Can Day Trading be profitable in Crypto ? - page 3.

Wind_FURY

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Quote from: Baofeng on August 10, 2022, 07:25:38 AM

Quote from: Wind_FURY on August 09, 2022, 06:23:13 AM

To all the plebs like me who read all the trading "advice" in the topic, first ask the person who's giving the advice if he/she has been a profitable consistently, WITH PROOF. If they're not, then don't take their trading advice. Because for many plebs, the best trade is probably just a low time-preference HODL in Bitcoin. If can't perform better than Bitcoin-HODL through day trading, then why day trade?

I'm one of those who try day trading, but I guess it's not for me and so I just decided to just buy and be a HODLer.

I mean, that is less hustle, not much time to spend in front of your hardware to analyse and do the trade. You just need some capital to buy during the dip and then nothing to do.

I'm one of those plebs who thought I could make consistent profit from day-trading too, but when I wrote all my trades in a spreadsheet, I noticed that I would have made more profit just by HODLing Bitcoin than using my Bitcoin as capital for trading.

Quote

I have nothing against day trader, if they are earning good money, then good for them. But I guess it will not be for everyone, it's not a one size fits all kind of hat, in my opinion.

I have nothing against them too, but I have something against those plebs in the forum who post like they are profitable day-traders, giving financial advice.

Furious 7

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Yes, I might say that because it can be profitable. But keep in mind that day trading obviously requires more detailed observations there and this is definitely not recommended if we can't do it.
The risk will be greater if you force to do daily trading, especially if you can't control yourself and still can't research well, especially with current conditions where the market is not too good to enter.
I personally might say day trading is profitable but I know my limits and I can't afford to be there.

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Quote from: jossiel on August 10, 2022, 04:52:53 PM

Quote from: Wind_FURY on August 09, 2022, 06:23:13 AM

To all the plebs like me who read all the trading "advice" in the topic, first ask the person who's giving the advice if he/she has been a profitable consistently, WITH PROOF. If they're not, then don't take their trading advice. Because for many plebs, the best trade is probably just a low time-preference HODL in Bitcoin. If can't perform better than Bitcoin-HODL through day trading, then why day trade?

I agree.

Those that would tell that it's profitable and they're making from it, just ask for a proof and see their trades. I see people that have been adaptable to the situation of the market.

They are in both spot and margin and they're better in their own strategies as they trade. Whether they trade in margin, they know how to handle the risks there and they're being profitable.

But that's them and not me, I prefer to get myself less risk yet profitable by holding.

True, those which can successfully trade the markets always try to encourage other people to follow on their footsteps, but not everyone can do it, there is a lot of evidence which shows the majority of people lose all their money when they try to trade the markets.

So even if you were given guidance by a professional trader which could demonstrate he is successful there is no guarantee you will become like him, as trading not only depends on your trading skills but also on your emotional intelligence.

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Quote from: kawetsriyanto on August 10, 2022, 05:46:19 PM

Quote from: smartaction on July 31, 2022, 09:10:24 AM

By day trading you can make 10-50$ daily profit using minimum $500. If able to take right entry at right time.

Even if you spend $500 for day trading, I think there is no exact amount for the profits. You can earn profits above $50 or less than $10, or get losses. So, no guarantee for the exact amount of profits to get on daily trading. If you really choose the right altcoins and bought at the right time, earning profits above $50 is easy if you use a minimum of $500 for the capital.

Quote from: smartaction on July 31, 2022, 09:10:24 AM

But I always use altcoins for this. Altcoins price go up and down constantly. So day trading with altcoins is profitable.

Sure, altcoins are the best options for day trading. The values of altcoins can easily increase and sometimes moves significantly. So, there is a possibility to have a big gap between the entry price and exit price. It is a bit difficult to happen in Bitcoin since its price moves gradually, rarely increasing or decreasing very significantly in a day.

It is true that traders make more profit in Alts compared to Bitcoin but Alts never move in isolation, they always follow Bitcoin & Ethereum unless there is some significant update/development behind the project which is to be announced soon. I think the best time to pick an alt coin is when it is an accumulation zone since long time and you have the information that some development work is going on behind the scene & that is likely to be completed and announced soon.

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Quote from: smartaction on July 31, 2022, 09:10:24 AM

By day trading you can make 10-50$ daily profit using minimum $500. If able to take right entry at right time.

Even if you spend $500 for day trading, I think there is no exact amount for the profits. You can earn profits above $50 or less than $10, or get losses. So, no guarantee for the exact amount of profits to get on daily trading. If you really choose the right altcoins and bought at the right time, earning profits above $50 is easy if you use a minimum of $500 for the capital.

