Day Trading for a Living? - page 8. | Bitcointalksearch.org

Dr.Osh

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Quote from: nydiacaskey01 on September 25, 2019, 07:58:58 PM

Ive been trading for the past 3 years and believe me there are days when I cant trade even when I want to because of the market situation. If the trend is going down, why would you risk your money in trading? Thats already a clue for you to hold on to what you have for the mean time and wait for the market to recover. Thats why I believe day trading cant replace your day job.

I also trade, it's just that day trading is quite difficult, and even I find it very difficult to use it for the necessities of life. we do not always benefit from day trading. Exactly, that is because it is caused by market conditions. so, when market conditions are not in accordance with what we think, it will stop us from doing trading on that day.

because of this, I think day trading cannot be used for daily life because to make the most optimal trading is to wait for us to make a profit. I suggest getting a job to make ends meet, and use trading only to earn extra income.

peter0425

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Quote from: Dart18 on September 25, 2019, 06:23:43 PM

There is a chance that it is 90 percent right. Grin

Trading is not like every newbie thought it will be.
There might be some sweet words in youtube but that doesnt mean you will also get what they had.

YouTube tutorial for cryptocurrency trading has gone for long now and most of those who tried the technique are now crying and leave the daytrading strategy lol

Quote

With all the movement of the market it is difficult to predict it. Better just get a day job than expecting a good trade which happens like 1 every 10 sessions.

That’s it mate,we must not treat this as a feeding material because this is not for all people specially daytrading ,not unless you can afford to hold when time that your coin drops then there’s a chance you can succeed here

nydiacaskey01

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Ive been trading for the past 3 years and believe me there are days when I cant trade even when I want to because of the market situation. If the trend is going down, why would you risk your money in trading? Thats already a clue for you to hold on to what you have for the mean time and wait for the market to recover. Thats why I believe day trading cant replace your day job.

Dart18

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There is a chance that it is 90 percent right. Grin

Trading is not like every newbie thought it will be.
There might be some sweet words in youtube but that doesnt mean you will also get what they had.
With all the movement of the market it is difficult to predict it. Better just get a day job than expecting a good trade which happens like 1 every 10 sessions.

Tungsten-1

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Quote from: South Park on September 25, 2019, 11:48:57 AM

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.

This is to be expected, those that are capable of earning enough money with day trading to pay their bills and other expenses have decades of experience, for some reason some people believe that it is very easy to make money in the markets when that is not the case and not only that they try to trade without reading any material related to trading so instead of suffering some small losses and eventually quitting the activity they lose it all and many never recover financially from that mistake.

I know trading is all time helpful for our life we can get higher amount of money from trading then we get from our regular job. But we cannot neglect the reality that trading is not an easy way to make money we will have to gain knowledge and read about trading only then we will be able to taste the real profit of day trading.

romero121

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Requirements, Do's and Don't on Day Trading for a Living.

Good sum of capital is a must if the earning out of trading is the primary for living
Even if the profit margin is low go for it, because market can change in any way
Go through few exchanges and choose differen exchanges for different altcoins
Keep yourself updated with the different trading strategies followed by pro traders
Always have alternate plan while trading, as the predictions and market move varies
Prefer top listed as well as coins that have got good trading volume
Prioritize coins that fluctuate within limited range

South Park

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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.

This is to be expected, those that are capable of earning enough money with day trading to pay their bills and other expenses have decades of experience, for some reason some people believe that it is very easy to make money in the markets when that is not the case and not only that they try to trade without reading any material related to trading so instead of suffering some small losses and eventually quitting the activity they lose it all and many never recover financially from that mistake.

JohnBitCo

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Quote from: BTCgrinders.com on September 21, 2019, 07:31:59 PM

A big part of day trading is how much your commission fee is. If you can trade near commission free you will be able to profit easier.

What do you mean by commission fee in day trading crypto ? If you are talking about the transaction fee or trading fee, that is very low and trader normally do not consider it.
Or maybe you are trading on the behalf of someone and talking about the commissions which you get by trades made for others ?

EdenHazard

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Quote from: shoreno on September 19, 2019, 07:33:31 PM

Quote from: EdenHazard on September 19, 2019, 07:20:41 PM

Quote from: ?? on ??

As one who personally enjoys working from home, these statistics are troubling. I am looking become a day trader. I do have somw background knowledge from 'unprofitably' trading the forex markets. I'm hoping my story with crypto-trading would be different.

You can still be a day trader and work from home while incooperating other work or skill.
It's not advisable to depend on only cryptocurrency trading whether day trading or any other.
Even the best trader still need to add in any other job to have a stable living since you again sometimes and loss sometimes.

