which strategy does he want to use.

Some tips from my experience:
 
 - 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

Some popular companies are propositing demo accounts to try real trading without real money. It will be cool for a newbie to have free|paid courses before start of using big money in any kind of trading.

[TGA24]

A lot of good advice here. I'll just add that I think it is important to be self aware. In fact, I think it's really important.

Day trading involves quick decisions. I was just reading another thread that talked about over trading and other things. If a day trader loses his/her 'cool', if often leads to bad trades. So it's important to be aware of your mood etc. This is much more difficult to control than it sounds. Taking a loss is not easy, and then not letting it get to your head is even harder.

[NewRanger]

Tips for daily trading
1. try when you already get 2-5% profit you sell directly
2. Determine the support first and make the cut lose below the support
3. When you want to trade you should, look for a large volume for easy trade

key point was we have to set our trading plan before we start our trading ,this plan will be usefull when suddenly market moved againts our direction.only less trader that dicipline with their trading plan.meanwhile trader could be success due this key.and second we must  not be greedy,dont ever thinking we will earn huge profits in each trade.collecting profits 2-5% for each trades could be huge amount someday.

[LouVandetta]

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

First, Learn every basic trading out there. Especially how to do technical analysis (how to read the pattern of the charts) and fundamental analysis (financial statements such as news).
After that choose an exchange and the alts you want to trade, which has a good volume is better.

You need to set your mind set, do not lose to your emotions. You have to focus. Know when to buy and sell based on the support and resistance. And when to cut lose or buy back at the bottom.

You have to make a quick decision whether to buy or sell, and it's not easy. Just try with a small amount of funds first. And only invest what you can afford to lose.

[Hamphser]

A lot of good advice here. I'll just add that I think it is important to be self aware. In fact, I think it's really important.

Day trading involves quick decisions. I was just reading another thread that talked about over trading and other things. If a day trader loses his/her 'cool', if often leads to bad trades. So it's important to be aware of your mood etc. This is much more difficult to control than it sounds. Taking a loss is not easy, and then not letting it get to your head is even harder.

That's losing their self-control and lead to emotional trading which will directly lead to a lot of losses. First thing first is to set your mind when trading, do not feel any emotion connected when the market is not on your side. Day trading is a bit hard if you are just doing the basics, practice trading more often but handle the risk safely.

[MrPiggles]

Tips for daily trading
1. try when you already get 2-5% profit you sell directly
2. Determine the support first and make the cut lose below the support
3. When you want to trade you should, look for a large volume for easy trade

key point was we have to set our trading plan before we start our trading ,this plan will be usefull when suddenly market moved againts our direction.only less trader that dicipline with their trading plan.meanwhile trader could be success due this key.and second we must  not be greedy,dont ever thinking we will earn huge profits in each trade.collecting profits 2-5% for each trades could be huge amount someday.

Not every day you can make a profit from this market because there will be times when the market suddenly drops prices and you can completely lose more than 10% of your assets in just a few hours. I think that when you do day trading, you need to have good knowledge and be careful with the volatility of this market because we are often unpredictable. In my opinion you should team up and have a specific plan when investing because each of your members will have different predictions and can decide to invest if it is a good choice.

[rijaljun]

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.

Did I mention that people should make same mistake twice or more?

Making mistake regardless of the loss is good that you can learn and know what's right. But not to repeat it again as you should not be that stupid.

[Yaunfitda]

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

I see someone commented about bots, if you are a beginner, I wouldn't recommend it because it's just going to complicate things on your end.

Maybe you can read about TA or understand it by going thru https://www.tradingview.com/ and see how those who have experience already made their charts and 'predict' the next price movement.

I really don't know who recommend you to do day trading because it's difficult specially if you are a newbie. Anyways, best of luck to you.

[Distinctin]

I'll give in to the doubts that bots seem to be helpful for beginners. It is particularly not a good idea if we are still learning.

