Earning money from day trading is not tough and profits can be made easily.
Well every coin has two faces and in day trade some make money while some lose money.
Today we will discuss about some rules that must be followed so that you might not end up losing your money.
Rules for day trading:-
Rule 1:
Put a stop-loss order on -10% for each signal. To do that effectively, install a real time price monitoring app such as Blockfolio or TabTrader and as soon as the price reaches the -10% mark, sell it.
Rule 2:
After a buy order has been filled, you should open a sell order right away in the following manner:
30% of the coins should be sold at the 1st price target. 30% at the 2nd, 30% at the 3rd and the rest of the 10% should be sold manually trying to shoot for a highest price possible. The rest is being sold as soon as the price reaches the buy price or alternatively put a stop-loss order within 10% of the initial buy price.
Rule 3:
After these X targets have been successfully reached and a profit has been made, if the price reaches the initial buy price, sell everything.
Theses rules will always help you down the road.
Some don't to avoid:-
1. Never open a position when the price is at its peak. The higher and faster it rises the harder it will fall.
2. Don’t try to be a trader thinking you will buy and then sell again after 10 seconds making a profit. In the best case scenario you will break even.
3. Do not put more than your initial 8-12% deposit on a single signal.
** Always do your own research and don't always listen to others**