/biz/ - Business & Finance

[Anonymous No.5285888]

>tfw your day trading attempt fails but it's fine in the end


Day trading has been working out fine for me, however I keep making dumb mistakes which impact my gains substantially. Do you have any links to good guides? Or just some hints?

[Anonymous No.5285936]

>>5285888

made 70k in the last 6 weeks daytrading, I'll answer your questions, shoot

[Anonymous No.5285951]

>tfw 10 good trades whole day
>tfw 1 bad trade reks you in a minute
welp, thx crypto

[Anonymous No.5285988]

>>5285936
just how do you know what to buy and when? where do you get your info?

[Anonymous No.5285991]

>>5285951
which coin?

[Anonymous No.5285998]

>>5285936

What was your starting bankroll. How do you time entrances and exits? What resources are you using to research? How do you avoid being the victim of a pump?

[Anonymous No.5286046]

>Set realistic goals for profit
Don't invest in a shitcoin with the dreams of becoming the next Ethereum.

>Plan for losses
Likewise, think about how much capital you're willing to lose if something crashes. Use stop loss to put the brakes on freefalls & stop limits if you sense a potential fall

>Follow the conversations
Use twitter & forums (not /biz/, we're all shills here) to pick up sentiment on certain coins

>Spend time doing it
Day trading takes, well, your day. Be alert especially when Asian wakes up/comes back from work because that's often when certain coins get pumped

It's really easy to get greedy or filled with regret. I sold 100k verge at $0.07. Yeah, stupid of me, but ultimately I made profit that can be reinvested into other coins.

Be smart about your coins' liquidity / store of value. Some, like Dogecoin are amazing as intermediaries between trades because they're unlikely to lose or gain significant value

[Anonymous No.5286073]

>>5285988

I usually stick to the same coins I trade because I got used to their swings and movements and I know their technology and news roadmaps precisely by reading up on them.

Those are for me currently NEO, IOTA, ETH, LTC. I'm a pretty conservative trader with enough capital background to risk x3 margin trades easily, I try to keep my liquidation point zero and trade the swings. Also I - never - short crypto, which works for me very well. When I start trading I always have cmcap, relevant reddits and biz open to check on posts, opinions, general market "feel" and news.

[Anonymous No.5286090]

>>5285936

How do I determine better when to buy? I know you have to look for support and resistance, H&S, but are there more specific patterns? Or some more useful indicators, like trend lines?

[Anonymous No.5286110]

>>5286046

What is a realistic profit goal? How do you determine this?

[Anonymous No.5286118]

>>5285888
a great way to improve your trading is record your trades and afterwards, when you're done for the day, spend half an hour looking for what you did wrong, and what you could have done better.

[Anonymous No.5286121]

>>5285951
if that's true then you aren't practising risk management

a healthy rule is to risk no more than 1% of your total account per trade. this means that if your trade setup requires a 10% stoploss to be viable, then you can put 1/10th of your total account into the trade and still only lose 1%. knowing where to place stoplosses is important as this will tell you how much you will have to risk, and that will tell you how much to put into the trade.

a string of 1% losses can add up quickly too though, so to set that aside if a losing streak starts, 2 or 3 losses, cut risk again, maybe to 0.5%, and scale back in when trades move in your favour again.

the hardest thing about trading is managing your own emotions. a lot of very simple trading strategies are effective, but they depend upon you buying and selling at the proper time, not hoping the trade will suddenly turn in your favour. after a big win you can get complacent, and the same is true if not more so after big losses. check your emotions at each stage. "am i being mechanical?" "is this a sound business decision, or an emotional urge that violates my system?"

[Anonymous No.5286130]

>>5285998

I'm a BTC holder for years, so the trading aspect is more of a hobby now. I started 3 months ago with 3k$, now have 110k$ on my trading account.

[Anonymous No.5286137]

>>5286118
we're trying to increase capital not mmr over here nigger

[Anonymous No.5286162]

>>5286110
Don't know about him but if I can make 3% per trade I'm happy.

[Anonymous No.5286207]

>>5286073

What do you mean by liquidation point? Sorry native slovenia here.

[Anonymous No.5286249]

>>5286130
larping faggot

[Anonymous No.5286327]

>>5286137
>mmr

what?

[Anonymous No.5286332]

>>5286207
Oh hey, Austria here.

