5 Things I've learned day trading Bitcoin for 3 years (successfully)

[gabbie2010]

I prioritized Point 2 very well i.e I sticked with my trading strategy having been convinced it workability, when I incur a loss I usually go back and check for my mistakes with a possible amendment to prevent future occurrence, I don't just change trading strategy based on one or two losses, trading is partly mental input plus technically and fundamental analysis thus most trading strategy work well it's only the user due diligence in using it will determine it profitability in a long run.
I never bothered about any influencers I trade using charting analysis relying on candlestick pattern formed reveal alots about price thus wouldn't rely on any contradictory analysis from any influencers.

[fullhdpixel]

1. Never trade against the market trend. The market trend is king, and attempting to trade against it is a recipe for disaster. Following the trend allows you to capture profits and avoid unnecessary losses.

I agree with you on the rest of the points, but what do you mean by the direction of the market? Is the market analysis based on recent variables or on historical data, and from here it leads us whether to listen to short-term or long-term technical indicators?

In general, trading is an art, and to be an artist, you must choose your own method. It is true that there are similar things, but in the end, your artistic touch is necessary.

Trading doesn't only mean to sell for profits but when we buy a coin at the dip, that can also be called as trading. This is where I disagree with him when he said that never trade against the market. I like how you use art to compare it with trading but indeed art isn't only limited to drawing and painting but there are lots of things or activities where it can be treated like an art.

Like you said each must have their own method, that is true and that is why some are trading even if the market is in the opposite direction. They have strategies like selling at a loss and then buying a coin again but they also know how to take advantage of the pump. They are just showing how versatile they are.

[Synchronice]

2. Stick to your strategy no matter what. A trading strategy is a roadmap to success, and it's crucial to stick to it regardless of market conditions. Deviating from your plan leads to impulsive decisions and missed opportunities.

Why should you stick to your strategy if it doesn't work? Isn't it better to change strategy when its necessary? If there is a news like the USA bans bitcoin holding and mining and at the same time you hold bitcoins, profit-wise, isn't it better to sell them immediately before the crash happens and then rebuy again?

5. Risk management is critical. Managing risk is essential to a day trader's survival. I always set stop-loss orders and avoid over-leveraging my trades to limit losses and protect my capital.

Day trading itself carries a huge risk, isn't it. My strategy is: When I want to trade, I push myself to wait some more days or weeks. While it may sound curious, this helped me a lot of times to see the further, brighter image of the market and buy then. For example, there have been cases when I thought that it's good time to buy but after some days or weeks, there was more decline in price and I was able to catch a good dip.


Your advices are really good, plain and simple while keep in touch with modern reality.

[blockman]

Bonus tip: Keep it simple, don't complicate your trading even if it looks cool. It's easy to get caught up in fancy indicators and complex trading strategies, but simplicity is often the key to success. Keeping your approach straightforward and easy to execute will lead to success.

A lowkey tip but needs to be understood by many. You don't really need to confuse and complicate yourselves in trading if this is what you want. You just have to trade, learn what's necessary to learn and the strategies that you want to do. Like doing a simple strategy and keeping a profitable trade even if the amount won isn't a lot. That's what being simple is, you just need understand your need and that shouldn't be that much so that you're not expecting a lot in the market and that won't disappoint you as well and at the same time, you won't take your losses seriously but you'll just need to be better with your next trades.

[Sanitough]

4. Listen to industry influencers but form your own opinion on the long-term direction. Industry influencers can offer valuable insights, but blindly following their advice is a mistake. It's essential to conduct independent research and form your own opinions about the market's long-term direction.

Yes this is a good idea to listen influencers but always do what you think that it is right because we don't know that a person who give us information is really an influencer or not hence we know that people can do this activity for the sake of money only but actually they have no concern with day trading.

Sometimes Influencers spread information and these information have direct impact on the cost of certain selected coins and may be they do it just because they have a greater concern with such coins.

So it will be better to just listen to them and then think that what will be better because after sometime your knowledge will be enhances so you can take your own decisions.

