How to choose correct coin for Day Trading

[Lakshman15]

I am new to trading. But I know basics about how to buy, how to sell those. I have some experience too.

But I failed on choosing correct coin for which I do trading, where I get information about it. Which coin get good pumps, dumps today. Like those details is possible to known before.

Any one know pls share some tips for me.

[Strongkored]

You will never be able to accurately predict which coins will up or down, I would prefer coins with high volumes and also the price increase isn't too high either and because my profit target isn't too high it's only between 1-5%, so I don't think too much about pumps and dumps.
If you want to know specifically which coins will be pumped or dumped, you must join the group and of course there will be a fee to pay I'm not recommend that way because you need a big capital also a chance for you to get scammed are high.

[1Referee]

If you want to know specifically which coins will be pumped or dumped, you must join the group and of course there will be a fee to pay I'm not recommend that way because you need a big capital also a chance for you to get scammed are high.

Most people paying for those group's "information" end up losing money because all that's happening is the groups recommending people to buy the coins they already own (i.e. create liquidity to sell into).

People just need to stop forcing themselves into a trade. If you don't know what coin's chart offers interesting and potentially profitable trading oppotunities, then you shouldn't be trading to begin with. Not losing money due to your greed is better than wiping out your entire exchange balance. People always think about what profit they can make, but ignore the part where the losses are a more realistic outcome.

[Ailurophile]

If you want to know specifically which coins will be pumped or dumped, you must join the group and of course there will be a fee to pay I'm not recommend that way because you need a big capital also a chance for you to get scammed are high.

The pump and dump group isn't really effective at all if you think about it,
They are only trying to control the market by telling their followers to buy or dump a certain crypto.
But if you are late to buy or dump their crypto or their followers didn't listen to them then they are just a useless group.
They don't really read the charts they are just trying to manipulate the market.

[20kevin20]

I've joined pump & dump (or "signal") groups on Telegram back in 2017 and I learned my lesson. Some of these groups had an incredible influence over the prices but the chances of earning anything through the P&D cycles were slight. Before I could even write down the 3 letters of the coin to buy it, the price was already at its peak. I had to buy it at peak and sell it with huge losses. Hence, it's a bad idea to go for these schemes.

This is a pretty risky thing to do, but when trading I usually looked for the coins with a high difference between the first buy order and the first sell one which also had a decent volume. I would place an order to buy it
for a 10% smaller price and as soon as my order's filled, I'd sell it for the "cheapest" price on the sell order book. By doing that, I once doubled my balance in a matter of hours, until it didn't work anymore.

But then, there's a difference between the usual trading (using analysis) and using order book differences in order to benefit off them. If one's going for trading based on analysis, then more popular coins (like BTC and ETH) are better. They have high volume, the chances of your orders to fill up faster are way higher, you don't need to sell your coins for a shitty price and pump&dump groups cannot have much of an influence over the prices of these coins unless they have whales inside them.

[mk4]

There is no such thing as "correct coin for day trading". It just depends from person to person. Person A prefers to trade ETH, while person B prefers to trade BTC. Also, based on your description, it looks like you're planning on trading through speculation on what's going to happen news wise; and that's definitely not for day trading. That's more for more or less mid-term trading. Day trading is another beast that's actually harder to conquer(at least in my opinion).

[michellee]

You can buy the right coin by analyzing at the market and don't depend on the groups that offer a signal for the coin that will increase in the next hours. You will feel difficult to join with the pump and dump for the coin because the pump and dump will happen in short time and if you are not in the right time, then you will only get lost.

The first thing that you need to know is learning how to analyze the coin, how to find the coin so you can know how to buy the coin at a low price. If you want to make a profit, I suggest you trade for bitcoin pair usdt because the movements of bitcoin price are good to trade than the altcoin. When the bitcoin price is down, you can buy it and hold it for a while, and if the price is increased, you can sell it. You don't have to expect to make a big profit in one-time trading because that won't be very easy. If you can trade bitcoin pair usdt more and more especially when bitcoin price move is good at the market, your profit will be bigger.

[Strongkored]

@1referee and @Ailurophile yes you right that's why I'm said it's not recommend I tried to warn him because it could be that he was looking for information outside find the wrong informations that would end in losing money.
It would be better for the OP to learn about technical analysis and also fundamentals to improve your trading knowledge.

[abel1337]

I think there's no way for a coin to be a correct coin for daily trading because it is depending on the trader's preferences on what coin will suit his taste for his desired daily trade. If you want a day active  trade, You should find a coin that has high liquidity more of a coin that has a higher volume. You can check coinmarketcap for those coins.

[TitanGEL]

There is correct coin, all of the coin have risks and its up to your risk appetite on how much risks that you can take. I prefer to you that find a coin that have momentum, it only indicating that there are market participants where many buyers are interested. Find also coin that have high volume if you will day trade but the volatility is so high and you should have a lot of plans before you enter your trades.

[jrrsparkles]

I am new to trading. But I know basics about how to buy, how to sell those. I have some experience too.

But I failed on choosing correct coin for which I do trading, where I get information about it. Which coin get good pumps, dumps today. Like those details is possible to known before.

Any one know pls share some tips for me.

If you don't know which coin to pick then go with bitcoin and USDT pair.It may not give huge profits everyday but definitely you won't face situation of losing all your capital amount. And no one can say which coin is going to get bump and dump for next day so just make your own analysis.

