By day trading we generally mean the day's trading completed each day. That is, today you take a trade and sell that trade after making some profit from that trade, we usually call it day trading. For many this type of trading is a very profitable method, some traders feel that it is safer to keep their money for themselves than to waste money by making a small amount every day. If a person has enough knowledge about trading and if he can do well in day trading then day trading is fine for him. People who are usually not overly greedy can handle this type of trading. If there is excess greed, a trader will never be able to complete his trading in one day because when some amount of profit is made, that trader will think that if he keeps trading for some time, he can make more profit. People who don't have this type of thinking will do well in day trading.
Of course, the trades we do with the intention of getting daily profit are called day trades. There are many traders who do this type of trading for daily earnings and start with a small amount of money. If a person wants to earn good profit in daily trading then he must have enough knowledge otherwise he will not be able to make profit. It is true that people who are not greedy can earn good money, but people who are greedy lose money at some point. Those who have good thoughts can definitely make profit by trading, and they have to take different advice every day. Anyway, trading for daily income is definitely possible to make profit, but you have to adopt different strategies only then you can trade in a good position I think. 
Topic: How to make a life by Day Trading - page 3. (Read 1157 times)
Writing and seeing the theory is very easy. But actually implementing it in real trades is very hard. You need to measure and calculate the risks while trading or buying the coins. Moreover Day trading requires a lot of practice in order to get profits. Completely relying on day trading is not good I must say. As trading sometimes depends on luck and it’s not guaranteed that always you will make profit.
Disagree with this statement "that trading is dependent on luck" but it's a matter of skill in analyzing the coins that are traded there are some patterns that must be learned that allow you to profit, but behind that of course there are risks and cannot be avoided but if they are already day trading professionals then that's a lot of people who do it.Maybe I'm the only one who doesn't have this ability, so I can't make a living from day trading unless there is another job that is generated, I can only invest and don't want to fight bigger risks in trading.
Writing and seeing the theory is very easy. But actually implementing it in real trades is very hard. You need to measure and calculate the risks while trading or buying the coins. Moreover Day trading requires a lot of practice in order to get profits. Completely relying on day trading is not good I must say. As trading sometimes depends on luck and it’s not guaranteed that always you will make profit.
Anyone of us who gets into crypto trading and wants to start day trading can do it right away, even if you are a beginner in this field. That's why it has a disadvantage because if you don't have enough knowledge, the chances are high that you will just lose in day trading, and a newbie should know that.
But if you have knowledge and experience in this trading activity, you can use it as an advantage to get income from it. But as some say here, not every opportunity will suit what you want to happen to get a profit here because sometimes it also depends on the situation of the market, to be honest. That means you should be prepared for the risks that you can face here.
Whatever kind of trading we want to go for, we don't need to stress it because the kind of profits we choose to earn from the market will determine if we are going to be a scalper, swing, day, or position trader.But if you have knowledge and experience in this trading activity, you can use it as an advantage to get income from it. But as some say here, not every opportunity will suit what you want to happen to get a profit here because sometimes it also depends on the situation of the market, to be honest. That means you should be prepared for the risks that you can face here.
The amount of profits we are using to trade will also determine the kind of trader that we are and how to go about everything. We need to get prepared and according to our Capital or else might end up losing if our capital is not enough to withstand the pressure of the market. A scalper mostly uses $20 to $100 to trade in the market which is pretty good.
I hope you add a big warning, leverage and day trading in cryptocurrencies is considered one of the most dangerous types of trading and it is difficult for a beginner to make a profit with it, you should avoid investing in it.
You can start trading in demo accounts, where you do not need to deposit money or lose $200, and then start learning spot trading, including day trading, and then decide whether you want to increase the risk level or not, but in general you can make a good profit from spot trading.
Leveraged trading is an option for professional traders and should not be recommended because it can make profits for beginners, it is a real loss.
You can start trading in demo accounts, where you do not need to deposit money or lose $200, and then start learning spot trading, including day trading, and then decide whether you want to increase the risk level or not, but in general you can make a good profit from spot trading.
Leveraged trading is an option for professional traders and should not be recommended because it can make profits for beginners, it is a real loss.
I agree with your stated points, this is a hard truth but that is real , Beginners should avoid leverage trading until when they have learned and gained the experience that is required to trade profitably, Take it or leave it from the numbers of years I have spent in trading industry you can't be successful or do without the experience being a beginner, I encourage starting up with the investment side first.
