Crypto Day Trading

[Enjoy100]

Hey there fellow reader!

To begin with... I've got interested into a crypto day trading back in 2021 September-November. Basically at the end of the 2021. Most likely like the most of the traders I watched some YouTube scalping strategy videos and decided to try it myself. And yes, I burnt my entire account. It wasn't much, only like 50$, but I realized that it's not that easy as it might look like. Of course, I was using high leverage 20-50x. And after a few tries I quit and a few months came back to crypto trading with the idea of becoming financially independent and I actually really enjoy learning process. Been watching YouTube videos, analyzing market, paper trades etc. I even start to read a book called "Money Psychology". But whenever I put some money into my trading account I keep burning all my cash. Basically I try to learn leverage trading 10-20x, I know some of you might say it's pointless to use leverage, but it's not about that. This whole thread is about something else. I know the reason why I keep losing my money, but I can't cope with that: rage trades, back-to-back revenge trades, the idea of making money ASAP and so on... I believe I'm not alone who keeps losing cash over and over again over trading and I thought... Maybe we have here on Sythe some experienced traders who could share some tips or couch a little bit? Also, would someone be interested to make a Discord server together and do analysis, learn and improve in trading together? I believe that would be easier. Even if I lose my entire account over and over again I keep coming back in a crypto trading, because that's the only thing I'm really curious and passionate about.

If someone wants to chat in private, please add me on Discord: Enj100#2242

[1714291392]

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[1714291392]

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[Oshosondy]

Of course, I was using high leverage 20-50x.

High leverage is the beginning of losses. For bitcoin, I use 3 to 5x leverage, for altcoins I use 2x leverage. When I started to trade, I use too much leverage just like you, and I lost money quite often.

And after a few tries I quit and a few months came back to crypto trading with the idea of becoming financially independent and I actually really enjoy learning process.

Financial independence is not what is easy to talk about in trading, although it is possible but most likely not possible for most traders. Trading is not gambling but just see it as gambling, it is risky, thousands or millions of dollars can be lost in just little period of time. You need to learn, continue with just $50 for months and do away with emotions. Do not expect to gain what you can not afford to lose. You need more experience.

Basically I try to learn leverage trading 10-20x, I know some of you might say it's pointless to use leverage,

You are still using high leverage. You can use leverage, but if it is getting higher, it brings up emotion and resulting to making wrong decision and making liquidation risk to be higher.

I believe I'm not alone who keeps losing cash over and over again over trading and I thought... Maybe we have here on Sythe some experienced traders who could share some tips or couch a little bit?

Use low leverage like 1x and not more than 2x first. The best teacher is yourself if you have known chart and indicators. Look for the strategies you think is the best for you to make profits and minimize losses, the more you trade, you will develop these strategies.

The mistake most trade has is that they use high leverage

If someone wants to chat in private, please add me on Discord: Enj100#2242

Not advisable, people will only lure you on how they can make money from you without being cared of you losing money, be careful, what they will suggest bare trading signals which will not help you.

[jackg]

The majority of "traders" take huge bets that don't pay off or continuous ones until their balance goes to 0. I don't know why everyone rushes into using trading as a way to gamble without taking some simple things into consideration - such as risk management.

There are ways to do well with trading but if you haven't spent a while watching the markets or scalping the spot (for at least 3 months) you can't expect to be good at trading with leverage - or even maintain your balance over a long term.

If you've got a way to access your account history you could look at what you're doing wrong. If you're constantly getting stopped out you're either overleveraging, taking less optimal buys, or not zooming out to see a bigger trend that might go against you (for example).

[Getmon]

I applaud your desire to continue studying about how to trade profitably. And despite being thrown out several times, you keep getting up. Leverage trading is the single element I find concerning about you that hasn't changed. Trading with high leverage of 20-50x with only $50 will only get you burned. How about you trade with an amount that enables you to implement a respectable stop loss. Or simply reduce your leverage to a level that offers you some room to absorb when the price is not moving in the direction of your analysis if you continue with a $50 capital, which is fine because we should be starting small anyhow.

[Franctoshi]

Hey there fellow reader!

To begin with... I've got interested into a crypto day trading back in 2021 September-November. Basically at the end of the 2021. Most likely like the most of the traders I watched some YouTube scalping strategy videos and decided to try it myself. And yes, I burnt my entire account. It wasn't much, only like 50$, but I realized that it's not that easy as it might look like. Of course, I was using high leverage 20-50x. And after a few tries I quit and a few months came back to crypto trading with the idea of becoming financially independent and I actually really enjoy learning process. Been watching YouTube videos, analyzing market, paper trades etc. I even start to read a book called "Money Psychology". But whenever I put some money into my trading account I keep burning all my cash. Basically I try to learn leverage trading 10-20x,

Every Trader that started trading pass through your experience, it's normal to loose in trading crypto or whatever precisely minimal loses , therefore if you keep losing and blowing your accounts, it's right time you go into demo trading if you haven't done so before going back to live account again.

