Daytrading for living. Myth or reality? - page 3.

Kr-sama

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Quote from: Aikidoka on November 19, 2017, 09:07:30 AM

Since you have been trading in classic markets for 3 years, I think you have a knowledge about trading. But why did you decide to move to the field of cryptocurrency? Did something happen? At any case, I believe you will do well in the crypto world as long as you know what to do.

But my advice for you is that you should not only rely on trading that much as a source of income, but also on other jobs because you do not know when to win and when to lose. It is like gambling.

Trading crypto is quite different in trading in classic markets. But I guess it won't take you long before you get comfortable in doing it since you already have 3 years of experience in classic trading.

And yeah. Daytrading is always a gamble. It doesn't guarantee you profits. Even the most experienced traders can lose their money in daytrading. It is possible for you to grow your $1000 capital in trading. It can even get double the amount of your investment if you're lucky enough. But luck doesn't always side on us. That's why it is best not to rely only on this $1000 investment of yours in terms of your financial source.

Aikidoka

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Sinbad Mixer: Mix Your BTC Quickly

Since you have been trading in classic markets for 3 years, I think you have a knowledge about trading. But why did you decide to move to the field of cryptocurrency? Did something happen? At any case, I believe you will do well in the crypto world as long as you know what to do.

But my advice for you is that you should not only rely on trading that much as a source of income, but also on other jobs because you do not know when to win and when to lose. It is like gambling.

coinplus

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Quote from: pdoublep333 on November 14, 2017, 04:00:27 AM

Hello guys! I was thinking about financial freedom and how to reach that. I was trading for 3 years in classic markets and now I moved to crypto. My plan is to day trade with 1000 usd without any additional income from any other job. What do you think should I try this or that's not a good idea?

It is reality and not a myth. A lot of people do it as long as you know you have what it takes to go through with it. Since you already have a great idea about trading from outside the crypto world, I will say you familiarize yourself a little bit with the crypto world so you do not get lost, but I can assure you that day trading with that amount is sure going to be giving you a lot of profit than you can imagine.

Obviously, you cannot day trade with another job as that on its own is a huge job, but you surely can be making a lot. Be sure you know what you are getting into first though and the stress involved before leaving your real job.

Hui8

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Yup you can achieve that and it is not new thing for those old players who are already here heating up their chairs everyday. ;-) They know from A to Z coins and they know the behaviour of these bulls so its easy to get some profits everyday with them. Try to get into top most list from coinmarketcap website and learn about these coins in detail. This can give you idea about your income if you get your hands on them in the right way. Im pretty sure if you have experience of the classic trades then this is no different form it and even volatile market than it. Remember volatility is not enemy its actually opportunity to grab more profits when it comes to green candles and sticks. :-)

scorpion27

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I think nothing is impossible in this world, if you make trading as your main job then you should be able to manage your finances, you must have reserve money to anticipate in case of loss. because all trades have a high risk and also have a high profit as well

marks1976

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Quote from: pdoublep333 on November 14, 2017, 04:00:27 AM

Hello guys! I was thinking about financial freedom and how to reach that. I was trading for 3 years in classic markets and now I moved to crypto. My plan is to day trade with 1000 usd without any additional income from any other job. What do you think should I try this or that's not a good idea?

My guess you need to adopt into the crypto ecosystem, that will be better for you to start with low amount. Trade in the crypto will be different in the classic market. In the crypto all about the nature movement. it has determined by the demand and supply and there is no party to control it.

Text

hero member

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Daytrading for living is possible only for people who don't have more responsibilities. As you said that you have been a classic trader for 3 years, and what is the average of successful rate of your trades? Yeah you are experienced, but crypto-currency is really different, as they said, the prices are volatile and unpredictable. You will not just base on the charts history but also on the updates and developments of a coin. You need to study and acquire knowledge to learn how these coins flow and move in the market.

reflector

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Quote from: Pursuer on November 14, 2017, 04:11:27 AM

well if you did really trade in other markets for that long a time then you should already know a thing or two about trading. it can be a profitable job as well as one with lots of losses. it is risky, and to earn a living from trading alone without any other source of income aka another job is going to be hard and risky. one day you may make a lot of money and another lose as much.

if you think you can manage your finances in a way to not lose in total and reduce the risks then go for it. there are people who are actually doing this for a living. but I personally prefer it as a secondary job to give me additional income.

Mostly everyone saying that trading is like a gambling in that way how it is possible all the time we can see the profit only in trading.
I understand if we correct the value in the trade what we are opening in the trading site, we have to modify it all the time according to the price in the price graphs.

Still I am confuse that when the time you change value bitcoin bumps and you made a low value means you have to face the loss also at the same time right!

CryptoTamer

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Quote from: pdoublep333 on November 14, 2017, 04:20:35 AM

Quote from: lulumiya on November 14, 2017, 04:08:41 AM

real. possible.

becuzz so soft markets for pro traders. so easy predictable for pro. no any regulation no any goverment surveillance. %90 population amateur fish home trader.

