Cryptocurrency Day Trading: How to Get Started & How to Win

[nelson4lov]

There are so many guides on the internet in order to understand what is day trading.
However, theory is not always enough.
You have to see in practice and sometimes loosing money or making wrong decisions are necessary in order to master your trading strategy.

This is true not just for trading alone but for any learnable skill. Theory is never enough. At the end of the day, you'll still need practice experiences because that's where you'll get hit my unexpected issues. Trading goes beyond what's in the trading textbooks. Just know candlesticks, indicators, chart patterns and you're an all-star trader? No. Market cycles are not always the same, it changes on regular basis. You learn more on the job than you do in a textbook.

[1715481157]

1715481157

[davinchi]

There are so many guides on the internet in order to understand what is day trading.
However, theory is not always enough.

There are enough practice materials and demo accounts to sharpen your skills beyond theories. Still, I agree that most people do imagine themselves as a pro traders just by coming across few articles and youtube videos and then burning their fingers in day trading. You can get into crypto investments with some basic knowledge and can make 10x profits but in day-trading that is absolutely impossible.

Day trading requires strong analytical capability to catch the end points of trends; in day-trading catching short term trend is the main focus and due to that reason day-traders even miss the long term trend its possible huge profits as well. There are lots of simple and effective methods are available in crypto space to make good profits rather than struggling in the name of day-trading.

You have to see in practice and sometimes loosing money or making wrong decisions are necessary in order to master your trading strategy.

In my experience, trading is not working that way. You may learn a big lesson out of your one losing trade but you may forget that when you experience another losing trade in very next day itself. I mean there are uncountable possibilities to lose a trade in markets and you cannot remember all lessons and cannot make use of them in your new trades. You need to be technically sound to escape from such losing trades.

[cytpoway121]

To my understanding, day trading requires great skill and determination with a number of discipline. You must firstly outline your daily profit %, from 1-5%, then you can evaluate the number of trades to attain your daily % profit, is it gonna be 1% profit ler trade or 0.5% profit per trade or 5% profit at once?. This are issues you have to attend to before venturing into day trading

[pawanjain]

That's really a nice article and there were some points which I had fun reading. A nice set of tools and clear details of the basics of cryptocurrency trading.
One thing that I think was missing is the mistakes of day trading. You should have given a brief of the mistakes of day trading as well which would have helped users to avoid those mistakes.
I will definitely recommend this to my beginner friends who are new in the crypto market.

[palle11]

A lot without taking their profits at a good time.

You will not be told more of it when a profiting order turns out and revises to become a huge loss and finally blowing the trader's account off just because a trader decides to wait more for profit while price have already stretched to maximum already. I think what can also cause such delay to take profit is when an experienced trader doesn't know or have a means identifying resistance or support levels. Usually, price test those levels and can be redirected. Basically, greed kills a trader.

[perfect999]

I love the fact that you took your time to detail everything that a lot of people needs to know about cryptocurrency trading.
And another thing I like about the article you wrote is that you made it clear that majority of traders are not successful and trading is a way to start picking up some free money and becoming rich quick.

There are some newbies that will come in and they have not even stayed up to a month and they are already complaining that they are not making money. These people have not even taken any time to learn about trade.

[ashmodeus]

i guess on situation right now,days trading it seems not profitable, except u play on laverage trading or margin, i dont see any good chance on spot trading can make 3 or 5% profit,and also,since june,market moving so wildly, the best choice is holding or quick trading like scalping.

[FanEagle]

i guess on situation right now,days trading it seems not profitable, except u play on laverage trading or margin, i dont see any good chance on spot trading can make 3 or 5% profit,and also,since june,market moving so wildly, the best choice is holding or quick trading like scalping.

But, right now market is falling from $9320 and the current BTC price is $9234 which means solid more than $50 profits if you are set with 1 BTC capital. Still I agree with you that we cannot catch exact peak price of today and cannot wait until bottom of today; we need to buy and sell in between price levels which means for the capital of $9000, risking for $10 or $50 may not be the worthy ones as profits are lesser than 3% as you indicated. Even in this range bounded market, we are not getting enough market movements to ride on trend.

