Day Trading for a Living? - page 9. | Bitcointalksearch.org

shoreno

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Quote from: EdenHazard on September 19, 2019, 06:20:41 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 .

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The study is based on the Brazilian equity futures market. I don't want to say that day trading is easy or something like that because i think it's easier when it comes to crypto because of the volatility. 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.

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

EdenHazard

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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.

jossiel

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Quote from: Juggy777 on September 18, 2019, 03:25:40 AM

@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.

Just to be sure and to be safe.

Day trading isn't really an ideal thing for everyone but to those who are into this are passionate and knows the drill. If ever I get more losses then it wouldn't be hard for me to recover.

Because I have some other sources to lean on. I don't intend to live like a king, I just want to extend more source not just with crypto but also in other businesses and ventures that I'm interested with.

dunfida

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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.

It depends because i do have some forex trader friends on real life that do able to live with their trading profits.It not might give assurance on daily profits
but somehow they do able to withstand and support their daily needs which is awesome and im pretty sure that there are traders out there here on crypto would able to do the same.

We might able to see that this is nearly impossible but its totally possible.It would just depend on how you do trade up and manage your funding that can sustain up
on any possible situations that might faced up.

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Quote from: Febo on September 15, 2019, 09:56:06 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 is every cryptonians dream ,but also this is many investors nightmares because only few has become successful while lots remains failure
With people I met here in crypto i can say that there’s 4 or atleast 6 who’s gaining continuously in day trading while us the remaining still not lucky to earn good.

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.

Well just make the difference and you’ll see in future that crypto turns profitable for you also(sadly not for me lol)

Febo

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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.

It can be diferent. You can chose 2 paths. Or research and invest and hold. Or scam peopel and take tehir money. With daytrading you wil just lose.

jostorres

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Quote from: Questat on September 18, 2019, 05:57:12 PM

Quote from: jossiel on September 18, 2019, 12:25:38 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.

It serves to have some trials to test our capabilities but somehow we are likely to lose something before then. We can only appreciate trading if we are fully engaged with but with the risk of this, only a few are eager to learn and survive while many we're disappointed for their losses.

And you are right, not all of us are destined of becoming a trader, just like to become a businessman. I hope this will be clear to everyone. Not just because we have a plan but we are not capable of it, it is still useless.

I agree with you sir, the fact that there is money in business will not mean that everyone should go into it, there are some people that are not business people, and when they dip their hands in the business, no matter how much they try, the business will still fail because that is not their calling.

Everyone all have an area where they are best at and I think to be a trader actually needs passion, as in you are not only after the money, but you also derive joy in actually trading and you have learnt so deep to the extent that when they wake you up to trade, even in the sleep you can do it, but if we are just into it for the money alone, we may never be able to really trade in life. There are so many other opportunities in cryptocurrency space than trading and investing.

Distinctin

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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.

And I hope also that you've learned from forex trading. You'll be facing another challenge in your trading life and may crypto will serve you as a recovery tool from the losses that you've made with forex.

Basically, forex trading is quite similar to crypto trading, we still have strategies and TA's but it makes different in here is that we can choose different coins to trade and exchanges. It is not the confidence that we should have because of how you fail in forex will it may happen again with you in crypto.

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Quote from: ethereumhunter on September 18, 2019, 06:50:05 PM

I don't want to use day trading as my job for living because I know that I need to learn more about trading so I can earn money from trading. I am trading when I see the market can up and down in a day, and if the price stuck in one level, I'd better stay calm for a while until the situation gets better. At this moment, I see that I have a chance to trade by selecting many coins and I check at the market, there is a good sign to up and down in a day, so I think I can make a profit.

At least you know your skills that it's not enough yet for you to be profitable doing day trading.
This requires a lot of skills, your friend here is more price volatility as that will give you more opportunity to trade and to earn a good profit.
With skills, you will be able to predict the market movement very well, and you may not be perfect but your overall performance will surely result to profit.

beerlover

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You really do not need an excel sheet anymore, you can literally download your trades from the exchange itself, that is excel too but at least you don't have to keep track of it, they are giving it away for free, you can get your previous trades and that way you can actually make a system where you can see what you did wrong and what you did right etc etc.

I always support people checking their trading history, there is literally all info you can ask for, what price you bought, how many you bought, how much fee you paid, then how many you sold, at what price you sold, how much fee you paid etc etc. That way you can make your calculations, there was a guy who turned binance trade history into some sort of graphical thing on excel and that really helped me a lot when I first started.

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I don't want to use day trading as my job for living because I know that I need to learn more about trading so I can earn money from trading. I am trading when I see the market can up and down in a day, and if the price stuck in one level, I'd better stay calm for a while until the situation gets better. At this moment, I see that I have a chance to trade by selecting many coins and I check at the market, there is a good sign to up and down in a day, so I think I can make a profit.

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Quote from: jossiel on September 18, 2019, 12:25:38 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.

It serves to have some trials to test our capabilities but somehow we are likely to lose something before then. We can only appreciate trading if we are fully engaged with but with the risk of this, only a few are eager to learn and survive while many we're disappointed for their losses.

