Day Trading for a Living? - page 11.

Wilhelm

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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.

Exactly.

figmentofmyass

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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.

Wilhelm

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Quote from: MI6 on September 16, 2019, 02:36:27 PM

I agree about day trading for a living. From what i see, a lot of people already successed by trading when they are really expert in it. Until now i am still learn how to analyze and make right decision in day trading. And then my plan is how to set my mental so i am not panic and then can complete what i need to do daily trading. Because it will be better if we learn by doing in trading activity.

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

Statistics bitch! Grin

veleten

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day trading for living is a bad idea on many levels
firstly , you cannot put your financial stability on the line , daily trading will require you to quit your main job or not to be able to focus on your trading
and quitting a job with maybe low but a stable income is rarely a good idea
secondly , even if you trade like god , sooner or later there WILL be force-majeurs , black swans and market crashes that may make you broke
especially if you are margin trading
and the last but not least , if you belong to that chosen 4-5% who make profit , you'd probably be better off in some different area
like working as an analyst or helping people to get rid of their investments at some big company like JpMprgan

samcrypto

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Quote from: MI6 on September 16, 2019, 02:36:27 PM

I agree about day trading for a living. From what i see, a lot of people already successed by trading when they are really expert in it. Until now i am still learn how to analyze and make right decision in day trading. And then my plan is how to set my mental so i am not panic and then can complete what i need to do daily trading. Because it will be better if we learn by doing in trading activity.

Day trading requires a lot of practice and of course since you will depend on your profit in trading then you must be good on that. You can earn higher profit if you have the best experience in trading and have more patience, in cryptotrading you can become a millionaire in one year. So if you want to succeed, you must plan for this and don’t rush to learn.

milewilda

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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.

Yeah this talks about equity futures market and even on forex or stocks and other similar traditional markets we've known in the past but lets talk about
Crypto which i highly believe that it do have higher percentage for you to survive that day trade due to high volatility that no other traditional markets can compared of.
Do you agree with my point? 0.4% success is only for those markets but never ever with crypto.

MI6

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I agree about day trading for a living. From what i see, a lot of people already successed by trading when they are really expert in it. Until now i am still learn how to analyze and make right decision in day trading. And then my plan is how to set my mental so i am not panic and then can complete what i need to do daily trading. Because it will be better if we learn by doing in trading activity.

redsun114

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I think that number represents all day traders who do day trading and not only the day traders that does this full time. Just to give an example, if you did a test on people who have no other job and only makes money via day trading than you would see that there would be more people profiting, there would be a whole lot more than 0.4% that makes more money than a bank teller.

However, most people do it for side business and just fun of it, at least half of it doesn't even do it with knowledge, they do it without caring what they are doing and without learning what they do is true or not. At the end of the day its still a quite risky job, you have to really know what you are doing in order to make money and realistically there is not that many people who know what they are doing.

gantez

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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.

TIDOVEE

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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.

Good observation. Thank you

I don't disbelieve it, if you will make good profit on daily trading many of us know that it is easier when the market value rises more consistently than falling. It requires keen study on the market scale. During the 2017 bull run. Within June & December, making gain was easier.this is how those operating the Ponzi scheme get frustrated.

Reid

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Well then, thank you.

It is a difficult task and that is why I agree with.
Some newbies think that it is really profitable but it aint. You will lose a lot before you could even make a little profit.

Large capitals is needed for this or else you will get broke in an instant.
It is not that I am discouraging them but just telling the truth from experience.

Wilhelm

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

It constantly blows my mind the amount of no mark know nothings who declare they're about to embark on a successful trading career. 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.

The more they put in to the system the higher we go!!!
Fuck 'em indeed Grin

Jating

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Yeah, that's the reality, so I don't know what happened to those people here specially during the boom of 2017 to just say that they are going to quit because they are going to focus on trading as a living. I mean how can you support your family and bring food in the table if the market is very volatile.

This should be an eye opener for those who wanted to earn big bucks in day trading. It's going to be difficult and it takes years to be successful at least because of the unpredictability of the market.

gentlemand

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It constantly blows my mind the amount of no mark know nothings who declare they're about to embark on a successful trading career. 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.

