Day Trading for a Living? - page 10.

Juggy777

hero member

Activity: 2646

Merit: 686

Quote from: exstasie on September 17, 2019, 07:37:23 PM

Quote from: danherbias07 on September 17, 2019, 06:47:56 PM

Traders saying like ignore that, it aint real. Just so to not remember what is the truth which they also experienced.

I know it's real because I've watched hundreds of traders come and go in my groups/chats over the years. In my anecdotal experience, I would guesstimate at least 80-90%. Most traders blow up an account or two then disappear.

Statistics like those in this study are nothing new either. 20 years ago a study showed 70% of day traders lose all their money: https://money.cnn.com/1999/08/09/markets/daytrade/

The 96% number has been floating around the forex community for ages too: https://www.msn.com/en-us/money/savingandinvesting/forget-forex-trading-here%E2%80%99s-a-much-easier-way-to-become-wealthy/ar-BBV9KlR

There are obviously more losers than winners but there are still some of us who emerge successful. Wink

@exstasie you’re absolutely correct about traders as it’s very difficult to make money in day trading, however it seems you’re an expert on this so would you share some tips for all of us.

Quote from: jossiel on September 18, 2019, 01:25:38 AM

It's one of my plan when I get older and everything was settled and I can sustain our daily living with the businesses that I'm establishing right now, I'll focus on day trading.

I'm prepared for the losses that awaits for me and I'm aware of the potential profit that I may get as well. That's it, day trading isn't for everyone and with my plan, I don't know when I shall execute it, not for today and not tomorrow, maybe someday in the future.

@jossiel that’s a smart plan because if you loose you won’t have any regrets, but if you make profits you’ll live the rest of your life like a king.

GeoRW

sr. member

Activity: 350

Merit: 257

Trust No One

The less money you have, the riskier strategy you need to have and the more likely you'll burn yourself. That's why most people fail sooner or later.

jossiel

hero member

Activity: 2842

Merit: 625

It's one of my plan when I get older and everything was settled and I can sustain our daily living with the businesses that I'm establishing right now, I'll focus on day trading.

I'm prepared for the losses that awaits for me and I'm aware of the potential profit that I may get as well. That's it, day trading isn't for everyone and with my plan, I don't know when I shall execute it, not for today and not tomorrow, maybe someday in the future.

peter0425

sr. member

Activity: 2618

Merit: 439

Quote from: Febo on September 15, 2019, 10:56:06 AM

Is day trading for a living your dream job? Get another one – study says 97% of day traders lose money.

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3423101

Only 0.4% earned more than a bank teller.

You can thank me latter.

Everyone of us has this dream job,but also everyone of us knew how risky Day Trading was and many much people had already quit trying this and Hard to accept me as well had already quit

But with this sharing I think considering to return back and try is an option for the following days to come

Anyway let’s make this thread as a sharing our experiences in the next days of trading

exstasie

legendary

Activity: 1806

Merit: 1521

Quote from: danherbias07 on September 17, 2019, 06:47:56 PM

Traders saying like ignore that, it aint real. Just so to not remember what is the truth which they also experienced.

I know it's real because I've watched hundreds of traders come and go in my groups/chats over the years. In my anecdotal experience, I would guesstimate at least 80-90%. Most traders blow up an account or two then disappear.

Statistics like those in this study are nothing new either. 20 years ago a study showed 70% of day traders lose all their money: https://money.cnn.com/1999/08/09/markets/daytrade/

The 96% number has been floating around the forex community for ages too: https://www.msn.com/en-us/money/savingandinvesting/forget-forex-trading-here%E2%80%99s-a-much-easier-way-to-become-wealthy/ar-BBV9KlR

There are obviously more losers than winners but there are still some of us who emerge successful. Wink

Hypnosis00

sr. member

Activity: 2422

Merit: 343

Quote from: Febo on September 15, 2019, 10:56:06 AM

Is day trading for a living your dream job? Get another one – study says 97% of day traders lose money.

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3423101

Only 0.4% earned more than a bank teller.

You can thank me latter.

That be sad. I want to be a trader but hearing this, I'm thinking that it might possible that I belong to those 97% traders who are a loser. Grin

Anyway, we can't say that failure is not the reason to quit and stop from what we aim for. In my self, I'm not really confident with trading because I don't have enough knowledge in trading nor to have that high level of skills. Maybe I have a chance to make it right but what the market looks too difficult right now, I've changed it...better to be a simple crypto holder than to risk in trading.

danherbias07

legendary

Activity: 3248

Merit: 1130

Leading Crypto Sports Betting & Casino Platform

Traders saying like ignore that, it aint real. Just so to not remember what is the truth which they also experienced.

