day trading - what's the catch? - page 3.

Cryptopher

legendary

Activity: 1789

Merit: 1008

Keep it dense, yeah?

Quote from: lynn_402 on July 17, 2014, 03:44:36 PM

Quote from: ezreal on July 17, 2014, 02:55:28 PM

Quote from: NapoleonBonaparte on July 05, 2014, 08:24:44 AM

Quote from: Frijj on July 05, 2014, 06:58:49 AM

I think a lot of people think they can strike it rich by day trading, but very few people can make a living off of it. It takes up a lot of your time as well, but good luck if you try it.

Spot on.

Day trading is a loser game.

How come some people still do it then?

If you're not too greedy, and you're satisfied with profits of about 10% on a trade, and you don't panic sell or buy, it's not that hard not to lose money really.

The trouble is that the caveats you listed are some of the hardest things to conquer for many new traders. Even after time it's hard to shake off a habit. Aside from the discipline that you mentioned, it's all about believing in your trade.

I'm a terrible day trader, I am ultra bear short-term e.g. the belief that someone will dump hard and trigger something bigger when I buy in. It can take quite a while to recover, as I have found out with Peercoin of late.

HarmonLi

sr. member

Activity: 350

Merit: 250

Honest 80s business!

Quote from: lynn_402 on July 17, 2014, 03:44:36 PM

Quote from: ezreal on July 17, 2014, 02:55:28 PM

Quote from: NapoleonBonaparte on July 05, 2014, 08:24:44 AM

Quote from: Frijj on July 05, 2014, 06:58:49 AM

I think a lot of people think they can strike it rich by day trading, but very few people can make a living off of it. It takes up a lot of your time as well, but good luck if you try it.

Spot on.

Day trading is a loser game.

How come some people still do it then?

If you're not too greedy, and you're satisfied with profits of about 10% on a trade, and you don't panic sell or buy, it's not that hard not to lose money really.

yep, just got to cut out that panic! i don't use leverage, so when i'm wrong on long, i just hold that bag until i am in profit again! worked this morning.

Aptidude

member

Activity: 89

Merit: 10

It can be very frustrating when you lose money through order book friction.

lynn_402

sr. member

Activity: 462

Merit: 253

Quote from: ezreal on July 17, 2014, 02:55:28 PM

Quote from: NapoleonBonaparte on July 05, 2014, 08:24:44 AM

Quote from: Frijj on July 05, 2014, 06:58:49 AM

I think a lot of people think they can strike it rich by day trading, but very few people can make a living off of it. It takes up a lot of your time as well, but good luck if you try it.

Spot on.

Day trading is a loser game.

How come some people still do it then?

If you're not too greedy, and you're satisfied with profits of about 10% on a trade, and you don't panic sell or buy, it's not that hard not to lose money really.

HarmonLi

sr. member

Activity: 350

Merit: 250

Honest 80s business!

Quote from: NapoleonBonaparte on July 05, 2014, 08:24:44 AM

Quote from: Frijj on July 05, 2014, 06:58:49 AM

I think a lot of people think they can strike it rich by day trading, but very few people can make a living off of it. It takes up a lot of your time as well, but good luck if you try it.

Spot on.

Day trading is a loser game.

don't know about that. lots of traders have winning systems. some also use algorithmic systems as well and do not have to spend all day charting.

ezreal

newbie

Activity: 42

Merit: 0

Quote from: NapoleonBonaparte on July 05, 2014, 08:24:44 AM

Quote from: Frijj on July 05, 2014, 06:58:49 AM

I think a lot of people think they can strike it rich by day trading, but very few people can make a living off of it. It takes up a lot of your time as well, but good luck if you try it.

Spot on.

Day trading is a loser game.

How come some people still do it then?

Cryptopher

legendary

Activity: 1789

Merit: 1008

Keep it dense, yeah?

Quote from: richardramirez9 on July 17, 2014, 01:36:01 PM

Quote from: Cryptopher on July 17, 2014, 01:29:37 PM

Quote from: richardramirez9 on July 17, 2014, 01:25:19 PM

Quote from: Cryptopher on July 17, 2014, 01:11:18 PM

Quote from: richardramirez9 on July 17, 2014, 01:07:52 PM

Quote from: lynn_402 on July 17, 2014, 12:53:37 PM

Quote from: richardramirez9 on July 17, 2014, 12:51:15 PM

Is day trading all lucks?
and how do you know what alt will explode?

You know that by analysing a coin's community, the past performance of the price, how the coin is mined and at what rate, by looking for signs of pumps and dumps, and by analysing the order books.

Luck is important too, but if you're good enough to analyse the above points and be more than 50% accurate, you will most-likely end up winning in the long run.

But any whale can manipulate the order books, big ass sell or buy walls can dissapear and appear anytime Embarrassed

Most of the time even if the mining power is high, what happen is when coin hit exchange, coin gets dumped really hard, look at the graphs. It always goes down a lot when a coin is introducen in an exchange, it goes really low, then sometimes after a while it goes up again, or the coin just dies (Mazacoin, Auroracoin.. etc)

Many of the new alt coins have their 15 minutes of fame - whereby there is some degree of mania in the market causing its price to become artificially inflated. It's almost as if they go through the Bitcoin timeline at a faster pace and on a smaller scale.

The early adopters/miners line their pockets while the average Joe who wanted to get rich from a new alt is out-of-pocket. Even if they got in early, they will hold and hold as the price goes down, expecting it to shoot back up.

Yeah but my point is... being an early adopter with altcoins is even a beneficial thing? let us look at this graph:

https://poloniex.com/exchange/btc_xbc

this is the typical lifespan of an alt. If you get in early, you are already buying on the pump, which is basically guys that are in the mining time big time with powerful hashing power, dumping all the coins mined while the coin wasn't listed on any exchange. So what this means is, if you buy, you are fucked because you are already buying high.

Sometimes tho, the coin starts slow and goes higher, like BC or DRK. The thing is, you never know if you are buying high or low at the begining.

You can still get in on the pump and make some great profits, it's all about identifying that you are buying in on a pump and being prepared to exit within a short time. It all comes down to your expectations, plan and execution.

Luck is important too as somebody might dump hard just after you buy.

yes this always happen to me, when i buy, I say "wait a little bit longer", then it starts to fall, i say "wait a little bit longer it will go back up". End result: I end money and end up with toxic assets Sad

Yup, that's daytrading for you. It's all about setting expectations and trying not to be greedy. The more of a loss that you are at then the more likely you are to want more profits out of necessity to recoup your losses.

Those who got in early can afford to simply hodl, whilst dabbling with some of their coins on the markets.

richardramirez9

member

Activity: 84