Anyone of us who gets into crypto trading and wants to start day trading can do it right away, even if you are a beginner in this field. That's why it has a disadvantage because if you don't have enough knowledge, the chances are high that you will just lose in day trading, and a newbie should know that.
But if you have knowledge and experience in this trading activity, you can use it as an advantage to get income from it. But as some say here, not every opportunity will suit what you want to happen to get a profit here because sometimes it also depends on the situation of the market, to be honest. That means you should be prepared for the risks that you can face here.
But if you have knowledge and experience in this trading activity, you can use it as an advantage to get income from it. But as some say here, not every opportunity will suit what you want to happen to get a profit here because sometimes it also depends on the situation of the market, to be honest. That means you should be prepared for the risks that you can face here.
At start nobody can analyse the market so they actually take decision by following the signals provided to them by experts. Sometimes with a single jerk person forget the benefits and left trading but they should be familiar that acceptance of such sudden jerk will make them strong.
No individual can start trading without knowing how to trade that's why it's important for we to learn trading from other professional before we start trading. Depending on signals isn't the best way to go as it can distract you from the main reason why you wanted to start trading. You don't benefit from signals but can only make money from them and you don't know how long the signal will keep coming and still profitable to you that's why you have to learn to trade on your own.
You can make a life by day trading but to do that you have to be trading on your own because you can't depend on others and expect to make profits always. Those in charge of the trading signals won't be right always and you don't gain any experience from those signals.
Well, for now, I believe that everyone has already learned from the early traders and from their personal experiences as well. I can say that day trading is too risky and pressured (maybe for me) but we can do it rightly and place orders in timing if we are really good at TA and chart readings. Somewhat I can say that if you really have a trading skill, earning a profit daily is possible.
At start nobody can analyse the market so they actually take decision by following the signals provided to them by experts. Sometimes with a single jerk person forget the benefits and left trading but they should be familiar that acceptance of such sudden jerk will make them strong.
No individual can start trading without knowing how to trade that's why it's important for we to learn trading from other professional before we start trading. Depending on signals isn't the best way to go as it can distract you from the main reason why you wanted to start trading. You don't benefit from signals but can only make money from them and you don't know how long the signal will keep coming and still profitable to you that's why you have to learn to trade on your own.
You can make a life by day trading but to do that you have to be trading on your own because you can't depend on others and expect to make profits always. Those in charge of the trading signals won't be right always and you don't gain any experience from those signals.
Well, for now, I believe that everyone has already learned from the early traders and from their personal experiences as well. I can say that day trading is too risky and pressured (maybe for me) but we can do it rightly and place orders in timing if we are really good at TA and chart readings. Somewhat I can say that if you really have a trading skill, earning a profit daily is possible.
But do you think that day trading is profitable in all days? I don't think so.
Yes, you can make money in day trading but the income generated from day trading is not sustainable. You cannot be in profits in all day trades.
There will be days when you will hit your stop loss, and there may be days when the market will not give you any opportunity to make trades. Anyone who is solely dependent on day trading and has no other source of income, he will try to force trades which are not there and eventually end up losing money.
If you try to trade only for the sake of making daily profits, then most likely this will lead to the fact that many transactions will be unprofitable, since you need to strive not only to make as many transactions as possible, but to look for favorable moments for transactions. Therefore, I believe that it is worth focusing on making more trades that you are confident in, and not just a lot of trades with the hope that there will be more profitable trades.Yes, you can make money in day trading but the income generated from day trading is not sustainable. You cannot be in profits in all day trades.
There will be days when you will hit your stop loss, and there may be days when the market will not give you any opportunity to make trades. Anyone who is solely dependent on day trading and has no other source of income, he will try to force trades which are not there and eventually end up losing money.
Nobody should do that and they should be careful and only get in when they could make a profit, and they should be sure about it, if you are unsure then it's possible that you are going to end up losing money without a doubt. The best thing about this would be to make sure that you are going to end up with a trouble on the long term if you are not careful and a day traders life means that you need to be checking every detail and be more careful.
Hello I'm going to make this as a topic since I just want to share some knowledge for everyone that considering making a life by being a day trader in crypto.
The to add to the nuggets of knowledge that you have shared, I would say that anyone who is considering making a life by being a day trader should keep their day job. Day trading comes with a lot of risk which has the potential to make a person go bankrupt. Your 9 -5 will serve as a source of stable income at the beginning. And your don't need to know all the strategies. Stick to one or three strategies and own them, adopt and develop your variant from it This means that if your expenses are 30k per year you will need a starting capital of 100k to 150k, which is very high, and that is only the capital needed to trade, as you will also need to have money in reserve if you do not make any profits for a long period of time.
