How to choose correct coin for Day Trading

[Janation]

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.

It is hard to identify that coin especially if that will be a day trading.

All of the coins that you will be picking are automatically a risk since you are dealing with cryptocurrencies and they are naturally volatile. As you said, high volume means much more volatility so if you will be investing, I think it is better to choose a coin you will be holding for a long period of time since that is safer than day trading.

[sheenshane]

The best way to earn in day trading is in losing in trading. What I mean is, you really don't have that much information there that will let you win in trading. Because if that is the case, trading is not trading.

There is no such thing as the correct coin. You just have to get along and see what really is effective. Find it out yourself which coins has the potential to invest or trade. You can choose your preferred coin anytime any day. Just make sure to be ready for the risks cause it will always be there.

[BuxCoin]

choose popular pairs where daily volumes are good since you told that you are new search for low volatile coins , i usually trade in good volume coins less volume where liquidity is high pairs are not suitable for day trading

[KnightElite]

The best way to earn in day trading is in losing in trading. What I mean is, you really don't have that much information there that will let you win in trading. Because if that is the case, trading is not trading.

There is no such thing as the correct coin. You just have to get along and see what really is effective. Find it out yourself which coins has the potential to invest or trade. You can choose your preferred coin anytime any day. Just make sure to be ready for the risks cause it will always be there.

But there are type of coins that we should only trade, I prefer to trade coins that have high volume because it is easy to enter and exit with high volume coin in the market. Day trading have higher risks because of the volatility of the market, there are only specific strategies that you should use if you want to do day trading. The top 10 coins in terms of market capitalization are good in day trading.

[havoc928]

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.

In fact, if you trust the signals, you will never end well because very few people give accurate analysis and when the market falls, you will be the victim there. I think learn from this market by myself and choose some coins to trade because that the best way for you to manage your assets. In addition, it is necessary to analyze before starting to buy because the market is very volatile.

[Kelvinid]

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't certainly predict if that coin will pump by tomorrow or in the next days. That is how the market works. And the only thing that could save you from having this mistake is to look coin/s that has an amazing market volume, the market transparency and most especially, it was listed to reputable exchanges. Besides, we can find a lot of them by now. Though its price is a little bit high and you can't ever think regrets because your investment is really safe and profitable.

[Gheka]

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't certainly predict if that coin will pump by tomorrow or in the next days. That is how the market works. And the only thing that could save you from having this mistake is to look coin/s that has an amazing market volume, the market transparency and most especially, it was listed to reputable exchanges. Besides, we can find a lot of them by now. Though its price is a little bit high and you can't ever think regrets because your investment is really safe and profitable.

Indeed, it will be difficult for us to determine exactly which coin is suitable for a daily trade, even if the chart shows a consistent trend, it is still a relative contract, it will not mean our choice is correct because of the unpredictable nature and unexpected cases in this market are never missing. Seriously, we can only try through observation, selecting reputable top coins like you said to ensure safety and have many opportunities to be profitable, for the desire for a perfect choice, the answer would be never

[mbakruroh]

where I get information about it. Which coin get good pumps, dumps today.

You can get information from history chart, they will give you everything you know to predict coins movement. People will choose popular coin but for me, new coins also have chance to give us profit, with low value we can play with quantity. Use your indicator and analyze which coin should buy, I can't recommended any coin because you should find it by your self, trust with your skill.

[Negotiation]

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 need to analyze the market first to choose the right currency for day trading then you can understand which currency is good for business. Each currency has a profit loss and from there you can learn better with education You can also analyze trading charts to get an idea of the good currency.

[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.

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.

Coins with highest volatility can give you better profits so it is not going to be known coin for sure.But it is better to pick the coin with daily trading value of more than 500 or 1000 BTC to ensure some liquidity whenever you wanted to.

[justdimin]

I think if the only thing you care about is day trading, it is easier to eliminate many of the coins. I am not saying there is one correct coin to daytrade or there are anyways to figure out which coin is the best coin for day trading or anything, all I suggest is that there is methods to remove the non-daytrading coins out of equation so you can take a look at the other ones. The other ones may not be good neither but at least you removed some of the bad ones and left with some bad and some good.