Wilhelm

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Quote from: exstasie on September 16, 2019, 01:58:02 AM

Newbies see monitor setups like this and think that's all it takes, then they get chewed up and spit out:

Quote from: Wilhelm on September 16, 2019, 12:48:06 AM

That’s the problem..... greed is why they want to do day trading..... trading on weekly charts is better for most...

So by "day traders" they mean intraday, like trading the minute charts? On the stock market, no less? I say, leave that to the HFT algorithms, market makers, etc.

I'm a swing trader through and through. Although there's one circumstance where I like to trade intraday. When BTC is in a bubble, you can rebuy longs when the 1-min chart is oversold, all day long. Every once in a while you'll get washed out in a flash crash but it's easy money. Can't wait for the next season.

IMO day trading is if you open and close positions within a day, so yes mostly intraday.
However you are correct that day trading can also mean that you are busy with trading on a daily basis.
So let's not debate this, both could be right ....

Anyway what I meant is that for most, the lower timeframes are non-profitable unless you have strict methods and an exchange with low transaction fees...

stfN2128

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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.

It's not a secret that most of the traders lose money but it's also not sooo complicated to make money out of trading if you know what you are doing, have an entry and exit strategy and a good money management.
And the most important thing is learning from your mistakes, i have started trading almost 5 years ago.... i made a lot of money with luck, tbh i was doing random shit. made trades cause of news. Then i lose it all again and more... thats the live of a new trader i guess...it took a long time to make consistent profit out of trading, my last top up was almost one year ago and this account is still alive and in profit.

Don't give up to early and learn consistent. It's possible to make money, you just need time and dont be greedy. If you want to get rich quick, stay away from trading. You will end up in losing all.

pieppiep

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Day trading needs a big effort to choose the right coin because we need to analyze in every day, and we need to search one by one of the coins so we can find the right coins. It will be difficult if we don't have the skills to analyze each coin, and that will need more time to get the coins. I don't think it is easy to find the coin because with so many coins at 1 exchange will need at least more than 1 hour to detect which coin that can increase.

But if you have skills to find the coins, I think you can do it without any problem because your feeling will help you find the coin. Besides that, day trading needs more experience in the trading itself. You can get the experience by trading in the exchanges no matter if you are doing day trading or weekly trading. As always, you need to prepare your money so you can buy the coin directly in the market.

But yes, many traders are losing their money in day trading because they expect to make a big profit from many coins which is not always work in every day. So if you want to day trading, make sure you have good skills, enough money, and time to find the coins.

exstasie

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Newbies see monitor setups like this and think that's all it takes, then they get chewed up and spit out:

Quote from: Wilhelm on September 16, 2019, 12:48:06 AM

That’s the problem..... greed is why they want to do day trading..... trading on weekly charts is better for most...

So by "day traders" they mean intraday, like trading the minute charts? On the stock market, no less? I say, leave that to the HFT algorithms, market makers, etc.

I'm a swing trader through and through. Although there's one circumstance where I like to trade intraday. When BTC is in a bubble, you can rebuy longs when the 1-min chart is oversold, all day long. Every once in a while you'll get washed out in a flash crash but it's easy money. Can't wait for the next season.

LUCKMCFLY

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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.

Well, you may rarely find this, but to make a living that way you can, as long as you have enough knowledge in the operations, I have usually learned that with a lot of money in trading you do little and with little money you don't know make. Really to say that trading can be lived yes, but I think the secret is to see it as a business. Thinking that you can get us out of a situation quickly is difficult, unless the correct operations are done at the right time, and perhaps with good luck, although it is better to make the gains by understanding how it was earned.

Ararbermas

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They thought that day trading is like an easy work . Such playing games and etc, but afterwards they become crazy because of being lack of knowledge and information.. That's why the percentage is very low when it come day trading . Because only knowledgeable ppl can make much money on it. Greedy ppl always cant succeed on this kind of manner how to gain quick profits.

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