Topic: How to make a life by Day Trading (Read 1082 times)

I don't go into trading because I know my skills here are very low. Day trading can make a living for skilled traders but they also suffer at times. The loss can easily be compensated for by understanding the correct position signals of the market. Every time I try to do it the result is zero so learn well and then implement everything. There are many tips to become a good trader which can be tried and practiced.

2x leverage is already fine.

I'll choose the lower gains but has lower risk too. Unlike to the high leverage and high potential profits, I may not be able to take that.

It's better to do it with a lower risk and OP has explained well on how to do it as a day trader. So if you are an aspiring day trader, you have a lot of tips already but you'll learn more when you do it in actuality.

I am very inspired by the OP's activities, but personally it is quite difficult for me to implement it, I don't expect much in trading, even implementing a daily profit of $10 is very difficult for me to do, I know my lack of skills in trading or even I don't focus on trading so choose the buy or cell option carelessly, for friends, what do I need to do to be able to consistently trade? I have tried trading many times, but the results are not suitable.

Advantage may depend on us. Some are comfortable with high leverage and they can make more money out of it, in exchange of taking more risks. While some prefer to stick with low leverage for a while up until they build up a good experience. The return for it may only be small but they are not bothered with it because they can only treat it as a side hustle for now. They still have their main job like an office work or a business, that provides them a bigger and a much stable income. Some traders can focus on the market and looking at their screens most time but some can only use a bot. This allows them to do other things in their life.

Which one's more advantageous though? Low leverage or high leverage because I do think that with their risks being different, there's got to be one that's better than the other for day trading. I'm really curious how people make a living out of this specially those didn't have any kind of other ways to make money besides this, and if they're really getting a net positive in terms of quality of life and work balance because if I recall correctly, day trading takes a large chunk of your time in a day.

Everyone has different experiences in trading depending the technics and methods of trading they use. but generally trading every day is not bad at all.
In fact, Everyday trading is the most effective way of trading and making money from trading. that's what professional traders do. they make multiple trades on daily basis.
as you said you have an impatient mental, that's the reason why you lost.
The Best solution for you is to just buy a token whichever you want. and place an order according to your analysis. or according to the trading signal you receive. then don't look at back. whenever that target reaches your tokens will be sold. temporary price down are normal. you don't need to panic sell because of those. Unless there is a major clash in that project.

That means you are not a good trader yet, any trading time/duration is good for trading, it only depends on the kind of trader we are talking about and the time they have for trading at any point in time. As for me, there is no trading style that is not fitting and none of them that I have not traded before, be it swing, day trading, scalping, or the long, medium and long-term trading, I have worked them through. However, in my trading experience, the less time the strategy is, the more tasking it is and the more risky it is, though more money could be made if you are good at it, yet it can't be exonerated from the higher risk involved.

Going by that the longer-term is less tasking and it depends on how good the trader is in it which will determine the risk involved as well. Having expressed that, day trading is a type of trading that has a lot of trading approaches in it. We have a whole 24 hours in a day, so if scalping and somewhat hourly trading are removed from it, the other day trading styles can't be that risky and tasking as you said. All you need to do is follow the daily trend of the market, and then you open your trade and leave the market to do the rest for you. At times, I analyze once a day and when I open the trade, it could last for several hours or even days depending on the strength of the signal and trend. It is not about buying and selling and closing the trade many times daily alone, you might day-trade and open just a position for the day. So it depends on what you understand in this regard and how good you are at it.

it may be a good idea to try long-term investing when we are not very proficient in trading skills. But when it comes to controlling emotions, it seems traders should learn more about assets and markets before trying to invest. because even though investing looks easy, if you don't have control over your emotions, investing will actually feel more difficult to do.
If you continue to have problems trading, it's better to take the time to learn first.

However, some traders look for assets with high fluctuations to be able to get profits according to what they have planned. they do increase the risk, but still, such trading is not for beginners. but it can be learned.
Everyone must learn about risk management if they want to be wise enough to make trading plans.

The purpose of day trading will not be that you have to sell it on the same day, you have to start trading first and will be the idea that you will benefit from it or not? the token is falling down or going up. if going up sell in profit if falling down what you have to do is to hold it for two or three days.
After few days I hope it will give you more benefit benefit from one day trading.

