Token/Symbol selection for Trading

[vineetrughwani]

Hi everyone. I've been trading crypto futures on Binance platform.

However Im stuck on.. How does one choose which token/Symbol they would trade with for the day..?

There is like 300+ tokens on Binance. I've tried setting alerts for the strategy I use and most of the time the number of alerts that trigger becomes way too overwhelming.

Looking for guidance in this.

Thank you everyone

[Oshosondy]

Especially if you let the alert to always notify you anytime it gets to a price. It will keep sending you notification anytime it gets to the price. That alone for just a coin is disturbing.

Alerts are disturbing for me and I do not use them anymore.

Just trade one or two coins. You do not need to trade plenty coins.

If you have opened position, you can set TP or SL instead of alert.

[vineetrughwani]

Especially if you let the alert to always notify you anytime it gets to a price. It will keep sending you notification anytime it gets to the price. That alone for just a coin is disturbing.

Alerts are disturbing for me and I do not use them anymore.

Just trade one or two coins. You do not need to trade plenty coins.

If you have opened position, you can set TP or SL instead of alert.

Okay I may have phrased my question incorrectly. I'm not talking about trade management.

It's about shortlisting which token would have the highest possibility of performance for the day regardless of direction. As in futures we could always long / short.

[Oshosondy]

Okay I may have phrased my question incorrectly. I'm not talking about trade management.

It's about shortlisting which token would have the highest possibility of performance for the day regardless of direction. As in futures we could always long / short.

No one will tell you that on this forum. It is you as a trader that needs to find out about that. What I can only advice people is to go for reputable coins like bitcoin.

[vineetrughwani]

Okay I may have phrased my question incorrectly. I'm not talking about trade management.

It's about shortlisting which token would have the highest possibility of performance for the day regardless of direction. As in futures we could always long / short.

No one will tell you that on this forum. It is you as a trader that needs to find out about that. What I can only advice people is to go for reputable coins like bitcoin.

Why would no one help? I'm not asking to give specific tokens daily.. I want to learn how do people decide.. So if there are any courses whether free/paid or simply a mere discussion so I can learn from it.

Not here to ask financial advise nor give it tho.

Anyway thanks for the prompt replies I highly appreciate it.

[JeromeTash]

I personally look at the daily gainers or losers list and then pick up a couple of coins from there which i could long or short.

I mostly do shorting especially with coins that are over sold in the gainers list but hey, every one has their most suitable strategy that works for them.

[shinratensei_]

You don't wake up and say I'm gonna trade SOL.

you wake up, observe the market, find the coin that match your narrative, and trade on it, usually by reading chart or in general TA. so you trade absed on what's trending, how volatile, and how active the pair is.
trading on symbol can be done, but you'll get limited opportunity most likely.

though if i'm being honest, even trading on token/symbol can work as long as you are keen enough to read the chart and trade on it.
regardless speaking from my experience, you just trade on whatever you feel it will give you good profit.

[nimogsm]

Okay I may have phrased my question incorrectly. I'm not talking about trade management.

It's about shortlisting which token would have the highest possibility of performance for the day regardless of direction. As in futures we could always long / short.

No one will tell you that on this forum. It is you as a trader that needs to find out about that. What I can only advice people is to go for reputable coins like bitcoin.

Why would no one help? I'm not asking to give specific tokens daily.. I want to learn how do people decide.. So if there are any courses whether free/paid or simply a mere discussion so I can learn from it.

Not here to ask financial advise nor give it tho.

Anyway thanks for the prompt replies I highly appreciate it.

that is, as far as I understand correctly, it is not so important for you what to trade since you have some kind of strategy and it works on the largest trading volumes? This, to be honest, is the most alarming since the plan is very unreliable. There are top 5 trending coins on the coinmarket, work on them since they will be more predictable.

[cryptoaddictchie]

Hi everyone. I've been trading crypto futures on Binance platform.

However Im stuck on.. How does one choose which token/Symbol they would trade with for the day..?

There is like 300+ tokens on Binance. I've tried setting alerts for the strategy I use and most of the time the number of alerts that trigger becomes way too overwhelming.

Looking for guidance in this.

Thank you everyone

Well ita depend on your strategy on choosing which one. Some uses the historical data for which one to use on future, some are using the factoe which one is highly traded or active when it comes to volume. Personally Id suggest tokens that are high volume it means many users are trading it and good chance to move depends on the chart analysis.

[LogitechMouse]

However Im stuck on.. How does one choose which token/Symbol they would trade with for the day..?

There is like 300+ tokens on Binance. I've tried setting alerts for the strategy I use and most of the time the number of alerts that trigger becomes way too overwhelming.

We have different strategies on this one.

What I'm doing though is that I'm looking on the top 30 tokens based on their 24-hour trading volume, and I will analyze them one by one and will look if there's any good opportunities to enter a position. If I can't find any, I'll adjust it into the top 50. I'm basing my trades on the trading volume so that the manipulation is way harder than those that has a lower trading volume.

Look at the market first and then look at where the market is heading. Most of the time, you can see this if you will look at the 4H, 2H, and the 1H chart. Good luck on your trading journey OP.

[Strongkored]

Just choosing coins with the highest trading volume on the exchange can be your way to choose coins, because with high volume will make your trading move faster, and actually you don't need to always switch coins to trade every day, because it can waste your time because you have to choose, but trading Bitcoin or coins that are ranked 1-10 on CMC can be an option.

[hugeblack]

Why would no one help? I'm not asking to give specific tokens daily.. I want to learn how do people decide.. So if there are any courses whether free/paid or simply a mere discussion so I can learn from it.

Choosing a good token is based on the assumption that its price will rise in the next 72 hours and to predict that you need to follow the news whether it is listing news, burning, conference or other events that positively affect the price. One of the tools that may help you with that is ------> https://coinmarketcal.com/en/
Technical analysis does not give accurate results so following the token news and learning how to do DYOR is the best solution.

[jcojci]

Why would no one help? I'm not asking to give specific tokens daily.. I want to learn how do people decide.. So if there are any courses whether free/paid or simply a mere discussion so I can learn from it.

Not here to ask financial advise nor give it tho.

Anyway thanks for the prompt replies I highly appreciate it.

That is because we don't want to makes you sad if you lose your money. It is better you research by your own way than asks to anyone here or out there. Besides that, that will be your own good so you can improve your skills to analyze the coins.

Maybe I can advice you to check the top 100 coin lists at Coingecko or Coinmarket. You can pick the popular and do selection on the coins so you have a small list that you can analyze one by one. Before you pick the coin, you need to adjust your funds to trade so that will not disturb your funds management.

But if you want to find the coin in Binance, you can check on the Gainers and Losers and check one by one. I prefer to check the coin in the Losers so I can know which coin that have a chance to increase in the next uptrend. But that will not always right because we can not analyze accurately and find the coin that can increase. It is difficult and not easy even for a pro trader.