Always I hate day trading and I do rarely look for day trading opportunities; but due to current market conditions of range bound, I got lesser options which pushed me looking for day trading opportunities. I am just paper trading for last one month to find our how good my skills are for day trading but concluding still I must stick within long term holding. So, I work on other resources to save some big capital to buy more BTC at possible dips.

[ashmodeus]

So, I work on other resources to save some big capital to buy more BTC at possible dips.

yes , i also looking for it,and somehow, we still possible to under 8k range, based on what analyst say on many many TA .
i just thought it will be happen on june 26 when $930M in Bitcoin Options Expire on deribit futures , but well, i guess bear have no interest anymore with something like that,after BAKKT last year.

[bitgoldpanther1978]

Day trading is for everyone, but the sad things is not everyone called for it were majority of the traders always ended up
for nothing, in short, loss their coins. If you want to start, all will begin with ourselves then take invest on it depending on the
coins you think it will give profit to you, just simple as that.

[Shasha80]

Starting day trading we should be able to read price movements in the market, then choose exchanges with high trading volumes. And to win
we must be able to determine the right purchase price, because day trading must be able to generate profits per day. Therefore the risk of
day trading very large, without a good risk management our capital can certainly be exhausted. And the last day trading must use the stop-loss
feature, because we have to buy and sell in a short period of time.

[palle11]

There are so many guides on the internet in order to understand what is day trading.
However, theory is not always enough.
You have to see in practice and sometimes loosing money or making wrong decisions are necessary in order to master your trading strategy.

Yes trading is a lose Ir win game. I said game because you don't do trading like something to take your life for when you don't make profit on the day. You lose some and win too but doing a demo account is better to master your plan before the big one which is going in life with your money.

[FanEagle]

So, I work on other resources to save some big capital to buy more BTC at possible dips.

yes , i also looking for it,and somehow, we still possible to under 8k range, based on what analyst say on many many TA .
i just thought it will be happen on june 26 when $930M in Bitcoin Options Expire on deribit futures , but well, i guess bear have no interest anymore with something like that,after BAKKT last year.

This is the reason, to avoid any disappointment when you're looking for buying at dips, it will be always a good practice to buy for some 10% of your available capital at current market prices. Because, we cannot exactly predict what is going to happen, so that you must ensure not missing all available opportunities. When market will be moving up or down then you can go for buying another 10% from your available capital (and not from the initial capital).

This is not at all covered by any of day trading technique. Because it is all about long-term holding and it is a viable trading technique only when we are having long-term plans for holding. Once I tried to day trade bitcoin but I was unable to tackle against bitcoin's high volatility but current market seems a complete different one and it is highly suitable for day trading. But, I am still afraid to get into day trading because of the bad lessons and I have learned in the past .

[BitcoinTurk]

Before you start trading daily, you need to know the following;
 
- In order to be able to trade daily, very basic and technical analysis knowledge should be obtained.
- In order to be able to trade daily, screen monitoring should be done continuously.
- In order to be able to trade daily and earn money from daily trading, a significant amount of experience is required.
- In order to be able to trade daily successfully, there should not be very high earning targets.
 
At the end of my message, I want to remind my sentences again. In order to be able to trade and earn money successfully, you must have very good technical and basic analysis knowledge, and you must have a good level of experience.

[AakZaki]

~snip~but the sad things is not everyone called for it were majority of the traders always ended up
for nothing, in short, loss their coins. If you want to start, all will begin with ourselves then take invest on it depending on the
coins you think it will give profit to you, just simple as that.

Traders who always end up losing, with no results and losing their coins are novice traders who don't know about trading techniques, analysis and others.
Starting to trade without basic knowledge about trading will only waste your money for nothing, but if you have great luck, you might get results without trading knowledge.

But to become a trader who can get results, start with basic trading knowledge. What can and can't be done when trading. That will be helpful enough so that the words  "Always End Without Results"

[fullhdpixel]

Starting to trade without basic knowledge about trading will only waste your money for nothing, but if you have great luck, you might get results without trading knowledge.

