Trading as a newbie?

[Hyphen(-)]

Recently I have been trying to come up with ways of making some money on the side and thinking of giving trading a go.

I have zero experience and have just been looking on Coinbase at the best and worst performers of the day.

I am thinking of buying coins that are 15% or more down and then selling once they pump 10% and move onto the next one that is 15% down and then again sell at 10% profit and just keep repeating.

Anyone done something similar or will it just lead me to losing my money?

The first piece of advice I will give you is to wait until you have learned and acquired sufficient knowledge about crypto trading before considering which coin to invest in.
Knowledge is the foundation of all success, and to be a successful trader, you must be knowledgeable about trading as well as aware of the risks involved in crypto trading before you begin.

Finally, invest only what you can afford to lose.

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[Volimack]

I agree there are numerous pitfalls in trading for newcomers it's better not to come to the trading platform at first all types of trades have pitfalls. This means that while you can make a lot of plutocrat, you can also lose it. To reduce the threat you need to do a many effects. First open only one trade after thorough analysis it should include technical, fundamental and sentimental analysis must practice well.

[Pandu Geddon]

It is not right for a person to come to a trading platform without having complete knowledge about trading. Trading platform is not a very simple thing where you can trade easily. There are some trading platform strategies that if a person does not have these strategies then he will never be able to profit from the trading platform. So in order to do trading, a person needs to gain complete knowledge about trading and then start trading. Otherwise he will only lose on his trade.

makes sense, trading is not for beginners. but beginners can learn to trade. and after having adequate skills and knowledge. then traders need to seek experience. it is important to try to trade even if it will give us losses.
OP thinks trading looks so easy. buy drop and sell pump. even the OP may not realize the asset is going down and it's very hard to make a pump in a bull market.
the more we don't know about trading, the greater the risk a trader will get. and it goes the other way around.

[nara1892]

Recently I have been trying to come up with ways of making some money on the side and thinking of giving trading a go.

I have zero experience and have just been looking on Coinbase at the best and worst performers of the day.

I am thinking of buying coins that are 15% or more down and then selling once they pump 10% and move onto the next one that is 15% down and then again sell at 10% profit and just keep repeating.

Anyone done something similar or will it just lead me to losing my money?

Your decision to trade when there is no basis whatsoever is a mistake.
I think it is better for you to start with some demo accounts to learn more but if you really insist on real trading you better start with small money even though I really advise against doing that.
You need to learn at least the basic techniques in this regard because it is a trade not a gamble where you can guess whether to profit or not.

[JamesDaniel90]

No trades today as I my last entry was Gala @ $0.046 and it has been below that all day.

Hopefully we have some sideways action before the next pump when I plan to sell at $0.049.

Either way I am happy as I have a separate bag of Gala so will just hold until it is time for me to sell for some profit.

Quick question, what timeframe is best for day trading?

[Questat]

Quick question, what timeframe is best for day trading?

It was hard to tell what is the best timeframe for trading because of the market condition but for me, I often check every hour for not active coins. But if you are using coins that are very active or highly volatile, it is best to every now and then (let us say every 5 or 10 mins). With the constant observation of the market will help you determine what is best. But I would say that don't focus on the timeframe because the market trend will change from time to time.

[wxa7115]

Quick question, what timeframe is best for day trading?

It depends on what you are trying to achieve, I think the one hour chart offers enough volatility to allow a skilled trader to obtain profits, while at the same time it allows you to trade some major intraday trends early on.

Some traders prefer to use the 5 minute chart or even the 1 minute chart but if I am honest the movements at such time frames are simply too erratic and they increase the need for flawless execution from the trader, which is too difficult for a newbie like you to execute.

[justdimin]

Recently I have been trying to come up with ways of making some money on the side and thinking of giving trading a go.

I have zero experience and have just been looking on Coinbase at the best and worst performers of the day.

I am thinking of buying coins that are 15% or more down and then selling once they pump 10% and move onto the next one that is 15% down and then again sell at 10% profit and just keep repeating.

Anyone done something similar or will it just lead me to losing my money?

It's normal to be dumbfounded at first because it would just mean that you are starting out and it's normal. People who expect any good profit for the first 6 months of trading, are people who either have no idea how hard trading is, or they could get lucky with an insanely good bull run and make that profit.

For example, if you started trading at January of 2021, and traded until summer? That would make you so much money and you were in a lucky situation but that also leaves the fact that what could you do in 2022 with nothing learned in 2021? That's why it's important to realize you should not be good at first, that's normal and it will take a while before you could get better.

