If You Could Start Over, How Would you Learn Day Trading

[Davidvictorson]

Today is just the 3rd day of the second month of the year 2023. The 2022 showed us hell and we learned so many important lessons. Some were good, some were bad, and some were ugly nonetheless, there was a lesson learned. This question occurred to my while I was ruminating last night. I searched YouTube and got some answers but still I am itching to know hear the opinions of members of this community.
The Question: If You Could Start Over, How Would you Learn Day Trading?

Here are the steps a someone said they will follow:

- Start with a simulator and treat the money like real money
- Find the right broker
- Find a mentor
- Find and join a trading community
- Keep a trading journal
- Find a success strategy and test it out.

[1715162039]

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[1715162039]

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[1715162039]

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[Rockstarguy]

If I should start learning day trading I think this time I won't be in a rush and I won't be distracted to learn fast to make money.  I'll make sure I follow up the learning process accurately. Now I understand trading is not all about making money as beginner but one needs knowledge without a rush to get good profits. I lost lot of money as a beginner for not having a good understanding about trading. I'll try to avoid some certain steps and mistakes.

[Zilon]

2022 had so much to teach. It was a year of accumulation and learning despite Bitcoin losing more than 65% of its value. 2022 might never repeat itself and if i was to start over again i will just stick taking advantage of the dip no matter how long it takes for the market to recover. Day Trades can be risky for non technical analyst because from years of experience it seems technical analysis control 70% of Day Trades

Finding a good mentor can be a bit complicated in the crypto space because everything looks somewhat overhyped. Crypto brokers on the other hand should never be trusted, It's either they are extremely KYC conscious or they will someday crash due to unforeseen circumstances. For crypto trading community steady engagement makes the difference.

[theskillzdatklls]

If I had to start over, I wouldn't. Hodl more in great currencies and call it a day. I've hodl'd harder and harder as time has gone on.

[palle11]

- Start with a simulator and treat the money like real money

This is serious and important to note. Maybe I have also been part of this as a newbie and with time my orientation and perception changed, after all you can convert whatever financial instruments to cash, be it metal, crude oil, derivatives, gold, silver, crypto and more. At this point of realization, then you will be serious to learn and make profit in whatever line of trading you are because all you need to do is get into the right channel of conversation and through binance etc you can get your fiat

[Synchronice]

Today is just the 3rd day of the second month of the year 2023. The 2022 showed us hell and we learned so many important lessons. Some were good, some were bad, and some were ugly nonetheless, there was a lesson learned. This question occurred to my while I was ruminating last night. I searched YouTube and got some answers but still I am itching to know hear the opinions of members of this community.
The Question: If You Could Start Over, How Would you Learn Day Trading?

Here are the steps a someone said they will follow:

- Start with a simulator and treat the money like real money
- Find the right broker
- Find a mentor
- Find and join a trading community
- Keep a trading journal
- Find a success strategy and test it out.

Day trading is risky as hell unless you are a whale. Not only risky but you are constantly under pressure. There may be times when you have to stay awake for days in a row to not miss a trading opportunity. It gets complicated and absolutely stressful if you use margin trading and bet on pump and dump.
I'm not a trading expert, nor experienced into crypto market but I still think that my advice will benefit everyone: You don't need to learn day trading because you are not a whale, you are a fish, in the ocean that's dominated by whales. If you stay in front of whales, you'll always be swallowed. So, don't be that fish whose luckiness ends in some days.

[BlackBoss_]

- Find and join a trading community

Don't join trading communities, signal groups are better. When you join them, you will become more depending on those communities and groups so you won't be able to actually learn and experience the market by yourself.

In addition, your mind can be painted with wrong knowledge.

- Find a success strategy and test it out.

Testing strategies with market need fund and time as well as failures and costs along the way.

So don't use all fund you have for trading and you can assign like 1/10 of your fund for your first trading time. If it fails, use a next 10% and continue until you broke or you find a successful strategy that matches your personal traits in cryptocurrency market.

[BlackBoss_]

- Find and join a trading community

Don't join trading communities, signal groups are better. When you join them, you will become more depending on those communities and groups so you won't be able to actually learn and experience the market by yourself.

In addition, your mind can be painted with wrong knowledge.

- Find a success strategy and test it out.

Testing strategies with market need fund and time as well as failures and costs along the way.

So don't use all fund you have for trading and you can assign like 1/10 of your fund for your first trading time. If it fails, use a next 10% and continue until you broke or you find a successful strategy that matches your personal traits in cryptocurrency market.

[Fivestar4everMVP]

- Start with a simulator and treat the money like real money
- Find the right broker
- Find a mentor
- Find and join a trading community
- Keep a trading journal
- Find a success strategy and test it out.

- First one is very important, that's one of the best ways to learn how to trade, starting with a demo account and treating the money in there like real money, and it is also very important to know the amount of real money you want to start trading with, and use that same amount to start trading on a demo account.

-By right broker, I believe you mean the right exchange(crypto minded), I personally will chose binance and kucoin for my trading activities.

- I am not sure about finding a mentor, except the person is a complete newbie, for me, with the kind of experience I already have in cryptocurrencies, I don't think finding a mentor is important or relevant.

- Finding and joining a trading community is also a good one, by doing so, you can learn about other types of trading strategies, also know what others are trading, and most importantly, know what is happening with some of the major cryptocurrencies which will help in decision making.

-  Keeping a trading journal, is this really important?

[jrrsparkles]

- Start with a simulator and treat the money like real money
- Find the right broker
- Find a mentor
- Find and join a trading community
- Keep a trading journal
- Find a success strategy and test it out.

