How to make a life by Day Trading

[Cookdata]

So that's it, hope this will help you from being a future trader. Good luck! 

This is great but I'm not sure this will wrap everything you need to become a daily trader, you will end before starting because this is a random basic introduction and some properties of trading, there is more to trading and you wouldn't understand everything until you start trading live, the things you read on the paper might will be forgotten when that emotion comes into play.

In fact, I'm not sure how you were going to survive future trading with all these indicators when they are not enough to guide you on spot trading, huh! is there magic to your advice because I don't see how you plan to open positions and close positions when you didn't explain leverage, PNL, the risk, liquidation price, the entry price and the margin types, you need to learn all this before you give your money to another trader because basically, that is what future is all about, you bet that price will go up by longing while others short with anticipation that it will go down.

[Peanutswar]

You can share the information with your trade OP for example, updates with your current trade, sheets with your margin balance, positions and take profits. Im fan of the MACD too I created a topic before related into it because its ideal too for newbie traders [GUIDE]Moving Average Convergence Divergence (MACD) when I start this trade I trade with the $500 for capital and make a whole day trade not as always have a profit but its good to have end of the day there's an accumulated gains. Beside this I also make a long which takes almost a week to hold, I made different accounts for short and long term trade so I can track the winrates.

[shivansps]

I don't know what your interest is in this, but this information is very useful. Any newcomer and not only I think should get acquainted with it.
It's great that there are people in cryptoworld who care. This information can save a lot of time, money and nerves for newbies and beyond. I especially liked:
1. A person psychologically prepares himself for the fact that he actually invests the first 200 dollars in his training and experience and is not afraid to lose them
2. A very good idea is that when you have lost some money, for example 100, it is better to pause and not go further, get distracted or you can lose even more.
3. Limit on earned and lost money per day is a very useful tip
Thanks to the author! I like it

[shivansps]

So that's it, hope this will help you from being a future trader. Good luck! 

This is great but I'm not sure this will wrap everything you need to become a daily trader, you will end before starting because this is a random basic introduction and some properties of trading, there is more to trading and you wouldn't understand everything until you start trading live, the things you read on the paper might will be forgotten when that emotion comes into play.

In fact, I'm not sure how you were going to survive future trading with all these indicators when they are not enough to guide you on spot trading, huh! is there magic to your advice because I don't see how you plan to open positions and close positions when you didn't explain leverage, PNL, the risk, liquidation price, the entry price and the margin types, you need to learn all this before you give your money to another trader because basically, that is what future is all about, you bet that price will go up by longing while others short with anticipation that it will go down.

Of course, there is not enough information here to fully trade. Here are described the basic concepts for people who do not know where to start and not immediately lose all the money. I agree with you that no knowledge can replace practice, because a lot of knowledge is lost when a person starts trading. But what this man did I respect and I like it. He gave a small part of the knowledge necessary to start trading. This is only a part, but in parts and the whole is assembled

[pawanjain]

Setup your target income per day for me I'm currently happy making $300 a day since it covers my daily life essentials and needs I'm living outside the US so the cost of living in my country is pretty cheap and $300 is a lot already.
Also Setup your target loss per day for me I'm okay with losing $100 a day but that's it once I lose that $100. I will go outside and get some fresh air and come back once my mind is clear again remember once you're losing you tend to increase your leverage which is bad It will cost you a lot.
Trust me I've been there before.

If you are earning $300 a day then you are earning more than an average middle class family. It's a pretty good amount.
But if you are okay losing $100 a day then your risk taking capability is high and I guess this is why you are able to earn so much.
Coming straight to point, can you show your trade history so that we can actually believe what you are saying is the truth.

[Queentoshi]

4. Using the right graph - I suggest you choose the candle sticks so you can see the patterns that's being made and put it on a 4h time frame. regarding to the patterns you can look it up also on web so you can study different kinds of candle stick pattern.

One of the things I can say will be strange to me if I see it is to see someone trading or making technical analysis with lines or any other thing asides candle sticks. Most traders that I have seen charting mostly make use of Candle sticks and not Lines which you can actually change your trading view to. Candle sticks are easier to understand in trading forex or cryptocurrency. Lines can be used when you intend to make comparison between the movement of two things in the market, Lines give you better results then.

[palle11]

4. Using the right graph - I suggest you choose the candle sticks so you can see the patterns that's being made and put it on a 4h time frame. regarding to the patterns you can look it up also on web so you can study different kinds of candle stick pattern.

One of the things I can say will be strange to me if I see it is to see someone trading or making technical analysis with lines or any other thing asides candle sticks. Most traders that I have seen charting mostly make use of Candle sticks and not Lines which you can actually change your trading view to. Candle sticks are easier to understand in trading forex or cryptocurrency. Lines can be used when you intend to make comparison between the movement of two things in the market, Lines give you better results then.

Both lines and candle sticks are important in trading analysis. Different traders analyse their chart with different indicators which lines is also part of. For a trader who relies more on lines, he can use those lines in support of candles to see the areas of support and resistance. If the line and the candle sticks either form certain alignment or a particular signal like the candlestick closing below or above his line, that can give a sign for a direction of price.

