Tips and tricks for day trading

[midori_samitto]

Hi everyone,
I'm a newbie and I would love to receive from you all of your tips and suggestions about doing day trading.
I want to understand strategies, websites, people to follow for doing shot term investments.

• Could you explain to me a good strategy?

• Which websites are the best for analysis?

• Who should I follow on Twitter or Reddit to read about their analysis and predictions?

Thank you for your time,
Samitto.

[BitMaxz]

Day trading is not easy and you are wasting too much trading fees compared to a trading weekly or monthly.
Scalping is the most common strategy used on day trading without any technical analysis and fundamental analysis.

If you want to learn about scalping there are lots of guides on youtube that you can follow

Check these two videos about scalping

- https://www.youtube.com/watch?v=Df-eKNJDkRo
- https://www.youtube.com/watch?v=nFYE0H-Lfzg

If you want to learn more about trading I have a good source with lots of guides and tools free or paid.
Here's the link https://github.com/SpiralDevelopment/Awesome-Crypto-Trading and check this too https://github.com/nikepan/awesome-crypto-trading

If you want to be successful in trading I suggest you learn both TA and FA and apply the skill that you learn to any trading simulator included on that link so that you won't lose any amount if the strategy you try is failed.

[palle11]

I don't expect it that you will immediately understand someone's trading strategy if they give it to you when you have not learn anything yet about trading. You need your own convinsion about trading, you study the trade you like or pairs that will be profitable for you. If you don't do a personal training of yourself, you may not understand another thing that another person use in trading.

[akamit]

Check these two videos about scalping

- https://www.youtube.com/watch?v=Df-eKNJDkRo
- https://www.youtube.com/watch?v=nFYE0H-Lfzg

Have you tried these strategies? Is it good?

If you want to learn more about trading I have a good source with lots of guides and tools free or paid.
Here's the link https://github.com/SpiralDevelopment/Awesome-Crypto-Trading and check this too https://github.com/nikepan/awesome-crypto-trading

Nice list of resources.

[sheenshane]

If you want to learn more about trading I have a good source with lots of guides and tools free or paid.
Here's the link https://github.com/SpiralDevelopment/Awesome-Crypto-Trading and check this too https://github.com/nikepan/awesome-crypto-trading

You've given good resources which is where OP all he needs, all he needs to do is to have deep research and understand those analysis before making such a step into trading.

• Could you explain to me a good strategy?

• Which websites are the best for analysis?

• Who should I follow on Twitter or Reddit to read about their analysis and predictions?

We have different strategies if you feel that you're comfortable with your strategy then use it, if not, find another one and apply which gives them an accurate result.

Tradingview is the website that can be used as a tool for the analysis which is on the link provided above.  TA and FA are good analyses if you know how to use both.

No, never follow anyone, just have your own research instead, they will mislead the opportunity that supposedly you can take.  Most of the people that share predictions and analysis in social media are those pump and dump group.

[GreatArkansas]

There is a lot of good strategies out there, but I can advise is to focus first on 1 strategy then master it, practice it and make sure you will become familiar with it, be consistent.

The one that is best to follow on Twitter is @EmperorBTC(https://twitter.com/EmperorBTC), as this user is a really good trader and always shares his knowledge with other people, this user has an e-book and a lot of lessons about trading. Check his profile and you can see his Telegram channel where you can get easily all the trading materials he made for FREE.

[logfiles]

• Could you explain to me a good strategy?

There is no specifiy stategy for anyone. want might work for you, doesn't work for me but you should follow the common rules such as no greed, good risk management etc while you try to perfect a startegy to bet fits your trading style.

• Which websites are the best for analysis?

I use;
1. Tradingview.com
2. coinalyze.net
3. cryptowat.ch

• Who should I follow on Twitter or Reddit to read about their analysis and predictions?

Check out this thread. Some useful information there: Underrated Trading resources

[Wexnident]

I used to use tradingview way back then when I was trying out day trading. I never really had any solid strategy whatsoever, I just tried reading the market thinking what I think would happen, mostly based on the sentiments of the news and whatnot. Basically only my personal opinion, then doing trades based on that. The simple strategy of buy low sell high, nothing complicated. Probably why I never really enjoyed it, nor did I actually profit much out of it. If one day you grow tired of doing day trading, try out DCA, more carefree, but less profits possible. 

[Poker Player]

Hi everyone,
I'm a newbie and I would love to receive from you all of your tips and suggestions about doing day trading.

You've probably already decided to day trade and I'm not going to convince you otherwise, but have you thought it through? Day trading, both in the financial markets and in the crypto world, is highly promoted because exchanges are very interested in it since they make a lot of money in commissions. What they don't tell you is that 90% or more of day traders lose money in the long term.

You will be competing against high-frequency algorithms that are not driven by emotions, and bear in mind that in an emotional outburst you can screw up.

Of course, if you still want to do day trading, the other fellow forum members have given you good advice. In these things, if you have a predetermined idea, until you screw it up for yourself you don't usually change your mind.

[Kimonoe]

day trading is indeed difficult to earn consistently. but that doesn't mean we can't do it. I think there are many books about trading that we can read, and of course from people who are successful in trading. Of course after we read we will practice it and always review every activity, so that we know the weaknesses and advantages of the strategy we are running. and it must always be developed, so it will require a process

[Oshosondy]

Use low amount of money for day trading
Always know it is risky
Use spot or just low margin
Practice very well for months to a year with very low amount of money to know how it is
Study indicators

Some traders were day traders before but later prefer swing trading, if you know you fall into a category that you always lose, that is a sign you should change to holding or swing trading.

