Topic: How to make a life by Day Trading - page 2. (Read 1082 times)

Whenever one trades without information in the beginning, mistakes will be made and losses will be incurred due to mistakes. Otherwise, he can follow anyone and following someone means that if the other person makes a mistake, you will also have to bear the consequences of his mistake.Therefore, instead of relying on others, one should try to learn by oneself. If you can't make a good profit, at least you can avoid your losses.

 The example you gave of cooking is a very good example that if one learns to cook by himself instead of eating in a restaurant, he can get home cooking easily and cheaply, but trading is a tough job, not so easy. As people think because it requires a lot of hard work and takes a long time to learn. However, trading requires experience, market volatility and knowledge about market risks. Everyone who is interested in trading should know about all these things, so that he can develop a good trading strategy for himself.

How do you know most day traders got loses?
I've no idea about the stats of loses or wins of day traders. I think there is no valid source that can describe/explain it. It is impossible to know the number of active day traders. However, if day traders are more aware about the importance of knowledge and emotion control, I think they will have bigger chance to succeed.

Ideally, there should be bigger number of success traders because we have varied sources for learning. When day traders are educated and mature enough, they won't easily get losses.

I think if a day trader got more losses than success in trading, he probably stops it. If he continues to have more portfolios, it means he is quite success in trading.

Yes, there's always the two sides of the effects that we're doing. Those that are happily sharing their wins, won't show how much losses they've made particularly before winning those trades.

While for the most of the traders that we're seeing, those that does scalp trading. They're more experienced and has got the idea on how to quickly profit in the market.

They have also for sure suffered losses and that contributed to how they decide for each of their trades.

For beginners, it is normal for them to lose in trading because getting profits in trading is not easy, especially if you do it all day, you will be confused by market conditions and quickly stress your mind because your analysis does not match what the market is saying after you. make an entry.
 
What becomes very vulnerable is when they are too ambitious to get big profits with big capital when they have already had one small win from their trading activities which makes them brave, and in the end it makes them worse off because of their carelessness which results in big losses and cursing the market, as if as if they were being trapped.

Talking about whether you are profitable or not, of course it is relative and is always there every day for a daily trader, and if you are a beginner, don't choose trading as your main income to earn a living, or in the case that you have experienced victory in one week from your trading activities. in the market, then you want to move from the real job you have been doing for a long time to trading, I think it is better to be consistent first in the old job and learn more about the world of trading. If you feel you can control your emotions and manage your finances and have the vision to assess the probability of profit from trading, then that's when you are worthy of making trading a place to earn a living or your main job.

But are you going to trade for the rest of your life, I hope not, you have to think about other ways to earn extra income in your old age from now on.

Day trading can be profitable and not profitable to any individual that wants to be making money from doing it but they have to make sure they know how to trade very well before they start doing it. Many individual just start trading without having any experience and that's why they always fail and begin to blame the market of been a scam meanwhile they were the ones that didn't understand what they were doing but because they were winning they thought they're good traders.

When you start trading, you can get beginners luck but we don't have to let that confused us because the more we go dipper the harder it begins to get and we start losing so it's always wise we know how to trade properly before we decide to be doing it everyday for profits.

He only explain what day trading is but he didn't say that it can give us a daily profits, although there are still times or days where we can earn bigger than the other. So, I guess that is still better and that compensates to the day/s that we haven't gain anything.

If we are not that skillful to produce that kind of income, it's better to just find a much stable source even if the daily pay isn't that big enough because our total pay will still be bigger than on what we can get when we do trading. It's okay to do force trades or trades which are not on our plan if we think we can benefit on it. We need to be versatile in trading if this is the only source of income we have so far or we choose to live on it because this is our passion.

If there's someone who would really make profits then its always that there'a always those people who do lose up the other side of the trade on which and this is really the basic principle that we do have in this space.

To those who are profitable then they are the ones who would be considered to be professionals or someone who are really that veteran on who could be able to handle themselves on this very volatile market.
We know that getting such skill is never been that easy and this is why we do really struggle on acquiring such skills which would be taking up some time and this would really be that lots of people been trying.
We know that there are different skill sets needed on what kind or type of trader you would be, whether you would be a scalper, daytrader, or swing trade or long term ones.

If you are making a life with day trading then you would be needing to face up that harshness of this market when it comes to volatility. You would really be that actively
be that checking out price movements every now and then.

Day trading and leverage are called high risk trading. Whenever a person starts such a trade he must be wary of such dangers. If you want to do trading, you have to adopt different strategies, otherwise you must face the risk of trading. If you want to earn by trading, you have to consider specifically how to make good profit from trading. Before starting trading one must deposit some amount of money in a good exchange and trade from there daily hoping to gain some amount of money. Trade with small amounts gradually, then increase the amount if you want to increase your risk level. However you must trade risk-averse otherwise you will never be able to make a profit. It is better to trade cautiously. And before starting trading, definitely take the advice of a wise successful trader.

That's right and that only proves that even the experience ones don't get it easily.

If it's just a side hustle and don't require a lot of monitoring. They'll just buy within the day and wait for another few or several days or even a month.

It's just the typical investor type but they still need to deal with it as a trader.