[RewFrew]

I hope you add a big warning, leverage and day trading in cryptocurrencies is considered one of the most dangerous types of trading and it is difficult for a beginner to make a profit with it, you should avoid investing in it.
You can start trading in demo accounts, where you do not need to deposit money or lose $200, and then start learning spot trading, including day trading, and then decide whether you want to increase the risk level or not, but in general you can make a good profit from spot trading.

Leveraged trading is an option for professional traders and should not be recommended because it can make profits for beginners, it is a real loss.

You told exactly correct. I am huge losser from here. Because i have little knowledge about this day trading. I think it is future trade. Am i right? My friend informed me about future trade, and he told me to follow his signal he also collect this signal from paid telegram channel. And first trade i was lost $500 within 12 hours. Because there was no knowledge me about this trade. My trade was 25x and after my trade start market gose my Against and it was continued. But I had no idea about TP/SL . So i Lost my all fund. Even every time I do this trade it goes to zero my all fund. Some times i made $20/$30 but Again has been zero.

So now i am avoiding this trade. And i am trying to learn about it. If anyone want to give any advice about please give me. And if i get any useful link about this it will be very helpful for me.Thank you.

[Oshosondy]

I am new in this forum and still learning. I’ll try to edit this topic and add some disclaimer on it later today. I didn’t know that not everybody here is already know how to trade since this is a trading discussion board so I assumed that everybody already knows that trading is risky. I created this topic so we can all discuss our own opinion and what we’re using to get a good portfolio in trading.

You are a newbie and you are able to post on this trading discussion board. That should be an evidence for you that other newbies can also post on this board. Also that anyone can go through the trading discussion board and see your post.

If I should be candid, it would be good to show everything that is needed to know. If you are talking about leverage trading, you have to include that people should have risk management and not spending more than their trading budget which should not be more than 5% of the money they are earning.

Trading is like gambling. I am not saying this because I think. It is because I have been a trader for almost 5 years and I know what it should be called and how people need to be warned and cautioned before going for future trading.

[HONDACD125]

Hello I'm going to make this as a topic since I just want to share some knowledge for everyone that considering making a life by being a day trader in crypto.
3. Use the right indicators for you - This one it depends what will work for you but let me tell you the basic indicators that I use as a daily trader.
MACD Indicator[/b] - This one has been effective on me, I've been using this one since 2020 you can lookup and watch some videos about this indicator. I suggest you use this with the coin with a minimal volatility. So you can setup a position if you'll go for long/short. 
This indicator is a powerful tool that can tell you identifying potential trend reversals.
4. Using the right graph - I suggest you choose the candle sticks so you can see the patterns that's being made and put it on a 4h time frame. regarding to the patterns you can look it up also on web so you can study different kinds of candle stick pattern.

You have made some good points in your post about day trading which can be very useful for new traders.Indeed MACD indicator is very good and powerful indicator. I myself am trading through this indicator and it makes it very easy for me to take trades.Therefore, using the right indicator plays an important role in taking a good and profitable trade.I have watched many videos about MACD indicator which helped me a lot.

You are right that even through the graph we can take a good trade and if we keep the candlestick on the 4 hour time frame, it can help us a lot.With this we can take a good trade by looking at the support and resistance.By the way, there are different time frames used in day trading, but I think your 4 hour time frame is the best because it gives more accuracy.

[so98nn]

It seems you have studied it properly and that’s why you like it and talk about it enthusiastically. I do have couple of trading enthusiasts friends who gave their life in learning it and also made the career out of it. They are very successful and mostly focus on the day trading portfolio. One lesson to learn from them and you is to know the correct budget, leverage and technical skills to work everything altogether. Without this one can not really establish a proper trade to routine and might just end up losing all the time. Definitely worth for those who are looking forward to have a career in the same.

[CarnagexD]

I discovered that no matter how good the plans are, traders tend to deviate from them when emotion sets in as a result of some challenges in trading when the market did not behave as planned.

This is the discovery every trader must experience to succeed. Because the real battle doesn't start with your plan. It starts when you're sitting in front of your screen. There it will start the fight with your own demons. Your fear of missing out, greed, impatience. All throughout while the market is still open.

As you grow being a trader, it will be more difficult and more challenging managing your own emotion as relates to your positions.

[Strongkored]

for me I'm currently happy making $300 a day since it covers my daily life essentials and needs

I am very curious how your strategy is to earn $300 per day and also how much capital you use to trade? Don’t say that you take a small profit margin by doing a lot of trades every day because I’m sure it will make you spend a lot of time in front of the computer and will have a little time left to do anything else.
I’m not saying trading with the goal of funding daily life is impossible, but it’s not an easy way to make money, there are a lot of traders who think it is possible, but you should have enough time and capital so that you can really fund living from trading.

