Day Trading for a Living? | Bitcointalksearch.org

BartS

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Quote from: dodgrad on December 19, 2019, 10:49:16 AM

Quote from: kissaNN on December 19, 2019, 04:43:22 AM

The more I trade and follow the market, the more I become convinced that daily trading is a way to lose, if you win in a trend, you lose in a flat - and vice versa. Predicting a trend is very difficult only on charts, if at all it is possible in principle.

It is confirmed that only 5% of people earn from daytrading, 95% lose. And it's not about skills, but rather about the fact that there are mainly robots on the market that can do several transactions per second. A person has no chance with them and will always lose. Unless he is lucky and will play just like a robot.

When it comes to speed there is no way that a human can can compete against a bot but make no mistake this is about skill and your ability to take decisions swiftly, most of those that decide to day trade do not really have the skill to do it, they are attracted by the great profits that they can obtain but they never had any chance of making money.

And that is because to become an effective day trader you need to be able to take the right decisions in a matter of seconds and if you cannot do that then it is impossible to be profitable as a day trader.

buwaytress

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Quote from: Aying on December 15, 2019, 07:56:05 AM

The advantage is you can earn faster but the disadvantage is you can have a losses for a week or month because day trading is very hard. even you have that knowledge in crypto it is not enough. especially this days that the market is not good enough to take day trading. I wouldn't recommend it if my friend want to try day trading.

You don't earn faster, you simply have a higher frequency of trades. Day trading actually looks to just use what hopefully is a positive strategy with a slight edge, but to use frequency to turn that small edge into significant +EV. so a tiny 0.1% profit done 100 times becomes 10%. Like you said, though, as the majority of traders lose money, you'll actually only accelerate your losses with daily trading.

And actually this condition? It's good for day trading. You want volatility and the ability to take advantage of panic to keep short selling.

It's purely for automated trading strats now. If you're still manually day trading, you're wasting your time IMO.

TitanGEL

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Day trading for living is possible but only few people who manage to survive in that kind of decisions. If your only source of income is trading, then there is a possibility that it will affect your mentality because trading is only source of income and it can pressure for you to trade in order to make profit. I advise that people who want to become a day trade they should have another source of income.

DevilSlayer

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If you have full time job, you cannot switch easily to become a full time trader or I can say trading for living. Do not quit your job if you want to become full time trader. You are required to have a savings that is enough to cover your expenses in a year. You will go broke if you suddenly quit in your day job just for you to trade. You will be pressured to make money and of course the results is a loss.

Arkann

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Quote from: dodgrad on December 19, 2019, 10:49:16 AM

Quote from: kissaNN on December 19, 2019, 04:43:22 AM

The more I trade and follow the market, the more I become convinced that daily trading is a way to lose, if you win in a trend, you lose in a flat - and vice versa. Predicting a trend is very difficult only on charts, if at all it is possible in principle.

It is confirmed that only 5% of people earn from daytrading, 95% lose. And it's not about skills, but rather about the fact that there are mainly robots on the market that can do several transactions per second. A person has no chance with them and will always lose. Unless he is lucky and will play just like a robot.

Of course, I am not a professional trader, because I am just starting to learn the scalping technique for day trading and it seemed to me that I would have very good success. But after reading your message, I begin to doubt the prospects of my work. Of course, today the cryptocurrency market is in very poor condition, but nevertheless, traders make money thanks to the volatility, which is very active today.

dodgrad

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Quote from: kissaNN on December 19, 2019, 04:43:22 AM

The more I trade and follow the market, the more I become convinced that daily trading is a way to lose, if you win in a trend, you lose in a flat - and vice versa. Predicting a trend is very difficult only on charts, if at all it is possible in principle.

It is confirmed that only 5% of people earn from daytrading, 95% lose. And it's not about skills, but rather about the fact that there are mainly robots on the market that can do several transactions per second. A person has no chance with them and will always lose. Unless he is lucky and will play just like a robot.

Pinkris128

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Day trading is a good way to earn money because it is one of the fastest way to earn in crypto, but day trading is not for everyone because it is riskier than long term trading that you need a proficient skill and you need a lot of experience in trading, that is why a lot of people don't recommend day trading because it is also like gambling that you always lose from it.