You can be a full time trader and investment as your otherside income .. with that scenario you might will have a plan B in case your day trading in trouble such as having a huge streak loss, make a living through trading alone is something that take a courage, a bit risky but once again the outcome at some point that risk would paid off.

I insist that day trading for a living is something not impossible, you just need to work hard to become that the rest of 97% who loss ... to become the 3% ... a special one who successfully make a living through trading based on that research.

I just love to challenge myself rather than living in a comfort and flat zone.

they say two is better than one so yes .having two or more other source of income is good but not really adviceable only if you already have a stable career ( not trading or day trading ) because those jobs are risky or not stable at all . you can say that you are good at trading or you are a good trader but you dont controll the market . @EdenHazard , where did you get that statistics ? 97 percent are looser and only 3 percent are profiting ? the number is unbalanced . trading is hard but there are still possible earners , i think they are over 40 to 50 percent of them .

You might look at the op's post .. clearly based on his source it is mentioned.

Of course It's always not advisable when it comes to taking such risk to go full time trading while you have a steady income (work for someone's else wealth for me is against my principle of financial freedom Grin

) , it's your life and the choice is yours anyway ...

There's no easy way to achieve any kind success unless you are lucky enough which you can't expect anything about that lucky factor , so get your ass up and work / learn harder !

Once again I would say that a day trading for a living is not something impossible, it is not a myth ... you just need to beat that numbers of '3%' mentioned by op.

adaseb

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Quote from: BTCgrinders.com on September 21, 2019, 07:31:59 PM

A big part of day trading is how much your commission fee is. If you can trade near commission free you will be able to profit easier.

This might be true for stocks or some types of option brokers but for Crypto the fees are very low. So if you are not making money due to fees you are basically scalping way too much.

Look at Bitfinex, it has 0.2% fees for takers, lets so you did a maker and a taker trade, your total fee is only 0.3%. At a base price of $10,000 of Bitcoin you only would need it to change $30 which is very little compare to the daily range of Bitcoin.

Stocks are different because you got exchange fees for removing liquidity, brokerage trading fees and the spread might be larger on some stocks.

BTCgrinders.com

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A big part of day trading is how much your commission fee is. If you can trade near commission free you will be able to profit easier.

MI6

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Quote from: Oceat on September 21, 2019, 06:52:33 PM

Quote from: cryptoperkele on September 21, 2019, 05:15:08 PM

I am more of an investor/swing trader. I wouldn't have nerve to trade daily. But i've always thought that when i make money, it's because others are losing money. So i am counting myself in lucky few percent when i am not losing.

Lucky for you to gain some profit despite of the market situation, although a daily traders will having a hard time in this type of market. They say trading is just like gambling because when you gain a profit someone is losing some money. Perhaps you could call yourself a lucky person because you haven't lost yet.

About people's lost behind our profit, i think it is someething that don't need to make serious. I mean, when someone do trading, they not only must understand the risk and prepare for anything which happen to his investment. In other side, who sell in a price sometime is buy in cheaper price and i think we don't need to think about that.

Oceat

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Quote from: cryptoperkele on September 21, 2019, 05:15:08 PM

I am more of an investor/swing trader. I wouldn't have nerve to trade daily. But i've always thought that when i make money, it's because others are losing money. So i am counting myself in lucky few percent when i am not losing.

Lucky for you to gain some profit despite of the market situation, although a daily traders will having a hard time in this type of market. They say trading is just like gambling because when you gain a profit someone is losing some money. Perhaps you could call yourself a lucky person because you haven't lost yet.

Lanatsa

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Quote from: shoreno on September 19, 2019, 07:33:31 PM

Quote from: EdenHazard on September 19, 2019, 07:20:41 PM

Quote from: ?? on ??

As one who personally enjoys working from home, these statistics are troubling. I am looking become a day trader. I do have somw background knowledge from 'unprofitably' trading the forex markets. I'm hoping my story with crypto-trading would be different.

You can still be a day trader and work from home while incooperating other work or skill.
It's not advisable to depend on only cryptocurrency trading whether day trading or any other.
Even the best trader still need to add in any other job to have a stable living since you again sometimes and loss sometimes.

You can be a full time trader and investment as your otherside income .. with that scenario you might will have a plan B in case your day trading in trouble such as having a huge streak loss, make a living through trading alone is something that take a courage, a bit risky but once again the outcome at some point that risk would paid off.

I insist that day trading for a living is something not impossible, you just need to work hard to become that the rest of 97% who loss ... to become the 3% ... a special one who successfully make a living through trading based on that research.