We won’t never know who are those influencers that are reliable and who are not, until we take time listening to them. Some influencers are just promoting their projects because that’s exactly where they can gain an income, while others have really shown genuine compassion to their listeners or viewers that’s why they will only say the realities in trading. At the end of the day, the final decision is all yours to make. With your knowledge and experiences gained throughout the process, I can say that you will greater chances to succeed in trading.

[GreatArkansas]

5. Risk management is critical. Managing risk is essential to a day trader's survival. I always set stop-loss orders and avoid over-leveraging my trades to limit losses and protect my capital.
(....)

Among the list, this is the most important to me and the thing that most traders must have.
As there are some traders especially those who are just starting are making mistakes on this thing, so for me. Risk management is important, it will help you to preserve your capital and maximize your profits and minimizing your losses.

[SquirrelJulietGarden]

Among the list, this is the most important to me and the thing that most traders must have.
As there are some traders especially those who are just starting are making mistakes on this thing, so for me. Risk management is important, it will help you to preserve your capital and maximize your profits and minimizing your losses.

Making mistakes is unavoidable when we all have to start as newbies. However we pay different costs for our lessons. Careful people will register courses, spend money to learn and get tutors as well as start with demo trading and use small capital for very first trading experience. Those people will pay low cost to learn own lessons from trading and later when they are more experienced and already sharpened their trading strategies and skills, they can gain profit.

Careless people will do not mind about learning first and they only want to jump in the market, start trading right away, experience it with hope to gain profit quickly. Unfortunately, the market is not easy for them to gain profit and they mostly pay very expensive cost to learn own lessons.

Manage risk is important and two orders are helpful

Stop loss order: https://bitcointalk.org/index.php?topic=5173189.0
Stop limit order: https://academy.binance.com/en/articles/what-is-a-stop-limit-order

[TheGreatPython]

Trading doesn't only mean to sell for profits but when we buy a coin at the dip, that can also be called as trading. This is where I disagree with him when he said that never trade against the market. I like how you use art to compare it with trading but indeed art isn't only limited to drawing and painting but there are lots of things or activities where it can be treated like an art.

Like you said each must have their own method, that is true and that is why some are trading even if the market is in the opposite direction. They have strategies like selling at a loss and then buying a coin again but they also know how to take advantage of the pump. They are just showing how versatile they are.

Good traders don't actually sell at loss to buy again but they always set stop-loss with all their trades so that they don't lose much value from what they have invested in a particular coin or token, that way, they won't have to wait for the market to go up again so that their money is unfrozen from the previous trade.

That strategy is the best but only if you have a pretty large capital and you should be confident that the money you've lost with the stop-loss will be easily recovered with the next couple of trades that you make.

[freedomgo]

Bonus tip: Keep it simple, don't complicate your trading even if it looks cool. It's easy to get caught up in fancy indicators and complex trading strategies, but simplicity is often the key to success. Keeping your approach straightforward and easy to execute will lead to success.

A lowkey tip but needs to be understood by many. You don't really need to confuse and complicate yourselves in trading if this is what you want. You just have to trade, learn what's necessary to learn and the strategies that you want to do. Like doing a simple strategy and keeping a profitable trade even if the amount won isn't a lot. That's what being simple is, you just need understand your need and that shouldn't be that much so that you're not expecting a lot in the market and that won't disappoint you as well and at the same time, you won't take your losses seriously but you'll just need to be better with your next trades.

Trading is never easy but not that hard though if you know what you are doing. So if you want to trade and be profitable, then stick to your own strategy no matter how simple it is. As long as you know it’s working, then never be confused about it. And take note that when you trade, never allow yourself to complicate things. That will only lost your focus on trading. Stick to what you think is simple and working, that way you will be more motivated to end a trading successfully.

[Aanuoluwatofunmi]

To me three years is too much for one to use in learning only a particular trading strategy, though other things may come in as well during this period of learning, trading has both it's good and the other side, but it's very common that traders always make more money from trading bitcoin than investing on other asset aside bitcoin, one need to learn to trade using more than two patterns  before concluding on the final one to use at last.

[Baoo]

In general, you have mentioned the most essential tips. That’s very helpful especially for newbies, thanks OP. In addition to that, it is really necessary to treat every new market’s condition carefully and without rashness. To begin with,  analyze the market, then set a trading strategy that apply on that condition and finally work on it and  in case it is going on a wrong way, fix it or create a new one. Keep it easy and safe as much as possible, complication isn’t recommended is trading field.