Build a strategy that will work for you, gain confidence ,use money/risk management with small leverage of 1%-2% of your trading account , use stops and tps, and

lastly practice over and over again and check your results, if there's an improvement then you go back to live trading.

[Mpamaegbu]

And yes, I burnt my entire account.

Aha! Welcome to the club. However, you shall not be granted full membership yet untill you rinse and repeat same experience twice or three times more 😆. There isn't anybody worth their game in trading who didn't pass through that. Don't despair.

It wasn't much, only like 50$, but I realized that it's not that easy as it might look like. Of course, I was using high leverage 20-50x.

I don't know how that's even possible on such a small account of $50. The exchange I use won't allow you go up to 15x on such a small account.

Basically I try to learn leverage trading 10-20x, I know some of you might say it's pointless to use leverage, but it's not about that.

You're exposing yourself unnecessarily with that high pitch leverage on a small account. You're seeing trading as a shortcut to riches while it's not so. Reduce your greed level and trade responsibly.

This whole thread is about something else.

Oh, really? I see 🕶️

[sheenshane]

Maybe we have here on Sythe some experienced traders who could share some tips or couch a little bit?

There are too many groups now in crypto trading but to tell you, I quit joining them because sometimes they give misleading information.
I would rather have my own research that won't distract my own analysis because too many ideas and opinions which becomes you'll confuse which of them you'll follow.

Also, would someone be interested to make a Discord server together and do analysis, learn and improve in trading together? I believe that would be easier.

That's not easy as that.
But it's up to you if you're willing to spend time listening to them even though you know they're also speculating the market the same as yours.

Even if I lose my entire account over and over again I keep coming back in a crypto trading, because that's the only thing I'm really curious and passionate about.

Learn those mistakes that will happen again in the future.  Trading isn't all about gaining profit, sometimes we need this experience to learn and become better in the next trading session.

[nara1892]

I don't think that with such a small account and applying such high leverage is not going to burn your money several times. Good effort buddy to keep learning in trading, because you won't be able to immediately experience the same profits as other professional traders when you just become a trader. That is something I can say as close to impossible. It sounds like you should try out a demo account before actually jumping right into the real trading.
If I may give advice, don't put too high leverage especially if you are in the learning stage, and also you have to adjust it to the capital you are going to trade.

[dansus021]

You are like me ending up burning over $1K but now I decided to stop until I can control my greed and fear because the emotion is number one enemy when it comes to trading.

and when comes to predicting the market it takes time and patient and no need to rush or FOMO or ending up burning more of your money.

Little piece of advice. Trade on spot and using your analytic, or trade dummy using https://testnet.binancefuture.com/en/futures/BTCUSDT until you are confident enough although personally, I'm not recommending the futures one.

[palle11]

I was using high leverage 20-50x.

Alright starting from this, high leverage is a big problem to trading if not well managed and you have a small account, just $50.

 I know the reason why I keep losing my money, but I can't cope with that: rage trades, back-to-back revenge trades, the idea of making money ASAP and so on...

You no the reason already that you are losing your money. The market doesn't know who is losing or gaining so if you are trading with anger because you are losing, you are making a big mistake on yourself and capital. Revenge trading is getting you to lose your emotions and control so you can't see properly, analyse analytically and scientifically because you are just chasing shadow.

Even if I lose my entire account over and over again I keep coming back in a crypto trading, because that's the only thing I'm really curious and passionate about.

Tough times don't last but tough people last is a popular saying and trading is a what you can do with passion. Know trader succeed always.

[blockman]

In your thought, it may not be the case of doing 20x-50x of leverage while being a newbie. Well, the learning is there but you need to gradually do the process.
It's good that you're enjoying the learning process because that's not going to make you tired looking at your losses because that's common for a beginner.

[Natalim]

All you need OP is to open your mind that leverage trading isn't for you. I think you may try spot trading first before moving to higher risks trading like this. Please have in mind that trading doesn't guarantee you winnings or earnings but for sure, losses are what you will get, especially if you have lack of knowledge and skills. Since you already have found out your weakness and mistakes, therefore, you have to address them first and find a solution. Asking someone to accompany you and help you will be good but never push yourselves to leverage trading, otherwise, you will still lose. 

