/biz/ - Business & Finance

Not sure if bait or you are really ignorant. This isnt forex. First of all autotriggering a stoploss only a percent or 2 from entry is retarded. Stoploss should be the signal then sell out on the bounce back. Also your "support" doesnt mean shit. Get used to volatility in the double digit % minimum. This is also one of the most volatile phases in the multi-year bear/bull cycle. Pack your fucking bags and hold, or gtfo and learn volatility theory.

>>19511395
>support lines
>he thinks technical analysis is applicable to a securities which are unregulated and are regularly front run, pumped and dumped, wash traded, etc. by a very small number of market manipulators aka """whales"""

technical analysis has barely been proven to be effective on the big boy stock markets. you're a fool for thinking it's worth anything in the world of craptocurrency.

>>19511395
>Am i fucking wrong for setting up stop loss or what the fuck, I deliberately placed it under support
You set your stop loss where you should have started layering in bigger buys
Support is not a zone to buy at after it's been tested multiple times and, youll notice in your chart the price is failing to stay higher every time it retests
That should have been your first clue that support would break, meaning people would be surprised and panic sell
That is why you place your layered buys below support, unless you're scalping, in which case you would have been out well before price dropped 2%. But like I said the weakness shown on the trend was your first clue.

>>19511395
Exchanges liquidating longs before pumping it up.

>>19511395
>I'm done with day trading crypto
you're dumb for thinking you ever could

>>19511395
>>19511595
Pic related. Expect the unexpected

Be honest, are your skills better than the people you daytrade against?
Otherwise just buy and hold. We are moving into bullrun, so that is safe strategy. Dont lose your chips before the bullrun
Just buy and Hold.

>>19511634
>>I'm done with day trading crypto
>you're dumb for thinking you ever could
Also this. 99% of day traders failing or blowing up their accounts is not a meme.

>>19511697
I just want to learn it's hardly about making money at this point, buying and holding doesnt teach me anything

>>19511723
90% of day traders lose money in traditional markets, number probably higher in crypto. Day trading has been largely destroyed due to algorithmic trading, they can do 50,000 trades per second, how many can you do? Either stick to swing trading (1-3 month time frame, potentially longer) or go with long term investing. Anything else is pure gambling, just go to vegas instead

>>19511723

I will tell you sad truth. This does not work anymore. The moves are tiny and fees are big. You will end up losing in the long run.

If you even perfectly time all the small blips, which is, of course, impossible, you will end up with some 1% profit per day if you are lucky.

Even the recent swings were just about 5%. I have missed the upswing and predicted the downswing. Guess what? lightly higher than the fee.

So, it is ok to practice and gain intuitions, but forget about any substantial or even consistent profit.

>>19511395
Take the true redpill and don’t use a stop loss, stop losses on none shit coins are a meme and for virgins.
>B-but I’ll lose everything, this could go to zero at any time
No it won’t, any day trader worth his salt can see the likely levels it will drop to, including the worst case scenario

>>19511913

> any day trader worth his salt can see the likely levels it will drop to

lol nogger, show us screemshot how you traded that bart lmao

>>19511939
>traded that bart lmao
I wouldn't have touched that bart with 20 foot pole and a hazmat suit on

>>19511395

>>19511903 Get in here son...I'll show you how to make money

>>19511723
Why don't you learn about research in fundamentals. Marketcap. Team compositions. Check what investors are behind project. Can you find bits of news and rumors in telegram.
You learn way more diverse things, and can also use it to earn money.

>>19511395
>bought below the LT MA
i dont even USE those and i know thats retarded

>>19511909
are you talking about day trading in general or crypto? I started with crypto because i had ETH from selling items in vidya.
I've been salty about crypto trading fees ever since I started but I stayed with ETH because i figured knowledge I learned in crypto could be applied to forex/stock day trading. My question is, should I just leave for forex?
Can day trading be profitable or is it a "meme" no matter what you are trading
I've been struggling to find a real answer. On one side there are peopel who say it is gambling like this anon:

>>19511851

and on the other side there are people who say they started to make a bank with it after couple years
I honestly don't want to waste 3 years on day trading just to then find out if it's even profitable and can be turned into full time income
Another question that I got is, are most things that I will learn with day trading applicable to swing trading? lets say I want to transition 1 year later to swing trading, do i basicially have to start from 0?

>>19512136

I thinks it is complicated. High volatility unregulated wild-west markets like shitcoin trading is of course risky, but you might at least get lucky.

Day trading as a occupation to earn your living consistently is, of course, impossible in the case of shitcoins.