I just love to challenge myself rather than living in a comfort and flat zone.

they say two is better than one so yes .having two or more other source of income is good but not really adviceable only if you already have a stable career ( not trading or day trading ) because those jobs are risky or not stable at all . you can say that you are good at trading or you are a good trader but you dont controll the market . @EdenHazard , where did you get that statistics ? 97 percent are looser and only 3 percent are profiting ? the number is unbalanced . trading is hard but there are still possible earners , i think they are over 40 to 50 percent of them .

He might pertain with forex trading with those comparison of winners and lossers https://vantagepointtrading.com/whats-the-day-trading-success-rate-the-thorough-answer/
Success rate and failure rate would be definitely different here on crypto just like on what others said.No one can controls the market but with cryptos volatility getting up profits on a short span of time do have higher success rate than stocks and forex.Yes, it do looks unbalanced but this is indeed the reality and how the market works.
If there were earners there would be a large part of losers yet we know that this market involved between sellers and buyers and only the smartest and wisest trader out there
would end up on profiting.

cryptoperkele

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I am more of an investor/swing trader. I wouldn't have nerve to trade daily. But i've always thought that when i make money, it's because others are losing money. So i am counting myself in lucky few percent when i am not losing.

exstasie

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Quote from: The Sceptical Chymist on September 20, 2019, 01:21:52 PM

Quote from: logfiles on September 19, 2019, 07:30:16 PM

Of course many get-rich-quick people lose but with a reasonable portfolio, one is able to make a lot more than $54 per day if they are disciplined

LOL to the tenth power. You'd have to be starving and living in Venezuela to be satisfied with a return like that (and no offense to the suffering Venezuelans intended). Your statement supports the study pretty much.

Let's put this in perspective. The study was on Brazilian traders. The average monthly income in Brazil is 2286 BRL, or 550 USD.

So as it turns out, $54 per day is triple the average income. That seems respectable enough. Granted, only 0.4% of those studied managed to eek out $54 per day or better.

Quote from: The Sceptical Chymist on September 20, 2019, 01:21:52 PM

Yeah, I'd like to see something like that as well--using real crypto traders. You could simulate a study just like with the stock market, but I'm curious as to whether any crypto day traders are actually making serious money.

I'd be curious too especially given BTC's price trajectory from $0. It wasn't until 2014 that there was significant liquidity for shorting the market, beginning with Bitfinex.

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

study says 97% of day traders lose money.

Yep, I believe it. It's almost like going to the casino, playing the slot machines and expecting to make a living from it.

The only way I can see making money by day trading is if you used fundamental analysis and didn't do a lot of trading. Kind of like how Warren Buffett does it. I took a class in corporate finance in college and the professor cited some statistics about how it's near impossible to time the market and that the more trading you do, the less you earn (because of all the associated fees, taxes, and whatnot). And boy, I am inclined to believe him. Buy-and-hold, baby. And you have to pick the right investment, too. That's the hard part.

Quote from: logfiles on September 19, 2019, 07:30:16 PM

Of course many get-rich-quick people lose but with a reasonable portfolio, one is able to make a lot more than $54 per day if they are disciplined unlike when dealing with equity markets.

LOL to the tenth power. You'd have to be starving and living in Venezuela to be satisfied with a return like that (and no offense to the suffering Venezuelans intended). Your statement supports the study pretty much.

Quote from: logfiles on September 19, 2019, 07:30:16 PM

It would be nice if we also saw a study on crypto day traders.

Yeah, I'd like to see something like that as well--using real crypto traders. You could simulate a study just like with the stock market, but I'm curious as to whether any crypto day traders are actually making serious money.

sana54210

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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.

I really do not doubt this report because it is not so easy to go into day trading , trading daily will actually involve some high tech pro traders, and how many of them do we really have, many people that you see today that is going into day trading are just leaving on speculation, because the volatility of bitcoin is too high and which is the reason why many of the day trader facile, and considering the fact that there is limited time to actually make enough analysis that will enable one know the best spot to buy and the best spot to sell.

If one is to trade, I think trading occasionally is the best or better still one just holds the coin and wait for the time it will increase provided the coin of our choice in one with real use case. I would not advise anyone to really rely on day trading as job.

hahay

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Not sure about living that can be fulfilled only from day trading, because only with day trading we will not easily get large profits that can cover the necessities of life. So, it is not appropriate if day trading is used as a main source or for living, even though you are someone who has a lot of experience in trading, but to get a better profit will certainly require more time and good research.

veleten

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

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 !

stock trading is relatively easier because of the markets that are more predictable
crypto is too volatile and even the best of the best cannot account for the black swans ( that happen more often than the white ones , haha )
and the rule of thumb is simple: if you are not confident to do trading , buy and hold
if you think you can make money from daily trading , try it for a month and see the results
I'm sure 95% will be discouraged after that period of time spent trading

Topic: Day Trading for a Living? - page 8. (Read 3852 times)