How do I get good at day trading?

read this user, seriously

drive.google.com/file/d/0BxbDQmKlTUotcFlXRnlNMWdjYW8/view?usp=sharing

AAAAAA MY LINK!

fuck your links nigga, they're worthless atm

feel the ichimoku cloud

discord.gg/suDgMP
You could use this...

you write a trading bot that uses machine learning to train itself based on historical data and executes 10s-100s of trades for almost negligible amounts of profit simultaneously for multiple cryptocurrencies on multiple exchanges. the sum of these individually negligible profits is a nice amount to add to your stack daily.

if you try and day trade using your eyes and your brain and a chart you are gambling. because like it or not you are a part of the hivemind that these bots are predicting and beating on a daily basis.

long pumps, short dumps
now it's time to short BCH

Where do you get a trade bot if you don't build one?

Do you know why daytrader threads are abundant when alts go up but when the situation reverses there are non of them?

Exactly.

Like zenbot? Cryptotrader?

Trading is just educated gambling. FA & TA helps to put odds in your favour. It's really that simple. Even Warren Buffet & George Soros are only correct 30-50% of the time. Trading is risky business, never risk what you cannot afford to lose

Because high volume, volatile movements are incredibly profitable and we have fun posting about it?

Yeah, honestly if you have 10% edge and good money management strategy, then you're in the successful traders club.

few things to think about:

1) if a bot is really fucking good, like raking in massive profits, 99% of people will not sell the bot strategy.

2) if a bot is raking in massive profits and some dipshit DOES sell it, it will be very expensive, but also everyone will buy it and then it won't work because it will be trading against itself

3) if a bot is cheap it's probably really shitty and getting eaten alive by trading fees

just spend some time to write your own. making money isn't easy. i'm absolutely shit at coding and I managed to get something up and running in python. it took me like 60 hours. if 60 hours for good, consistent profit (that will keep getting better as my strategy gets better) isn't worth your time then you don't actually want it that bad do you

The "secret" of all successful traders is their ability to draw accurate emerging trend channels and trade breakouts, since they're the safest bet. The mechanism is simple, as soon as you're able to draw a reliable and neat looking short-term channel, it means that it's been already tested at least twice (otherwise you wouldn't have pivots to base the channel off), so breakout is imminent.

This is what every professional trader does. I've worked as TA for 5+ years before, now living off my investments in real estate and playing around with crypto for fun.

We tried making bots with similar accuracy but they sucked. But they're not really that necessary to be honest. Even the greatest moron can trade breakouts on 1-4h charts. I assume 1d charts would be a challenge for household pets, at most.

The game is really easy, the human element is the weakest link in the chain. Lack of patience, worrying about losses, urgency to "prove yourself", you need to leave all this shit behind if you want to trade seriously.

And also, OP, stay away from YouTube. The tutorials there are all bullshit.

Buy low-priced shitcoins, sell when there is a pump.

can you post a few today's examples of, e.g. eth, neo, powr and btc and hint us dumbasses what you conclude out of their today's charts?

drive.google.com/file/d/0BxbDQmKlTUotcFlXRnlNMWdjYW8/view

pg. 129 - 156..... is this applicable to crypto

Just buy ARN

POWR. Neat channel and exactly as sexy breakout, to be in the money I would have bought the first green candle closed above the top trend line. Now it's ranging, uncertain what's going to happen next, wouldn't recommend buying until situation is more clear.

NEO. Volatile, textbook fake breakout with head and shoulders, which is usually a trace of big money involved in price manipulation. Judging by the latest movements it's going to violently drop in value.

First time someone actually posts useful advice. Thank you for that. What do you think about just taking $500 and learning by trial and error? Any pitfalls a beginner should look out for?

how do i know which coins are currently "low" and not about to go lower?

do you trade high volume, medium volume, or low volume?

Get on whatever exchange you use
sort the coins by percent change (negative first)
pick one with a 20% loss
set buy order at next strong support
then sell it 10%-15% above your buy point

is this worth doing if you're a burger? i don't want to get fucked in the ass by the IRS.

ETH. Had a tasty breakout few days ago. If I were watching the price, I would have bought it on the first green candle closed above the channel. Right now it's consolidating at a very dangerous angle, we're in the fake breakout territory. As soon as a red candle closes in the red area, sell immediately. Channel didn't yet close on top so there's potential for rise it to rise in value.

thx m8.. now i see it - btw... the book & pages i asked you about, is that applicable?

Yes.
Do not allow emotions to control you in any way.
That's all you need

BTC. Had a very good uptrend run, started to cautiously range. Now it's on a verge of a STRONG bullish break out. As soon as a green candle closes above the upper gray line, buy!

