I've been studying day trading crypto on and off for about a year. Everyday i'll go into 10 or 20 coins mark their supports and resistances to get really familiar with reading charts. I've studied candlesticks, trading patterns and a lot of indicators. I'll put up a few of the indicators and go through past markets to check how they reacted previously. I then try and predict which way a coin is going. I make notes of where i would get in and get out to see if it was real what sorta success I would have. I seemed to have it done alright so thought i would have a go with real money. I put a few hundred pounds in and the first few days i think I was very sporadic and kept trying to put money in everywhere i thought i saw something. It didn't go too well. This week I calmed down and said i'd only do a few trades a day where I really concentrated and really thought it out. Every time I put my money in it would start to go well, all the indicators pointed to success then all of a sudden it would plummet out of nowhere. I'm wondering is this a bad market to start learning to day trade in or do I just need more practice. Also any tips?
What you struggle to explain here is called Technical Analysis (TA for short). And yes, no time is a bad time to get into a trade. However, you must take note of prevailing market circumstances and dynamics before getting into a trade. This is where another issue called the Fundamental Analysis or News comes in. You must not just read the charts alone, news is very vital when it comes to trading. And in crypto industry, news is Highly Important! If you're going to buy a coin for instance because your charts or TA points to that direction but the news is telling you that the same coin has been revealed to be a scam that morning or that the police are clamping down on the developers, what do you think will happen to that coin?
Of course, it will plummet and down the price will go.