Can Day Trading be profitable in Crypto ? - page 7.

monineklutak

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Quote from: strunberg on July 30, 2022, 06:22:42 PM

Quote from: blockman on July 30, 2022, 04:24:15 PM

Let's just take it this way. Day trading is profitable if you're good at it and manage to have those decisions right if you're into spot trading. Also in futures, there are people making money there but it's not easy because they've studied very well on it and invested money just to lose in return for the lesson that they'll get. But setting aside those stories, the majority are losing more money in trading and that's the reality that has to be recognized by many.

futures trade maybe only suitable for those have good result in spot trading , they could analize market well and also manage their emotion and psychology. maybe for some traders, future could growth their balance massively due its potency in each trades that could earn more than 100% only in short term, but for some traders it could easily make their money lost and even liquidated by margin call.

However, it comes back to adjusting to each person's ability to trade,
because not everyone can trade futures so think carefully first and that's important,
the risk of losing money will always be there so we must be prepared for that

xSkylarx

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

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 ?

If you're going to day trade, you don't have to keep withdrawing the amount you will buy or else you will just definitely lose profit plus it's very hassle to do that repeatedly. What you can do is just deposit a specific amount on the exchange like 100$ then use that to buy and sell crypto. Any amount beyond 100$ will be considered your profit, it's up to you if you will withdraw it on a daily basis or maybe weekly.

Since crypto market is very unstable, getting profitable in day trading is difficult to do. Even expert traders still prefer their job or other source of income rather than just focus on trading.

strunberg

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Quote from: blockman on July 30, 2022, 04:24:15 PM

Let's just take it this way. Day trading is profitable if you're good at it and manage to have those decisions right if you're into spot trading. Also in futures, there are people making money there but it's not easy because they've studied very well on it and invested money just to lose in return for the lesson that they'll get. But setting aside those stories, the majority are losing more money in trading and that's the reality that has to be recognized by many.

futures trade maybe only suitable for those have good result in spot trading , they could analize market well and also manage their emotion and psychology. maybe for some traders, future could growth their balance massively due its potency in each trades that could earn more than 100% only in short term, but for some traders it could easily make their money lost and even liquidated by margin call.

blockman

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Quote from: DoublerHunter on July 30, 2022, 04:43:21 PM

Quote from: blockman on July 30, 2022, 04:24:15 PM

Let's just take it this way. Day trading is profitable if you're good at it and manage to have those decisions right if you're into spot trading. Also in futures, there are people making money there but it's not easy because they've studied very well on it and invested money just to lose in return for the lesson that they'll get. But setting aside those stories, the majority are losing more money in trading and that's the reality that has to be recognized by many.

^ Definitely right and here is my simple explanation.
Day trading is very risky, it seems like you gamble your money, though it is profitable it's also easy to wipe out your money if you will be made a wrong decision. In gambling, it is a high odds which is possible can make a high profit.
However, if you are good enough at trading it becomes very easy for you, you need skills and knowledge before you will become profitable in trading.

Yeah, there are similarities between both of them. You either make it or break but most of the time, you'll break it. The risk that day trading has is also the same as gambling because emotions are involved. And if you're too emotional with your trades then you're unlikely to make it.
At least for trading, you can do it by studying and gathering experiences and ideas and strategies for you to win without luck on your side and that's the opposite of gambling.

goaldigger

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Day trading is profitable, but the question is can you handle the stress? How much knowledge do you have in trading?

Simple trading strategy might not work in long term so better to work on learning how to trade effectively using a different indicators to know the trend. This is not just a simple buy and sell, successful day trader spend their time analyzing the price movement and a real trader will not come into the battle without any strategy.

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Day trading is not suitable if you are going to keep withdrawing and depositing into your CEX daily, especially if you have a few funds. Also, you can decide to use limit orders instead of being a taker or user of market orders if you want to sell your coin at a specific price.

Day trading is profitable if you know what you are doing. I speak from experience.

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Quote from: blockman on July 30, 2022, 04:24:15 PM

Let's just take it this way. Day trading is profitable if you're good at it and manage to have those decisions right if you're into spot trading. Also in futures, there are people making money there but it's not easy because they've studied very well on it and invested money just to lose in return for the lesson that they'll get. But setting aside those stories, the majority are losing more money in trading and that's the reality that has to be recognized by many.

^ Definitely right and here is my simple explanation.
Day trading is very risky, it seems like you gamble your money, though it is profitable it's also easy to wipe out your money if you will be made a wrong decision. In gambling, it is a high odds which is possible can make a high profit.
However, if you are good enough at trading it becomes very easy for you, you need skills and knowledge before you will become profitable in trading.

blockman

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Let's just take it this way. Day trading is profitable if you're good at it and manage to have those decisions right if you're into spot trading. Also in futures, there are people making money there but it's not easy because they've studied very well on it and invested money just to lose in return for the lesson that they'll get. But setting aside those stories, the majority are losing more money in trading and that's the reality that has to be recognized by many.

Len Saldua

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No my friend, I think you misunderstood me. It's true I mentioned two platforms, but I'm just comparing the cost of trading on two platforms, the whole trade could have been done in either platform beginning to end, no need to go from one to the other.
What I meant was: Buy ILV while it's in the red. Wait till it goes up 15% in price. Sell it into USDC.
That whole process would barely break even for the reasons I explained before.
And one other thing, both EXODUS and my CEX ( just as an example ) allow swapping one token for another, so I normally don't need to look at pairs. Just buy using USDC or Tether, make a profit, sell into USDC or Tether. Not that I have done it like that though, I trade in longer timeframes.

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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 ?

To my understanding, what you have explained above is simply an arbitrage example, where you buy cheaper from platform A and sell for a higher fee on platform B. It is a separate type of trading entirely different to day trading.

Day trading involves you watching and studying chart movements for particular tokens and aim to trade atleast 1-2% profits more than 2 times a day from each single pair. This involves good knowledge in TA as well as trading psychology.

Be sure to understand that the 2 methods of trading differs so you do not rekt your capital.

Len Saldua

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I forgot to add... if ILV does make me 15% gains in one day... and I want to "lock in" those gains, it means I have to sell into USDC, which means selling at a slightly lower price than the quoted price and possibly losing 4% in the process.
And by the way, I don't know how this would work in stock trading, as I don't think stocks go up by 15% to 20% in one day... most likely they would go up by 4% on a good day

Len Saldua

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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 ?

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