And you are right, not all of us are destined of becoming a trader, just like to become a businessman. I hope this will be clear to everyone. Not just because we have a plan but we are not capable of it, it is still useless.

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Quote from: stfN2128 on September 18, 2019, 09:53:37 AM

Quote from: iv4n on September 18, 2019, 08:12:39 AM

Quote from: izanagi narukami on September 17, 2019, 08:18:18 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 !

Having patience and day trading are not a good combination. When you day trade you need to be fast if you wish to make profit, you need to have a good timing for buying or selling a coin you trade with.
Day trading and gambling are pretty similar, both need a good bankroll and both are risky. Nobody can expect to make money everyday in a long run.

You need patience in daytrading exactly like in trading on higher time frames. Patience is always projected on the timeframe, if you trade on 5 minute or 15 minute timeframe, normally you trade the period f.e. 15 minute chart, a period is 15 minute. if you trade on 1 day chart, the period is one day. Patience is still needed otherwise you will lose money in the long run. If you expect to make money everyday... you already lost. Daytrading or trading in generally doesnt mean you have to make money everyday and its not needed to make money everyday. One some days you will lose, successfull trader know when they have to stop. The market is still alive at the next day Wink

Mindset on this kind should really be have when you are trying to day trade or even casual trading generally.Emotions will normally take impart into any situations that we might faced on.Thinking on profitability is never been ideal because this will destruct your own way of trading,its always been better to think off on your traditional trading patter and don't focus out on possible outcome.Stay focus and don't get disturbed nor destructed with your emotion because this is the primary reason why we do mess up midway.
Shorter or longer time frames aren't really that different in terms of difficulty because these both tf will involved crucial decision/patience and discipline.

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Quote from: iv4n on September 18, 2019, 08:12:39 AM

Quote from: izanagi narukami on September 17, 2019, 08:18:18 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 !

Having patience and day trading are not a good combination. When you day trade you need to be fast if you wish to make profit, you need to have a good timing for buying or selling a coin you trade with.
Day trading and gambling are pretty similar, both need a good bankroll and both are risky. Nobody can expect to make money everyday in a long run.

You need patience in daytrading exactly like in trading on higher time frames. Patience is always projected on the timeframe, if you trade on 5 minute or 15 minute timeframe, normally you trade the period f.e. 15 minute chart, a period is 15 minute. if you trade on 1 day chart, the period is one day. Patience is still needed otherwise you will lose money in the long run. If you expect to make money everyday... you already lost. Daytrading or trading in generally doesnt mean you have to make money everyday and its not needed to make money everyday. One some days you will lose, successfull trader know when they have to stop. The market is still alive at the next day Wink

serjent05

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I also use day trade to finance me for sometime but without bot, it is kinda hard. Since we have to check the trades every now and then. Aside from that manual day trading can never beat bots in terms of price adjustments.

Quote from: iv4n on September 18, 2019, 08:12:39 AM

Having patience and day trading are not a good combination. When you day trade you need to be fast if you wish to make profit, you need to have a good timing for buying or selling a coin you trade with.
Day trading and gambling are pretty similar, both need a good bankroll and both are risky. Nobody can expect to make money everyday in a long run.

I think patience is best suited for day traders. even though the trade may happen in fast phase but having patience and knowledge on when to sell and to buy during those trading session is a great tool in raking higher profit.

iv4n

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Quote from: izanagi narukami on September 17, 2019, 08:18:18 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 !

Having patience and day trading are not a good combination. When you day trade you need to be fast if you wish to make profit, you need to have a good timing for buying or selling a coin you trade with.
Day trading and gambling are pretty similar, both need a good bankroll and both are risky. Nobody can expect to make money everyday in a long run.

nydiacaskey01

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I am not an expert trader. I keep track of my trades before in an excel sheet and I can say there really are days when trades are really bad that you just want to sell even at loss or just hold for a long time until the price comes back to where you wan’t it to be until I realized aiming for a lower profit daily will keep you away from losing money.

Before, I set a target of 5% then sell but when the price hits 5%, oh hold on let’s wait till it reaches 8%, then hey wait a minute, maybe 10% is not bad until all of a sudden, shtf and price dropped and are caught off guard, it’s either you sell at loss or hold and shift to long term holding.

Nowadays, I set a target of 2.5% then sell, I don’t care if price will go beyond 2.5%, i’ll collect my profits and move on to the next day, new trading day, new coin to buy.

DeathAngel

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Day trading would be a great job because BTC is something that I’m hugely passionate about. I just don’t think it’s something that’s realistic though. It’s borderline gambling & I can see most people ending up getting burnt. You/we don’t control the market so it’s impossible to come out in profit all the tike & if it’s your job then you need it to happen more often than not.

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Quote from: GeoRW on September 18, 2019, 12:37:47 AM

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.

That's correct because majority of us wants to earn a good profit, therefor with small money, we need to take a bigger risk by being more aggressive.
Day trading is not an easy job but it could easily give you consistent profit if you will be successful in this venture.

Everyone who trade wants to be profitable especially in day trading, but the reality is not good since majority of the day traders are losers.
That's why I myself just prefer to do long term trading than day trading as I also experience losing and I realize my skills is not yet enough to be profitable.

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