Yes this is real. You might not profit that much everyday or if you will then you will lose it just later on.
You become more greedy and take that profit to gamble again then maybe make 2 days of day trade effort. Then you lose.

el kaka22

legendary

Activity: 3654

Merit: 1165

www.Crypto.Games: Multiple coins, multiple games

Everyone should think of day trading like a sidejob and not something they do for living. You are forgetting that there are TONS of people who are single and not married or do not go outside as much as others (and they may not even want to, introverts are actually really chill people) and that is why they spend time at home after work hours.

Some watch netflix, some read books, some play video games, and some of them actually trade, not a huge number of people for sure but there are those people and that is why I honestly think that those people who work and earn a salary could potentially do day trading at home when they get a chance and that is not a bad call, sure they may end up losing money but if they are smart and not risk too much they are still ahead of people who gamble during their free time.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: izanagi narukami on September 17, 2019, 09:18:18 AM

Day trading or long term holding, both of them can made money but it really need the time management and patient to find the opportunity !

The choice in this case should be a no-brainer, because in Bitcoin's history it has only unprofitable to hold for an extremely short period of time, while trading generally yields a loss when it comes to average joes.

As Warren Buffett says: the stock market is a device to transfer wealth from the impatient to the patient. I completely agree with that. Get rich quick noobs continue to burn themselves trying to make a quick buck. So stupid.

People should think about it, what has given you similar returns before Bitcoin's existence? People were happy with 5-10% annual gains. Today they are so spoiled that even 100% gains are almost considered low...

izanagi narukami

legendary

Activity: 2030

Merit: 1028

It's depend on what type of trading do you gamble.

Crypto and stock trading, the risk greater on crypto trading.

Day trading or long term holding, both of them can made money but it really need the time management and patient to find the opportunity !

Ridwan Fauzi

full member

Activity: 1330

Merit: 147

Being a day trader is really difficult indeed, someone just make a confusing strategy and they will repeat again and again. Yeah most of them will choose the same strategy when they start, it has happened in my whole life long time ago until I decided another strategy and choose weekly trader or come in when I believe there is a good time to start.

For the first time is indeed I decided to make day trading as my source income because I have read a lot of experiences from another trader which I deemed they are an expert in trading field. But it was wrong after I got lost a much rather than I got profit. That article can be made as a reference for those people who still assume that trading is promising place as their source income.

Red-Apple

hero member

Activity: 1470

Merit: 655

Quote from: xvids on September 17, 2019, 04:01:13 AM

I already know that there is only a small percent chance on relying on a day trade but I didn't know that it would be less than 1%.
I already tried it before I manage to make some money from the first week but once you've slip or fail on a trade it would pull down even your profit so for me it isn't really good to rely on it.

you can't really make the conclusion based on trading in cryptocurrency market specially if you are doing altcoin trading because by nature the altcoins are unpredictable because of their high levels of manipulation. consequently your results will never be good in altcoin market so you can consider it natural even.

xvids

sr. member

Activity: 1176

Merit: 301

Quote from: Febo on September 15, 2019, 10:56:06 AM

Is day trading for a living your dream job? Get another one – study says 97% of day traders lose money.

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3423101

Only 0.4% earned more than a bank teller.

You can thank me latter.

I already know that there is only a small percent chance on relying on a day trade but I didn't know that it would be less than 1%.
I already tried it before I manage to make some money from the first week but once you've slip or fail on a trade it would pull down even your profit so for me it isn't really good to rely on it.

Strongkored

legendary

Activity: 2814

Merit: 1112

Leading Crypto Sports Betting & Casino Platform

In 2016-2017 the year when I do day trade it was easy for me to get a profit of $50-150USD/day, but everything changed when entering 2018 the price changes very quickly made me experience a lot of losses.

From all this I learned the lesson that the most difficult to control from day trading is greed and also the ability to manage emotions when things don't go as expected, and also day trading makes me think I will continue to earn money so I forget to manage my finances well.

The most important think is day trade never practice about the trade and check the market news, only thinking about profit and profit.

fullhdpixel

hero member

Activity: 2828

Merit: 611

Quote from: gantez on September 16, 2019, 12:15:49 PM

Something about day trading for a living is that market can hold you for a long time and you have to wait, sometimes it is between take profit and stop loss for days.