In fact, being updated with media news is important but be aware of fakes ones. They are widespread on many social media apps, same goes to trading influencers, they getting money to advertise shitcoins and unfortunately a lot of traders are following their tips especially the beginner ones who’s looking for easy profit and most of them are extremely greedy.

[el kaka22]

I think it is important to remember that having 3 years of trading is the key here, if you trade for 3 years and if you have the capital to start doing that while not taking too much risk and run out of money, then most people will become a good trader, at least a decent one. Most of these can be learned by trading, it allows people to open up so much of the situation and we will be able to actually profit from it gradually as well.

Somethings are hard and not going to really come off easy, but at the end of the day if we could make a profit from it then it should be fine. I personally like the situation we are in at this moment, but that doesn't change the fact that we can't make a profit from it when the time comes neither.

[wxa7115]

I think it is important to remember that having 3 years of trading is the key here, if you trade for 3 years and if you have the capital to start doing that while not taking too much risk and run out of money, then most people will become a good trader, at least a decent one. Most of these can be learned by trading, it allows people to open up so much of the situation and we will be able to actually profit from it gradually as well.

Somethings are hard and not going to really come off easy, but at the end of the day if we could make a profit from it then it should be fine. I personally like the situation we are in at this moment, but that doesn't change the fact that we can't make a profit from it when the time comes neither.

Newbies as expected concentrate too much on the profits they think they can get and they believe this is a process which will start immediately, however I have always thought that a newbie which concentrated instead on just surviving during their first year without experimenting catastrophic losses has way higher chances of becoming successful long term.

This is because someone which can last that long trading the markets by necessity becomes really good at managing their money and avoiding unnecessary risks, and with a whole year of experience under their belt then generating profits from that moment on will be way more easy for them.

[AnonBitCoiner]

As someone who has been day trading Bitcoin for the past 3 years usually successfully, I have learned some valuable lessons that have helped me become a successful trader. Here are five key things I've learned:

You get appreciable knowledge through your investment and I think that you will face any difficulty in future because you get the basic points about trading and investment and is really a good way to be successful in upcoming projects.

2. Stick to your strategy no matter what. A trading strategy is a roadmap to success, and it's crucial to stick to it regardless of market conditions. Deviating from your plan leads to impulsive decisions and missed opportunities.

Yes exactly changing plan will cause the loss of your money as well as it also make you hopeless. No matter ho much lower the price of bitcoin but do not make decision during this period because this time will passed and price will rise again. This will be easy if you avoid short term trading and get involved in investment for longer duration.

[usekevin]

Every bitcoin traders will had learn the trading in different manner,they will gain some tricks on trading the bitcoin for the certain period of time.If any try to trade against the trade flow,surely will leads to loss.When you sell during the dump,it will make you to think in future.Because the price of bitcoin surely increases to next ATH with a certain period of time.So buy at the dump and sell at the pump.Every traders should use their own strategies to trade the bitcoin.In case you loss the money by your strategies,you may have some self satisfaction.The trading should not bind with the emotions.When you are trading of crypto currency,you should not allow your emotions to control your trading at the pump and dump.

[Faisal2202]

1. Never trade against the market trend.

That's an obvious thing for some coins only, like there are many tokens in the market that do not follow BTC price, such as DIFX, why? I have no prominent answer but I think because they have their own exchange and it's an exchange token. Maybe. Well, this rule totally applies if we are trading BTC pair. Because once btc is in an uptrend motion, going against the trend is not wise able, but we should wait for the right opportunity like, take the example of the current market. BTC is around 30,8k maximum in this week and tried to break this resistance zone but many investors (newbie) like me who do not have 5 years of experience like you. Afraid to take entry in BTC, why? Maybe because we are afraid of losses in the short term that we can face.

3. Use technology to your advantage.

Bonus tip: It's easy to get caught up in fancy indicators and complex trading strategies,

Your these two statements seem to be unclear because at first you said usage of technological bots and features will clear the journey for us and make us determined to follow the analysis we have done at the start with no sentiment issues. But in the bonus tip, you said to keep your trade simple without using complex tools and indicators. While what I think is the usage of the complex indicator will make that clarification more accurate and make us more confident in our trades.