Liquidation Point is the point in a margin trade where your order would be closed automatically because you're "losing" on your trade. With a Margin trade you can "bet" on the future price of a coin (either "long" bet on coin going up or "short" coin dumping). Thing with margin is you can borrow more funds than you have to trade, hence there is a liquidation point because you secure your borrowed funds with your own capital. The FAQ on the Bitfinex exchange actually explains those trading methods very well & easily understandable.

[Anonymous No.5286347]

Whale here. I just pump something until I see it on this board, wait another hour or two or until the thread hits bump limit and then dump on your heads.

[Anonymous No.5286346]

>>5286110
>>5286162

2-5% is what I'd consider acceptable
Naturally there are breakouts that leap to 30%+ in a day

[Anonymous No.5286364]

Tried daytrading req last week. It was all good until I fomoed in on its peak, made consecutive bad trades and lost 75% of my progress.
And I was perfectly aware that there is ALWAYS a dip after news. Emotions are a bitch.

[Anonymous No.5286381]

>>5286249

Actually no larp. I started with small trades and was very happy with 100-500$ gains, now I'm not closing a trade below 1.5-3k$. Daytrading is really great for gains but you need to understand the risk behind it and have the nerves to do it. Also you shouldnt be emotional because emotions will almost certainly lead to very bad decisions.

[Anonymous No.5286389]

>>5286073
Did you burned yourself shorting crypto ?

[Anonymous No.5286411]

>>5286249
pic related, current open positions, opened like 4 hours ago.

[Anonymous No.5286429]

>daytrading

[Anonymous No.5286453]

>>5286389

Nah, I just generally don't do it because I trust in the market and have seen so many unpredictable bullruns that I rather bet on catching one of those than burning my fingers trying to time a short. I'm happy that way.

[Anonymous No.5286465]

Oh great its another thread where faggots exhort info and retards expose their trade secrets

[Anonymous No.5286498]

>>5286429

>scalping

[Anonymous No.5286503]

>>5285888
For a good group to talk about trading and especially talking you out of making dumb mistakes come to

discord.gg/tebwEwv

Retards get banned.

[Anonymous No.5286529]

>>5286429
lmao fuck anon that is a good strat if your a baller

[Anonymous No.5286531]

>>5286503

Fuck off, scamshill.
Never trust those discord links.

[Anonymous No.5286559]

>>5286453
I am fairly new but i managed to short some cryptos couple times. It might have been just luck, so probably not a good idea to push it.

[Anonymous No.5286563]

>>5286531
Are you retarded? It's just a discord server.
You join and if you don't like it you just leave

[Anonymous No.5286581]

>>5286453
nice, man. how do you keep yourself from closing your positions prematurely? also when do you close a losing trade?

[Anonymous No.5286617]

>>5286453

Do you know any good books or guides explaining the whole thing more in depth? Or is it just experience?

[Anonymous No.5286646]

>>5286130
Makes me feel bad that I started twice as long ago and have only made 1/5th those profits.

[Anonymous No.5286662]

>>5286581

I havent done so, only once, one of my first when I was scared to loose too much which tought me that you can always hold out a dip, even if it means that your funds are frozen in a trade for a few days. Always sit losing streaks out, it will recover and get you gains. That's also why I only trade coins I really do believe in and hold long term besides the trading.

[Anonymous No.5286725]

>>5286617

As I said I just started 3 months ago, I read about analysis on investopedia (especially Bollinger Bands!) and just worked my way up on a daily basis. Started out with minitrades of 50$ on bitfinex, learned more with every trade, now up to 200k trades.

[Anonymous No.5286782]

>>5286347

how do you pump?

[Anonymous No.5286790]

>>5286725
did you know the inventor of bollinger bands is hella into crypto

https://twitter.com/bbands

[Anonymous No.5286849]

How do I set up a stop limit properly. I keep getting JUSTED from whales chad stepping at me.

[Anonymous No.5286857]

>>5286790

That's cool, havent checked that out yet. Thanks!

[Anonymous No.5286900]

>>5286346
Thank you for your education.

>>5286332
you too

[Anonymous No.5287008]

>>5286725

Thanks, that should help a lot. I started dabbling in trading around 3 weeks ago (though only done it seriously during this one) so I am lacking "some" fundamentals. I did double my initial investment, but I shouldn't have taken that long.