Quote from: smartaction on July 31, 2022, 09:10:24 AM

But I always use altcoins for this. Altcoins price go up and down constantly. So day trading with altcoins is profitable.

Sure, altcoins are the best options for day trading. The values of altcoins can easily increase and sometimes moves significantly. So, there is a possibility to have a big gap between the entry price and exit price. It is a bit difficult to happen in Bitcoin since its price moves gradually, rarely increasing or decreasing very significantly in a day.

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Quote from: Wind_FURY on August 09, 2022, 06:23:13 AM

To all the plebs like me who read all the trading "advice" in the topic, first ask the person who's giving the advice if he/she has been a profitable consistently, WITH PROOF. If they're not, then don't take their trading advice. Because for many plebs, the best trade is probably just a low time-preference HODL in Bitcoin. If can't perform better than Bitcoin-HODL through day trading, then why day trade?

I agree.

Those that would tell that it's profitable and they're making from it, just ask for a proof and see their trades. I see people that have been adaptable to the situation of the market.

They are in both spot and margin and they're better in their own strategies as they trade. Whether they trade in margin, they know how to handle the risks there and they're being profitable.

But that's them and not me, I prefer to get myself less risk yet profitable by holding.

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Quote from: KennyR on August 08, 2022, 02:36:36 PM

To make the best out of trading continued market observation is a must. The market used to be volatile unlike the market trend, so it is possible to earn out of the price variation between time. The trader needs to have the understanding to choose the low bottom and sell when the price increases certain percentage. At times we may not be able to achieve this. So, we should also know to compensate the loss with the upcoming trades.

Day traders usually follow the daily price movement very carefully. Here most of the investors lose money. Here basically your profit depends on your capital and skill and activity etc. It can be especially suitable for those who have good skills in market analysis and who can make decisions very quickly as well as those who can be satisfied with little. On the other A trader has to be calculative in day trading. Traders who have all these skills can definitely make good profits by day trading. Definitely a trader must have patience otherwise he has to face big loss.

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Quote from: Wind_FURY on August 10, 2022, 01:11:24 AM

It's also better to take a long term HODL trade if you can't profit more in day trading. Because why do scalping if not to try to outperform the market in general? If you can't do it, just HODL. It wouldn't actually just be better for your pocket/wallet, it would also be better for your sanity.

it's just a suggestion for those who can afford to do scalping and can outperform the market well. It is not recommended for those who do not dominate the market and those who are too panicked and greedy. I believe HODL is a good choice for some people, I also choose HODL for some of my investments. The long-term gains of HODL will be more significant and will maintain brain sanity. All trading strategies or methods depend on each person's ability, it's just an option that will give you profit or loss.

Baofeng

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Quote from: Wind_FURY on August 09, 2022, 06:23:13 AM

To all the plebs like me who read all the trading "advice" in the topic, first ask the person who's giving the advice if he/she has been a profitable consistently, WITH PROOF. If they're not, then don't take their trading advice. Because for many plebs, the best trade is probably just a low time-preference HODL in Bitcoin. If can't perform better than Bitcoin-HODL through day trading, then why day trade?

I'm one of those who try day trading, but I guess it's not for me and so I just decided to just buy and be a HODLer.

I mean, that is less hustle, not much time to spend in front of your hardware to analyse and do the trade. You just need some capital to buy during the dip and then nothing to do.

I have nothing against day trader, if they are earning good money, then good for them. But I guess it will not be for everyone, it's not a one size fits all kind of hat, in my opinion.

Silberman

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Quote from: Wind_FURY on August 09, 2022, 06:23:13 AM

To all the plebs like me who read all the trading "advice" in the topic, first ask the person who's giving the advice if he/she has been a profitable consistently, WITH PROOF. If they're not, then don't take their trading advice. Because for many plebs, the best trade is probably just a low time-preference HODL in Bitcoin. If can't perform better than Bitcoin-HODL through day trading, then why day trade?

I remember reading a study long ago in which a comparison was made between professional traders and a buy and hold strategy, the purpose of the study was to see if professional traders could beat the markets and give profits higher than just holding your stocks, and the results were impressive, around 90% of the traders failed at beating the markets, which means that someone which invests in good assets and holds them can beat most traders with almost no effort.

