This will help day traders and newbie traders.

[RealMalatesta]

Unfortunately trading is not that robotic, at least not in crypto just yet, maybe in the future. If you go to any stock market office or a forex office you will see how differently they trade, most people in crypto world is not at that level just yet. Obviously there are some like that, people who have 6 screens all looking at charts and bots that does what they want when they want it and so forth, basically all around fully developed traders that does this as full time jobs, but those are still very few in numbers.

We are filled with people who are "OMG LOOK THIS WENT UP 500%, I SHOULD BUY IT NOW THAT ITS AT ATH" and lose money, obviously they will get lower and lower in number and professionals will go up in number but it looks like it is going to take some time.

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[Yatsan]

So basically, in doing day trading, you must not just be financially ready but as well as mentally and emotionally ready for day trading a really tough one and you must not let your emotions do interfere on doing decision making for you might regret if worst case scenario will sprout that will give you mental challenge on how you will deal with your trading. Those key notes that the OP have provided are commonly the basic ones which anyone can discover themselves or do have different strategy or approach upon doing day trading but what I can say is that to be able to survive and get along on having day trades, better know the market of the coin you wish to trade with to better get familiar on the entry and exit points to conduct successful trades. It would be difficult at first of course because learning is not the end of it but the application as well which is the trading proper where you can learn another thing from your own experience which you can use to be able to progress and increase the probability of dealing a successful day trade journey.

[South Park]

Before anyone can leave their job to go into trading full-time it would require a lot of hard work which I know for sure that so many can’t deal with it, so sometimes it’s always best to play safe by not quitting your job and trading only when you have the time and the right strategy.

Moreover if one is going to place eight trades and lose and only win the ninth one, then you’re losing. Just calculate that, unless you’re going to be making use of stop-loss to reduce the losses, but how sure are you that the profit will be able to cover up for the losses you have experienced? Apart from all that you have got to talk about the financial aspect of things, just trade if you’re ready for what comes with it.

Many people have the dream of leaving their jobs and become full time traders but for the most part you need an enormous amount of capital to do something like that, in order to really understand how hard it is think about how much money you will need to pay for your bills for all year? Then let us assume that you can earn 20% on the markets each year, this may seem like a low amount in the market but believe me less than 1% of the traders reach that goal, this means you will need to have already 5 years worth of savings before you can trade for a living, how many people have such high savings? Very few I guess.

[AakZaki]

Many people have the dream of leaving their jobs and become full time traders but for the most part you need an enormous amount of capital to do something like that, in order to really understand how hard it is think about how much money you will need to pay for your bills for all year? Then let us assume that you can earn 20% on the markets each year, this may seem like a low amount in the market but believe me less than 1% of the traders reach that goal, this means you will need to have already 5 years worth of savings before you can trade for a living, how many people have such high savings? Very few I guess.

Leaving the main job because focusing on trading alone is the wrong choice in my opinion. The main job remains a support as real work and some income that can be used as capital reserves to trade and support the family.

Trading becomes a part time job which provides extra income when making a profit.

actually the capital used for trading must be adjusted to your own abilities, don't force it to use large capital but must drain all your savings. Use as little capital as possible but can produce consistent profits. Everything starts from small to big.

The most important thing is to always learn to analyze the market if you want to get results from trading, don't be a trader who doesn't know the direction, it will only mislead you and will be very detrimental.

[MCDev]

Try to learn a lot, gain experience to be able to make your own decisions.
Actually trading on the cryptocurrency market or any other financial market requires experienced and knowledgeable people.
Never believe the promise of profit and do not believe in technical analysis, there is no one with technical analysis in the cryptocurrency market.

[shield132]

Simple advice given in this thread are just useless but it doesn't mean that they aren't necessary to consider. The reason why they are useless is that just saying you have to have a right mindset, be mentally prepared, etc are just easy to say and something that everyone knows they have to do but the most challenging part here is how to achieve that, how to achieve that mental state, how to get rid of emotions and how to get rid of control that emotions can gain on us while trading and so on. Advice means nothing if it doesn't give you any vision or a way to solve a problem.
If someone advice you to learn a laws, how will you learn them if you don't have a book of laws? Same applies to these advice that OP gave to us.

[abel1337]

Simple advice given in this thread are just useless but it doesn't mean that they aren't necessary to consider. The reason why they are useless is that just saying you have to have a right mindset, be mentally prepared, etc are just easy to say and something that everyone knows they have to do but the most challenging part here is how to achieve that, how to achieve that mental state, how to get rid of emotions and how to get rid of control that emotions can gain on us while trading and so on. Advice means nothing if it doesn't give you any vision or a way to solve a problem.
If someone advice you to learn a laws, how will you learn them if you don't have a book of laws? Same applies to these advice that OP gave to us.

I think I can consider this as a guide for newbies for a deeper understanding of what they should do or prepare for. This can give newbies the right path by doing their own research and having experience over time. Of course, this won't happen overnight, Continous knowledge, experience, and determination are needed on gaining this kind of advice.