Wait, why buy when it's high?

so you can sell when it crashes to 5600

You need to be cautious with technical analysis when it comes to crypto, since this is a very heavily manipulated market. I took a quick look at the book you attached and yes, rules mentioned there definitely apply to cryptocurrencies. Just avoid huge volume movements.

be my mentor :)

not sure what your bots strategy was, but real estate and crypto aren't even in the same ballpark considering the volatility and lack of regulation in crypto. this volatility and lack of regulation makes it much easier to strategize based on arbitrage and to accumulate large profits from simultaneously trading a large number of times for small amounts of profit on said volatility.

honestly i tried daytrading and i'm just too emotional in this volatile environment. i freak the fuck out on large swings. i need a set it and forget it type strategy, which means the bot life is for me.

u were fuckin right!

Bitcoin closed the candle above the channel. Curious to see what happens.

i am indeed a burger. i'm not making massive profits right now. the amount of my BTC stack that can be attributed to my bot trading is about 2BTC. i track everything and have an output csv with all of my historical trading data. tax season shouldn't be a problem.

also BTC just hit all time high everyone ayyyyy

You buy on bullish breakouts, sell on bearish breakouts. There's always a consolidation period between these two, enough time to track the movement and leave the trade at a safe level even if you're acting in a snail's pace.

Pic related. Bearish breakouts in this example have proven to be fake breakouts - they couldn't break through the resistance of the previous channel. Which was to be expected, because channels are angled upwards, we were in an upwards trend.

Don't ever trade against the trend. Trend is your friend, up until the end.

As you can see, channels/ranging last for quite long. There's a lot of time to make your decision.

Glad to be helpful!

it has breaken out!

can you help point me in the right direction

Im a college engineering major and I basically have no xperience in this

do you have any guides or recommendations for someone trying to learn coding/machine learning? i have no experience but i'm pretty good with numbers.

How do you draw the channels?

I see. Seems like I still have a lot to learn. So far I only bought at the most obvious dips. I avoided the highs because I couldn't understand them. I guess that's a reasonable and rational approach when you are a clueless noob? Understanding the difference between bearish and bullish breakouts still needs some work. I also need to learn the terminology.

one more question: what timeframe for candles do you think is appropriate for crypto trading in order to analyze the charts like you did, not to conclude too early and not too late? i guess you used 15 minute timeframes?

look up sentdex on youtube. dude is a monster. he has hundreds of videos on different educational topics involving statistics, data analysis, machine learning, and programming. most of it in python. he's completely self-made with no official educational background as far as i know. if nothing else he will motivate you to stop being a piece of shit (like he did with me).

also the purpose of his channel is not to make money which is a huge plus. it's like he's partially making the videos to help himself

You stop caring about prices and start caring about volume

Thanks, I've been considering coding a bot for a while but didn't know where to start

Here's unironically a good way:
Deposit $50-$100 in BitMEX. Use $1 at a time to make leveraged trades at 50x or 100x (50 or 100 contracts respectively) and give it your best shot. Don't get greedy, if you made 1-10% you win, just keep doing it over and over again. Eventually the dopamine responses in your brain will rewire themselves to funnel you into making more successful trades. It's called dust trading and combined with the tight liquidation points, you'll learn real fast kiddo and you'll have tons of shots at it if you mess up and as long as you don't use cross leverage. Cross leverage will eat away your whole balance if you let it, so stick to isolated leverage. You can thank me later or just use this link to sign up for reduced fees, although remember that if you use limit orders, you earn the maker fee through the negative fees scheme on the platform! bitmex.com/register/eY1A09

Hmm... It's just obvious to me how to do it after all this time, but overall you just need to connect the points where price pulls back down or up. If these points are not obvious to you, then just wait until situation becomes more clear. It's the same as with any other price action patterns, don't ever let your bias blind you. If it looks 'kinda like a pinbar', it's not a pinbar. If it looks 'kinda like a channel', then it's not a channel. You can practice on historical ticks on TradingView.

Be wary of the angle at which channels are formed. Up until 45 deg it's a trend, but very steep trend lines are almost always breakouts.

The bigger angle between the range/channel and the breakout, the bigger the chance that it's going to be a true breakout. Horizontal support levels are super strong for this exact reason.

To be honest the same rules apply on every time frame. Just find one that you're most comfortable with. If you're impatient, there's nothing wrong with working on M1 charts, but they require of you to act very quickly. And take not that you won't make much money trading M1. For me personally H1 always was the most optimal for day trading, during the slow days I jumped to 5M to make some pennies, but it's not as satisfying as profiting on big H1 movements.

bitmex is NOT for us customers

it's a big time investment. just remember it doesn't happen overnight and it can be frustrating. keep at it!

i like this, but a non-analytical brain doesn't just train itself based on dopamine responses. emotions can still play into this. there still has to be some steps, such as recording each trade, analyzing what went right/wrong, why things went right/wrong, etc. otherwise it still could be like gambling

It can very easily become gambling, that's why you must be patient instead of thinking that you need to make a salary day trading. Thinking that you need to earn a wage while day trading is what will kill you, guaranteed.