Wind_FURY

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Quote from: AakZaki on August 09, 2022, 03:50:23 PM

Quote from: Sayeds56 on August 08, 2022, 08:21:28 PM

I agree with you that it is possible to make profit with lower time frame in future market even in bearish conditions but with good technical skills and take entry and exit based on signals generated by technical chart and keeping aside emotions. Using stop loss is also important for risk/money management to save your capital because buy & sell signals are generally reliable but never 100% correct.

it takes a tight stop loss and good analysis to perform scalping techniques in futures trading, because futures trading has a higher risk. and the most important thing to note is the use of leverage wisely, don't be too greedy. Small time frames make trades faster and this can give you more profit if done repeatedly. Trading power is suitable for using scalping techniques, it will be profitable for those who understand and can analyze the market.

It's also better to take a long term HODL trade if you can't profit more in day trading. Because why do scalping if not to try to outperform the market in general? If you can't do it, just HODL. It wouldn't actually just be better for your pocket/wallet, it would also be better for your sanity.

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Quote from: milewilda on August 08, 2022, 03:23:58 PM

Quote from: KennyR on August 08, 2022, 02:36:36 PM

To make the best out of trading continued market observation is a must. The market used to be volatile unlike the market trend, so it is possible to earn out of the price variation between time. The trader needs to have the understanding to choose the low bottom and sell when the price increases certain percentage. At times we may not be able to achieve this. So, we should also know to compensate the loss with the upcoming trades.

You would really need it all from awareness and being observant plus being having that adaptability until on being versatile because this market is unpredictable which means that it would be normal that you would really be that having those kind of behavior which would really be helpful into your overall career as a trader.You should really be that versatile and able to adapt and learn all of the things that you do
able to get along the way and try to remember so that you would really be prepared on next encounter whenever situations might look the same but since it wont really be working that way but at least
you do already have the idea on what you would gonna do. Can daytrading be profitable? of course it is but it wont really be something that could attain by anybody.It does require such skills
and experience.

Day trading is not as easy as we imagine, as you have explained there are many things that we must prepare if we want to be successful
in day trading. Not just buying and selling coins every day, if it was that simple, many people have become rich from day trading. The fact is
that there are still more people who fail when day trading than people who manage to profit from day trading. The most important thing is
to have expertise in analyzing the market well, that is an important point that must be had for anyone who really wants to do day trading.
Without a good analysis, it will be difficult for us to know which coins are suitable for day trading. Because not all coins are good for day trading,
so if we choose the wrong coins, we will lose our capital.

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Quote from: Sayeds56 on August 08, 2022, 08:21:28 PM

I agree with you that it is possible to make profit with lower time frame in future market even in bearish conditions but with good technical skills and take entry and exit based on signals generated by technical chart and keeping aside emotions. Using stop loss is also important for risk/money management to save your capital because buy & sell signals are generally reliable but never 100% correct.

it takes a tight stop loss and good analysis to perform scalping techniques in futures trading, because futures trading has a higher risk. and the most important thing to note is the use of leverage wisely, don't be too greedy. Small time frames make trades faster and this can give you more profit if done repeatedly. Trading power is suitable for using scalping techniques, it will be profitable for those who understand and can analyze the market.

Wind_FURY

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To all the plebs like me who read all the trading "advice" in the topic, first ask the person who's giving the advice if he/she has been a profitable consistently, WITH PROOF. If they're not, then don't take their trading advice. Because for many plebs, the best trade is probably just a low time-preference HODL in Bitcoin. If can't perform better than Bitcoin-HODL through day trading, then why day trade?

Sayeds56

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Quote from: abel1337 on August 08, 2022, 01:29:05 PM

Quote from: Sayeds56 on August 08, 2022, 11:34:41 AM

I think day trading is generally profitable when market is sideways or in bullish trend, no matter you are trading in stocks, crypto or commodities market. It vis very hard to generate any profit in bearish unless you are trading in future market which i think is extremes risky. Technical and Risk/Money management skills are equally important to make consistent profit because these skills help you to make right entry and exit decisions.

Profit is possible during bear market even you are trading daily, It's hard because you need to play with lower time frames which is technically inefficient in trading. It's possible to profit on spot trading but it's more effective if we are going for futures trading on a bear market. That's true, Management skills are always needed if you are trading daily. It's the skill that can make you get a profit and opposite if you don't have or just trading blindly.

I agree with you that it is possible to make profit with lower time frame in future market even in bearish conditions but with good technical skills and take entry and exit based on signals generated by technical chart and keeping aside emotions. Using stop loss is also important for risk/money management to save your capital because buy & sell signals are generally reliable but never 100% correct.

milewilda

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Quote from: KennyR on August 08, 2022, 02:36:36 PM

To make the best out of trading continued market observation is a must. The market used to be volatile unlike the market trend, so it is possible to earn out of the price variation between time. The trader needs to have the understanding to choose the low bottom and sell when the price increases certain percentage. At times we may not be able to achieve this. So, we should also know to compensate the loss with the upcoming trades.