STT

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Here is a kind of day trade setup. Its purely short term but could develop further, if this low within the last hour or so does hold then perhaps the profit is good for the day :

The idea would be a retest of the recent highs and the hope we can break any resistance or down trend in play on a longer time frame. However when its a day trade, its the job just to ride that move up not hold through the tougher prices above.

kissaNN

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The more I trade and follow the market, the more I become convinced that daily trading is a way to lose, if you win in a trend, you lose in a flat - and vice versa. Predicting a trend is very difficult only on charts, if at all it is possible in principle.

BartS

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Quote from: kro55 on December 15, 2019, 05:54:52 AM

This is so true that 97% of day traders end up in loss. You will rarely find any day trader that is in profit. Many think that long term investment means holding for years. If you see bitcoin price in recent years those who have carefully bought Bitcoin were able to get adequate return within months. Then y going for day trading.

In order to see how difficult it is to become a day trader I will suggest to anyone to take a look at the 15 minute chart of bitcoin and see the huge movements that it presented during the last days, it is very easy to think that you will be on the right side of each one of those movements and make money with them.

But the truth is that is incredibly difficult and you will need to watch the markets very attentively and if for some reason you missed the movement you could sustain incredible losses in a very short amount of time.

Rasa nanas

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I understand how difficult it is to get profit in daily trading, even for 1% profit. The key to this problem is not to be greedy, when you have made about 5% profit in that day stop playing and continue the next day. most people when they have profit they will continue to play and eventually they destroy the victory because of their own greed.

Aying

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Quote from: Blackdeath on December 12, 2019, 06:57:59 AM

Day trading is actually risky because it is hard to manage your trades, watching the charts all day, and preventing yourself to have losses, that is why there are only few people who does day trading. But the advantages of day trading is that you can earn much faster than long term trading.

The advantage is you can earn faster but the disadvantage is you can have a losses for a week or month because day trading is very hard. even you have that knowledge in crypto it is not enough. especially this days that the market is not good enough to take day trading. I wouldn't recommend it if my friend want to try day trading.

kro55

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This is so true that 97% of day traders end up in loss. You will rarely find any day trader that is in profit. Many think that long term investment means holding for years. If you see bitcoin price in recent years those who have carefully bought Bitcoin were able to get adequate return within months. Then y going for day trading.

Savemore

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Quote from: Meowth05 on December 14, 2019, 07:01:18 AM

Quote from: BitcoinHunt3r on September 15, 2019, 10:19:49 PM

I never can do day trading. Because sometime i lose and only a few times get profit. Maybe i will trade like usually traders did. Like it is ok to hold until get profit although not aim daily profit. Actually to manage my mental is really hard. But will be harder if i aim and make target daily and push it. Maybe it is right when people said that each person have their own strategy in trading.

Just like you, I am not fond of daily trade simply because I do not have enough time to check the chart every time. I am more likely comparable to those HODLers. Daily trade as I know requires a huge bankroll unlike to long-term trading because in daily trade you lose a lot more than you win hence you must have enough back-up funds so you could not lose it all and earn it back. Long-term trading, on the other hand, it is not that tedious as daily trade have because all you need to do is to wait until your coin fluctuates and then sell.

Those people who have full time job and want to become a full time trader is a foolish idea. You cannot learn trading in a few moment, it will really take a time. Those who have full time job should consider the risks. As a trader who have a job, it is really better to not quit and job amd have good time management skills where you can both focus in trading and also in your job.

Meowth05

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Quote from: BitcoinHunt3r on September 15, 2019, 10:19:49 PM

I never can do day trading. Because sometime i lose and only a few times get profit. Maybe i will trade like usually traders did. Like it is ok to hold until get profit although not aim daily profit. Actually to manage my mental is really hard. But will be harder if i aim and make target daily and push it. Maybe it is right when people said that each person have their own strategy in trading.

