How do daytraders decide when to buy and sell?
- Thread starter BeerMe
- Start date
Faceless Men
Senior Member
- Nov 18, 2016
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this is an IM forum. Please ask this question on a trading forum as people there will have more experience in day trading than people who do SEO & ads
But this is also a crypto forum...
- Mar 21, 2013
- 24,780
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But isn't the cryptocurrency subforum meant for crypto talk?
Software can only predict based on the information it receives.
Some times people are quite happy to set stoploss and manually trade, but this has obvious risks too.
Let's take those people who manually trade. I throughout the span of an hour paid attention to the price of Bitcoin while doing some work. The price within that hour swung enough someone could've made a nice little profit in less than an hour. What information are people using to determine if they should buy? I imagine it can't be similar to a lottery ticket where someone hopes to get lucky. If someone has the money to daytrade, then I would assume they either got a lot of money to burn or has some kind of strategy that pays off at least 51% of the time.
CryptoKujira
Power Member
- Dec 27, 2018
- 501
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Yah but trading is so super specific, and because there are literally 1,000,000 different strategies,1000's of indicators, 100's of chart patterns, and 100's of candlestick patterns, this kind of question is really best asked on a trading forum. There is no simple answer to this question, and one that can't be adequately explained even if we wrote a book about it.
OP, basic of when to buy/sell are based on two things. Fundamental analysis + technical analysis. Some traders prefer all fundamentals. Otehrs prefer all technical, and most prefer some combination of the two. You'll have to google for differences. Too much to explain here.
I would assume that daytrading involves information that is obtained up to the point. If a person is manually daytrading right this minute they must be using some sort of information to know when to buy and sell. This is what I would like to know. I could go to those forums, but those people don't know either. There has to be a mathmatical formula that a person can use to base their daytrades on. I haven't seen this information anywhere and I've looked. It leads me to believe that daytraders are primarily gamblers who get lucky. Still, there has to be a few fat cats who have cracked the code so to speak.
- Mar 13, 2011
- 347
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I would advice you to study W. D. Gann (about his SQ9) and draw some support/resistance levels based on that and you will see that price reacts to it almost every time. Also, Gann's study is incomplete without studying and having some basic knowledge about astrology. If you study deep, you will be amazed for sure. GL.
Thank you. I'll look into this. Do you use his strategies when daytrading crypto?
- Mar 21, 2013
- 24,780
- 31,560
Let's get some word from our mods then? @BassTrackerBoats is trading considered outside the scope of this sub?
IG Professor
BANNED
- Feb 22, 2017
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They don't buy immediately, first, they learn the stock/coin. After they recognize a pattern over a period of time, they make a decision based on it usually.
This is just the 1% of trading - there is much more than recognize a pattern.
This is just the 1% of trading - there is much more than recognize a pattern.
CryptoKujira
Power Member
- Dec 27, 2018
- 501
- 186
I'm not saying it's not right for this sub. I'm saying he might get better answer on trading specific forum where there are 1000's of traders sharing nothing but trading strategies and charts all day. Here, we cover a much wider spectrum of everything crypto which is really nice.
CryptoKujira
Power Member
- Dec 27, 2018
- 501
- 186
Day trading is an art form. There is no magic formula. If there was, everyone would be rich.
Start at trading view dot com, load a chart, and look at all the tools. For every single tool you see such as Elliot Waves, Fibonacci Levels, Head and Shoulders, you should google or youtube all of them. Also, for every indicator you see on the chart, you need to youtube those as well. There are 1000's. You also need to learn to read bar charts. You should also learn what fundamental analysis is.
Like I said before. Million different strategies and that is no exaggeration. So again, no simple answer to your question. Good luck in your journey.
Thank you for the suggestions. I'll take a look at them. There's so much garbage online when it comes to day trading bitcoin. It's impossible to know where to begin. I'm suspicious of anyone who claims to day trade bitcoin and makes videos or blog posts about it. I watch the prices swing back and forth pretty wildly, and that means there's plenty of opportunities to make money. I find it hard to believe someone would take hours out of their day and miss the chance to make money by creating YouTube videos. You'd think there would be more money to be made trading bitcoin than making videos.