This will help day traders and newbie traders.

[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.

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.

Sharks and crypto market manipulators know how to use news to attack investor sentiment. When they want the market to go down they will exaggerate bad news and if they want the market to grow they will keep coming up with good news.
Just join the crypto market long enough people will realize that the market is always correcting, just be patient and everything will be solved.

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[South Park]

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.

It is up to each person to decide what to do with their money, but my previous post was just a way to show people how far their dreams are of becoming a reality, trading for a living requires an enormous amount of capital and only those that have huge savings or that can lower their living standards should try something like that, the rest should trade as a part time job, which is not bad if you ask me as the profits can still be significant by only using a few minutes of your time each day if you have a winning system.

[ethereumhunter]

Sharks and crypto market manipulators know how to use news to attack investor sentiment. When they want the market to go down they will exaggerate bad news and if they want the market to grow they will keep coming up with good news.
Just join the crypto market long enough people will realize that the market is always correcting, just be patient and everything will be solved.

You can say that, but I believe not all whales will do that because they don't want to see the market will go down too deep, and maybe they will hold the price not going down deeper. Sometimes, the whales help the price stay stable at the price range, and they don't let the price move if the time is not right. We know that the whales can do anything related to the price because they have a huge fund to move the price.

But I am not sure if they can moves the price in many exchanges because that will need more cooperation with the other whales. Besides that, if one whale does that, while the other whales don't want to do that, there will be any battle between them. If that happens, we need to use the moment to buy low and sell high because the price will move fast than usual.

[MCDev]

Sharks and crypto market manipulators know how to use news to attack investor sentiment. When they want the market to go down they will exaggerate bad news and if they want the market to grow they will keep coming up with good news.
Just join the crypto market long enough people will realize that the market is always correcting, just be patient and everything will be solved.

You can say that, but I believe not all whales will do that because they don't want to see the market will go down too deep, and maybe they will hold the price not going down deeper. Sometimes, the whales help the price stay stable at the price range, and they don't let the price move if the time is not right. We know that the whales can do anything related to the price because they have a huge fund to move the price.

But I am not sure if they can moves the price in many exchanges because that will need more cooperation with the other whales. Besides that, if one whale does that, while the other whales don't want to do that, there will be any battle between them. If that happens, we need to use the moment to buy low and sell high because the price will move fast than usual.

Of course, whales and crypto market manipulators do not want the market to go too deep because it is they who hold the coins themselves. However, they always know how to use news to manipulate prices, so I conclude that the cryptocurrency market operates according to the news.
Technical analysis and charting are almost impossible to use in this market, because we cannot tell when the sharks will choose to devalue or increase prices.

[SquallLeonhart]

We could always have two people profiting at the same time and also two people who lose at the same time as well.
For example, someone buys at $8k and sells at $10k and the person that buys it buys at $10k and sells at $12k that means 2 people profited at the same time, as long as price keeps going up whoever buys keeps profiting, same goes for the person who loses as well, let's say someone buys at $12k and sells at $10k and the person he sold to will get it at $10k and sell at $8k, as you can see both of them lost at the same time.

This means people could win together and lose together in crypto market. Basically that is rare and usually that is not how it happens but that doesn't mean that it is impossible, it is quite possible that multiple people can win without anyone losing.

[jostorres]

Try to learn a lot, gain experience to be able to make your own decisions.

Also I will suggest for any traders who are looking to try their hands on trading to try with virtual funds first and see how it goes because while it sounds simple there are traders I have seen who loose all their capital or a big chunk of it in the initial month of trading itself and it is almost impossible to recover. if you have at least tried trading with virtual funds you know how to manage that because trading is all about bankroll/capital management.

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 are who provide good technical analysis and the market movement but neither of them are accurate and the biggest challenge is to find out who is the right person to believe, hence trade by yourself and look out for others for tips but do not blindly follow them just use it as additional information while assessing the market.

[emmybd]

Only experienced traders can do any types of trade. If you are a newbie, then day-trading is not for you. At first, you try to gain experience by doing small trades. As the day passes and you get hold of it then you can try other things. Another thing you have to keep in mind, don't fear of losing. When you lose you gain some experience out of it.

