Over the last 5 days I've daytraded my way from 0.54 ETH to 0.71 ETH

Over the last 5 days I've daytraded my way from 0.54 ETH to 0.71 ETH.

Am I doing good?

Yes, you're doing well.

Aw hell. You're right. Well, not good.

which coins you used to daytrade

THETA, TNC, and now OCN. Jumped out after big spikes. Has served me well so far. I'm just trying to get to 1 ETH because I was too broke to buy more than 0.54

very impressive

Any recommendations for day trading in binance?

care to share your strategy OP?

Lol

Wow, thanks. Okay, I'll tell you what I do, but please understand that while I've done a lot of reading and I think I'm fairly smart, I'm very new at this and I don't want you guys to think I'm some hot shot. Don't take my word as gospel.

Basically I just like to be real careful. What I've done so far is pick a coin which either hasn't had a big spike in price yet, or, one that has had a big dip and will obviously go up. Also, what I think is even more important, is that I've only been trading coins that very recently got on an exchange (within the last 10 days) so basically unless they've mooned like crazy I figure they'll probably go up. Finally, and I think this is the most important thing, is that I've been very careful not to be greedy. For example: If I buy something at 0.00028 ETH and it goes up to 0.00036 ETH I will sell, wait for it to drop to 0.00034 or something, buy again, and then sell when it gets to 0.00039. Slow and steady.

Also, two things I resolved to NEVER do:

1) I never FOMO back in. Like if I sell thinking its gonna go down, but it starts rocketing up, I don't buy back in at a loss. Ever. I just wait.

2) I never sell at a loss. Ever.

I made those rules because I broke each of them once and lost some ETH every time.

solid info, thanks.
what exchange are you on and how are you finding coins this new?

It's so simple but fear makes you fuck up.

Thank you user.

I'm on Binance, Huobi, Kucoin. I just browse Veeky Forums a lot and check coinmarketcap. But mostly Veeky Forums.

No worries. Yes, fear is your worst enemy, gotta stay calm.

>4
You've got a set of rules, and you are sticking to it - if nothing else that is one of the most important things you can do. If nothing else, you can better determine what is wrong with your strategy if you have consistent trades/data to look at.

There are scenarios where selling at a loss can be advantageous. Mainly in the event where your holding is in bear pattern with no sign of trend reversal meanwhile a different coin/stock is fairly clearly showing impending breakout; in which case you eat the loss to make a lateral trade to the thing that has more gain potential in near term. This is sort of diving in to the water off a sinking ship and swimming down to catch a ride on a submarine headed towards the surface.

Alternately you can average down on the declining coin by buying more at the lower price, thus decreasing your average cost per coin, increasing leverage, decreasing the price point to which it must rise for you to break even.

Both have pros and cons depending on the market. Second choice is usually slightly safer.

what if it stays down for weeks after you buy

Then I guess I hold. But if you get in real early, like 2 or 3 days after its just been listed on an exchange, and its only gone up a few cents from its initial price on the exchange, chances are it will go up at least somewhat. That's been my experience anyways.

I did that with IOST and am holding the fuck out of some bags right now.

>2) I never sell at a loss. Ever.
This is one of my rules too.

Common sense dictate those rules, but fear and impatience are bad for business as OP said

I'm not really a day trading kinda guy myself.

>exit with a tiny profit
>let the losses run wild and never exit
user, I am you from the future
I came back to tell you that you're being a fucking retard
stop it

Keep it up m8

I have massive long term hold bags (40k LINK etc.)

So I have been doing an experiment in day trading NEO with a small amount. Going to cash out whatever gains I get from it on Friday.

Up 22% so far - party because NEO has been on a good run but also from trading up the stack.

I know that feel. I bought into IOST on Binance at 700 and nearly doubled sats in a night...got too greedy kept holding. at a loss now kek

Why didn't you just put that into POWH? Would've made x5 easily. All that time and effort wasted.

I stuck .5 Eth in a ponzi DApp and withdrew 1.5 within a few hours. You're doing great sweetie.

>2) I never sell at a loss. Ever.

Selling at a loss is good so you have more capital to reinvest. Like if your holding is dropping below 15% why would you hold it?

You might change your mind when you baghold to a 75% loss. Stop losses are good.

I bought IOST at 7cents the day it got on binance. The next day it was 14 cents. Like you I got greedy and held them finally sold at 8 cents, only made around 20-30 bucks when I could’ve made 100. Although this was just an experiment in day trading so who cares