This will help day traders and newbie traders.

[palle11]

Background understanding of what a trader is

often multiple times during the day, but without carrying any open positions to the next day. All buy/sell positions taken during a trading day are squared-off on the same day before the market closes

Points To Note

1. You need to have the right mindset, this is the most important (and the very first) requirement in becoming a day trader.

2. You need to be mentally prepared to take risks and suffer losses.

3. Have in mind that no one can generate profits consistently. Intermittent and extended losses are part of the day trading game. (For example, a day trader may suffer eight loss-making trades in a row and only recover with profit on the ninth trade.)

4. Master your entry/exit strategy

5. Have money management understanding

Day traders need a solid foundation of knowledge about how the markets function. From simple details (like exchange trading hours and holidays) to complex details (like the impact of news events, margin requirements, and allowed tradable instruments), a trader needs to have a broad knowledge base.

Important my friend because sometimes a day preceding holiday could be highly volatile or dull. Sometimes it is better not to trade on the day before holiday to be safe.

Aspiring traders should beware of websites and courses that promise foolproof day trading success or endless profits. The limited percentage of day traders who have managed to be successful do so by investing their time and efforts into building trading strategies and following them religiously.

A day trader is on his own in this big trading world. Before giving up your job to become a day trader, be sure that you have the motivation to continuously learn, design your trading strategies, and take accountability for your decisions and actions.

This is a good advise for we all

https://www.investopedia.com/articles/active-trading/051415/10-steps-becoming-day-trader.asp

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[LUCKMCFLY]

It is a great article, I like those tips, they usually speak in a general sense, although I give more importance to learning to know the market, its movements, the way to interpret the volume and not only dedicate itself to only doing technical analysis, but Try to understand the market movements.

[adaseb]

None of these tips or tricks or eBooks or any type of video tutorial will actually help you become a trader in real life. Right now every Tom, Dick and Harry is making boatloads of money on the stock market like every Tom, Dick and Harry made back in crypto in late 2017 and eventually the markets will trade sideways or bearish and people will lose all their realized gains.

The only way to become a profitable trader is basically to have experience and you can't teach experience. Just because a few kids made $1 million dollars trading with a $3000 account on Robinhood with Tesla options, doesn't mean they are better traders than those that made $50,000 yearly profit off their $100,000 starting balance.

Like the famous saying goes "Anyone can make money in a bull market". Don't need to be a experienced trader at all.

[palle11]

Before experience, someone needs to start from somewhere and that is why they are called newbies. You don't grab experience on the air or fly to catch but you grow into it. And those tips are steps to be better experienced in the future.

"Anyone can make money in a bull market". Don't need to be a experienced trader at all.

Did this quote also capture those catching the grenade? 
Remember bull run also get some trapped. So there are loses and gains whichever direction. People that bought bitcoin at ATH are still counting their losses.

[dimonstration]

Did this quote also capture those catching the grenade? 
Remember bull run also get some trapped. So there are loses and gains whichever direction. People that bought bitcoin at ATH are still counting their losses.

That's why there is a need to know how to really trade in bull run or not, There were times that we become too greedy expecting that bull may still continue and can give us more profit but in the end will just make us lose a lot since we didn't know the fundamentals or atleast know how to read the charts.
Setting our mindset when to sell can help but it should be realistic and not too much that we lose a chance to earn since we expect it to be that high, having a proper mindset is really needed but also learning some TA can help traders to actually decide when to buy and sell.

[semobo]

Day trading will end up in lose or no net profits in the long term so it is not meant for everyone.Preparing to face the worst day of their crypto trading life is the best survival strategy, make use of stop loss feature which can save you from huge losses.

[palle11]

Did this quote also capture those catching the grenade?  
Remember bull run also get some trapped. So there are loses and gains whichever direction. People that bought bitcoin at ATH are still counting their losses.

That's why there is a need to know how to really trade in bull run or not, There were times that we become too greedy expecting that bull may still continue and can give us more profit but in the end will just make us lose a lot since we didn't know the fundamentals or atleast know how to read the charts.
Setting our mindset when to sell can help but it should be realistic and not too much that we lose a chance to earn since we expect it to be that high, having a proper mindset is really needed but also learning some TA can help traders to actually decide when to buy and sell.

Because we need to understand the reason for a bull or pump to know when its limit is reach. Definitely, not everybody body makes profit during the bulls. When you buy at the bull limit, you get hooked up.

make use of stop loss feature which can save you from huge losses.

5. Have money management understanding

That includes stop loss and take profit.

[Jating]

The first thing I learned is #4 "entry/exit strategy". Well I have to learned it the hard way, but the lesson is worth it. I guess when I was a beginner, my emotions (greediness) takes over of me and I don't exit when I already have made a good profits, specially in 2017.

And to add what @adaseb have mentioned, too gain experienced, you really need to get your hands dirty, sort of, so you really need to go into trading right away and learn the trick and tips by yourself. Don't depend on those so called experts, because there's none.

[michellee]

I think there are many more tips for day traders and newbie traders, but that tips work good for them. Number 5 is a must that every trader should have, whether he is a day trader or newbie traders because, without money management, he can not know how much money he should use to trade. That can prevent him from going all-in because I see many traders use that to expect of making a huge profit. If the market is moving on the right track, it will not be a problem, but it is still too risky to do.

[beerlover]

That is "day trader" and not just trading, which means obviously this would help day traders but newbies should not be day traders, it is a lot harder than long term trading and for a newbie to start everything with a regular day trading would be very difficult.