[pokeronlinestatus]

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.

We don't always need to know the ATH because the exact ATH is hard to guess and predict but if you have an idea like the coin has almost reached the highest value (in case of altcoins, because bitcoins are gonna scale infinitely) you must sell them and make buy orders at lower value accordingly.

I call the market in 2 stages, imagine a reverse-parabola and there are 3 stage for traders to identify that are: the beginning where you get the cheapest coins and then the parabola reaches a maximum value which means the time is to sell off and get rid off the coin and then there is sunset which means there is literally no scope left for the coin now.

[CODE200]

Generally what day traders and even newbie traders literally need is to be mentally strong and have a good mind set for once you are into trading, those mentioned by the OP will be the ones who will be certainly challenged within a trader which mostly once you fail to conquer the challenge can lead to emotional breakdown and once emotion have been put into act, decision made or driven by emotion could lead to a regretful outcome for he will get distracted and make decisions he have not thought wisely which can lead to a potential greater loss. It is important that before you get engage on trading, you must already know the risks associated in it and the essential things you must have which are mentioned by the OP. All of those are essential and must be backed up by knowledge and understanding about how trading works which includes knowledge about that certain coin you wanted to trade to basically know how will you act upon doing trading on it.

[Xxmodded]

Generally what day traders and even newbie traders literally need is to be mentally strong and have a good mind set for once you are into trading, those mentioned by the OP will be the ones who will be certainly challenged within a trader which mostly once you fail to conquer the challenge can lead to emotional breakdown and once emotion have been put into act, decision made or driven by emotion could lead to a regretful outcome for he will get distracted and make decisions he have not thought wisely which can lead to a potential greater loss. It is important that before you get engage on trading, you must already know the risks associated in it and the essential things you must have which are mentioned by the OP. All of those are essential and must be backed up by knowledge and understanding about how trading works which includes knowledge about that certain coin you wanted to trade to basically know how will you act upon doing trading on it.

Weekend is not good time for trader try to trade or invest with altcoin or bitcoin because almost weekend give bad price for bitcoin and altcoin, you must waiting after weekend to trade and get much profit with your coin assets, how ever always have bad moment in trading when weekend day. Beside with potential coin to get profit you must waiting when coin have been lower price to trade and never take risk when seeing coin on the top price for trading or investing, give bad moment for all you when take price on the top for trading or investing.

[ethereumhunter]

Sharks and crypto market manipulators know how to use news to attack investor sentiment. When they want the market to go down they will exaggerate bad news and if they want the market to grow they will keep coming up with good news.
Just join the crypto market long enough people will realize that the market is always correcting, just be patient and everything will be solved.

You can say that, but I believe not all whales will do that because they don't want to see the market will go down too deep, and maybe they will hold the price not going down deeper. Sometimes, the whales help the price stay stable at the price range, and they don't let the price move if the time is not right. We know that the whales can do anything related to the price because they have a huge fund to move the price.

But I am not sure if they can moves the price in many exchanges because that will need more cooperation with the other whales. Besides that, if one whale does that, while the other whales don't want to do that, there will be any battle between them. If that happens, we need to use the moment to buy low and sell high because the price will move fast than usual.

Of course, whales and crypto market manipulators do not want the market to go too deep because it is they who hold the coins themselves. However, they always know how to use news to manipulate prices, so I conclude that the cryptocurrency market operates according to the news.
Technical analysis and charting are almost impossible to use in this market, because we cannot tell when the sharks will choose to devalue or increase prices.

I wonder how they can do that easily, I mean, okay, they can manipulate prices, and also manipulate the news, but it makes me have a thousand question about that. But I know that I can not know what the whales will do because they will act with a secret without knowing what they can do next. But I think the technical analysis and charting can use at that time, and maybe we need to have more information because if the price wants to go up or down, I think the price will show a sign. Not many people will know about that sign, and only with analysis deeper that we can do to found that sign.

