I know a lot of new investors in crypto want to try their hand at day trading. However if you just hold a few top coins like Bitcoin, you will probably outperform most day trading efforts. But nevertheless, people want to give it a try so here are some tips to help you get on the right path without making the mistakes I see pretty much everyone making.
I aim for 1% profit every day.
Why would I ignore 20% gains and instead focus on 1% gains??
There are two reasons.
The first reason is that 1% is manageable...
Most cryptocurrencies are moving up and down by 1% every hour. The wild bull runs are hard to find, hard to time properly, and easy to go in the opposite direction where you lose a lot.
If you learn certain patterns and indicators, it is possible to consistently achieve 1-2% gains. Those gains are only exciting if you understand how far they can get you.
That brings me to the second reason that I only aim for 1% per day.
I’ll make much more money in the long term. Let’s run the numbers. Say you start your trading career with a $1,000 investment. If you trade every day using patterns and indicators that yield 1% profit per day, you’ll earn $37,783 after one year.
After 2 years you’ll earn $1,427,587.
Have a strategy – If you plan on day trading, you need to have a strategy. This goes with every form of investing, but it is absolutely necessary in day trading.
Don’t just sit at the computer and look for random coins to try to invest in. You need to have a strategy and that strategy has to fit your style, your budget, and your risk profile. Do you plan on doing technical analysis or fundamental analysis? Do you plan on following social media and the news for tips? Do you have a list of coins you are going to watch daily so you can become very familiar with their price action and only trade those coins?
Also, a strategy includes your in and out prices. What are you looking to make on each trade? Do not just buy a coin then wait for it to go up. You should have your sell prices already set before you even put a penny in.
Overall, you should have a set of conditions for every trade. As soon as you see a coin or price action that fits your conditions, you simply pull the trigger.
This is also one of the bigger mistakes I see day traders make. They think they are looking for “winners” but you should really be looking for coins that fit your set of conditions. You are trying to automate the process as much as possible to take out as much of the uncertainty as possible.
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