If you start depending on your luck factor then you will get out of trading slowly over the time. Because, there cannot be any possibilities for being a crypto trader by depending on only luck things. You must develop required skills for crypto trading so that this trading will support you to gain profits and that gains could be up to the level for a high level of living. At the same time if you fail to make yourself skilled for trading then you may lose all your capital which may end up to the level of degrading your lifestyle.

But to become a trader who can get results, start with basic trading knowledge. What can and can't be done when trading.

Yeah, we can start trading with basic knowledge but we should risk only small capital in the beginning days so that we can learn about what are things should be avoided for better trading so that we can maximize profits when we are increasing capital amount accordingly. This is all about slow learning over the time along with real market experience.

[rexxarofmoknathal]

The article is quite nice and is very detailed/exhaustive but I think there's a lot of information you'd have to cover to get through everything but I think it might be a good starting point for novices to work out what to do with trading...

Without a solid strategy a lot of people seem to lose money more often than they gain and sometimes people end ip with a false positive (in gambling referred to as a "streak") too where they'll inevitably lose. A lot without taking their profits at a good time.

Do you know what? I was a little skeptical at first but once I started reading the article I found myself reach to the end of it. Now that I've read it I don't mind you pumping this article because it has good content and its informative. So much so that others might find useful. Good job!

[TitanGEL]

~snip~but the sad things is not everyone called for it were majority of the traders always ended up
for nothing, in short, loss their coins. If you want to start, all will begin with ourselves then take invest on it depending on the
coins you think it will give profit to you, just simple as that.

Traders who always end up losing, with no results and losing their coins are novice traders who don't know about trading techniques, analysis and others.
Starting to trade without basic knowledge about trading will only waste your money for nothing, but if you have great luck, you might get results without trading knowledge.

But to become a trader who can get results, start with basic trading knowledge. What can and can't be done when trading. That will be helpful enough so that the words  "Always End Without Results"

Luck is not what we should focus, we can get win through luck but for sure we can lose it easily if we will just rely on luck. In trading luck is a factor but what is important is the skills as a trader. We cannot become profitable and consistent in terms of earning money when we will just focus on luck. The thing is we should focus on how we will improve our skills as a trader for us to know different strategies that we can use to minimize our losses and maximize our gains.

[carlisle1]

I thought you all might appreciate this article

Cryptocurrency Day Trading: How to Get Started & How to Win

At some point or another most of us have probably thought about cryptocurrency day trading. The idea of actively making a profit every day certainly sounds appealing, but many people often jump in without doing enough research and end up getting burned. Luckily, if you want to day trade Bitcoin or other digital assets you can benefit from decades of people trading stocks and all of the experience and tools that have developed alongside them. Most of the concepts of trading stocks, and especially the FOREX market, can easily be applied to trading crypto and Bitcoin as well. Let’s take a look at what crypto day trading is, how to get started, and what tools we can use to gain an edge.


In this article we’ll be discussing the following topics:

• What is day trading?
• Is crypto day trading for me?
• What are some day trading strategies?
• Basic tools for day trading crypto
• Advanced tools for mastering crypto day trading
• How do I find which cryptocurrencies to trade?

Continue reading the full article here: https://www.coygo.app/blog/posts/cryptocurrency-day-trading-how-to-get-started-how-to-win/

Nice Blog and this is really helpful for incoming daytrader though i am not a fanatic of this area of profiteering because this is very  risky.

I have sets of friend that tried this couple of times but failure comes to them.

I will advice all the prospective trader to check your skills first before doing such because it is your money that will lose here not ours.

i guess on situation right now,days trading it seems not profitable, except u play on laverage trading or margin, i dont see any good chance on spot trading can make 3 or 5% profit,and also,since june,market moving so wildly, the best choice is holding or quick trading like scalping.

You are wrong because if you check the market you can see that the Ups and down is continuously happening and this is what traders need to make marginal profit.

[radjie]

sometimes daily trading is interesting but it requires courage and strong conviction to get profit and avoid loss. In the related article shown by Op, there is a way that I often do in daily trading, namely by exploiting the price difference called by Op (Arbitrage Crypto) where I always compare prices one by one for each exchange before making a sale, the aim is to can get a little higher profit, besides, don't forget to consider the transaction costs that must be incurred for each exchange because each exchange has a different transaction fee.