Tips for Day Trading Crypto?

Check out the Investopedia day trading articles for some basic tips. It's a bit different (because it's stock), but much of it applies.

Because you're more likely to fuck up since you're new. All this money flowing into the market means you win just by holding 95% of the shitcoins out there. Enjoy it while it lasts.

I get that, that's why I'm here and trying to learn. I'll experiment with smaller amounts while continuing to learn until I'm more confident and I'll still continue to hold my other investments.
I'll look into those, thanks. I'm looking into the ones about Bollinger Bands right now.

Speaking of, I'm having trouble figuring out how to calculate these on a given coin. Can someone explain that to me? I get what they are and the point of them, just don't necessarily understand how to apply them.

every sigle time a coin goes exponential, it always stops at the same place the goes down the same proportions

now the question is how to find coins

i made 500 $ yesterday daytrading

there are so many coins to hold and that would "moon", that you need at least 10 000$ initial investment today to receive comfy ROI on HOLD strategy

its difficult to daytrade, i initially wet from 150€ to 0.7 btc all thanks to trump coin

make a list of all low price low market cap coins and see which one is mentioned on twitter, or just go ave a look at twitter for such coins and follow movement closely

Answered my own question, to anyone else wondering, you can use Bollinger Bands on Bittrex by going to Studes -> Bollinger Bands on any given coin's page. Pretty awesome stuff.
Great idea, I'll definitely take a look at Twitter. I already have my eye on a few low price low market cap coins and am holding a few as well.

An interesting article if anyone is interested:

steemit.com/trading/@zkalemiss/how-to-use-bollinger-bands-and-rsi-indicators-on-bittrex-to-predict-if-the-price-will-go-up-or-down-they-are-veyy-good-for-daily

i've gotten better at day trading

even hodl is hit and miss and a lucky shot

and when you get the lucky shot, you think "i need to hold more, it will go higher" out of greed

then what happens?

DGB happens

Haha, I was actually just taking a look at the DGB graph using these Bollinger Bands to see how it looked when the crash happened. Follows the trends, people got out right as it the upper band and it plummeted from there. Also had to do with the "sell the news" bit of course.

Holding only makes sense when you think the coin will get an infusion of normie money to take you on a night flight to Lamboland.

So, what I'm getting from the bollinger bands is that they can be used effectively to minimize losses, but if you hold to them 100%, then you can lose out on gains.

For example, when a candle reaches the upper band, you can sell here, but there's some cases where it'll still keep rising. You don't lose any money by selling because you're still at a gain, but you could be missing out on a lot. My opinion is that, if one is day trading, they should take the gain and be happy and not get greedy.

There's also the case where even if a candle touches the bottom band, the price might not go up. For example, DGB. The "sell the news" bit obviously was to blame for this, so it's important to know as much as you can about the coin and probably avoid day trading coins that have upcoming news releases like that.

Other than that, these bollinger bands seem to be very effective and accurate at predicting how the price will turn out next. Going to keep watching the markets and then try it out for myself; exciting stuff.

This is the first worthwile thread on Veeky Forums in weeks.

shit. look, dont mention to the incoming normies about the bollinger bands. dont ever say that word again. This thread never happened.

Lol, not gonna lie, I was starting to get that feeling.

Look what the different candles mean from youtube or investopedia, you'll learn to recognize high and low points. Also stay woke for opportunities because of other news than chart movement, for example i bought litecoin two days ago, btc started to go down and litecoin had been pretty stable for some time. There was a little rising in the price already so i bought in and made almost 40% profit. Trends tell the most likely direction of the price, look it up on google on how to recognize them.

SHUT IT DOWN YHE GOYIM KNOW

Yeah it looks like this is full of shit. Even after 2 red candles touching the bottom line the price just kept dropping.

That means you cut your losses, kid

that isnt the fucking bottom line thats the average, you buy underneath that line

Yeah, zoom out. In that screenshot you aren't even looking at the bottom band.

Look dude bollinger bands are just an indicator. There's hundreds of indicators to choose from, and they all appear highly effective in their own environment. Don't get fooled and don't put all your money on one indicator.

Here's what you do:
1. Formulate a strategy (for example like you said, sell when it hits the upper, buy when it hits the lower). What timeframe will you trade?
2. Make it exact. Your strategy should read like code. IF (...) THEN (...). You need to know when you enter the market but also when you exit. When do you take your profit and when do you cut your losses.
3. Test on historical data. Go through historical chart data. Go through tick by tick. trade on paper. Only go through timeframes you would be trading (if you sleep at 04:00 you can't take trades at that time. Do not count these). Only go through data on the 1H if you only trade 1H, 30M if you only trade 30M etc.
4. Your backtesting is done. Theoretical profit? now you can forward test. do some paper trading on live data. No theoretical profit? back to the drawing board.
5. forward testing is done. Theoretical profit? now you're ready for live trading. No profit? try to see what went wrong. Did you go wrong on your backtesting? was it an irregular market? Did you not stick 100% to your plan? analyze your plan, your market and yourself.
6. Making a profit live? keep doing what you're doing. Not making a profit live? Again, analyze what is going wrong. Is it your plan, your market, or you?

I know people who trade on no indicators, a single indicator, or handfulls of indicators. everything can work, as long as you MAKE A PLAN, TEST THE PLAN and STICK TO THE PLAN.

This is great and I'll definitely be doing this. Didn't cross my mind to only focus on my available trading timeframes, so I really appreciate that idea. Excellently laid out.

It's a mistake i saw happen a lot especially in forex. People wondering why their strategy was underperforming on pairs that had most of their volume during the japan markets when they were trading new york.

yesterday 11am. what did they mean by this?

it means that some poor soul bought some bags at the top of that spike and inevitably got JUST'd

I6 waw m3

no that's false

cultivate a feeling for the market

consider each situation individually

fuck your systematic approach, fuck it to the depths of hell

some retard bought btc at 2.5k during that frame of time.