[Noctis Connor]

for me I'm currently happy making $300 a day since it covers my daily life essentials and needs

I am very curious how your strategy is to earn $300 per day and also how much capital you use to trade? Don’t say that you take a small profit margin by doing a lot of trades every day because I’m sure it will make you spend a lot of time in front of the computer and will have a little time left to do anything else.
I’m not saying trading with the goal of funding daily life is impossible, but it’s not an easy way to make money, there are a lot of traders who think it is possible, but you should have enough time and capital so that you can really fund living from trading.

you have a point there. I'm wondering what OP portfolio looks like. it seems that OP's trading with different coin to gain that amount also I'm guessing OP capital is already huge to earn that amount but let's not forget that this topic is subjective.

[palle11]

I am very curious how your strategy is to earn $300 per day and also how much capital you use to trade? Don’t say that you take a small profit margin by doing a lot of trades every day because I’m sure it will make you spend a lot of time in front of the computer and will have a little time left to do anything else.

It is not difficult for op to make such kind of profit daily if he knows his strategy and wants to go all in with the gains. What he needs to do is to increase his risk appetite like 5x or more and that could give him the reach to target faster before the volatility hit on it. However, this is serious risk though depending on the account size but I know many traders who increase their lot size and scalp out some huge profit faster. It is all about the strategy we adopt to get to our target. Taking a fast profit by increasing the lot size makes you not to stay on the screen a long time but we need to be careful on it and of course to use stop loss.

[Oshosondy]

I am very curious how your strategy is to earn $300 per day and also how much capital you use to trade? Don’t say that you take a small profit margin by doing a lot of trades every day because I’m sure it will make you spend a lot of time in front of the computer and will have a little time left to do anything else.

It is not difficult for op to make such kind of profit daily if he knows his strategy and wants to go all in with the gains. What he needs to do is to increase his risk appetite like 5x or more and that could give him the reach to target faster before the volatility hit on it.

Day trading is not as easy as you are thinking about it because I definitely know that if you are a trader, you are not making that amount daily unless you have huge amount of money to use for trading, but not possible because the same trader will have days that he will be losing too. No trader is 100% accurate to be making money everyday. That is not possible.

[gabbie2010]

I won't rely my trade in indicators because it will only depend on the previous price movement and it's a little bit laggy. Instead, you should know how to read the market using price action only. Price action must be your main strat and then you can add those indicators as confluence. For beginners, it's a highly recommended that you didn't use high leverage, don't fall for potential profit because the risk is so high. It's better to use low leverage so that you can survive in the long run and you can master what strategy that is really works.

Honestly the OP think relying only on MACD indicator without considering the fact that some of those indicators lagged in Live trading in some cases Price reversal had already commenced when some of those indicators signals buy or sell, Candlestick patterns are the real indicator couple with Ema for trend direction and RSI or Stochastic Oscillator used to determine overbought and oversold of the price, Moreso the OP should rule out using high leverage for a new trader just to earn massive profit in jiffy ignoring the fact that a price reversal will liquidate their account completely, trading is not a get rich quickly job but a long term profit earning venture a 2% to 5% monthly profit is enough with a huge capital.

[Sakanwa]

So many people love day trading because it provide quick money than holding,but one thing I cannot do again is day trading,because I don't have all the time i need to focus on it because it requires monitoring,and if you aren't available to monitor it,you will definitely be on the losing side.I have been a victim of day trading,and only those who have experience in it will be able to make a decision whether to do it or not,but for me,I decided never to waste any money in day trading again,rather,I will invest it in any other thing,or possibly hold for future purposes,atleast there is no much risk involved in holding,the only virtue one must try to possess is patience and endurance.If you can wait for a longer period of time,there is every tendency that you will not cry when the result comes out because it will always be positive and not negative.

[goaldigger]

So many people love day trading because it provide quick money than holding,but one thing I cannot do again is day trading,because I don't have all the time i need to focus on it because it requires monitoring,and if you aren't available to monitor it,you will definitely be on the losing side.I have been a victim of day trading,and only those who have experience in it will be able to make a decision whether to do it or not,but for me,I decided never to waste any money in day trading again,rather,I will invest it in any other thing,or possibly hold for future purposes,atleast there is no much risk involved in holding,the only virtue one must try to possess is patience and endurance.If you can wait for a longer period of time,there is every tendency that you will not cry when the result comes out because it will always be positive and not negative.

Trading requires time for your analysis and yes, day trading is requiring you to be more active though it will always depend on your availability since the market is open for 24/7 and you can adjust your trade with it. Making life with trading means you are able to make profit out of it and honestly, its not easy but once you master your trading strategy its possible. Features seems to be one of the fastest way in trading to make money but of course its one of the most risky strategy in trading. You must be ready for a possible outcome of your trade, or else you'll be liquidated.

[Ziskinberg]

Well, 200$ is good enough to start trading, I even start at $100 before and gradually increase it.
Well, talking about earning daily from that amount is not impossible but it was hard. Maybe if you have $500 and above, definitely the chances are big. However, earning every day from trading is not just solely because we have huge capital but also, because it depends on how we manage our trades every day - strategies and decision-making. These are big factors that contribute to the results of our trades because it was still impossible to earn daily if we are ineffective.