[Cookdata]

Recently I have been trying to come up with ways of making some money on the side and thinking of giving trading a go.

I have zero experience and have just been looking on Coinbase at the best and worst performers of the day.

I am thinking of buying coins that are 15% or more down and then selling once they pump 10% and move onto the next one that is 15% down and then again sell at 10% profit and just keep repeating.

Anyone done something similar or will it just lead me to losing my money?

What you need right now is a video tutorial and some guides, check youtube for some brief videos and this forum for some tutorial guides, make use of the forum search bar to make enquiries about trading guides, you will have some self-explanatory threads that will help you out but at the same time you should NOTE: That the videos and material you watch and read are just for learning purpose, that doesn't really mean you may encounter similar trades, the market changes with the trend, you should use them as starter kits and improve your trading.

There is a tip I want to share with you, real traders learn during the bear market and that is what you should master now, when the bull run comes, you wouldn't stress much about trading, most often than not, you will always have a long position open with lots of profits because after all-time high, the candles that come are always wild and massive due to FOMO and that's when you make lots of profits.

[beerlover]

What you need right now is a video tutorial and some guides, check youtube for some brief videos and this forum for some tutorial guides, make use of the forum search bar to make enquiries about trading guides, you will have some self-explanatory threads that will help you out but at the same time you should NOTE: That the videos and material you watch and read are just for learning purpose, that doesn't really mean you may encounter similar trades, the market changes with the trend, you should use them as starter kits and improve your trading.

There is a tip I want to share with you, real traders learn during the bear market and that is what you should master now, when the bull run comes, you wouldn't stress much about trading, most often than not, you will always have a long position open with lots of profits because after all-time high, the candles that come are always wild and massive due to FOMO and that's when you make lots of profits.

Youtube is definitely a great place to find those type of things but you need to make sure that you find a good one. First of all find one that is in great English, secondly find one that has millions of views and not just a few thousand ones, and lastly check the comments and see if people think it's stupid or not. If you find one that speaks clearly, and then have 10+ million views, and everyone thanks them at the comment section that means you probably found a good one.

I have seen plenty of people who do not know what they are talking about end up making videos just to make money on youtube, and you should try to avoid them as much as possible because it would give you wrong information.

[Fesatmas]

Quick question, what timeframe is best for day trading?

It depends on what you are trying to achieve, I think the one hour chart offers enough volatility to allow a skilled trader to obtain profits, while at the same time it allows you to trade some major intraday trends early on.

Some traders prefer to use the 5 minute chart or even the 1 minute chart but if I am honest the movements at such time frames are simply too erratic and they increase the need for flawless execution from the trader, which is too difficult for a newbie like you to execute.

The more we shorten the movement time of the charts displayed on the market, the more we cannot turn away and are required to focus on movement. Here we have to be really skilled and have to take advantage of every important moment in the chart. This too I think only professional traders can do well. For novice traders and just messing around, things like this are not recommended because it can burn money at any time, even in a short period of time.
I remember back when I was clouded about trading, I wasted $100 in a short amount of time. Maybe that amount is not much for some people, but for people who have minimal capital it is very large.

[ShowOff]

The more we shorten the movement time of the charts displayed on the market, the more we cannot turn away and are required to focus on movement. Here we have to be really skilled and have to take advantage of every important moment in the chart. This too I think only professional traders can do well. For novice traders and just messing around, things like this are not recommended because it can burn money at any time, even in a short period of time.
I remember back when I was clouded about trading, I wasted $100 in a short amount of time. Maybe that amount is not much for some people, but for people who have minimal capital it is very large.

There are many methods that can be learned about trading, depending on the wishes of each individual. Analysis is the most important, it must be learned and a trader must have it before starting trading.

Losing money easily on trades is always possible especially when the trader doesn't do proper analysis. Day trading and futures trading may not be the right choice for those who do not understand the market and are unable to make analysis, and in this case I myself tend to recommend investing over trading. The basic understanding is simple, buy low and sell high, but in practice it is completely different.

[Cling18]

The more we shorten the movement time of the charts displayed on the market, the more we cannot turn away and are required to focus on movement. Here we have to be really skilled and have to take advantage of every important moment in the chart. This too I think only professional traders can do well. For novice traders and just messing around, things like this are not recommended because it can burn money at any time, even in a short period of time.
I remember back when I was clouded about trading, I wasted $100 in a short amount of time. Maybe that amount is not much for some people, but for people who have minimal capital it is very large.

There are many methods that can be learned about trading, depending on the wishes of each individual. Analysis is the most important, it must be learned and a trader must have it before starting trading.

