How do I ACTUALLY learn how to daytrade? Is there some guide that teaches me signs to watch out for in the market? I'm so fucking tired of consistently losing money because of a single bad call
LULZ / Finance & Business
How do I ACTUALLY learn how to daytrade? Is there some guide that teaches me signs to watch out for in the market?
buy low sell high
I did that and got wiped out but a single whale undoing the market trend in under a minute. I need to know what signs to watch out for so I get out when its time to get out
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Daytraders lose, dummy.
I don't want to wait years and years for a slight chance at 2x'ing my investment, whilst still also having the chance of halving it
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>Learn a indicator
>Backtest indicator
>Is indicator profitable over time?
>If yes proceed, if no look at another indictator/ try strategy on different time frames
>Have clear risk management with defined levels where you will take profit and cut losses, ideally you want a strategy that has at least a 50% hit rate of a risk reward ratio of 2.
Trading as a profession is about crafting a strategy and sticking too it, never risk so more than 1-2% of your trading funds on a single trade, because statistically speaking loss streaks of 5-8+ CAN happen so if you are risking 10% of your account on a single trade and you go on a loss streak you are likely to very quickly blow up your account.
There is a perverse incentive for new traders with small accounts to lever up past 5x leverage because otherwise they won't 'make enough money' on a trade. It is important to ignore this logical fallacy and realize that more so than making a large nominal profit the key to success is consistent performance over time without destroying your account.
Trading is 50% psychology, 30% experience and 20% technical knowledge
Disclaimer I do not daytrade at all, I am 100% all in LINK since I would rather a sure thing 10000x then gambling on some chink exchange.
>I am 100% all in LINK since I would rather a sure thing 10000x then gambling
Not gonna mean shit if you have a million dollars at 60 years old, though
Age extension is just on the horizon pal. Better to get rich for sure and then be able to eat the best quality food and extend your lifespan articially by hundreds of years than to gamble and get rekt so you can get rich quick.
Risk management is key.
Learn several indicators, which indicate different things, and learn them really well.
Backtest as this anon pointed out.
COuld you explain what leverage is and what it does?
If anyone has time to share knowledge i would greatly appreciate, it will not be given in vain. I want to learn like a child and will be persistent. I am determined to make it work, by the grace of God, because i have the right motive - freedom, not vain consumerism, etc.
thank you.
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bro I asked what are you trying to day trade. I sit cryptos or stocks what is it your day trading?
Crypto day trading man i am trying to get into it but going on YouTube and trying to learn reading charts/day trading has just no consistency. I think i need someone to point me in the right direction that will lead to success, these YouTubers are too inconsistent or just talk like they know stuff.
I've been ignored again 🙁
You need to read up some basics on investopedia and then venture into crypto twitter for news and some education.
Alright guys, thanks for the info. Going to have to put in more time and study for now.
Check out EmperorBTC
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I see Anon, I tough you mean Option stock trading. I dont trade cryptos anymore. Trading usually gets you reked. Best thing to do is dollar cost in and hold. Especially right now in the Bear Market dont trade there is no action. Best time to trade is a bull market. Faster quicker smoother pumps. But I guess you could start studying right now.
In general you’re right. Even in a bear market the occasional no brainer comes along (scooping up millions of LUNA after it crashed to SHIB levels) and can be played if only to offset some of your losses. But this is a good time to be scouring for the best projects to hold long term.
Most of the youtube "traders" make their money from engagement farming and not actual trading
The traders who have developed methods that work generally guard their secrets, or otherwise cannot properly communicate precisely how they implement it. There's a distinction between method and execution, where one method can be executed in multiple ways with varying results. Thus even across many people using the same method, you will find wildly different outcomes. So its a mix of proper method, but one which you can execute in a way that generates positive outcomes over the long term. Trading successfully is a journey in self discovery, because the key input is you and all the strengths/weaknesses you bring to the table every time you execute. If you feel like shit, your performance is probably going to be like shit. Treat it like an athletic performance, where your body and mind are fine tuned to the act of proper execution. Don't be lazy. Don't be sloppy. And an important distinction that traders have over athletes, you get to decide when the game is played - so DON'T play on days where you feel shitty. There's plenty more I could say but it won't mean much without the experiences to make apparent the meaning behind it all. Good luck
amazing post
listen to this OP
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Just click the sell button when you're profitable, stop holding for more gains. Day trading and trend riding are completely different. Just click sell. That's it. Sell when the price goes up. Buy when the price goes down.
Look at a graph and find the price range. Sell when the price tests the 24, 50 and 200 day MA.
this is pretty much all you have to do. take 1000usdt buy little bits when it goes down and sell little bits when it goes up. you will be in profit soon enough. its not hard.
Companies with billions of dollars of equipment and insider knowledge and teams of 180 IQ autists can hardly trade enough to beat the market yet retard individuals still insist on “day trading” and thinking they will come out ahead Pro tip: you will underperform the market 99% of the time and will take big loses more often than not when all you have to do is buy and hold profitable dividend paying companies to make a solid and safe 12% a year
T. Rich garden gnome with generational wealth from slow and steady stock market investing
Stop lying. You are not gnomish and everything you said was bullshit.
>Companies with billions of dollars of equipment and insider knowledge and teams of 180 IQ autists can hardly trade enough to beat the market
That's because they literally have so much money that substantial buys and sells would sway the market extensively and fuck them over
This, except it's more like 3% and finding reliable companies is not trivial
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>Companies with billions of dollars of equipment and insider knowledge and teams of 180 IQ autists can hardly trade enough to beat the market
Just not true, see Virtu's PnL distribution per trading day.
t. hedge fund Quant
What does the money-scale represent.