1. Trading simulator can help implementing our strategy but it can be never same as trading with our real money no matter what we try and assume it is.

2. for crypto trading broker has no job to do.

3. Mentor, not really necessary for small scale trader.

4. Try to read as much as possible, it will help to predict the market but don't rely on it completely.

5. Here when you found the strategy try it on demo account and see how it works.

[bittraffic]

Sometimes when people try to learn to trade, it is because money is tight and urgently needed. There is no time to actually learn some basics of it but went ahead in action. When I tried BTC, its a rush time because the bear market was over and so the people I have heard talking about were rushing to buy. The only time I read the basics is when I'm done buying already and have time to look at how all the blockchain work.

The simulator like the demo account works differently than the real account, but Binance mock trading must be useful to those who wanna try. But if I have to go back to relearn, I would just take time to learn the indicators, get used to it well and just follow the bull run cycle. No futures trading but sell during ATH and wait.

[ethereumhunter]

If I had started trading earlier, I want to make sure that I would have learned a lot more so I could have better market analysis skills than I do now. But I feel it will be very difficult to find a suitable mentor because they can ask for a fee before teaching me. At the beginning of trading, the capital was most important to me and if I were to use it to pay a mentor, my capital amount would decrease. And I'd rather learn by myself by looking for information about how to analyze well and others.

[lionheart78]

The Question: If You Could Start Over, How Would you Learn Day Trading?

Here are the steps a someone said they will follow:

I would restart by :

1.  Learning the basics (includes market mechanics, technical analysis, risk management, and trading psychology)
2.  Learn to create a clear and brilliant plan (this deals with risk management strategy, trading strategy, and goal)
3.  Applying what I learned on a Demo account or as OP stated, a trading simulator
4.  Stay up to date (this is a must since obsolete information can cost us huge amounts of money if the trading fails)
5.  Mentorship if possible or if not can ask or seek help.

All of those steps need discipline, without proper discipline all the plans and hardworks will be for nothing.

[Ziskinberg]

 - I have to empty my mind
 - find someone (mentor) that could teach me
 - online research

I believe that learning trading is too easy this time as we can have a lot of resources but things will change when we are in actual trading. That is why if we have this 2nd time around, I have to work on the following things;
 - courage
 - mindset (positivite)
 - patience
 - knowledge and skills

[Captain Corporate]

First of all, I wouldn't spend all that much time just not being sure about trading or not. If you want to be a trader, then be one. Spending years not being sure about becoming a trader made me lose so much time that if I started earlier with more confidence then I would have become someone who could have made a lot more profit. On the other hand, if I wanted to learn, I should have sticked to the fundamentals, the indicators, the charts, and not "gut feeling" or anything that the market is saying, if data tells something will happen, more often than not that thing would happen, doesn't matter what the people are saying.

[thecodebear]

Using a simulator that has not only Bitcoin but a bunch of alts so you can learn how they tend to move would be very useful.

If there are simulators like that that give real time price data that you can trade with pretend money I would do that, but also put a small amount of money in the market to at the same time get the experience of trading your own actual real money.

Get a feel for volatility of Bitcoin and altcoins, of how they move, of what the risk is like, of what sort of percents you should be shooting for on each trade and what sort of time-to-completion you should be shooting for on each trade, of how to split up your trading stash into multiple trades and generally just how to have a lower risk strategy for trading, of how news affects the market, of how it feels to get in a trade and watch the price drop and figure out how you react to that (that last thing you need to do with real money to get the actual experience).

I'd probably do that for a while, and then once I felt more comfortable with the market I'd put a bit more real money in and focus on doing real trading.

[Silberman]

Today is just the 3rd day of the second month of the year 2023. The 2022 showed us hell and we learned so many important lessons. Some were good, some were bad, and some were ugly nonetheless, there was a lesson learned. This question occurred to my while I was ruminating last night. I searched YouTube and got some answers but still I am itching to know hear the opinions of members of this community.
The Question: If You Could Start Over, How Would you Learn Day Trading?

Here are the steps a someone said they will follow:

- Start with a simulator and treat the money like real money
- Find the right broker
- Find a mentor
- Find and join a trading community
- Keep a trading journal
- Find a success strategy and test it out.

The points you bring are good, however I will add investing all my free time to learn how to trade as soon as possible, this is because the longer you take to learn how to trade the higher the price of bitcoin will be when you are finally ready, and you will miss some very good opportunities during your learning process, and this is unacceptable as if you miss the bull run then you will need to wait for years for another opportunity like it to present itself.

[adaseb]

If I could go back to the beginning I would do a few things differently.

For one I wouldn’t go into trading stock options. Those were a big mistake. I never understood delta or IV or IV crush and what not. Most of all the options I bought expired worthless.

Second I wouldn’t join any paid groups or buy any of those ebooks teaching how to trade. They are all scams out to get your money.

[cryptoaddictchie]

I didnt do actually day trading but if I would given chance to start over maybe the routine of investing early and trusting my guts more. Cause Ive got some tokens in the past that If only I hold it then it should become a worthy investment as of this day and even 1 to 2 yrs ago since I caught or seen their prices way too early.

[xSkylarx]

When I started learning before, I wasted my time finding a signal group, which is why it took me too long to learn to trade, so if I were to start again, I would mostly watch tutorials (paid or not), then start learning from them without finding any shortcut to finish the tutorial and start to trade. Also regarding the demo account, I shouldn't spend a lot of time on it, like treating it like real money, because before, I was spending a lot of time in the demo because I was making a lot of mistakes because I didn't treat it seriously.