I know that it's not easy to earn money through trading, but it becomes easier if you spend time and learn everything about trading and all the necessary tools and techniques that might be required to become a successful trader, and once you get a hold of it, you can have a good profit over a period of one month or one year.
By day trading we generally mean the day's trading completed each day. That is, today you take a trade and sell that trade after making some profit from that trade, we usually call it day trading. For many this type of trading is a very profitable method, some traders feel that it is safer to keep their money for themselves than to waste money by making a small amount every day. If a person has enough knowledge about trading and if he can do well in day trading then day trading is fine for him. People who are usually not overly greedy can handle this type of trading. If there is excess greed, a trader will never be able to complete his trading in one day because when some amount of profit is made, that trader will think that if he keeps trading for some time, he can make more profit. People who don't have this type of thinking will do well in day trading.
But do you think that day trading is profitable in all days? I don't think so.
Yes, you can make money in day trading but the income generated from day trading is not sustainable. You cannot be in profits in all day trades.
There will be days when you will hit your stop loss, and there may be days when the market will not give you any opportunity to make trades. Anyone who is solely dependent on day trading and has no other source of income, he will try to force trades which are not there and eventually end up losing money.
If you try to trade only for the sake of making daily profits, then most likely this will lead to the fact that many transactions will be unprofitable, since you need to strive not only to make as many transactions as possible, but to look for favorable moments for transactions. Therefore, I believe that it is worth focusing on making more trades that you are confident in, and not just a lot of trades with the hope that there will be more profitable trades. Yes, you can make money in day trading but the income generated from day trading is not sustainable. You cannot be in profits in all day trades.
There will be days when you will hit your stop loss, and there may be days when the market will not give you any opportunity to make trades. Anyone who is solely dependent on day trading and has no other source of income, he will try to force trades which are not there and eventually end up losing money.
At start nobody can analyse the market so they actually take decision by following the signals provided to them by experts. Sometimes with a single jerk person forget the benefits and left trading but they should be familiar that acceptance of such sudden jerk will make them strong.
No individual can start trading without knowing how to trade that's why it's important for we to learn trading from other professional before we start trading. Depending on signals isn't the best way to go as it can distract you from the main reason why you wanted to start trading. You don't benefit from signals but can only make money from them and you don't know how long the signal will keep coming and still profitable to you that's why you have to learn to trade on your own.
You can make a life by day trading but to do that you have to be trading on your own because you can't depend on others and expect to make profits always. Those in charge of the trading signals won't be right always and you don't gain any experience from those signals.
At start nobody can analyse the market so they actually take decision by following the signals provided to them by experts. Sometimes with a single jerk person forget the benefits and left trading but they should be familiar that acceptance of such sudden jerk will make them strong.
No individual can start trading without knowing how to trade that's why it's important for we to learn trading from other professional before we start trading. Depending on signals isn't the best way to go as it can distract you from the main reason why you wanted to start trading. You don't benefit from signals but can only make money from them and you don't know how long the signal will keep coming and still profitable to you that's why you have to learn to trade on your own.
You can make a life by day trading but to do that you have to be trading on your own because you can't depend on others and expect to make profits always. Those in charge of the trading signals won't be right always and you don't gain any experience from those signals.
Day trading is a way we can make profits from the market trading with a higher time frame but the trade does not last more than 24 hours.
It is called day trading because it is a short range trading for us to earn from the market depending on how we have positioned ourselves to make money from the market. There are traders that are day traders and they make a lots of profits from the market since they know how to position there strategy in a way that will make profits for them without much loses .
It is called day trading because it is a short range trading for us to earn from the market depending on how we have positioned ourselves to make money from the market. There are traders that are day traders and they make a lots of profits from the market since they know how to position there strategy in a way that will make profits for them without much loses .
But do you think that day trading is profitable in all days? I don't think so.
Yes, you can make money in day trading but the income generated from day trading is not sustainable. You cannot be in profits in all day trades.
There will be days when you will hit your stop loss, and there may be days when the market will not give you any opportunity to make trades. Anyone who is solely dependent on day trading and has no other source of income, he will try to force trades which are not there and eventually end up losing money.
Without a doubt this is true, people have this idea of becoming day traders and leave their job behind not realizing how hard it is, day traders on the stock markets can earn up to 10% of their capital per year, now this market is way more volatile and more money could be made, but I think 20% to 30% should be the upper limit of what a trader could realistically get per year.