I would highly suggest newbie traders to first check out a bit more longer term, it doesn't have to be years, it doesn't have to turn into long term investment type of situation, but not to have any open position at the end of the day means they have to accept losses and close positions sometimes and they should not do that, they should be basically closing all profitable positions and keep all the losing ones until they profit from them as well. If they do this, they will end up with both talent but also patience.

[GreatArkansas]

(....)

make use of stop loss feature which can save you from huge losses.

5. Have money management understanding

That includes stop loss and take profit.

This is one of admired in the OP's list. The risk management, and you are correct, the risk/money management includes stop loss and take profits.
Also, it includes the risk:reward ratio for every trade we do. How much we want to risk for that reward. So there are we need to consider for this, the entry price and target price.
This is one of the sweet mistake of some traders, at first when they enter a trade, they don't have a price target or stop loss that's why they ended up getting rekt or being greedy to get more profits for their trade.

[Hypnosis00]

New traders often commit mistakes but that is the real talk in trading. We can't fully understand crypto trading if we never experience failure and success. We don't need to become an expert in here, good strategies and have self-control will eventually work great. But of course, if we keep thinking what OP and experts say, it is surely fine.

It takes it all, appreciates, and hope new traders will take this seriously and apply this.

[maxreish]

Those are the advices that a typical trader tends to forget.
Having a confidence with good mindset to start every trading can possibly forget especially when you lose in previous trades. That's how I always experienced, rebuilding confidence and reseting mindset is a must.

I also wanted to add about the cut losses and stop losses. Market is always tricky and sideways cannot be prevented. Putting stop loss in everg trade will help you to save up huge loss and liquidity.
Anyway, I appreciate this advice. Since I wanted to go back to my own  plan as I felt that I am a bit lost of track.

[Assface16678]

Many traders are just following their guts in making a trade when they think this is the right time to make a market entry they will and if they think this is the right time to pull out it is.

All of those have a process when is the right time some of them are just carried away from the statement and the market movement if they are losing some of them are already pulled out the funds.

Trading requires a lot of knowledge snd a strong mind because it's winner take all.

Those are the advices that a typical trader tends to forget.
Having a confidence with good mindset to start every trading can possibly forget especially when you lose in previous trades. That's how I always experienced, rebuilding confidence and reseting mindset is a must.

I also wanted to add about the cut losses and stop losses. Market is always tricky and sideways cannot be prevented. Putting stop loss in everg trade will help you to save up huge loss and liquidity.
Anyway, I appreciate this advice. Since I wanted to go back to my own  plan as I felt that I am a bit lost of track.

Stop loss has a lot of contribution this may prevent you to make a large amount of lose also if you have a large amount wage. But still this is your choice for me most of the time I used the market limit.

[maydna]

Many traders are just following their guts in making a trade when they think this is the right time to make a market entry they will and if they think this is the right time to pull out it is.

It happens to me in my early trade because I am lack information about how to trade. I made a loss in many coins, but that makes me realize that I need to learn more about trading. Since then, I have tried to spend more time learning about analyzing the coin I want to buy.

All of those have a process when is the right time some of them are just carried away from the statement and the market movement if they are losing some of them are already pulled out the funds.

As long as we can analyze, I think we will find the time to trade, and we will have the opportunity to make a profit. It's only a matter of time for us to make that profit, and we don't need to give up because we still have more time to make a profit.

Trading requires a lot of knowledge snd a strong mind because it's winner take all.

Even if we think that we have skills in trading, we need to learn more because the market will always change from time to time, and if we miss learning, we will see that the chance to make a profit will not be too big.

[Yamifoud]

It actually, traders can read this, and surely they can understand this but I'm not sure how persistent they are in doing all of these things till the end. Because people often change especially when they know other strategies and they keep experimenting with new things away from the basics. All of these will be forgotten at any moment.
This is a reason why traders like this won't make a good end but just a horrible end of their trading life.

[Oceat]

It actually, traders can read this, and surely they can understand this but I'm not sure how persistent they are in doing all of these things till the end. Because people often change especially when they know other strategies and they keep experimenting with new things away from the basics. All of these will be forgotten at any moment.
This is a reason why traders like this won't make a good end but just a horrible end of their trading life.

That's a bad habit as a trader, if one can gain profit on a certain strategy why change? They might have to change strategy if the previous strategy won't make enough profit but experimenting new strategy again might not be as effective as the previous one plus consider the other factors that could lead them to losses. They should be consistent with the strategy that gives them enough profit since trading is not for everyone.

[XCANA]

As a trader i don't think there is a 'pro' in the market because of crypto market uncertainties, the pros in trades also learn everyday but he beginners don't want to learn anything but focus their attentions on profits. Many have been trapped severely becasue of this singular act of not ready to learn the market mechanism and it volatility. Great tips and very much helpful for those who want to make a difference.

[el kaka22]

Entry/exit strategy is something major and people really do not consider how important it is. Normally you could get in, have a small amount of profit like 5% and get out and quickly do this over and over again enough, obviously sometimes it will be 1 hour, sometimes 1 month but if you keep doing this forever, you do not have to put any new money, do this constantly and you will have a huge retirement fund in 10 years, which is a very quick time if you are young (if you are already like 60+ that wouldn't really be a big deal).

So, I highly suggest people to know when to get into the market and how to get out quickly as well, those are very important parts of crypto trading that not many people managed to master, even I am telling you all this but I can get better at it for sure.

[pawanjain]

While these tips are good and will help the newbie traders, I think that only practice can make them better at trading.
Experience comes through regular practice and we tend to make many mistakes through the process which makes us learn and grow.
My only advice to newbie traders would be practice daily until you master it and then start the actual trading.