[michellee]

For a beginner, trading using the leverage of 10x or more carries a higher risk because you are still in the learning stage and need more experience to see or analyze the situation. You should use leverage under 10x or 5x so that the risk of losing money is not too big. Apart from that, you also need to familiarize yourself with analyzing price movements, which are bound to change rapidly. Once you feel in control of the market, you can increase your leverage and learn what is missing. You can't get bigger profits yet, but it's worth doing, especially if you are still a beginner learning to trade.

[Ahli38]

I've experienced something similar to your OP. maybe at the end of 2020 until the beginning of 2021. I have experienced many defeats.
And what I learned from my mistakes is that at that time I still couldn't control my emotions. even though I can't control my fear and greed in my trading. Luckily I noticed it early. and I can finally fix my mistake.

before when I did futures trading I always wanted a lot of profits quickly. so sometimes the margin I use is 10% of the total capital so of course this will make the distance to liquid closer. let alone added lagerage high.

But this year I prefer to trade casually without rushing. I use more time to analyze before finally entering the trade.
The margin used is only 1-2%. so we are not too worried about being hit by liquid.

But before entering futures trading, we must first master spot trading. if we've been able to consistently earn enough profits in the spot market. then it means we are ready to enter futures trading. and if our trading in the spot market is still chaotic. then I suggest avoiding trading in the futures market. because believe our decision to enter the futures market when we are still not consistent profits in the spot market is an emotional based decision. and that's not good.

because even to be able to master spot trading we have to master basic analysis such as technical and fundamental analysis well. we even have to know the basics of such chart patterns and fake patterns and so on.

[Husires]

YouTube channels, educational videos and experts will not tell you that they lost money when trading because losing money is easy and no one wants to lose, but really no one can achieve financial exploitation at all times using day trading, it is a way to earn extra money if you learn how to manage risk and return from risk.

To begin with, stay away from the following thoughts:

• Quick profit.
• Earn large sums.
• Use of leverage.

You can try to earn 1% every day, and after you make profits, you can try to invest in new things with those profits, not your capital.
Using leverage is the fast way to losing your money sooner or later.

[Oceat]

You basically are wasting money if you aren't learning of what you are investing you just rush to make a quick profit even though you are a newbie. Using leverage as a way to take and make profit but did you really get a profit from what you are doing?

It might take some more try to get it but you are losing more than earning so this time you are basically gambling and not trading. It's not so wise to just keep on burning your entire funds cause you might bring this in the future as a practice and took it as a normal circumstances when it's not.

Take your time to learn and practice how to trade properly without burning your entire balance and you might make more profit in the future.

[xSkylarx]

Take your time to learn and practice how to trade properly without burning your entire balance and you might make more profit in the future.

Burning your account is really part of the experience but let's prevent it by having a grasp of knowledge. Some of us really want to earn a profit in just a night, like they will watch 3 min video of the trading and then start it in the next hour, this won't work in trading as others learn it for a couple of months and after that, they will start to trade but still, it doesn't mean that you will not earn profit but still it is not since you will still build your strategy. That is why take your time don't rush things so that  you will be a very well moulded trader in the future

[BitcoinUpOnly]

Hi, fellow trader(s)!

If you're looking for a good Cryptocurrency Trading Dashboard have a look at https://whaleportal.com/
It's a Crypto trading dashboard showing the most important data from derivative exchanges for short-term trading.
They also have a "learn" section where you can learn how to use this data for price prediction of various cryptocurrencies.

[Obari]

I'm sorry to say but your message inviting people to write you privately on discord will reduce the trust of people that would wish to write to you, so I will suggest you try to respond to the messages you might get over here.

I've been trading synthetic indices on DerivGo for over a year now and I do enjoy the fun and simplicity I get while using the broker I use.
It seems most people don't like trading synthetic indices because they feel it's mostly manipulated and they would prefer to trade the real world market which can be analysized easily.

We can work together and my pm is open for your message.

[Jody.Drummer]

Take your time to learn and practice how to trade properly without burning your entire balance and you might make more profit in the future.

Burning your account is really part of the experience but let's prevent it by having a grasp of knowledge. Some of us really want to earn a profit in just a night, like they will watch 3 min video of the trading and then start it in the next hour, this won't work in trading as others learn it for a couple of months and after that, they will start to trade but still, it doesn't mean that you will not earn profit but still it is not since you will still build your strategy. That is why take your time don't rush things so that  you will be a very well moulded trader in the future

Trading is indeed not as easy as imagined and maybe we can see it on certain platform channels that only show success in trading. Very rarely do I meet someone who tells how they lost as a trader or when they first started trading. If we continue to watch such things, then we will definitely be affected because it only shows profit.
Understand in advance what trading is, what are the basic knowledge about trading, how does it work, then you can practice it directly. However, everything requires a process and that process cannot happen instantly.