Losing money easily on trades is always possible especially when the trader doesn't do proper analysis. Day trading and futures trading may not be the right choice for those who do not understand the market and are unable to make analysis, and in this case I myself tend to recommend investing over trading. The basic understanding is simple, buy low and sell high, but in practice it is completely different.

We all went through being a newbie and to be honest, applying the basics of buying low and selling high is not as easy as we think. There are still other things to consider and we must also be able to deal with the volatility of the market. Burning funds in short and day trading has a bigger possibility than long-term holding so we must know the target period and profit that we want as well aa the risks that we are willing to take.

[isaac_clarke22]

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Oh tell me about it, I trade back when I was still in my few days in crypto since I thought it would be just easy and I just need sit in front of my computer all day and guaranteed that I would earn a profit or two, but nah it was a hell of an experience. I just could not earn a single penny since I was not up to that kind of strategy.

Don't force myself when it does not work, right?

[Wind_FURY]

Recently I have been trying to come up with ways of making some money on the side and thinking of giving trading a go.

I have zero experience and have just been looking on Coinbase at the best and worst performers of the day.

I am thinking of buying coins that are 15% or more down and then selling once they pump 10% and move onto the next one that is 15% down and then again sell at 10% profit and just keep repeating.

Anyone done something similar or will it just lead me to losing my money?

Buying the DIP, and simply HODLing is the best policy for plebs like us, BUT if you truly want to "trade" you can do some "tricks" without selling your coins. One of these "tricks" is after you bought the DIP, you can add a short position as a hedge instead of selling your Bitcoins. The goal is to make some profit during a correction, then use the profit to buy more Bitcoins. It's a very good way to increase your coins without selling especially if you bought $16,000-Bitcoins.

[JamesDaniel90]

Update - currently up 110% since I started trading 9 days ago, just wish I had started with more but it is a learning game for me being very new to this.

I am only trading coins I am holding long term so if I do enter a trade and we crash then I am happy holding.

Have no idea how long this rally will last but its good to see green days as its been so long!

[Sterbens]

~

Oh tell me about it, I trade back when I was still in my few days in crypto since I thought it would be just easy and I just need sit in front of my computer all day and guaranteed that I would earn a profit or two, but nah it was a hell of an experience. I just could not earn a single penny since I was not up to that kind of strategy.

Don't force myself when it does not work, right?

That's the problem, sometimes beginners have the same thing when they first know about trading, myself included. Yes, it's easy things that we always imagine, and when we practice it directly, oh, it's not easy at all. And it's even more problematic when we push ourselves enough, even though, we don't know what we are actually doing. Now it's lucky, many beginners ask questions in this bitcointalk room so there is a lot of input from those who are experienced about trading, so they can bring themselves back more to not only think about what is good.

[Pandu Geddon]

That's the problem, sometimes beginners have the same thing when they first know about trading, myself included. Yes, it's easy things that we always imagine, and when we practice it directly, oh, it's not easy at all.

especially if they first see trading videos on youtube. it sure looks very easy to get profit.
hopefully, the OP will come up with a better way of trading. this will probably take quite a while. because trading is not going to be easy to learn in a short time.
those who are currently able to experience continuous gains in their trades. once they were also beginners who continued to experience sizable losses. all depends on how we make steps when we face a very difficult situation.

[molsewid]

Recently I have been trying to come up with ways of making some money on the side and thinking of giving trading a go.

I have zero experience and have just been looking on Coinbase at the best and worst performers of the day.

I am thinking of buying coins that are 15% or more down and then selling once they pump 10% and move onto the next one that is 15% down and then again sell at 10% profit and just keep repeating.

Anyone done something similar or will it just lead me to losing my money?

Try to learn SL as well in which you can minimize your losses. This can be good be good but it requires you to spend time and monitor the market, if you are okay with that they go on. There's nothing wrong with that, but better to learn at least reading The chart or at least learning to read candles, that is the basic thing that you can do and it is kinda effective.

[martyns]

I'm sure the most important aspect for a beginner is learning. At the very least, I would advise you to pay maximum attention to this. When I started working with a broker from Amarkets, I worked on a demo account in order to have enough experience.

You already said it all,that learning is the first thing to do as a beginner,Reading,research,having a mentor is all that are needed before indulging in the trading activity.You must be able to learn how the market system operates,and how to deal with loses if it comes,because in trading,you cannot really be guaranteed that Everytime you go into trading, you will always win,you should know that there are risks involved in trading,so being able to deal with it is also important as a newbie going into trading.You should also be able to do some research before going into trading.Try to know the kind of trading that will favour you at that particular point in time.