The real gains and loses are occur mostly on some whales dumps.

In stocks it is less volatile, less risky, but it requires a substantial protfolio and good reliable broker.

I don't know anything about forex, but I think it is a scam. House always wins. Crypto trading casinos like binance or bitmex is just "forex" for shitcoins.

>>19511395
Welcome to Bitcoin, bitch.

Reverse Bart for the win

How do you buy things with crypto?

Why isn't it as simple as "have dollars, give me crypto"? Or is it and I'm a retard? Coinbase requires me to wait several days before I can use converted currency to purchase anything, during which it's possible it may sail under the value I need it to in order to make my purchase, which is utter faggotry.

>>19512317
fx can be scalped but one CB announcement and you get shit on

>>19511395
>all of the sudden

Never, ever gonna make it

>>19511395
>Am i fucking wrong for setting up stop loss
maybe use your brain and dont set stop loss where every noob does, and buy in AFTER the stop hunt

>>19511595
>>19511710
>>19511949

How do you recommend I day trade ETH at this moment? Do I just place buy orders at support lines even if it struggles to reach new highs?
What's the proper strategy to trade barts?
Where do you recommend I place my stop loss if at all? that -1% stop loss came from forex trading guides

Also what is an actual difference between scalping and day trading? I'm too new to this to pull off scalping succesfully. My target profit is always at 1.5% - again that came from forex guides. Is it a good practice in crypto as well? or should I let winners ride for more than couple hours? my fear is that once price reaches 1.5% profit and i dont sell, price will go down by a lot and i will be missing out on new opportunities or worse yet, price goes all the way down to my SL

you dont even know what you dont know

why in the name of the lord are you attempting to trade a highly volatile asset on very short time frame with little to no understanding of trading? you are guaranteed to loose all of your money

>>19511395
You're far too new. I stared at charts for 2 years watching how crypto moves before I started margin trading and have been nothing but green these past few months. It takes time to understand how this shit works.

>>19512441

read some book for christ sake

>>19511395
>2%
how new are you

>>19512576
any recommendations then?
Also why do you think fx is a scam? is it because of shady brokers?
>>19512370
what does CB abbreviation mean? only definision I could find is curent bid, is it correct?

>>19512136
day trading is a MEME. This is not a hard concept, most of the people who truly made money in day trading made it before algorithmic trading became mainstream. Find me a successful retail day trader in this environment, and I will show you 10,000 more who went bust.

>>19511395
>been doing great for the past couple of days, on my road to break even

>trading crypto in small moves.

Will newfags please leave crypto and go back to your fucking day trading bullshit.

Have you ever watched an ai play games like StarCraft or Dota? They learn to intentionally bait people and exploit human psychology

Now imagine this but with your money

In this scenario TA is essentially a trap for the trading bots to know exactly how to fuck you

>>19513444
trips of truth, perfect analogy

>>19513444
checked

>>19511395
Just trade shitcoins man.

>>19511578
>meme lines make you rich on the BRRRstock market, thats why im shitposting here

>>19512674
central bank

>>19513444
RTSs are actually a pretty great way to learn how to trade
>constantly paying attention
>hotkey reflexes
>planning/management

>>19511939
I don’t day trade cos this stuff happens to easily, the fact that you don’t plan for a bart after 2 years of none stop Barts shows your level.
As for ‘how would I have traded it’, I cant tell you as I wouldn’t trade something that zoomed in, there is zero context to go on.
My strategy is to buy shit I think will get a return, if it dips below my entry by a lot I add more to the position. When it pumps I take out my initial investment (if it’s a total shitcoin) and let the rest ride, sometimes swinging the market sometimes not. After all it’s free money who cares.

I made more money trading last months then i did with my normal work.

>>19514170
swing or day trade?

>>19514616
Day trade. But i only do a couple of trades per month. The problem is you're to eager to make money. I made 7% on that bart. This is not dumping hard enough for me to buy

>>19514671
Got couple more questions if you don't mind

Assuming you are consistently making profit, how long did it take you to reach that stage?
I've heard many times, not just on this thread, that TA is bullshit. Especially on volatile markets, do you agree with that? How important TA actually is?
Do you place your orders and forget about them or do you actively monitor the market and place your orders accordinally. Or do you buy manually?
When one learns how to day trade would you say they can swing trade as well or are those two things not interchangeable?
Do you trade crypto exclusively or stocks/forex as well?