Of course everything that can be profitable will definitely have a level of risk, therefore as you said there are winners and losers in trading. For a day trader I agree with you, which is very true they do not only use one strategy, but maybe there are several or even very many, because in every day maybe the market will not always match what they want, I mean if they only have one strategy then it is unlikely that they will be able to get daily profits according to their targets because the strategy they have may not always match the market conditions every day, so to complement it they need several other strategies that match the market habits and with that maybe they have a good chance to be able to keep earning daily income. Well and if maybe their strategy is limited maybe they can take over the trade for scalping, that could be a good option for the market that day that does not match their strategy.

Yes, it is true that the technique may be enough to facilitate us, because it is true that sometimes constantly paying attention to the chart is not good and may make us blunder and make the wrong decision because our brain also has its own capacity to accommodate very complicated movements there, so rest is also needed, this is a pretty good alternative to choose.

There are traders who lose, but there are also traders who win. Most of my friends are day traders, but sometimes they do scalping. Most of them don't have one strategy because there are times when day trading is not going their way, which is why they will scalp on that day.

It really depends on the trader what he prefers, but most traders who make trading their side hustle do this because they don't need to keep watching the chart all the time, all they need is an hour or two on a day to plot their entry, but that doesn't mean that it is more profitable or has a higher winning percentage, it is just where they are comfortable.

To me $200 is too small a capital to use for day trading cryptocurrency. There is a very high chance you will get liquidated in less than no time considering the volatility and average daily range (ADR) of cryptocurrencies. There is also the temptation of trying to flip this money... this is something common with many traders that enjoy the euphoria of marking a fortune out of nothing.

Nevertheless, one can be lucky to actually build something significant with $200 luck do happens and the world is evolving and AI playing revolutionary roles in various fields of human endeavors, anything is possible. However, following the mechanical method that is littered all over the internet, it is a matter of time before someone with such little capital blows the account trying to build it.

Yes large number of people who are crypto traders experience win but this win is not regular win because in certain step of their trading they must have loss.
Crypto trading is consider as a mechanism which will turn the Condition of poor people into wealthy people but it should also be consider as a process that turn wealthy people into poor people if management of money does not take well.

Earlier people using crypto either learn how to trade or they leave trading because they cannot bear more losses so depending on this some people continue to win and other remains in same situations as they are not interested in learning.

Most of the day traders lose.

Many are just optimistic with their experiences and despite that many of them are losing, they've got passion for what they do.

And that's why many day traders are also prioritizing just to have more in their portfolios.

I don't understand why someone would need to make an investment and start trading if they can't do market analysis. What's the hurry? People should simply start learning first so that they can be able to analyze the market and decide when they should make their trades instead of following someone else's signals which aren't always reliable and one might lose a substantial amount from their initial capital and even if they don't, it's still not recommended.

A person who is willing to earn a living through trading and cryptocurrencies should obviously never get into it before they learn everything from A to Z so that they don't get confused at any point during their trading journey and they can manage everything efficiently and without any problems at all.

Day trading is very interesting to do because it's one of the most convenient means some people finds so easy to use in trading especially when they are specialized on a day to day trading activities and want to realize some income from it, day trading must also be done with utmost care in other to avoid making unnecessary mistakes, we have to engage in the use of trading indicators to help us achieve the best and maximum degree of our expectations in trading each time we are doing it.

I do agree that at the start too many people follow others, but the reality is that if they could learn how to trade themselves then they would make a lot more money since they would have the recipe.

I compare it to making food really, you may not make a food as good as the restaurant near you, they may make a better one, but it will cost you more to eat it there than making it at home, plus each time you want it, you need to go there, and if they do not have any, or the chef is having a bad day, you are going to have a problem, whereas if you learn how to do it yourself, then you are going to eat at home, cheaper that way, and you can eat it anytime you want, you just have to cook it, and that means you need to learn to cook it.

Of course, trading cannot be done by luck, rather trading requires a lot of hard work. Any trader tries to know a lot about it before starting a trade. If there is no experience, it will be a mistake to start trading by luck, and it will surely incur losses. To trade, it is important to know market information, market volatility, profit and loss risk and chart analysis, use of various indicators. This way it will be easy for you to make profit in day trading.

It is not necessary that you always make profit after knowing these things because the market can also go against our analysis. Therefore, all these things have to be kept in mind. If you are investing instead of trading then this is your good decision because investing is easier than trading. Without the ability to trade, trading may lead to loss rather than profit.I think in investing you become carefree by investing for a long time whereas in day trading you have to be mentally very busy.

If your capital is small, your profit is also small, no matter if it is daytrading or scalping, because that is all you can risk, and your stop loss is too close or too thin and easy to reach. Though it is really possible as long as you have skills and a proven portfolio that you've been earning profit from for a few years,  if you are just a newbie, it will take more time to learn and earn on it because it doesn't mean you've already learned and understood the fundamentals and are now earning profit, you'll still need to create a strategy that works for you.

Greediness is really part of the emotions of a trader or in any aspect of investment, but treat it as an enemy and be cautious about it because you will know how to control it so that you won't be chasing losses or even overtrading yourself.

However, day trading will require experience and skill from the trader. This requires time and quite a lot of trading experience to really make a trader skilled enough at trading.
For those who want to learn to trade, it would be advisable to do so over a long period of time. and of course not directly trading futures. some traders use futures trading to earn daily profits. it allows getting a bigger target or profit but it also increases the risk.
Anyone interested in trading crypto, learn and master it first before trying.