That is exactly my main argument. As no big players in crypto who can manipulate markets as they do it in classic markets

Big players exist in every market including cryptocurrency market
Maybe you will know this if a few days ago you saw the BitcoinCash market

MeRoOo

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day trading can make you a lot of money if you are not greedy

iram3130

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ITSMYNE 🚀 Talk NFTs, Trade NFTs 🚀

Depends on the country you live in and the total expenditures but it is a possibility here in crypto with all the fluctuations. You might need to increase the principle over time but it is normal in all the markets now.

fzarik007

newbie

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I think you can do that for living, as crypto markets very volatile and gives good opportunity, but problem is that to do that for living you need a huge deposit like 20000-30000 usd, and as for its very scary to hold such money in crypto where is totally no regulation, hachs and so on

soham

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Quote from: pdoublep333 on November 14, 2017, 04:00:27 AM

Hello guys! I was thinking about financial freedom and how to reach that. I was trading for 3 years in classic markets and now I moved to crypto. My plan is to day trade with 1000 usd without any additional income from any other job. What do you think should I try this or that's not a good idea?

If you already have enough experience in day trading at the classic stock market, I am sure you know what it takes. It is not a myth and can be achievable. But you need to live,eat and breathe the market with constant monitoring. Unlike other classic markets, crypto market is open 24X7, so you may have to look for trading opportunities whenever you get time. While the availability of the market gives you an wider opportunity to earn profit whenever you want, it also leaves you with an wider uncertainty of market crash.

illyiller

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Quote from: pdoublep333 on November 14, 2017, 04:00:27 AM

Hello guys! I was thinking about financial freedom and how to reach that. I was trading for 3 years in classic markets and now I moved to crypto. My plan is to day trade with 1000 usd without any additional income from any other job. What do you think should I try this or that's not a good idea?

If you traded for 3 years in classic markets, I imagine you didn't do so professionally? Here's the thing: you need to have a nice cushion set aside for when you have a bad run. Even the best traders have bad runs due to variance and, well, markets being markets. You need to have at least a year or more worth of living expenses saved if you plan to live off your trading income. Depending what part of the world you live in, 1000 USD is a very small bankroll to live comfortably on, especially without additional savings.

First and foremost, trading crypto is quite a bit different than trading classic markets. Maybe you should trade part-time and get a feel for the markets first. Maybe make a little money first and decide if this is the right direction for you. I wouldn't recommend diving in head first without a back-up plan and savings.

quedex

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Quote from: pdoublep333 on November 14, 2017, 04:00:27 AM

Hello guys! I was thinking about financial freedom and how to reach that. I was trading for 3 years in classic markets and now I moved to crypto. My plan is to day trade with 1000 usd without any additional income from any other job. What do you think should I try this or that's not a good idea?

I don't know what's the median monthly wage in your country, but if you imagine you can trade with $1000 bankroll and make a living solely from it (let alone grow that money) then even in crypto it seems very difficult.
You'd have to trade with very significant leverage (and hence with significant risk of large drawdowns), which in turn is not compatible with the goal of achieving stable income.

On the other hand, if you mean like 1k USD per trade (which should normally not exceed ~2% of the bankroll), then it's a whole different story.

Quote from: pdoublep333 on November 14, 2017, 04:20:35 AM

That is exactly my main argument. As no big players in crypto who can manipulate markets as they do it in classic markets

I couldn't disagree more, have you heard of the 'whales'? Look at BCash pumps, for example, or weekend Bitcoin dumps.

VitKoyn

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Quote from: pdoublep333 on November 14, 2017, 04:00:27 AM

Hello guys! I was thinking about financial freedom and how to reach that. I was trading for 3 years in classic markets and now I moved to crypto. My plan is to day trade with 1000 usd without any additional income from any other job. What do you think should I try this or that's not a good idea?

Yes it is possible to make a living in trading cryptocurrency it is just like trading stocks. Crypto trading is more profitable but with higher risks of losing your money due to the unpredictable market movements. The most important thing is make your own reasearch and by that you should be able to spot investment opportunities depending on the information you have acquired. Just don't expect too much profit, it is better to have a target profit maybe 2-3% is enough and don't be greedy because cryptocurrencies are very volatile. I used to be greedy when I do day trading and lost my money.

pdoublep333

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Quote from: lulumiya on November 14, 2017, 04:08:41 AM

real. possible.

becuzz so soft markets for pro traders. so easy predictable for pro. no any regulation no any goverment surveillance. %90 population amateur fish home trader.

That is exactly my main argument. As no big players in crypto who can manipulate markets as they do it in classic markets

Pursuer

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Where is my ring of blades...

well if you did really trade in other markets for that long a time then you should already know a thing or two about trading. it can be a profitable job as well as one with lots of losses. it is risky, and to earn a living from trading alone without any other source of income aka another job is going to be hard and risky. one day you may make a lot of money and another lose as much.

if you think you can manage your finances in a way to not lose in total and reduce the risks then go for it. there are people who are actually doing this for a living. but I personally prefer it as a secondary job to give me additional income.

lulumiya

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real. possible.

becuzz so soft markets for pro traders. so easy predictable for pro. no any regulation no any goverment surveillance. %90 population amateur fish home trader.

pdoublep333

newbie

Activity: 5

Merit: 0

Hello guys! I was thinking about financial freedom and how to reach that. I was trading for 3 years in classic markets and now I moved to crypto. My plan is to day trade with 1000 usd without any additional income from any other job. What do you think should I try this or that's not a good idea?

Topic: Daytrading for living. Myth or reality? - page 3. (Read 1001 times)