This means that if your expenses are 30k per year you will need a starting capital of 100k to 150k, which is very high, and that is only the capital needed to trade, as you will also need to have money in reserve if you do not make any profits for a long period of time.
Trading should not be done to make ends meet, it is quite dangerous, we will never know when we will be able to take profits in trading while we must always make ends meet, so this must be separated so that emotions in trading can be controlled properly.This means that if your expenses are 30k per year you will need a starting capital of 100k to 150k, which is very high, and that is only the capital needed to trade, as you will also need to have money in reserve if you do not make any profits for a long period of time.
And I really disagree with people who leave their main job because in my opinion this trade can be done anytime and anywhere without disturbing the main job.
I think trading can be done with any capital and the money shouldn't be allocated anywhere before it really makes a profit, and there will be a lot to learn about how to do it, the most important thing is emotions that can be controlled properly for day trading.
But this is not going to stop people from trying to become traders and make it their main occupation, and once they fail they will have to face incredibly difficult circumstances, as they will be short of money and depending on where they live getting a new job is a process which could take them months before they succeed.
isnt something a skill that you could possess easily and on a short time. This is why on the time that someone who do have plans on making themselves reaching out this kind of particular state
in a rush manner would definitely fail.We do know on how things do works on this space on which there's no way that we could be able to predict on where the market would really be moving.
If you do find yourself that profitable on the time that you do make trades and able to sustain yourself despite of the losses then you can consider yourself that capable enough.
It is really that important that you should really be having your day job and if you do have plans on attaining this condition then you would really be needing to adjust and making trading as your
side activity and on the time comes that you are practicing and finding yourself that effective then this is where decisions would really be made. Just make it sure that you do have that good
winning or profitable trades before you would really be making out such switch up. Be careful on decisions that you do make if you dont like on getting fucked up.
Yes there are difficulties in the beginning of every work but our hard work and passion help us to overcome these difficulties quickly. Trading is not as easy as we think. Our small mistake can lead to big loss for us. One should not enter this field without skills and experience. You are right that we should face all difficulties with perseverance and courage. Cryptocurrency market has both pros and cons and we should keep both in mind while trading. Sometimes our analysis may turn out to be wrong, but we must persevere and never panic. Of course, all experienced traders who trade the market may have faced many difficulties in the beginning, but their hard work and dedication made them a successful trader. Experience and knowledge increases with time.
At start nobody can analyse the market so they actually take decision by following the signals provided to them by experts. Sometimes with a single jerk person forget the benefits and left trading but they should be familiar that acceptance of such sudden jerk will make them strong.
But one thing is understandable that if precious time is given to trading and learn it well then one day a time will come when you will teach trading to others because newbies always turns into experts after facing adversities.
Without a doubt this is true, people have this idea of becoming day traders and leave their job behind not realizing how hard it is, day traders on the stock markets can earn up to 10% of their capital per year, now this market is way more volatile and more money could be made, but I think 20% to 30% should be the upper limit of what a trader could realistically get per year.
This means that if your expenses are 30k per year you will need a starting capital of 100k to 150k, which is very high, and that is only the capital needed to trade, as you will also need to have money in reserve if you do not make any profits for a long period of time.
Trading should not be done to make ends meet, it is quite dangerous, we will never know when we will be able to take profits in trading while we must always make ends meet, so this must be separated so that emotions in trading can be controlled properly.This means that if your expenses are 30k per year you will need a starting capital of 100k to 150k, which is very high, and that is only the capital needed to trade, as you will also need to have money in reserve if you do not make any profits for a long period of time.
And I really disagree with people who leave their main job because in my opinion this trade can be done anytime and anywhere without disturbing the main job.
I think trading can be done with any capital and the money shouldn't be allocated anywhere before it really makes a profit, and there will be a lot to learn about how to do it, the most important thing is emotions that can be controlled properly for day trading.
But this is not going to stop people from trying to become traders and make it their main occupation, and once they fail they will have to face incredibly difficult circumstances, as they will be short of money and depending on where they live getting a new job is a process which could take them months before they succeed.
Hello I'm going to make this as a topic since I just want to share some knowledge for everyone that considering making a life by being a day trader in crypto.