If I am a newbie and see this advice, I would probably expect that these qualities is needed and I would expect that losses can't be avoided in the learning stage. This guide would probably bring me curiosity by making more research on what should I need to do.

[carter34]

We are filled with people who are "OMG LOOK THIS WENT UP 500%, I SHOULD BUY IT NOW THAT ITS AT ATH"

How to know the ATH is the difficult part of trade but your word is funny. If ATH is discovered, it is better to sell and not adding a buy order. This is why we lose money. Buying high is a big risk.

[teosanru]

We are filled with people who are "OMG LOOK THIS WENT UP 500%, I SHOULD BUY IT NOW THAT ITS AT ATH"

How to know the ATH is the difficult part of trade but your word is funny. If ATH is discovered, it is better to sell and not adding a buy order. This is why we lose money. Buying high is a big risk.

See if you want to be a good trader ATH is nothing except when the coin move downwards and hit's that resistance again. People generally think that trading is buying at the lowest point possible and selling at the highest point possible. This isn't true no one can predict the exact height and breadth of any move. Best way to trade is trading in market momentum. It's about determining the cut off point after which you are sure that this coin would go up or determining a point after which you are doubtful about the coin's move. Even doing this will take all your efforts this isn't an easy task. ATH is nothing but a number it's not that everyone who sold at ATH made a huge profit. People brought bitccoin at 18000 and sold at 19000 for them all time high was nothing.

Moreover people buying at ATH are no one but imbeciles and these are the people due to whom traders actually make money. If there won't be such people in the market whom do you expect to sell your load at ATH? When it comes to trading just think about yourself. It's good to share your knowledge but you can't make everyone trade the way you trade.

[livingfree]

Try to learn a lot, gain experience to be able to make your own decisions.
Actually trading on the cryptocurrency market or any other financial market requires experienced and knowledgeable people.
Never believe the promise of profit and do not believe in technical analysis, there is no one with technical analysis in the cryptocurrency market.

There is actual technical analysis but the thing about them, sometimes they work and sometimes don't.

Experience is the best factor to lean on in trading. You don't get signals or any paid VIP membership from groups. A little profit can give you more experience and get with the process done.

While aiming for quick huge profits will only lead you to nothing.

[Janation]

Actually trading on the cryptocurrency market or any other financial market requires experienced and knowledgeable people.

You're saying it like newbies are not welcomed here.

No one could start into something and say that he is experienced in it, we all starts in the bottom and slowly we take our path going up. We gain knowledge and experience as we go and it is not that easy. There are a lot of times that you could get some losses but that is fine, that is a part of it. As the OP said,

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

[whyrqa]

Actually trading on the cryptocurrency market or any other financial market requires experienced and knowledgeable people.

You're saying it like newbies are not welcomed here.

No one could start into something and say that he is experienced in it, we all starts in the bottom and slowly we take our path going up. We gain knowledge and experience as we go and it is not that easy. There are a lot of times that you could get some losses but that is fine, that is a part of it. As the OP said,

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

At least all crypto traders were once newbies and had no experience. In addition, in the market, someone always wins, and someone loses, and no matter how long a particular trader is engaged in this activity. The most important thing is understanding for everyone, The more we comprehend knowledge in cryptocurrency trading and gain experience, the higher the chance to achieve the desired result.

[MCDev]

Try to learn a lot, gain experience to be able to make your own decisions.
Actually trading on the cryptocurrency market or any other financial market requires experienced and knowledgeable people.
Never believe the promise of profit and do not believe in technical analysis, there is no one with technical analysis in the cryptocurrency market.

There is actual technical analysis but the thing about them, sometimes they work and sometimes don't.

Experience is the best factor to lean on in trading. You don't get signals or any paid VIP membership from groups. A little profit can give you more experience and get with the process done.

While aiming for quick huge profits will only lead you to nothing.

I think the crypto market works on news, it doesn't work according to technical analysis. The people who make the most profits are the ones who know to capture and process information early.
I don't believe in trading signals, if someone has good signals he will use them instead of selling it.

[Smartvirus]

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

This is the point where most traders always get it wrong. They are totally over whelmed with making profit without an atom of a lose. Hence, they get out of a trade rather too early quite often.

[ethereumhunter]

At least all crypto traders were once newbies and had no experience. In addition, in the market, someone always wins, and someone loses, and no matter how long a particular trader is engaged in this activity. The most important thing is understanding for everyone, The more we comprehend knowledge in cryptocurrency trading and gain experience, the higher the chance to achieve the desired result.

I won't say that someone always wins because it is hard to analyze the market. The market moves unpredicted, and even if we can analyze better, sometimes, we can be wrong and lose the chance to make a profit. It is normal to see if you can not make a profit because the market will be up and down every day, making us watch the price moves. We need to always search for a good time to enter the market to buy low and sell high.

[livingfree]

Try to learn a lot, gain experience to be able to make your own decisions.
Actually trading on the cryptocurrency market or any other financial market requires experienced and knowledgeable people.
Never believe the promise of profit and do not believe in technical analysis, there is no one with technical analysis in the cryptocurrency market.