Daytrading profit in million $ per day
What makes quantitative analysis so good? I've seen models used for predictive maintenance, power usage prediction, and many other things. And honestly I wasn't super impressed.
Maybe implemented on a large scale and with proper data? Idk.
What tools do you use, how many vectors go into your models?
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>I've seen models used for predictive maintenance, power usage prediction
You can model anything. Most models are only completely brainfucked and used to impress dumbfucks. Became very big during covid with "scientists" make "predictions" on growth without restrictions.
>What makes quantitative analysis so good?
In investing, it can take emotions out. There are beautiful quantitative investment strategies out there, on of my favourites being a beta-neutral strategy where you short high-beta and (leverage) long low beta stocks. Pretty neat, sharpe ratio in most markets of 1 vs market average of 0.2-0.5 (see pic).
https://www.sciencedirect.com/science/article/pii/S0304405X13002675
Thanks.
You implement paper strats, or make your own?
>short high-beta and (leverage) long low beta stocks
sounds like a good way to blow up
It's a legit strategy but leverage is too expensive for retail.
Issue is when correlation diverges beyond expected sigma and the leveraged side is forced into liquidation. i.e. LTCM
use gains dot trade, then go to practice 🙂 easy
You could try reading all the books you can on daytrading and keeping what makes sense and you agree with and tossing the chaff. There are a bunch of pdfs on the topic easily found online.
Since you daytrade, you are effectively a gambler, so read this:
https://en.wikipedia.org/wiki/Gambling_and_information_theory
Then apply Kelly Criterion to your gambling trades:
https://en.wikipedia.org/wiki/Kelly_criterion
What is she doing to him?
The needful, sir
I’ve heard swing trading weekly is far more successful if you’re patient.
Heard the opposite
This is a good idea mid cycle.
Invest for value or relearn what investing is retard
daytrading isn't investing
Babypips has literally a full course for free.
Every resource on the internet is free
Day trading is a scam. Everybody should watch this entire video before even considering trading. If you don't have the attention span to watch it, then you're gonna suck at trading anyway.
honestly you won't make it unless you truly have an edge and it's an edge 90%+ of retail will never utilize. I doubt there is anyone in here who has a consistent futures trading track record for the last 2-3 years, but there are some people that do and their edge isn't derived from public indicators or reading chats. Just save your money, buy shares on stock market and just trade a delta neutral strategy with options and that's probably the most safest way to win consistently and beat the market.
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that image
OP, you have to have a strong desire for it which you manifest through diligence and practice. The key for me was realizing I simply had to be better than most other traders. That's all. Find a strategy that fits your psychology and try it with consistency of good risk management. Keep what works and discard the rest. Have an ability to adapt. That's it.
How to do i find strategies and learn about them.
just search. if you havent developed your knowledge seeking skills then you need to do that. you’re too helpless and naive sounding.
? thanks
OP, you dont want to be a trader. trust me. you have to be cold and emotionless. if you become a successful trader, you will lose everything else in your life. being too happy will make you too optimistic, being too sad will make you impulsive. then, there is the anxiety of multiple losing days or weeks because you basically just wasted time. it's really only a lifestyle for people who are ALREADY rich enough to retire and can play around with a few million. similar to being an online poker player, you aint gonna make it. maybe 1 out of a 1000 will. it's better to grind up then play with the market.
daytrading is not profitable. swinging over multiple weeks is. You should focus on being more patient and looking at daily charts to trade.
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Anon day trading what ? You mean cryptos?
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>learn
>daytrade
You don't, you either know or you don't.
NGMI
Buy high sell low
If you daytrade you should expect to lose money as you are paying fees to try predict what is essentially random movements. You should expect to earn close to nothing before fees and lose heavily after fees. If this is your experience then congratulations; You are daytrading.
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I usually just do the spot trading and buy the coins i like. I've been holding eth, reef, dot, matic and now am also exploring Polygon's project which is the Kolnet. It's pretty simple and has good product to tell. I'm keeping tab on that. I don't follow signals from an 'expert traders'
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>just do the spot trading and buy the coins i like.
I stopped reading at >coins I like
You're a fucking loser, NGMI.
Eth, reef, dot, matic? NGMI? You are the real parasite. Don't try me or else, i'll gonna slap kolnet and polkadot straight to your face.
I don't understand anything of what you just said, none, like nothing. NGMI.
Take some vitamins.
You take vitamins? Unless you are at that age... NGMI. Actually even if you need the vitamins because you are geriatric... NGMI.
I mean its a bear market, there is really no action right now. Unless you find the risky as fuck pump and dumps. I do like the price action in Hex and Pulse Doge. I been making money there, buy the dip selling the pump. So my best advice to Anon is that stick to a well known crypto and practice $100-500 day trading those. Buy dip sell top, the problem is if it dips hard you get fucked out of your play.
Thanks for this piece of advice. I got my major assets here. So far, only LUNA has crashed.
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Yea man nobody know show long this bear cycle will last. I would say stick to ETH , and the top cryptos like Hex etc to play around with trading. But I be careful i think BTC and ETH are due for one more bad pull back. This is a YOYO market so dont get caught on the way down.
Eth is my bag, no hex here. Richard heart is doin something?
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Look into Pulse Chain and PulseX thank me later Anon.
>get a sim account
>trade for 6m on 1-2 asset classes
>start with 5000 on EU exchange
>acknowledge you must lose money to gain money
good luck
The biggest thing I want to know is when looking for something, there has to be a way to know if VCs have already bought, or at least still have large holdings in something. That more than anything can get you rekt even if you’re really confident on the potential of something.
messari has info on supply distributions, allocations etc
there are a lot of crypto analytics services out there, just have to know what you are looking for. When you search on google, do "crypto analytics" + data_you_want (i.e. "supply distribution"). Also can use "crypto research"