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

[xSkylarx]

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:

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 just remember before that when I trade, I only check the lower timeframes and not the trend or the bigger picture, and most of my trades are against the trend, which at first seems to be working, but there are times that it won't hit my TP and it goes in the opposite direction, which is really the time I should be checking the trend to filter out false signals on my strategy so I can better decide what trade to take.

[justdimin]

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:

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 just remember before that when I trade, I only check the lower timeframes and not the trend or the bigger picture, and most of my trades are against the trend, which at first seems to be working, but there are times that it won't hit my TP and it goes in the opposite direction, which is really the time I should be checking the trend to filter out false signals on my strategy so I can better decide what trade to take.

I agree that it does have times when it goes against the tide, and sometimes that is the risk we take but that is not the common one so we should be fine overall. I personally trade based on what I can see on the charts and my TA calculations as well, but that doesn't mean that we should be able to make a big deal out of this, I hope that it does go well and I make a profit from it but that doesn't mean that it will happen quickly, it may take a while as well.

I think long term is the best because of this, because that doesn't have right or wrong, you either wait long enough to profit, or you can't wait long enough and you lose, but it is guaranteed that if you wait long enough, you will profit from that and that's a great feeling to know.

[Dalib]

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:

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.

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.

3. Use technology to your advantage. Emotions can hinder a trader's ability to make sound decisions, but technology can remove this obstacle. Using a crypto trading bot that operates on pre-set criteria ensures that trades are executed objectively and without emotions.

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.

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.

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.

Questions?

Your five key lessons are very valuable for anyone who wants to become a successful day trader in the cryptocurrency market. It's important to follow the market trend, stick to your strategy, use technology to your advantage, conduct independent research, and manage risk. These are all essential components of a successful trading plan.

In addition, your bonus tip about keeping it simple is also very important. Many traders get caught up in complex strategies and indicators, but simplicity is often the key to success. It's important to have a clear and concise trading plan that is easy to execute and understand.

Overall, your insights are very helpful for anyone who wants to become a successful day trader in the cryptocurrency market. Thank you for sharing your knowledge and experience.