The best way to remove these are looking at volumes and spread, if a coin has high liquidity, high volume but also high spread and does this for number of days/weeks/months, that means that coin could be better for day trading compared to ones that are more strict and conservative on its movements.

[bittraffic]

If you are for day trading, you shouldn't pick any coin at all but BTC/USD alone. You will have less chance of knowing whether the random coin will be pumped and all of a sudden its volume will be more than 500K USD for the rest of its life. If you are to trade then just do it where all the volume you need is present. Day trading will need you to have good amount of capital that you can gain bucks for every change of trend direction.

[BuNga_cute]

For day trading we must choose coins with high volumes, because by choosing coins that have very high volumes easy to sell. Usually coins
with high volumes are more volatile than coins with low volumes. So from that very easy to take profit if the price is very volatile. So in
conclusion, choose the top altcoins for day trading, because the top altcoins all of them has a high volume. So you can day trading with
the right coins.

[XCANA]

Particularly, you can't find out the correct coin or tokens for trading because the entire market is volatile and unpredictable. We have heard of many pump and dump groups who claim to be insider to many projects and thereby giving fake information for a token or coin to be pump or dump.   I have lost to these group's and will never be a victim again, am wiser now than before.....

[BitSat19]

This is problem here you cannot predict about any coin as cryptocurrency nature is unpredictable no one can give you correct information about this which coin is going to high and which is going down in past few pump and dumb groups was in action but these was also not have good information or method for this just because of this many investors lost big amounts now most of peoples doing own research and using most big volumes coins for trading and profit.

[verita1]

I have not dedicated 100% of the crypto trade, but the day I decide to do so I will study the techniques of analysis, charts and learn from the specialists. Like everything new, it is necessary to learn from the basics and progress over time.

Bitcointalk is a good place to talk about crypto and this thread is perfect for sharing useful information. I have read this article and it contains valuable information for those who start in crypto.

https://blockgeeks.com/guides/how-to-trade-cryptocurrency/

[nelson4lov]

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.

Firstly, joining pump and dump groups are a bad news. I've had my own fair share of pumping groups. My experiences were nothing to write about. Even signals groups aren't worth it. They make you think that giving you fishes to eat would make you happy but it's wrong. Even if they do make you some profits, it is short lived most of the time. At to be clear, most of those signals are just predictions, other times, they are copied. That said, either ways shouldn't be considered by anyone who plans to take trading seriously.

I've not really tried the method you mentioned – That is, to buy/sell based off orderbook differences. I mainly trade after doing the good old traditional technical analysis. What I do is to check the current market conditions (via the fear/greed) index. Depending on the outcomes, I check trading communities that I am part of to see which tokens/coins everyone is looking to trade. Then I proceed to trade. This way, even if I make mistakes which results in losses. I can learn from them and improve.

[pixie85]

People have many strategies. One of them is to invest in cheap coins, set up sales way higher than your buy ins and just leave it like that for weeks. From time to time these coins get pumped 100-200% in an instant and your offer gets filled.

Another is to buy oscilators that follow the price of BTC but with a little higher volatility like LTC and trade those.

For day trading it's important to avoid coins with low liquidity.

[Rufsilf]

And for now, I'm focused on the top listed coins in the market. We don't need to be greedy enough having a huge number of coins to trade, having 2-3 coins is quite good enough to start with and could surely we can focus on it.
Some newcomers are attracted to new coins that showing a sudden pumps but we must have to be careful to this cause this only a hypes scheme which many noobs been fooled to this and suffer losses after the hypes are done.

[pragna]

Actually it is very difficult to say and from year 2017 i saw may comments or predictions in market but sorrow that no predictions work. So my basic suggestion is you must have to work on field that means trading. The more you will connect on trading, the more you will know the news i think and after some days of trading you can easily guess coins pump or dump. So be connected on trade.

Best of luck.