>>19514999
I'm an oldfag, been in bitcoin since 2013. I trade with a bot i've written myself. The key is data collection and algorythim testing. It's all based on TA. But TA with my own touch to it. It took me about 4 years to get it all together, working, finding right markets, checking charts, trying things. Only do crypto.

But, my honest take on it is, if you're not programming or doing it manually, you'll probably just lose money, because you're fighting all the bots. Don't even know the difference between swing and daytrading to be honest.

>>19515062
How do you test algorithms? I want to make my own bot but I don't know what language to code and how to test it?

>>19514170
How much do you trade with

>>19511395
TA, originally designed to work with stocks and forex, doesn't work with crypto. This is common knowledge and has been for years. Sorry you're just now learning it

>>19511395
Backtest daily SMA golden cross and use those values. You will make more money.

>>19515507
Not so much, 11k USDT now. Problem is you need to leave that shit on en exchange

>>19515643
How do you test algorithms? I want to make my own bot but I don't know what language to code and how to test it?

>>19515727
C# and just save data and test with another program you write

>>19511395
join a nice trader community and stay at it
@ChadLounge on telegram

>>19511395
Dont listen to the retards saying TA doesnt work, they just want you to buy their bags and be a moonboy

Also why didn't you have a stop loss that kicked off here?

>>19511395
Sincerely,
Boomer

I think a key is don’t put anymore in than you can afford to lose. Find a number that will be enough to get you some small gains but not enough to fuck with your overall financial well-being. unless you’re rich then fuck it

>>19511395
a-anon, you know shitcoins are just a giant ponzi lottery, r-right?
It's just pure gambling, most ppl day trading are losing cash over time. Only whales can win at this game.

>>19511395
Its not free money. Watch it with your finger on the market sell button if it starts moving down, sell before you get a 1% loss each time if it does go down from your initial buy position.

>>19514999
TA works, but requires extreme discipline and zero emotions, which is why many hate it and cant handle it. Everything is about 2 concepts - probability, and risk/reward. You can technically be profitable if you're so shit at trading that you only win 50% of trades, but have a tight stop/loss (risk/reward). Probability is the chance that your trade goes in the direction you want it to, this is where price forecasting comes in with TA. Is it always right? No, just like technologically sound weather forecast devices can say it will piss rain, then the sun beams through the entire day. This is why you stop-loss.

Some strategies are better, where some are meh. The key is to COMBINE strategy and look for confluency between numerous strategies.
>support/resistance
>chart patterns
>divergence using RSI and MACD
>candlestick patterns

Is how I personally place my priority of strongest to weakest, while I don't really fuck with bellinger bands or ichimoku clouds, even though others say they're su useful with them. If you're scalping on 15min and lower timeframes, you could get away with divergence trading alone. Just make sure to zoom out before every trade and make sure you're not getting caught in a support or resistance check, or are breaking out

>>19511395
good job, you just realized that the market is rigged and market makers wont let you profit short term. He bought? bring the market lower. He sold? bringe the market higher.

>>19511395
>and get into forex?
forex is the same you retard. they are milking noobs like you every day.

>>19516061
i always place my SL at -1%, i figurd that's just regular down swing that bottomed at like -0.30% so i didnt sell

>>19516524
>i always place my SL at -1%,
which is completely retarded

>>19516605
been trading for a week, get off my dick faggot

>>19516644
at least you now understand day trading is a meme. you can now go fuck yourself, consider it money well spent on your enlightement towards hodling.
what size did you trade btw?

>>19516708
i went from 590 to 558usd, not a huge loss so whatever

>>19516810
market makers (in bed with exchanges) can easily move the market 5% up and down to trigger stops and make you buy/sell. when you buy they automatically move the market lower and when you sell higher. the whole thing is designed so you can't profit short term. those who say they make tons of money day trading are larpers.

>>19512333
Nice trips

>>19511395
I'm no McExpert Trader, but two rules will do you well:
1. Never set a stop loss as an actual order, but rather a target which, once hit, shall force you to decide what to do

2. Never sleep on an open order

(That second rule only applies to trading, not long-run investing obviously)

>>19517119
>2. Never sleep on an open order
which means: you should only day trade, which is retarded. of course you can sleep on an open order. the only edge is to time the market right, have an edge, which 95% of people don't.

>>19516947
>Literally nobody is making money daytrading

This is retarded and false.

>>19517395
it's possible but you need an edge. 95% of crypto traders dont have one. they all think they will be part of the 5% by following some TA strategy from youtube

>>19511395
>buy high sell low
Perfect. Welcome to /biz/.