[Mumbeeptind1963]

I am new to trading. But I know basics about how to buy, how to sell those. I have some experience too.

But I failed on choosing correct coin for which I do trading, where I get information about it. Which coin get good pumps, dumps today. Like those details is possible to known before.

Any one know pls share some tips for me.

If you don't know which coin to pick then go with bitcoin and USDT pair.It may not give huge profits everyday but definitely you won't face situation of losing all your capital amount. And no one can say which coin is going to get bump and dump for next day so just make your own analysis.

I thibk it bette to hold your because can possible you good profit. But if you really want to trade then the first thing you must do is to monitor the market and then trade when you see there a little movement upward. But before do day trading you must need to pick one of the known coin because having them can give you good profit.

[its-a-me-mario]

Well it really depends on what your strategy is, how much capital you have, etc.

That being said, there are some tools that can help with finding the best coins. I suggest reading this guide on using Coygo Screener to find potentially good coins to trade. https://www.coygo.app/blog/posts/how-to-find-the-top-cryptocurrencies-to-trade-with-the-coygo-screener/

Aside from that you can look at coins that are crossing over their SMA or EMA for a certain time period as a start, then filter out coins with low daily volume.

[dunfida]

I am new to trading. But I know basics about how to buy, how to sell those. I have some experience too.

But I failed on choosing correct coin for which I do trading, where I get information about it. Which coin get good pumps, dumps today. Like those details is possible to known before.

Any one know pls share some tips for me.

There's no such thing about perfect coin that would really be good for day trading but i can suggest that better stick out with Bitcoin or other high other volume coins or alts.
Price had always been volatile and day trade or scalping would really be applicable to these coins if you do know on what you are doing.If you are talking about pump and dump
coins then most likely these can be found on low cap but it would really be just like a gamble if you would deal with it and also volume or volatility isnt there much.

[nicolas1979]

I would prefer coins with high volumes and also the price increase isn't too high either and because my profit target isn't too high it's only between 1-5%,

So far I agree with you, newbie should take popular coins ( btc, eth, xrp, etc ) that have volume or liquidity for their transactions, don't use new coins even they promise give you 100% profit per day, that's lie. Daily is short term period strategy, meaning no need to wait long time for leave market. Stable volatility can used over and over to get profit and I recommended scalping ( many op at the same time and position ). Need hard work and good psychology to use scalping but I'm sure you can study, practice and try it.

[Kemarit]

I am new to trading. But I know basics about how to buy, how to sell those. I have some experience too.

But I failed on choosing correct coin for which I do trading, where I get information about it. Which coin get good pumps, dumps today. Like those details is possible to known before.

Any one know pls share some tips for me.

There is no "secret sauce" for finding the correct coin because crypto asset is very volatile and it is based on speculation. That's why we have these so called 'whales' around, because they can manipulate the price anytime they want.

So it's a gamble, others may have to study the coin behind before they invest, but I think majority of day traders are into the sort of getting feel of the market sentiments of any coin, before they get in and then get out when everything is about to fall (dumping).

If I'm in your shoes, just study the market first, or better yet invest majority of your capital to Bitcoin and see how it goes for you.

[Kurokonobasuke]

As a trader we don't have any assurance to predict when the coins will pump and dump because we can't control the ups and downs of price in the market. The trading will depends on the traders who manipulates their trades in the trading platform so that the coins are volatile, you can monitor the price market of all currencies in the coinmarketcap.com. But I have a suggestion for you that may help you in trading, when the market price was go down you may trade your coins at a low price because there's a prediction that the low price market will soon pumps up and that's the time that you can get your profit in the trading platform.

[adaseb]

The only coins that you can really day-trade are ETH and BTC. The rest just don't have enough volatility and liquidity to make it worth while. If you want to trade more alts you can probably swing trade (not day trade) the top 10 (except tether) altcoins listed on Coinmarketcap.

Generally the future alts listed on Bitmex have very good swing opportunities from time to time. You also get decent leverage too. Only issue is that except for ETH and XRP, most of them are paired with BTC and not with fiat. So your trades will be mostly centered with respect to BTC.

If you want to day trade more, then you should just switch to forex. Many opportunites there.

[Baofeng]

I am new to trading. But I know basics about how to buy, how to sell those. I have some experience too.

But I failed on choosing correct coin for which I do trading, where I get information about it. Which coin get good pumps, dumps today. Like those details is possible to known before.

Any one know pls share some tips for me.

You can get trading signals from pump-and-dump groups, but are they reliable and trusted? Absolutely not, so I would advise you not to go on that path. Majority failed here because day trading is not for everyone. So really don't know what coins are going to be pump next, there's no such thing as insider trading in crypto. The best thing to do is to invest on the top 10 coins and simply HODL on it to make profits.

[wozzek23]

I am new to trading. But I know basics about how to buy, how to sell those. I have some experience too.

But I failed on choosing correct coin for which I do trading, where I get information about it. Which coin get good pumps, dumps today. Like those details is possible to known before.

Any one know pls share some tips for me.

Lol getting information on good pumps and dumps?
How do you even expect to get such an information. People can only make predictions but the predictions are not always accurate.

There are lots of predictions you will see online, you can even get top ten cryptocurrencies analysis on one of the most popular crypto sites – Cointelegraph.com, but their predictions are not always accurate like I said. If it was easy to know when the price of cryptocurrency will pump or dump, then I don’t think there will be anything like loss since everyone already knows when it will dump and when it will pump. So, that cannot happen.