You would really need it all from awareness and being observant plus being having that adaptability until on being versatile because this market is unpredictable which means that it would be normal that you would really be that having those kind of behavior which would really be helpful into your overall career as a trader.You should really be that versatile and able to adapt and learn all of the things that you do
able to get along the way and try to remember so that you would really be prepared on next encounter whenever situations might look the same but since it wont really be working that way but at least
you do already have the idea on what you would gonna do. Can daytrading be profitable? of course it is but it wont really be something that could attain by anybody.It does require such skills
and experience.

KennyR

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To make the best out of trading continued market observation is a must. The market used to be volatile unlike the market trend, so it is possible to earn out of the price variation between time. The trader needs to have the understanding to choose the low bottom and sell when the price increases certain percentage. At times we may not be able to achieve this. So, we should also know to compensate the loss with the upcoming trades.

abel1337

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Quote from: Sayeds56 on August 08, 2022, 11:34:41 AM

I think day trading is generally profitable when market is sideways or in bullish trend, no matter you are trading in stocks, crypto or commodities market. It vis very hard to generate any profit in bearish unless you are trading in future market which i think is extremes risky. Technical and Risk/Money management skills are equally important to make consistent profit because these skills help you to make right entry and exit decisions.

Profit is possible during bear market even you are trading daily, It's hard because you need to play with lower time frames which is technically inefficient in trading. It's possible to profit on spot trading but it's more effective if we are going for futures trading on a bear market. That's true, Management skills are always needed if you are trading daily. It's the skill that can make you get a profit and opposite if you don't have or just trading blindly.

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Quote from: Sayeds56 on August 08, 2022, 11:34:41 AM

Quote from: Len Saldua on July 30, 2022, 01:31:04 PM

I know there's a lot of day traders in stocks, and I've heard some do it in crypto ( although most do it at a loss ) so I'm wondering if realistically you can do a profitable trade in crypto.

Let's take a real example.

In this mini rally we're having, I've noticed Illuvium is one of the few tokens that is in the red( less than 1% on the daily when this was posted )

1 ILV is $119 on my CEX... but the sell price is $116 and the buy price is $123

Doing a simple trade using USDC to buy one ILV token would cost me $10.40 in ETH Fees on EXODUS. If I was doing it from my CEX, it would probably be cheaper, but I'd end up paying just as much ( sometimes way more ) if I want to take my new ILV token and deposit it in a hardware wallet. So either way, even if I buy ILV and it makes me a 15% gain in less than 24 hours, I barely break even !
So how do I make a profit ? Do I need to buy 30 ILV to maximize my gains ? Or is there any other way ?

I think day trading is generally profitable when market is sideways or in bullish trend, no matter you are trading in stocks, crypto or commodities market. It vis very hard to generate any profit in bearish unless you are trading in future market which i think is extremes risky. Technical and Risk/Money management skills are equally important to make consistent profit because these skills help you to make right entry and exit decisions.

In bearish conditions we do need to be careful in making decisions,
It's important to pay attention because if you make a decision without considering anything, it's not impossible that we will lose

Sayeds56

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Quote from: Len Saldua on July 30, 2022, 01:31:04 PM

I know there's a lot of day traders in stocks, and I've heard some do it in crypto ( although most do it at a loss ) so I'm wondering if realistically you can do a profitable trade in crypto.

Let's take a real example.

In this mini rally we're having, I've noticed Illuvium is one of the few tokens that is in the red( less than 1% on the daily when this was posted )

1 ILV is $119 on my CEX... but the sell price is $116 and the buy price is $123

Doing a simple trade using USDC to buy one ILV token would cost me $10.40 in ETH Fees on EXODUS. If I was doing it from my CEX, it would probably be cheaper, but I'd end up paying just as much ( sometimes way more ) if I want to take my new ILV token and deposit it in a hardware wallet. So either way, even if I buy ILV and it makes me a 15% gain in less than 24 hours, I barely break even !
So how do I make a profit ? Do I need to buy 30 ILV to maximize my gains ? Or is there any other way ?

I think day trading is generally profitable when market is sideways or in bullish trend, no matter you are trading in stocks, crypto or commodities market. It vis very hard to generate any profit in bearish unless you are trading in future market which i think is extremes risky. Technical and Risk/Money management skills are equally important to make consistent profit because these skills help you to make right entry and exit decisions.

Topic: Can Day Trading be profitable in Crypto ? - page 3. (Read 1250 times)