How to make a life by Day Trading - page 4.

wxa7115

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Quote from: mvdheuvel1983 on August 27, 2023, 02:34:36 PM

Quote from: kaimoure on August 09, 2023, 02:51:46 AM

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

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.

mvdheuvel1983

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Quote from: kaimoure on August 09, 2023, 02:51:46 AM

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

armanda90

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Its not simple like OP said about how to easily with daily day trading, exactly with step by step explain by OP with future trading, not only with future but also spot trading still difficult how to manage well keep consistent with short term trading or consistency earn profit in daily day. But I like with method and planning guide from OP how to be success in daily day trading exactly with leverage using in future trading. Probably daily trading can't understand well by beginner and they will get difficult how to apply with OP step guide.

In trading not only focus with strategies or technique have explain by OP, but how well controlling the emotion and greedy when position on profitable, I think OP can add some education not only with strategies but also controlling emotion in trading.

ancafe

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Quote from: beerlover on August 25, 2023, 03:39:52 PM

That is true, but the overall is what matters. If that strategy is a good one enough that you end up making a profit with some time then it should be a good thing, doesn't mean it would take that much time neither, it should be possible to make it bigger and better.

I think life is much more simpler than we think, we just need to keep buying and holding as long as possible, hell if possible we should keep buying and holding until we die and leave it to our kids as well. That would be guaranteed to profit, but that's not trading. In order to trade and profit, you need to have more profits than your losses, and you could have a few loss here and there, but if you are making big profits then those losses will not matter.

This means that you are not in trading but investing and if at this point one not understand trading strategies then the most appropriate step is to invest. Day trading is not recommended for beginners because of the greater risk they have to accept. Then many questions arise, if we are always talking about beginners who are not suitable for day trading, how is it possible that they will experience the experience to start trading?

It is difficult to provide an understanding that trading is not just talking about strategies or other technical matters, but when someone is involved in trading, they must consider how to avoid losses. Of course every trade must sometimes get a loss, but how can someone's attitude in these circumstances continue trading and make a profit in the next trade. Generally beginners are unprepared for a loss in trading and this is where the understanding arises not to trade if you are not ready for the risks.

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Quote from: G_Besar on August 24, 2023, 07:24:20 AM

Quote from: Bushdark on August 23, 2023, 06:39:17 PM

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's quite right what you say, because the goal of day traders is to make a profit through the price movements of cryptocurrencies in the market. So that the application of methods and strategies must exist and everyone has a very varied way of trading so that the level of profit can also vary from person to person. Because positioning a strategy when trading in the market is certainly not easy and that is what causes traders to lose money in the market, even though the level of loss may not be that much because it depends on the amount of capital they use.

Well, it is about finding a way to make money every day. Applying all the learnings and effective strategies that we know are necessary in order to survive that is why I can that trading is not an easy job which is different from what we usually think about it. That is how important that we need to enhance our levle of understanding because that was an advantage. In fact, as we noticed ourselves that the more we gained experience, the more also we make profit and feel better.

Unbunplease

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The problem with day trading is that fatigue builds up, and one bad decision can result in losing all the profits gained from hard work. Yes, scalping is good, but the income may not cover the time spent. I have personally experienced a similar problem. Everything is going well all day - and one mistake ruins the entire success of the day.

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Quote from: MFahad on August 25, 2023, 12:20:53 PM

Quote from: HONDACD125 on August 20, 2023, 03:18:00 PM

Undoubtedly, difficulties are faced in the beginning in every field, but with the passage of time, a person continues to learn and his experience increases, then there comes a time when the same difficult things seem very easy to him. Well if we know how to correct our mistakes then we can become a successful trader because man learns from his mistakes.

Trading is not easy but our hard work interest and passion can make it easy. Of course, nothing is impossible, but trading is a difficult task. Even after learning trading there are many factors that we cannot ignore and by following them we can become a good trader. For example, emotions, patience, consistency and nervousness are many factors that we should keep in mind while trading.

Not only in trading but in every job or in every organization there is difficulties in start like if a children is starting to get education then there needs a lots of efforts to learn same is the case with trading that you have to work hard and utilize your energy to complete your destination.

There is no one who will succeeded without facing troubles but they didn't discouraged and continue their way towards success and now you will see them as an experienced traders. Learner is always a successful person and those who leave the field of battle due to fear will never see their success, success is easy but if one work for it as you cannot do anything by setting at one place.

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.

beerlover

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Quote from: ancafe on August 24, 2023, 07:39:52 AM

Quote from: kaimoure on August 09, 2023, 02:51:46 AM

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.