4. Listen to industry influencers but form your own opinion on the long-term direction.

Merely Agreed, because i have followed many influencers on Twitter, and not a single time have i made a profit by following their leads to some extent like in the short term even. Why? Because they do not even know what they are saying hehe. Well, maybe that's because i had less knowledge about crypto trading back then.

Your rule 5 is also generic and i have gained the skill of risk management while i was involved in trading. Because this field requires this skill and those who don't have it already will learn on the way.

[nurilham]

As someone who has been day trading Bitcoin for the past 3 years usually successfully, I have learned some valuable lessons that have helped me become a successful trader.

I really appreciate that you have been being successful trader, hopefully, you are always increasing again. Trading is not easy, needs high consistency, understanding, experience, and also discipline. I am sure that being a successful trader, you have been doing these all of things, more than it.

1. Never trade against the market trend. The market trend is king, and attempting to trade against it is a recipe for disaster. Following the trend allows you to capture profits and avoid unnecessary losses.

This also means that we must also be able to utilize every market condition with its trend. Well, although this may be high risk, as long as we know the ways and strategies, this will also be more effective. But I know that it is also not easy to be able to do this.

5. Risk management is critical.

This is very important, but many traders avoid this. This is how we can manage the risks, by understanding what we can afford and we cannot. By doing what to do and not to do. Although we are brave traders, it doesn't mean that we don't have any risk management.

[wiss19]

I prioritized Point 2 very well i.e I sticked with my trading strategy having been convinced it workability, when I incur a loss I usually go back and check for my mistakes with a possible amendment to prevent future occurrence, I don't just change trading strategy based on one or two losses, trading is partly mental input plus technically and fundamental analysis thus most trading strategy work well it's only the user due diligence in using it will determine it profitability in a long run.
I never bothered about any influencers I trade using charting analysis relying on candlestick pattern formed reveal alots about price thus wouldn't rely on any contradictory analysis from any influencers.

Though I agree that consistency plays a great role in getting success, I think one should also be adapting to new techniques that can be utilized in a good way only to maximize the chances of gaining better results. Maybe don't change the existing strategy or get influenced by anyone, but one can keep making updates to an existing strategy.

Or maybe one can also try something different at times only to see if that works or not, but only with a small amount if you are not very confident and don't have enough knowledge about it. I believe change is required over time, for whatever you are doing, or you may stay behind while the world moves ahead.

[tbct_mt2]

Though I agree that consistency plays a great role in getting success

It's hard to get profit from trading. It is harder to have consistent successful trades from trading. It is barely seen traders can have consistent success and net profits by long time of trading.

I think one should also be adapting to new techniques that can be utilized in a good way only to maximize the chances of gaining better results. Maybe don't change the existing strategy or get influenced by anyone, but one can keep making updates to an existing strategy.

You will have to adapt to market trends, new methods for market manipulations, new regulations in both proposals, enforcement and fuds. This cryptocurrency market is very young and can be impacted by future regulations. It is reflected on impacts of fuds on this market as people are more easily panic with news about stricter regulations.

Or maybe one can also try something different at times only to see if that works or not, but only with a small amount if you are not very confident and don't have enough knowledge about it.

To trade successfully, it's not easy, time consuming and mentally stressful.

If you want to have consistent success, you can change from trading to investment. Investment with dollar cost averaging (DCA) method and consistently accumulate bitcoin. Less or no fear of fuds and success will come to you more easily.
https://dcabtc.com/

[so98nn]

Oh yes, it’s good that you made point regarding considering trading as Cool stuff. Honestly it’s not cool, it’s serious job these days. Peeps are literally taking it to the next level when it comes to the trading. Having private rooms, big screens for the wide view of charts, good flux of light and much more.  They don’t do it out of coolness but because they want a serious level of work with it and some may earn their living from it. Definitely more focused and critical job rather than just flashing about it.
Yes, we should have technological advancement but trading asks for more educational stream behind the process rather than depending on it completely. Hope so everyone takes lesson from this post, it’s good experience.