How do daytraders decide when to buy and sell?

frenk11 said:

why do you have to be so negative ?? There is a way to be good at trading all you need is some education and practice .

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There is no way to be good in trading cryptocurrency or forex unless you have inside information unavailable to the mass of the people; no matter your level or years of education or practice, simple as that. The only longterm successful traders in history have either the means to influence the market or have had inside info. Stocks are a different story, but the general trend there is visible to joe public with naked eye (up). And there is a reason for that.

redjebo said:

There is no way to be good in trading cryptocurrency or forex unless you have inside information unavailable to the mass of the people; no matter your level or years of education or practice, simple as that. The only longterm successful traders in history have either the means to influence the market or have had inside info.

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Not true. There's a group of people I know who only trade very minimal amount of times per year. They always buy near a bottom, and they always cash out after solid profits.

• Always compare trading notes
• Agree to buy at certain conditions, not exact prices.
• Coordinate sell points as well, although this is at each persons discretion.
• Earnings are usually between 200-400% for the time period.
• Share all trading notes on the movements of the coin(s) they invested in. Part of their 'get to know your asset' initiative.
• Their last buy was in Jan, and the last person in the group who was still in just cashed out a few days ago.
• Buy and sell points, and % earnings are plotted for everyone for comparison and learning.
• This run, everyone was over 250% and top earner was above 400%+.
• Only trade BTC, ETH, and LTC. They don't touch any shit coins.
• They share all trading notes, and spend minimal time watching charts, reading crypto news, or being online. Most are family guys with regular jobs.
• Each person plays a min $20k per trade.

This group is not online, so don't ask for a link.

The problem with this strategy for most people is greed and lack of patience. These guys will wait 6 month or longer if they have to, for a suitable buy point. And they aren't trying to earn 5000% by the end of the year, as so many bullshitters would have you believe they are earning. This is perhaps the biggest key here. They are only looking for 100-200% profits every trade. After 50%, most in the group start to take profit, and slowly get out on the way up, usually with 10% sells along the way. And with each 'take profit' they are lowering their risk because less of their money is in game.

It's a very sound strategy and anyone can do it.

The last group consensus on when they wanted to buy was at any point one of the following happened

• BTC sub 3700
• ETH sub 120
• LTC sub 30

All three of those things ended up happening, and everyone bought into one of the three coins. So far no new consensus on when to buy from this next run shaping up. Next buy may not be until September.

CryptoKujira said:

Not true. There's a group of people I know who only trade very minimal amount of times per year. They always buy near a bottom, and they always cash out after solid profits.

• Always compare trading notes
• Agree to buy at certain conditions, not exact prices.
• Coordinate sell points as well, although this is at each persons discretion.
• Earnings are usually between 200-400% for the time period.
• Share all trading notes on the movements of the coin(s) they invested in. Part of their 'get to know your asset' initiative.
• Their last buy was in Jan, and the last person in the group who was still in just cashed out a few days ago.
• Buy and sell points, and % earnings are plotted for everyone for comparison and learning.
• This run, everyone was over 250% and top earner was above 400%+.
• Only trade BTC, ETH, and LTC. They don't touch any shit coins.
• They share all trading notes, and spend minimal time watching charts, reading crypto news, or being online. Most are family guys with regular jobs.
• Each person plays a min $20k per trade.

This group is not online, so don't ask for a link.

The problem with this strategy for most people is greed and lack of patience. These guys will wait 6 month or longer if they have to, for a suitable buy point. And they aren't trying to earn 5000% by the end of the year, as so many bullshitters would have you believe they are earning. This is perhaps the biggest key here. They are only looking for 100-200% profits every trade. After 50%, most in the group start to take profit, and slowly get out on the way up, usually with 10% sells along the way. And with each 'take profit' they are lowering their risk because less of their money is in game.

It's a very sound strategy and anyone can do it.

The last group consensus on when they wanted to buy was at any point one of the following happened

• BTC sub 3700
• ETH sub 120
• LTC sub 30

All three of those things ended up happening, and everyone bought into one of the three coins. So far no new consensus on when to buy from this next run shaping up. Next buy may not be until September.

Click to expand...

I'd wait for an actual longterm trade pattern to form before I draw any conclusions on any traders individual or group no matter how admiring their work ethics or discipline may look. Meaning number of trades must allow for statistically meaningful chi-squared test.
So i know many people (actually 100% of all trading people I know exactly) who have been moderately or hugely successful for a short or medium period of time. Who have had their own courses, followers and trading apps developed. Different fields of trading from forex to crypto to sport exchanges traders. They all failed when the long term kicked in. Every single one of them. And I myself have ventured, tested and contemplated enough to have firm understanding. You can't time the market. Not consistently, not profitably longterm.

redjebo said:

I'd wait for an actual longterm trade pattern to form before I draw any conclusions on any traders individual or group no matter how admiring their work ethics or discipline may look. Meaning number of trades must allow for statistically meaningful chi-squared test.
So i know many people (actually 100% of all trading people I know exactly) who have been moderately or hugely successful for a short or medium period of time. Who have had their own courses, followers and trading apps developed. Different fields of trading from forex to crypto to sport exchanges traders. They all failed when the long term kicked in. Every single one of them. And I myself have ventured, tested and contemplated enough to have firm understanding. You can't time the market. Not consistently, not profitably longterm.

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True, but the group is making money and has been for a while. If it doesn't work in the future, strategy will change. Only constant in life is change.

Daytrading is a very dangerous art form to learn and requires many years of experience to master. Believe it or not, most of what you’ll learn to master revolves around your ability to master your own greed and patience. I would have to rank this ability among the most highly sought out skill set for a consistently profitable day trader.

IMHO, the most profitable way of trading cryptocurrency is not day trading, but swing trading. This doesn’t require you to sit in front of a computer screen all day and make erratic decisions in a matter of seconds.

I’ve been swing trading for years now and still make mistakes on a weekly basis, but have learned to be patient and wait for a trade to come to me as opposed to “forcing a trade to happen”. This is critical if you want to be consistently profitable with crypto trading (or any type of trading for that matter). If you miss a trade, you miss a trade. You have to realize that there will be 1000s of other potential entries into other trades within the near future.

Regarding patterns and technical indicators…

You’re obviously going to need to learn a wide variety of technical indicators and patterns like the RSI Indicator, Moving Averages, Fibonacci Retracement Levels, Elliot Waves, etc before you even think about starting to trade. For me personally, it was a lot easier to learn the patterns and indicators than learning how to control my emotions and not FOMO or buy in too early. You can always start out by printing one of these charting cheat sheets and practicing on a platform like TradingView.

Also note that an overwhelming majority of trading activity is done by bots, so I place little to no significance on daily news (at least within the crypto sphere). I can’t tell you how many times a news report about an exchange being hacked or a major corporation integrating cryptocurrency into their platform brought little to no results on the charts. Rarely does it make a difference.

I still firmly believe in following charting patterns as well as market sentiment in order to best guide my trading decisions. These are the two most profitable tools I have used to much success when trading crypto.