Just like you, I am not fond of daily trade simply because I do not have enough time to check the chart every time. I am more likely comparable to those HODLers. Daily trade as I know requires a huge bankroll unlike to long-term trading because in daily trade you lose a lot more than you win hence you must have enough back-up funds so you could not lose it all and earn it back. Long-term trading, on the other hand, it is not that tedious as daily trade have because all you need to do is to wait until your coin fluctuates and then sell.

dodgrad

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Quote from: dirgayeah on December 13, 2019, 05:15:35 PM

Quote from: Blackdeath on December 12, 2019, 06:57:59 AM

Day trading is actually risky because it is hard to manage your trades, watching the charts all day, and preventing yourself to have losses, that is why there are only few people who does day trading. But the advantages of day trading is that you can earn much faster than long term trading.

yeah really agree. only expert ppl can do that method. but if some experts already know the technique, they no need to watch the chart all they, because they know how the market will go (based on TA analyze and FA as well).

The truth is that technical analysis works very rarely on the cryptocurrency market. I think that good results are just as rarely as a good result in a roulette game. If someone treats gambling as a way of earning money and way of earning for living, then I think he has no experience either in daytrading nor in gambling.

BartS

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Quote from: adaseb on December 10, 2019, 01:09:49 AM

Quote from: BartS on December 09, 2019, 11:08:00 PM

Quote from: Mahanton on December 05, 2019, 12:47:03 PM

A mindset should really be like this one.All things begin on being a noob and to enhance out yourself with trade then you would need to experience things up.
Living with trading is possible but dont expect to be constantly profitable on daily basis.There would always a time for you to lose and success will vary on how you do trade up.
This is why only a few who do able to maintain such thing and making it as a living and the rest? Are still trying out their best but when we do talk about possibility then its really there.

In fact a good day trader could trade the markets without having a losing day during their careers, I know this sounds impossible but think about it, if 97% of the traders are losing money when they day trade then that means that the rest are getting all the profits.

This means that for every successful trader there are about 32 losers, can you imagine getting those kind of profits daily? I can and everyone else as well which is why day trading is so popular.

No I don't think that is true. I agree with you that there is a very small percentage of people out there that can successfully daytrade but most likely they do have losing days. I am pretty sure the reason why they are able to make a living out of it is because they got a few winners, a few losers, a few break-evens, but they also got a few HUGE winners and never have any HUGE losers. And that's why they are able to stay in the game.

Most people are the other way around, they got a few winners, losers, break-evens, never have any large winners and have a few HUGE losers which cleans them out. Even my friends who trade the stock market cant make money when it keeps going to new highs every few weeks. They basically buy a stock, went it goes up 5% or so they sell. If it doesn't go anywhere they sell it at break-even and just lose the commission. However they never use stop losses so when a stock goes against them they just wait for it to go back up or worse they buy more to get a better average. And eventually since there is a strong bull market due to Trump they get their money back. But there will be a time when it won't come back and will lead to huge losses like losing 50% of your entire savings due to one bad stock trade.

In my experience those that have those kind of results do not have huge winners they are only looking for trades that gives them a few profits and then they sell, by trading in this way they have a very high accuracy system that relies on having very small wins and just a few moderate losses.

But since they trade so many markets this means that even if the market of cryptocurrencies gives them some losses they can more than make them up by the profits they get in the stock and the forex market.

dirgayeah

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Quote from: Blackdeath on December 12, 2019, 06:57:59 AM

Day trading is actually risky because it is hard to manage your trades, watching the charts all day, and preventing yourself to have losses, that is why there are only few people who does day trading. But the advantages of day trading is that you can earn much faster than long term trading.

yeah really agree. only expert ppl can do that method. but if some experts already know the technique, they no need to watch the chart all they, because they know how the market will go (based on TA analyze and FA as well).

atjiat

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Quote from: Blackdeath on December 12, 2019, 06:57:59 AM

Day trading is actually risky because it is hard to manage your trades, watching the charts all day, and preventing yourself to have losses, that is why there are only few people who does day trading. But the advantages of day trading is that you can earn much faster than long term trading.

Undoubtedly day trading brings very good results and many traders make big profits, while spending a lot of free time on their activities. The question is posed very interesting and, in principle, understanding the reality of day trading, you can understand the contradiction that lies in the question itself, since day trading can give a good profit, but this money will not be realized, because there is no time left after day trading for personal life.

Blackdeath

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Day trading is actually risky because it is hard to manage your trades, watching the charts all day, and preventing yourself to have losses, that is why there are only few people who does day trading. But the advantages of day trading is that you can earn much faster than long term trading.

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