Day trading is not easy and as you are mentally impatience so I think that everyone in trading is faces same situation therefore if your selection of coin become fine and you get experience then you will reduces this impatience. If you take such losses as a lesson for you then it can help you to overcome your emotions and also forget about your previous loss as it can cause you mentally disturbed.

If you are losing regularly then give some time to get education about trading because trading is not a field in which you will win through aggressive behavior. If you cannot control emotions then I will suggest you to move towards long term investment because it will minimize your losses and also you will learn about trading in such duration.

This guy gets it

It is true that by trading we will certainly be able to gain profits from the trades we make, but we have to really understand it well to be able to make a profit from the trades we make and we also have to follow market activities so that we don't make a mistake in choosing the type of coin we will use. to trade, even for those who have good experience in trading, there are still those who experience losses from the trades they make and we also have to be very careful in deciding the type of coins we will trade.

Yes, of course we have to keep learning even though we can trade well, because if we feel that we have enough of the knowledge we currently have and don't want to learn any more, of course it will be difficult for us to get a profit that satisfies us.

There are so many profits that could be made from trading of we know how to go about it. There are people that had been in the market for a very long time and they know how to go about the market utilizing their skills to make profits from the market.
One thing that is very important to us as a trader is for us to be ready to be learn so that we can make profits from the market as trades.

And as you do day trading and every day, the stress will build up and it will affect both mental and physical health. I once did day trading because I hoped to get a profit every day,  but that's not the reality because not every day you can expect an earning; sometimes it's more than a loss, so I built up stress and anger management without realising that doing trades every day is very stressful and not doing anything good to me. So I stopped. I only do trading. The time frame depends on the analysis that I come up with. In short, I don't think it will be healthy anymore if a trader will always do trade every day. If there is, then look at their situations. I don't want to go through that again, so I choose to go long-term in my open trades so that I can still relax and just see the result in the end.

Its never been simple in the first place and since we are talking about daytrade then you wont really be that making yourself that having an open position in the end of the day on which means that you would really be needing to wait up for a particular moments or timing for you to close up a particular trade on which it would really be just that normal that you would really be having that kind of behavior.
Its never been that easy but somewhat its not really that impossible, it is really just that there are people who cant really be able to take a good grasps when it comes to trading and this is why
they do really ends up on having that kind of failure because they do really make things been rushed up. This is why it would be better that you shouldnt really that
make yourself having in a rush.

We do know that there are certain types of traders on which there are ones who are daytrades, swing traders, trend setters, long positions
or simply with those holders.

as far as the experience I have trading every day is not very good in my opinion, because I do it often but often I suffer losses, after I learned about myself, I have an impatient mental temperament, because the tokens I trade rise in the next few days and it's very frequent, I want to ask if there is a solution for a mentality like mine?

The day trading, I have done many times but it is not so profitable because there is more loss. The advantage is that you have to be patient for it. Look, patience is a very important thing in trading. If you don't have patience, you cannot trade what you have. So we should avoid day trading because it has a lot of chances of loss because in day trading you will prefer altcoins rather than bitcoin and ethereum. One who invests in ethereum or bitcoin is a very great and superior thing to do

That's mostly the case with new investors, those who have heard from others that cryptocurrency is very profitable and one can easily earn a lot of money, and they never did any research of their own to understand how things work and whether there is risk involved or not but they get in the market and start buying cryptocurrencies without any prior knowledge and with zero experience. Some might get a newbie's luck but that doesn't happen with everyone.

So, a person who is just about to enter the market needs to at least do their own research to understand the market first and they should only start buying once they realize that they now have enough knowledge about the market and they won't just waste their money by investing on useless coins.

In line with the risks, trading does speed us up to profit in a relatively shorter time, but as I said it comes with risks. If one starts trading without any deep knowledge of this space, then it will invite more losses.
Luck may come once in a blue moon, but is it dependent on that alone? It's tantamount to gambling in my opinion.
For beginners, it will be more difficult, because even someone who has been in trading for a longer time sometimes still finds it difficult. Especially if they come without any knowledge or just follow the current trend.

There is no need for any stats with that, ask the other traders or do it on your own and you'll get to see the real stats.

Yes, they have to stop when it's no longer working for them and all they need to do is to find another investing strategy so that they'll keep up with the market.

And what's that strategy? Holding.