[FanEagle]

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

In reference to this second point, if you’re trading for a long time and mostly what you’re getting is loss, maybe you should quit or work towards improving your trading skills and building better strategies. Trading is a very risky business, and there are other means that one can benefit from the market apart from this trading stuff.

Although I know that some people are being persistent because they have been told that trading is the right business to get them steady income and make them rich. But when you try so much, it’s good to also consider other options that are available to you, so that you don’t be running out of time.

[Lordrift]

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.

Watching and interpreting the market is one of the most essential thing a trader needs to learn in order to be successful as I have been a victim myself leading to loss of my tokens

[harizen]

Weekend is not good time for trader try to trade or invest with altcoin or bitcoin because almost weekend give bad price for bitcoin and altcoin, you must waiting after weekend to trade and get much profit with your coin assets, how ever always have bad moment in trading when weekend day.

This idea came from trading stocks. However, in crypto, we can't really say the situation will be the same. Crypto-market is active everyday, with or without hype or a trend. Lots of surprises and sudden happenings can also happen during weekends.

Crypto is volatile. You can't just say to others that trading after the weekend will give a trader a much better profit.

It's about good timing. Not on so-called rest weekend or active weekdays.

[militiariko]

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

You have stated pure truths and i have just a simple addition. In addition to the facts above, as a trader you need to understand that you have to take note of your mistakes.

Your mistakes or errors could be too excited, wrongly chart reading, anxiousness or perhaps parallax error while studying scale. You need to pay attention to your errors while trading and correct them.

The earlier you are able to take note n correct, the quicker you learn and be even better

[MCDev]

There are who provide good technical analysis and the market movement but neither of them are accurate and the biggest challenge is to find out who is the right person to believe, hence trade by yourself and look out for others for tips but do not blindly follow them just use it as additional information while assessing the market.

I have come across a lot of people who claim to be able to do technical analysis in the cryptocurrency market, but up until now there is no one who can give exact analysis.
The crypto market operates in a completely different way from other financial markets, whales are crypto manipulators and we cannot know what they will do next.

[Freddy11]

Trading is always a risk as things can moves too fast and most of the time traders play here like a betting so don't move that way or else it will create up major problem, so we need to be so very careful.

[South Park]

snip

it is quite possible that multiple people can win without anyone losing.

No, this is not possible, I know that bull markets could give the illusion that everyone is winning but you do not win a trade until you have sold your coins, and while many earn money during a bull run you can be sure there are always more losers than winners at any moment in the market, after all if you earn a dollar while you trade then that dollar needs to come from somewhere, and when we add the spread and the fees that exchanges keep for themselves then the losers always exceed the winners which is why there are statistics that show that 90% of the traders lose all their money during their first year on the activity.

[btc-facebook]

There are who provide good technical analysis and the market movement but neither of them are accurate and the biggest challenge is to find out who is the right person to believe, hence trade by yourself and look out for others for tips but do not blindly follow them just use it as additional information while assessing the market.

I have come across a lot of people who claim to be able to do technical analysis in the cryptocurrency market, but up until now there is no one who can give exact analysis.
The crypto market operates in a completely different way from other financial markets, whales are crypto manipulators and we cannot know what they will do next.

The cryptocurrency market is full of manipulation, it is very difficult for novice players to actively trade daily,
even professional traders find it difficult to trade alone, usually they will trade in groups, the same as whales who trade in groups.
usually we can know the movement of the whales from the volume and candle charts, because some charts have something in common with the previous chart, if we are careful we can find out when the whales move into and out of the market.

[Janation]

Trading is always a risk as things can moves too fast and most of the time traders play here like a betting so don't move that way or else it will create up major problem, so we need to be so very careful.

Since we invested on it, we are already facing risks.

Instead of being careful, we need to reduce that risks so that we could maximize the profit we are getting. Instead of seeing that as a problem, we take that as opportunities, if the price fell, we reinvest, if we can't invest we keep on holding. If the price increases, we could sell, keep on holding or maybe trade it to other cryptocurrencies.