Daytrading

Emotion, they buy high scared of missing the moon then sell low scared of losing everything.

Gain £$ value but lose BTC/ETH when all you really wanted was more BTC/ETH. That's my recent experience anyway.

this
i dont even follow my gains on $ only btc
it changes the game, you no longer trading money.

It takes an extremely specific personality combined with a statistically probabe system combined with a often costly trading experience.

You have to be analytical, good at pattern recognition, self-aware, good at controlling emotion and have the discipline and self control to stick to one methodology and not go chasing pumps and memes.

It also takes alot of patience to wait for only the best setups using your methodology.

You also have to enjoy staring at charts for hours upon hours a day.

Obviously this combination of traits is quite rare and that's why 99% of biz are just HODLers.

How long do you fucks hold shitcoins then?

Day-trading is set up to make the brokers rich.

>Day-trading is set up to make the brokers rich.
Veeky Forums linked this a while back. Very informative.

youtube.com/watch?v=L7G0OfJUON8

For shitcoins, they're not actually like stock at all. They're much, much closer to poker. Even people familiar with stock (but not penny stock, which are mostly the same) will not be able to do it.
In general, because it actually requires a lot of study and intelligence to get started. Once you get the ball rolling it's not that bad, but most people are busy with a real job and aren't interested in wasting all their paychecks on grasping it.

>not enough volume
>selling too late in the dip when the market shills decide to prop the market back up

Your better off just holding onto a bunch of coins for a long period really.

3 months off for summer with no job and my only commitments being the gym. Gunna' be a fruitful season boys.

Depending on with how much you started, this is quite good to increddible week.

>Most people trade money from their actual savings which they cannot afford to lose

Anyone who uses money they cannot afford to lose is an idiot and deserves to lose it, be it daytrading, investing or gambling in a casino.

they don't take the time to develop a robust system, so they end up trading on emotions and that inevitably fails.

HAH. I like data. Liked him as a child, like him today. Logical analysis of the facts. Leaving aside emotions, cutting losses short and not getting greedy on green bars mooning.

Thats important in daytrading, agreed.

>For shitcoins, they're not actually like stock at all. They're much, much closer to poker.

Definitely. I wouldn't be surprised if a lot of successful coin traders are/were poker players. Normies think that poker is about bluffing, but that's just a tactic. The strategy is about making a profit not just by maximizing gains when you're up, but by minimizing the amount you lose from bad beats. It also rewards sticking with a set game plan no matter what happens. It's the same attitude you need for trading.

I watched it.

He says daytrading is only viable 20% of the time throughout time because of low volatility.

Guess what crypto is all about?

*throughout history
I need sleep

Exactly. You can't really apply the principles in the video to cryptocurrency.

You can't set up a balanced long/short portfolio using 80% fundamentals 20% technicals in crypto because there are no fundamentals in crypto, it's almost 100% emotion, speculation and hype.

any more pointers on how to follow "the smart money"?

people think they're the shit and next tony montana because they know how to pull up a chart and fund an account when in reality it's just glorified gambling. very lucrative if you know what you're doing but forget you're some kind of "investor"

>people think they're the shit and next tony montana because they know how to pull up a chart and fund an account when in reality it's just glorified gambling. very lucrative if you know what you're doing but forget you're some kind of "investor"

This is true even for daytrading in stocks, currencies, and other securities though. Only buy-and-holding and buying undervalued securities count as "investing." Or buying real assets.

If you're thinking of investing in a coin you should set entry and exit points. Have a plan, and follow your plan.

I sold half of my DGB position a little before the last ATH. I didn't make maximum profits, but I didn't miss the chance either. Bought back in after a 61% retracement and have been accumulating over the last couple days. Ready for the next leg up.

Not only that but stocks are open 7 hours a day, crypto is open 24/7.

>Tfw just described me
Unfortunately I cannot daytrade up until the 20th, but after that I'm planning to pull out around 0.5 off my holds to daytrade.

Interesting. But is that an artifact of the makeup of cryptocoin markets? Like, BTC is slowly becoming less volatile as time goes on, no? the last big swing was 900 to 2800 since I've been watching, but that's not that great compared to ETH swinging 1000%

Yeah the volatility of larger cryptocurrencies will decrease as they become more liquid but there will always be smaller more volatile markets.

The takeaway I got from that video was how absolutely rigged the stock market is against the retail trader.

That's one of the great things about cryptocurrency, the decentralisation, the choice of many exchanges, the fact that no central power can monopolize the whole system and set it up just to rob you.

Hopefully it will keep going in this direction with the advent of decentralized exchanges or even atomic swaps.

I still think a lone wolf can succeed in normie trading, but as the video says, you can't just rely on trading one asset type and succeed. (ie: forex trader)

Plus, multimillion dollar bots from Harvard will steal any potential gains if you even try to do arbitrage or minute trading.

So the only thing you probably can do is HODL and readjust your portfolio an hour a day, and update on any news one to a few hours a day and get them slow gains hopefully a bit above the market.

[this is mostly information based on the video]

But fuck that shit. Only reason why I'd tamper with it in the near future is to learn new things about crypto-currency.

I know people here doubt the "TA triangles meme," but I personally think that whales feed on volatility between pumps, and that comes in the form of a narrowing cone. Once that narrows enough, it's pump or dump time.

That's why I set a order to wait for the dip to hit 0.0032btc on STRAT. It's getting less volitaile and I expect it to shoot up probably this evening, if not sooner.

Hope this experiment works!

>there are no fundamentals in crypto, it's almost 100% emotion, speculation and hype.

What this guy says.

Daytrading is mostly populated by people that daydream of hitting it big and have no idea what they're doing. Same for crypto. The only difference between this and buying lotto tickets is that there is a tiny minority of daytraders who are intelligent and know their stuff. You're not in that minority.