I'll just give some tools which most traders had used already: TA's, trading signals and practice to read a chart. These things will give you a hint but not just to rely on all of them, it also we need to analyze the market carefully as we know that volatility still at play. Spending more time in trading will help us to fully understand how it really works.

[desticy]

I will give you only one piece of advice that I think is most effective for both beginners and experienced traders.

Always start trading with a demo account. It is not necessary to use a demo account on a specific exchange, you can just start writing down on a piece of paper the alleged transactions where you opened and closed your positions. The goal will be break-even trading.

When on a demo account you will not have minuses, but only pluses, only then you can safely sit down and try on the day trading.

[vintages]

It's always not as easy as it is been stated; that's the bitter ugly truth. Though, most of the advice given to you here are true but day trading is not something you start in a day and learn about it all in the same day.
You will need constant practising, better still get à demo account and learn the tricks from there. If you can't find a demo account, try trading with small amounts and with shit coins, from there, you get better.

[TelolettOm]

Tips for daily trading
1. try when you already get 2-5% profit you sell directly
2. Determine the support first and make the cut lose below the support
3. When you want to trade you should, look for a large volume for easy trade

Planing for daily trading is very important. when prices actually did not increase and also decreased and it has been a few hours we have to make a decision to sell it. because our money must keep turning back. as a daily trader do not hold too long. Cute Lose's decision making must be done to be able to turn back our money

[cryptothreads]

It's always not as easy as it is been stated; that's the bitter ugly truth. Though, most of the advice given to you here are true but day trading is not something you start in a day and learn about it all in the same day.
You will need constant practising, better still get à demo account and learn the tricks from there. If you can't find a demo account, try trading with small amounts and with shit coins, from there, you get better.

I think it will take several years to learn because day trading requires a lot of analytical knowledge and not everyone is skilled enough to do this in this market. The market has a lot of big fluctuations and if you can make a good profit during this time you are definitely a very good trader. I tried but not much success because my psychology is often very bad and often loses money if the market starts to turn red.

My current best option is still the long term investment because this is the easiest way to invest and is quite popular among the bear market. Of course no one can guarantee your profits because every coin has a different value.

[Dart18]

You must be first emotionless here.
Once there is gain, take it. Do not be greedy and wait for more. You are day trading and that means profit just for that day.
Take advantage of the short pump and stop being a holder.

Next, when you feel like you are losing more, stop it already before it gets worst. Do not think that it might go up later. That is an unwise call.

[Reid]

Fresh mind and also a good and non stressful day.

I dont use any bots. I do it manually so I better be in the right mind while doing it.
You should always be wise not to be dragged by a wave that is happening.
Profits come and go and you better take the opportunity while it is there.
Prevent being a FOMO. If you are seeing a pump, put a number into your mind into where you will sell. When that number comes never doubt. Sell it already. Next, do not regret it even if the pump continues. Wait for another dump to buy.
The amount should be lower than how much you sold the same coin.

[ufaiz50]

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

Tool not recommended, newbies sometimes can't operate it and can't adjust it to market conditions, but for traders who are used to it. I would recommend boot trading. For traders who have experienced tools are highly recommended.

Daily traders must have extensive knowledge and lots of cryptocurrency information, because day traders prefer crypto that has a positive signal. emotion is wrong decision making.

[EdvinZ]

Before you start day trading real money, I strongly recommend that you achieve stable success by trading on a demo account. Moreover, trading on it should be strictly disciplined, in full accordance with your chosen trading strategy. If on a demo account you deviate from your trading strategy and do not develop discipline, then when you start trading with real money you will almost certainly lose your Deposit. And of course you need to learn a lot of technical analysis and constantly be aware of the most current news.

[Obito]

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.

Totally agree with. Not feeling well with your day trading? Cut if off as early as you could so that it would not get more severe. And before this I bet you already knew these things. First thing is that KNOWLEDGE do not go around messing with your trading stuff if you do not know the basics, and plus keep on the track by reading latest news. Second set funds that you are willing to lose. So that you'll never be off control with your money. Third keep it small, and as you feel confident enough with your trading skills then go big.