How to day trade crypto

[Anonymous No.57361696]

Hi, I am a newfag to trading and have only held spot before, recently started day trading, had success at first, then started gambling and losing money before I quit. How do you trade without falling into a feedback loop of chasing losses and doing more and more retarded trades? Are there any general things I need to look out for? Is TA worth a damn or should I trade based on general market trends? Should I ever trade volatile tokens or use leverage >5x or even at all?

Oh, and before any jeet comes around, DON'T SHILL ME YOUR STUPID MEME COINS. I might be impulsive, but I'm not a retard

[Anonymous No.57361704]

sir buy harry potter obongo inu your wildest dreams come true very fast

[Anonymous No.57361718]

You should cut a goats head off and see on what piece of paper with a shitcoins name it collapses on. Then invest in said coin

[Anonymous No.57361722]

>>57361696
bump because i want money

[Anonymous No.57361730]

Trading is meme you'll lose money

[Anonymous No.57361739]

>>57361704
>>57361718
These. Welcome to /biz/ OP.

[Anonymous No.57361901]

bump

[Anonymous No.57362120]

Start reading and watching everything you can from successful traders and come up with your own strategy. Then paper trade and backtest, then get frustrated when you enter setups perfectly and hit SL or just paperhands what would have been a very profitable play, then learn from your mistakes, then trade some more, then read and watch more, etc...

Actually finding good setups and entries isn't hard, it's the mindfuckery of executing a profitable strategy without getting emotional that trips everyone up.
There are already many people who've figured out risk/reward ratios, proper bankroll management practices, and trading psychology, and they give away this knowledge for free on YouTube or their own websites. Study and practice.

There's no real difference in most trading whether it's crypto or stocks, but some stocks tend to have more movement/volume so they're considered easier to trade. I like scalping so I primarily use stoch RSI and a lot of leverage, but swing trading breakouts with macd is an extremely popular beginner strategy. Just find something you like and keep staring at charts. For crypto, any big L1 chart is going to follow BTC, some closer than others, so make sure you keep a btc chart open if you're trading those. Best of luck fren.

[Anonymous No.57362142]

>>57362120
>it's the mindfuckery of executing a profitable strategy without getting emotional that trips everyone up.
Yeah, I found that was what fucked me over

[Anonymous No.57362146]

>>57362120
Thanks bro, I knew I could trust /biz/rael

[Anonymous No.57362187]

>>57362142
I did it 2 days in a row last week. I regrouped, looked at my older trades, then had a conversation with myself lol. I took a decent play Thursday, then crushed it Friday. I was sitting so pretty by Friday afternoon that I took a very risky trade because of the lopsided liquidity and ended up losing about 20% on it when I pulled out, but I was still up quite well for the week, so I stopped trading. It's really just a mind game once you learn a decent strategy. If I could somehow program a bot with all the nuances I've picked up on a particular chart and times, and also react to news, I'd let that fucker run and generate me cash lol, but i don't have those programming skills, nor do I know how to quantify some of the info. It just takes practice and discipline. Those are 2 things that most of biz shuns kek.

[Anonymous No.57362519]

>>57361696
>i'm not a retard
>wants to day trade crypto

[Anonymous No.57363389]

>>57361696
day trading, crypto or otherwise, is not profitable