Someone just wrote now in another forum that he has made 22,000 dollars already this year from trading bitcoin which I would not doubt, we might have thought he traded with large amount of money but may really not have but take advantage of the little fluctuation of bitcoin to start accumulating till he is able to gather the money.

I have been holding 1 BTC for a very long time now, and since I have been holding it, bitcoin has fluctuated so many times, that if I had traded with it, I may have even already double it by now, but because I am this type that believes in long term holding, I have failed to make over to always sell when it goes higher and then buy when it goes lower, which is what many of these people practice to make such money.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: figmentofmyass on September 16, 2019, 06:13:49 PM

Quote from: Wilhelm on September 16, 2019, 05:36:49 PM

Tip: it’s not about winning or losing. It’s about winning more than losing Wink

Statistics bitch! Grin

you don't even need to win more than you lose. you could trade with a 1:3 risk/reward ratio and lose 60% of the time and still be profitable. in a sense, that goes to the core of why most traders lose money---they cut their winners early and let their losers run, because emotions. the exact opposite of what they should do.

in the end, whatever strategy you choose it is all about the amount of money you are left with when the day ends. for example if you enter with 0.1BTC and leave with 0.15BTC then you have succeeded. for example i consider my altcoin trading days successful because even with losses due to bad trades or my bot having bugs i made profit even when Bittrex.com scammed me and stole my bitcoins, i was left with more bitcoins in my wallet than the beginning.

traderethereum

hero member

Activity: 2870

Merit: 574

Vave.com - Crypto Casino

Quote from: figmentofmyass on September 16, 2019, 06:13:49 PM

Quote from: Wilhelm on September 16, 2019, 05:36:49 PM

Tip: it’s not about winning or losing. It’s about winning more than losing Wink

Statistics bitch! Grin

you don't even need to win more than you lose. you could trade with a 1:3 risk/reward ratio and lose 60% of the time and still be profitable. in a sense, that goes to the core of why most traders lose money---they cut their winners early and let their losers run, because emotions. the exact opposite of what they should do.

Some of them are too greedy to chasing bigger profit, and that is the reason why many traders lose their money in trading.
If they do that over and over, they cannot trade in daily because they don't know how much profit they should take.
Before we decide to do daily trading, we need to have a goal in how much percentage we need to take so we don't try to chase the bigger profit in one trade.
If we can get the small profit, I guess that is better than we cannot get any profit because the market fluctuations will always change in every day.
The emotion will be on our side, and we need to know how to control the emotion so we can trade with calm and not panic if the market is changing.
I am sure that we have a plan in day trading, we can use trading for a living, and we can get the profit.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: gentlemand on September 16, 2019, 06:55:29 AM

Even more incredibly many of them seem to believe gambling is a reliable sideline just in case they get bored of losing all their money trading.

Err, fuck 'em.

Now you bring that up, it reminds me of clowns on social media claiming to have "invented" methods to beat the house by playing dice. There are always clueless suckers who see that as their last opportunity to make money by paying for these methods, especially when they see windows paint style edited screenshots of insane profit margins. Cheesy

People just need to admit one thing to themselves, which is that they suck at trading and stop doing it. It would save them a lot of money that they could use to buy Bitcoin and simply hold, the only near *risk free* form of investing here. Even if the price tanks, you still have every single satoshi. If you lose trading or gambling, you actually lose satoshis.

freedomgo

legendary

Activity: 3150

Merit: 1148

Fully Regulated Crypto Casino

That's a very small rate, I though it's higher because I believe that there are people who are making a living in gambling which is harder than making a living in day trading. The information could be inaccurate, I don't know, but my own belief is should be at least 5%, because with the rate in the OP, day trading is not attractive at all.

That rate also explains that there's only few smart people in the space that are successfully making money through day trading, and if an individual does not possess the skills, he should not try as he will just end up to be part of the losing group.

Kemarit

legendary

Activity: 3080

Merit: 1353

Is anyone still surprised by the statistics?

I mean we all know that trading itself is not for everyone and majority really sucks at doing it. Those newbies who think that they can earn easy money here got burned already. And no matter what bot they going to use, if they don't know how to set everything right, just a matter of months before they realize that it's better to gamble. Grin

. But thanks to them the money keeps flowing, and strong hands are enjoying the game.

Topic: Day Trading for a Living? - page 10. (Read 3852 times)