Always be very patient too, traders are very patient before they enter market at a particular price.

[Tellek Garing]

Trading is a highly volatile venture as one can not just offer you a trading trick that will guarantee good trading profits, so trading skills are built by experience it takes time to become a perfect trader, Day trading is not that easy to be understood from affair so you need to start practicing from a small amount till you become perfect in it before increasing your capital.

[Despairo]

People do trading to earn money, if you're want to day trading it mean you want earn money everyday. Trading isn't easy, so day trading is difficult than trading, I assuming day trading is similar like gambling. Each casino have few % house edge, in math gamblers always lose while house always win. But you're wanted to beat the house "everyday" it sound like impossible.

Don't do day trading, better to trade in some special conditions e.g. when market sudden decrease or increase. In that moment you can advantages of either buy on bottom and sell on peak.

[Wind_FURY]

Hi everyone,
I'm a newbie and I would love to receive from you all of your tips and suggestions about doing day trading.
I want to understand strategies, websites, people to follow for doing shot term investments.

Don't "day trade", not during the current politico-economic situation, and the situation of the markets both legacy and crypto.

• Could you explain to me a good strategy?

Buy and HODL, wait for the big DIP. I believe placing bids near the 200-week SMA will be filled, like during both bear cycles.

This graph shows a 200-week WMA heat map, 200-week SMA currently shows +$5,000, https://www.coinglass.com/pro/i/200WMA

Use TradingView, and graph your own weekly Moving Average. Plus use Bitstamp's data.

[palle11]

I assuming day trading is similar like gambling. Each casino have few % house edge, in math gamblers always lose while house always win. But you're wanted to beat the house "everyday" it sound like impossible.

You are not getting this right. If you seeing trading as the same thing like gambling that means you will be getting it wrong and you will be doing wrong trading. Trading can be distinguished with gambling because you have charts that you can use for trading but gambling is not like that, gambling is all about alot of luck.

Don't do day trading, better to trade in some special conditions e.g. when market sudden decrease or increase. In that moment you can advantages of either buy on bottom and sell on peak.

You are not making clear explanation here. Day trading is part of trading or you make better example of what you mean.

[boyptc]

• Who should I follow on Twitter or Reddit to read about their analysis and predictions?

On this one, you should follow almost everyone that has good insights about the market. This is where the fundamental analysis comes in since the whole market is a speculative market.

It is relying mostly on the news so if there are those Twitter crypto personalities that are sharing some fresh news at all times, they're likely the ones that I'm going to follow.

But since there are also news outlets that I can check for fresh news, it's also good to check on them at all times.

[Zilon]

physical mentorship for trading tricks is best especially for newbies. It's complex for newbies learning online. i see online trading academies reserved for intermediate and advised traders who understand the basics and wish to further at their own pace. Day trading for newbies learning online will take longer time to stick with and it can be tempting to want to trade live even when the concept is still strange

[hugeblack]

I do not think that day trading is something you can learn just by following channels or following what they say, it is something that makes you money, and there is no easy and guaranteed way to make money so you must learn the basics of trading, learn how to control your feelings, control how you evaluate risks and after you take a while enough you will have a "sense of trading"
So there is no trick but rather a reward for all the traders who have spent some time learning and developing themselves.
Once you gain enough experience, you can start such a risky investment and then you may make profits.
Trying to imitate others is probably the easiest way to lose your money.

[Silberman]

Hi everyone,
I'm a newbie and I would love to receive from you all of your tips and suggestions about doing day trading.
I want to understand strategies, websites, people to follow for doing shot term investments.

• Could you explain to me a good strategy?

• Which websites are the best for analysis?

• Who should I follow on Twitter or Reddit to read about their analysis and predictions?

Thank you for your time,
Samitto.

The best tip for someone like you is to stay away from day trading, day trading is for experts only, now you may engage on it if you want but I guarantee you that you will lose your money as it is impossible that a newbie is going to have the right strategy and the ability to execute it correctly under the high pressure of having to do this in just a matter of seconds, so I recommend that you begin by just holding your coins and then after some time you can lower the time frame in which you make your trades.

[Despairo]

You are not getting this right. If you seeing trading as the same thing like gambling that means you will be getting it wrong and you will be doing wrong trading. Trading can be distinguished with gambling because you have charts that you can use for trading but gambling is not like that, gambling is all about alot of luck.

Do you think "charts" is enough to beat the market?
There are so many course about technical analysis and chart patterns, I've learn and understand it, but sometimes it doesn't work for the market since it's go wrong from the analysis. As the discussion is day trading, you're supposed to made profit every day but the fact only 1.6% day traders are actually profiting. I'm surprised you're promoting gambling site but you said gambling is full of luck, play poker or sportsbook.

https://tradeciety.com/24-statistics-why-most-traders-lose-money/
Profitable day traders make up a small proportion of all traders – 1.6% in the average year.

You are not making clear explanation here. Day trading is part of trading or you make better example of what you mean.

My point is don't do day trading and only trade in an events e.g. China crackdown, El Salvador accept Bitcoin etc.