There is actual technical analysis but the thing about them, sometimes they work and sometimes don't.

Experience is the best factor to lean on in trading. You don't get signals or any paid VIP membership from groups. A little profit can give you more experience and get with the process done.

While aiming for quick huge profits will only lead you to nothing.

I think the crypto market works on news, it doesn't work according to technical analysis. The people who make the most profits are the ones who know to capture and process information early.
I don't believe in trading signals, if someone has good signals he will use them instead of selling it.

Long time ago, I also believed that it's news. Most news do create an effect to the market which is being thought my most even until now. It's the same as the stocks market.

When there's a bad news from a certain company and traders who have bought their stocks, they are quick to dump their shares from that company. It's the same as crypto but most likely the main factor still is the market sentiment.

[Viscore]

At least all crypto traders were once newbies and had no experience. In addition, in the market, someone always wins, and someone loses, and no matter how long a particular trader is engaged in this activity. The most important thing is understanding for everyone, The more we comprehend knowledge in cryptocurrency trading and gain experience, the higher the chance to achieve the desired result.

I won't say that someone always wins because it is hard to analyze the market. The market moves unpredicted, and even if we can analyze better, sometimes, we can be wrong and lose the chance to make a profit. It is normal to see if you can not make a profit because the market will be up and down every day, making us watch the price moves. We need to always search for a good time to enter the market to buy low and sell high.

All we need is more on application from what we've learn from the searching. Entering in the market like this without knowing even just the basic will results only losses and a reason for their instant exit. That is why, we should have to back-up ourselves before getting into trading because this is not a thing we should think an easy work, no, this is the risky thing we do.

[Danslip]

At least all crypto traders were once newbies and had no experience. In addition, in the market, someone always wins, and someone loses, and no matter how long a particular trader is engaged in this activity. The most important thing is understanding for everyone, The more we comprehend knowledge in cryptocurrency trading and gain experience, the higher the chance to achieve the desired result.

I won't say that someone always wins because it is hard to analyze the market. The market moves unpredicted, and even if we can analyze better, sometimes, we can be wrong and lose the chance to make a profit. It is normal to see if you can not make a profit because the market will be up and down every day, making us watch the price moves. We need to always search for a good time to enter the market to buy low and sell high.

All we need is more on application from what we've learn from the searching. Entering in the market like this without knowing even just the basic will results only losses and a reason for their instant exit. That is why, we should have to back-up ourselves before getting into trading because this is not a thing we should think an easy work, no, this is the risky thing we do.

An unpredictable market is natural but having a trading plan with entry/exit points on correct prices will handle any kind of unexpected volatility. The risk is always there, having well-planned money management will not let the trader go underwater and the rest will be done by the market itself if the trader has chosen the right market direction. The trend is the biggest friend of trader, we need to predict it right and trader at right time.

[ethereumhunter]

At least all crypto traders were once newbies and had no experience. In addition, in the market, someone always wins, and someone loses, and no matter how long a particular trader is engaged in this activity. The most important thing is understanding for everyone, The more we comprehend knowledge in cryptocurrency trading and gain experience, the higher the chance to achieve the desired result.

I won't say that someone always wins because it is hard to analyze the market. The market moves unpredicted, and even if we can analyze better, sometimes, we can be wrong and lose the chance to make a profit. It is normal to see if you can not make a profit because the market will be up and down every day, making us watch the price moves. We need to always search for a good time to enter the market to buy low and sell high.

All we need is more on application from what we've learn from the searching. Entering in the market like this without knowing even just the basic will results only losses and a reason for their instant exit. That is why, we should have to back-up ourselves before getting into trading because this is not a thing we should think an easy work, no, this is the risky thing we do.

Knowing the market situations and have control will be needed in unpredictable situations at the market because we can see that will happen many times. We should try to reduce the risk by doing more analysis to find the right time to enter and exit the market before the situations become worst. When the dump is coming, we can sell the coin, but unfortunately, we don't know if the price will be a dump.

[TheUltraElite]

When there's a bad news from a certain company and traders who have bought their stocks, they are quick to dump their shares from that company. It's the same as crypto but most likely the main factor still is the market sentiment.

Just the fact the majority of crypto related news is negative than positives that make you feel like you are never going to go up on your portfolio, while there is a steady high low ratio in the news from stock markets. The point is that stocks and commodities are well known and well versed in the world. Hence the outcome of the news are such.

Crypto trading is still a niche and often frowned upon, so all we can do about it is wait and gradually make people aware of both pros and cons.

How to know the ATH is the difficult part of trade but your word is funny. If ATH is discovered, it is better to sell and not adding a buy order. This is why we lose money. Buying high is a big risk.

You can analyze the past charts of an asset that you have or are willing to buy. Keeping research done is a key here. From that you know what the support and resistance levels are. From that you can predict a ATH or ATL or a buying/selling point.