[Anonymous No.5287038]

>>5287008

doubled in BTC I mean

[Anonymous No.5287146]

>>5287008

Yeah I see what you mean, especially in the beginning you shouldnt be inpatient, just be happy with little gains and let your experience grow, it's getting easier with every trade and time will fly, you're gonna have your first "big trade" just like that. Bollinger Bands, Zig Zag Lines & Fractals are my 3 go-to analysis tools. They're very reliable for me, but always keep unexpected news in mind, so always have reddit, biz & co open on the side.

[Anonymous No.5287182]

>>5286662
>I was scared to loose too much which tought me that you can always hold out a dip

man, I held an omg margin long backed by omg for almost 3 month. that's no fun. I actually don't know what divine force helped me out, but when OMG dipped to USD 3, I was at -3600 USD. Somehow I didn't get liquidated. Anyway, long story short, I missed out on a lot of gains and almost lost 25k and I am incredibly stupid for backing with what I was longing.

[Anonymous No.5287230]

Comfy as fk with bzc

[Anonymous No.5287288]

>>5287182

Damn that's harsh bro, bad feels. That's why I try to keep my LIQ on the zero, happily can afford to do big trades now still with zero or very low liquidation because I built loads of trading capital over time.

[Anonymous No.5287331]

>>5286046
>Follow the conversations
>Use twitter & forums (not /biz/, we're all shills here) to pick up sentiment on certain coins

what twitter accounts and forums do you recommend?

[Anonymous No.5287411]

>>5287331

for me personally it's each coins individual subred & ethtrader subred.

[Anonymous No.5287510]

>>5287288
yeah. I've been doing exactly the same the last few days, but well I'm a little terrified of dips right now.
That's why I asked how you know when to close. I'm having problems with that right now.

By the way, really great job grinding yourself up to over 100k. What do you think about lending money?

[Anonymous No.5287614]

>>5287146
Do you keep btc or usdt when not trading?

[Anonymous No.5287885]

>>5287614

I dont trust USDT look at the TOS. Trade in coin, put it in a wallet. if you want to cash out shapeshift to something you can get real fiat for

[Anonymous No.5287909]

It's easier to just buy at the dip and hold. All it takes is one moon mission to make a huge profit versus sitting in front of your computer the whole day and scraping pennies from small trades.

[Anonymous No.5288012]

I've only been day trading for 6 months now, maybe 4% on my stack each month aside from breakouts.

I've found that it's risky but also kind of nice to have a primary coin to day trade with and when you see it dip to a high point sell and take it into another volatile market, try to flip it there, and then buy back into your original at a lower price. I usually only consider that one trade and sometimes if you can see a high and low forming between two different markets you can get double the gains. Risky if you get greedy or time it wrong. Also it can save you, just yesterday doing this saved me from losing 15% in 10 min to gaining .5%

[Anonymous No.5288027]

>>5287909
it's no doubt easier, but if you know what you're doing you can rack up decent gains
most people are best off just buying the dip and hodling for sure though, and will make better gains than trying to beat the market

[Anonymous No.5288089]

>>5287909
since yesterday I made USD 2000 scraping.

[Anonymous No.5288487]

>>5287909

You can reasonably easily get at least around 5 percent on some smaller and much more volatile coins with a trade that's over within an hour or two. Of course, you have to time it right and also because of their smaller volume you can't put too much in them. But the gains can be quite good.

[Anonymous No.5288567]

Why day trade crypto? Why not just find good coins and hold?

If you're doing it because you get bored, maybe binary options would be something that might interest you. It's the hardest form of Forex trading but once you got good, your day trading with this would be quite easy to predict.

[Anonymous No.5288702]

>>5287909

True, but in a bull market like this (which doesn't happen every day/month), it is possible to make 10x profits just from a few trades

BCH was a good example of both good daytrade and bad (depending on when you make your orders), especially when news were piling up / volume stacking up

[Anonymous No.5288904]

>>5285888
my strategy is to pick high volume coins and start buying as soon as the price starts going down. I have a stack of btc i use to trade and buy down in percentages until ive depleted my stack, then i wait until the coin im trading is above is above where the majority of my stack was purchased in sats and i sell. basically riding the waves and average down/up my buys/sells. I use to put 100% of my stack at any given price, but that makes it easier to get burned.