The to add to the nuggets of knowledge that you have shared, I would say that anyone who is considering making a life by being a day trader should keep their day job. Day trading comes with a lot of risk which has the potential to make a person go bankrupt. Your 9 -5 will serve as a source of stable income at the beginning. And your don't need to know all the strategies. Stick to one or three strategies and own them, adopt and develop your variant from it This means that if your expenses are 30k per year you will need a starting capital of 100k to 150k, which is very high, and that is only the capital needed to trade, as you will also need to have money in reserve if you do not make any profits for a long period of time.
And I really disagree with people who leave their main job because in my opinion this trade can be done anytime and anywhere without disturbing the main job.
I think trading can be done with any capital and the money shouldn't be allocated anywhere before it really makes a profit, and there will be a lot to learn about how to do it, the most important thing is emotions that can be controlled properly for day trading.
Hello I'm going to make this as a topic since I just want to share some knowledge for everyone that considering making a life by being a day trader in crypto.
Since you visited this topic I'm guessing you already have an account on some crypto exchange like binance so fast forward to the topic.
So how to be a day trader?
1. Setup your budget - you need atleast $200 (think this as a tuition fee to learn how to trade) to start with. This can give you a lot of capabilities to workaround the sweetspot of trading.
2. Learn how to use the right leverage - In this one you're using your funds as collateral and you're basically borrowing from the trading platform your using.
4. Using the right graph - I suggest you choose the candle sticks so you can see the patterns that's being made and put it on a 4h time frame. regarding to the patterns you can look it up also on web so you can study different kinds of candle stick pattern.
Once you get used to it invest another $200 as a starting capital. Remember the first $200 funds you used for is for studying trading so expect to lose it all at first so stick to low leverage so you can utilized it and learn a lot from it.
Setup your target income per day for me I'm currently happy making $300 a day since it covers my daily life essentials and needs I'm living outside the US so the cost of living in my country is pretty cheap and $300 is a lot already.
Also Setup your target loss per day for me I'm okay with losing $100 a day but that's it once I lose that $100. I will go outside and get some fresh air and come back once my mind is clear again remember once you're losing you tend to increase your leverage which is bad It will cost you a lot.
Trust me I've been there before.
So that's it, hope this will help you from being a future trader. Good luck!
Since you visited this topic I'm guessing you already have an account on some crypto exchange like binance so fast forward to the topic.
So how to be a day trader?
1. Setup your budget - you need atleast $200 (think this as a tuition fee to learn how to trade) to start with. This can give you a lot of capabilities to workaround the sweetspot of trading.
2. Learn how to use the right leverage - In this one you're using your funds as collateral and you're basically borrowing from the trading platform your using.
- Setting a high leverage means you're increasing your profit potential and quick returns but setting it also has a downside which is high risk of loss and your funds can be burn due to liquidation
- Setting a low leverage (2x or 5x) means low profit from it but you're minimizing your risk facing a losses and also it allows you to focus on long term growth as a trader
- MACD Indicator - This one has been effective on me, I've been using this one since 2020 you can lookup and watch some videos about this indicator. I suggest you use this with the coin with a minimal volatility. So you can setup a position if you'll go for long/short.
- This indicator is a powerful tool that can tell you identifying potential trend reversals.
- It's also simple and Visual friendly since you're just looking for a two lines that crossing together from time to time.
- This is helpful also on Identifying the trend changes or change of momentum with the price
4. Using the right graph - I suggest you choose the candle sticks so you can see the patterns that's being made and put it on a 4h time frame. regarding to the patterns you can look it up also on web so you can study different kinds of candle stick pattern.
Once you get used to it invest another $200 as a starting capital. Remember the first $200 funds you used for is for studying trading so expect to lose it all at first so stick to low leverage so you can utilized it and learn a lot from it.
Setup your target income per day for me I'm currently happy making $300 a day since it covers my daily life essentials and needs I'm living outside the US so the cost of living in my country is pretty cheap and $300 is a lot already.
Also Setup your target loss per day for me I'm okay with losing $100 a day but that's it once I lose that $100. I will go outside and get some fresh air and come back once my mind is clear again remember once you're losing you tend to increase your leverage which is bad It will cost you a lot.
Trust me I've been there before.
So that's it, hope this will help you from being a future trader. Good luck!
It's okay what you said, dude, and your intentions on this topic are also good. Maybe the only thing I want you to add to what you are teaching in this section is to make it easier for other members to understand. Show an illustration of what you are saying so they can figure out exactly what you are referring to.
Because in reality there are only a few people who relate to what you are saying and have an understanding of day trading, what about the others who have no idea yet? They won't get your point; besides what you said, you didn't say anything about how to actually do that, so what you want to convey on the topic you did is lacking.
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