>ost optimal for day trading, during the slow days I jumped to 5M to make some pennies, but it's not as satisfying as profiting on big H1 move

perfect. will dive more into it now that i got hints :D

>btc at 7k a couple of days ago
>thought it would dip after hitting 7.2k at the most
>keeps shooting up
>at 8k now
>mfw i didnt invest at 7k
>mfw 7k is now the new low

New support is at $7905, strong support at $7790. BTC is most likely going to go up until it ranges at around $8400. Price action says: buy now and consider any slight retracement as a discount price.

How much actual $ can you even profit if you put a $1 long with x100 leverage on some BTC $100 pump?

take the baby pips course if you haven't already

That trade would use about 14,428 satoshis to gain about 16,000 satoshis.

So you'd have $2.30 from a $1 bet, it's good for learning that way and that's considered a good return, just don't get greedy. If you feel more confident, use more money, but LESS LEVERAGE - but don't let confidence itself shape your trades as it is probably biased like emotions usually are.

I don't get it. I tried using the bitmex calc to simulate a trade...wtf?

What kind of gains are these?

You draw some lines....

100 dollar pump on btc is about 1.5%. I don't know how leveraging works, but if 100x is double then you'd make about 3% or 3 cents. I have trouble beliving it's possible, but if you are actually able to multiply your bet by 100 then it would be around 15 cents gained I think.

well just follow some advise and learn at t.me/cryptomatrix555

keep trading and reading and fail until you find something that fits

Profit/Loss is if you were to be using 1x, ROE% is return on the equity you are using for the position. So you are using 0.0018 BTC and would profit 0.0032 BTC from this trade at 100x leverage.

100x is not double, it's 100x. It's not uncommon at all for forex, some places go into the thousands although why anyone would do that is beyond me. 100x leverage allows you to buy 100 contracts (denominated at $1USD per contract in bitcoin, thus the price always changes in satoshi) with a dollar.
If you buy 100 contracts with $1 collateral and close $100 higher, you've made $1.50 (1.5%) on the assets you were "loaned".

although $100 is actually 1.25% at these levels. You'll also notice that you gain slightly more from shorting because it is an inverse contract. This is advantageous for people wishing to create a "synthetic USD" or simply to hedge against downturn where they believe we have reached a local top.

What do you mean by a bot? AI?

Step 1: Lick finger
Step 2: Hold in air

pretty much. you use a programming language like python, C#, C++, jave, etc. to write a program that connects to your account on a certain exchange (or multiple) and enters and exits positions based on criteria.

basically this, with some exclusions

Don't

perfectly right about this one as well...

I'd like to make my own python based on indicators, i know how to handle APIs but don't know how to put the indicators stuff on it. I saw it on Forex and Stocks but nothing on Bitcoin and cryptocurrencies, help me Veeky Forums please

Where do I look into making a bot? I have the dedication, just need a little direction.
With sentdex he has a million videos, I'm not sure which series of his to watch?

python for finance?

Its much easier than people are saying.

1. Get AWS EC2 instance running.
2. Follow 10 min video on setting up a nodejs server.
3. Install NPM
4. Install the bitfinex package from NPM
5. copy and paste the basic example from the bitfinex NPM page and switch your api key in.

You can now interact with your trading wallet through your server

...

I started off by staring at the LINK charts on binance for a good two days before making a 3 dollar profit

start small my friend

luck. thats the only thing that makes successful day traders.

What about the long term channel and the fact that we haven't tested the bottom yet in the last dip?

he's talking about daytrading, and for daytrading the time window is clear

This sounds too easy, I mean it sounds like this is just how to get a bot to interact with my wallet. But building a somewhat unique bot sounds like the actual difficult task. I mean if it was easy everyone would be doing it

It's not that hard actually, what the other user said is pretty much the starting point. After doing that you need to parse data from exchange via it's API, install a charting library and feed it the data and last but not the least in starting terms, download TALib and run it on your charts so you can analyze them.

Not being sarcastic but why doesn't everyone do it? And it seems like what the other user said identical bots will compete the same and cancel each other out in a way maybe by effecting each other by diluting oppritunity? I know im talking out of my ass, just curious though.

It's straight up logical. If you're using X bot with Y strategy, you'll be going against other bots with the same strategy.

It's a relatively young market. The finance industry is known to be damn slow.

Also, a lot of people *are* in fact doing it.

So how do a bunch of bots just cancel each other out? Faster CPUs? It seems that strategy would become less useful with each bot.

*not just cancel each other

They don't necessarily cancel each other out, it depends on the trading logic.