Even if your way of trading is a bit better and have a good strategy, I would still say under certain conditions everyone will lose. Trading does not always generate profits even though the strategy we apply is good and very experienced. Even I know leverage and day trading in cryptocurrency will be quite risky for beginners and how do you handle this problem. It's difficult for beginners to control their emotions and it's difficult to stay calm if they experience a loss on trades and what steps to take when it happens, so you should stop for a moment and get some fresh air to make your mind calm again.

Novice traders will definitely get losses more often and it depends on how he handles the trades he is doing, so the decision to go through trading really depends on how prepared a person is to take the risk of losing. I believe when they get used to it they will get more experienced and in essence trading is done to get profits not losses, so that it is done in the right way following the instructions needed in the trading itself.

That is true, but the overall is what matters. If that strategy is a good one enough that you end up making a profit with some time then it should be a good thing, doesn't mean it would take that much time neither, it should be possible to make it bigger and better.

I think life is much more simpler than we think, we just need to keep buying and holding as long as possible, hell if possible we should keep buying and holding until we die and leave it to our kids as well. That would be guaranteed to profit, but that's not trading. In order to trade and profit, you need to have more profits than your losses, and you could have a few loss here and there, but if you are making big profits then those losses will not matter.

MFahad

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Quote from: HONDACD125 on August 20, 2023, 03:18:00 PM

Undoubtedly, difficulties are faced in the beginning in every field, but with the passage of time, a person continues to learn and his experience increases, then there comes a time when the same difficult things seem very easy to him. Well if we know how to correct our mistakes then we can become a successful trader because man learns from his mistakes.

Trading is not easy but our hard work interest and passion can make it easy. Of course, nothing is impossible, but trading is a difficult task. Even after learning trading there are many factors that we cannot ignore and by following them we can become a good trader. For example, emotions, patience, consistency and nervousness are many factors that we should keep in mind while trading.

Not only in trading but in every job or in every organization there is difficulties in start like if a children is starting to get education then there needs a lots of efforts to learn same is the case with trading that you have to work hard and utilize your energy to complete your destination.

There is no one who will succeeded without facing troubles but they didn't discouraged and continue their way towards success and now you will see them as an experienced traders. Learner is always a successful person and those who leave the field of battle due to fear will never see their success, success is easy but if one work for it as you cannot do anything by setting at one place.

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Quote from: Bushdark on August 23, 2023, 06:39:17 PM

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 .

i consulted several senior traders and they all said day trading is like playing with fire, if you win, the results will be good, but if you lose, the results will be bad, so it's not easy to become a day trader, you need a lot of mature strategies to think about, don't until the chosen decision is wrong.
besides that it is difficult to divide time between social life, family and trading activities, this is the main reason that only those who are introverts are usually successful in day trading.

daily trading is never easy, a little bit of your focus is shifted then all your strategic framework and also the accuracy of your decision making will be bad.

usekevin

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Quote from: Bushdark on August 23, 2023, 06:39:17 PM

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 .

Day trading is not the easy one for the freshers,only the huge experienced traders can try the day trading.Because day trading is based on the short range trading,So the live monitoring is essential one.The complete day should be monitored by the trader to find the exact time to buy and to find the buy point of the coin.The wait for the bull run time in a same day,the market give some indication to the bull run in a same day.It’s essential for a trader to find the selling point to get the margin profit from the day trading.

ancafe

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Quote from: kaimoure on August 09, 2023, 02:51:46 AM

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.

Even if your way of trading is a bit better and have a good strategy, I would still say under certain conditions everyone will lose. Trading does not always generate profits even though the strategy we apply is good and very experienced. Even I know leverage and day trading in cryptocurrency will be quite risky for beginners and how do you handle this problem. It's difficult for beginners to control their emotions and it's difficult to stay calm if they experience a loss on trades and what steps to take when it happens, so you should stop for a moment and get some fresh air to make your mind calm again.

Novice traders will definitely get losses more often and it depends on how he handles the trades he is doing, so the decision to go through trading really depends on how prepared a person is to take the risk of losing. I believe when they get used to it they will get more experienced and in essence trading is done to get profits not losses, so that it is done in the right way following the instructions needed in the trading itself.

G_Besar

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Quote from: Bushdark on August 23, 2023, 06:39:17 PM

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's quite right what you say, because the goal of day traders is to make a profit through the price movements of cryptocurrencies in the market. So that the application of methods and strategies must exist and everyone has a very varied way of trading so that the level of profit can also vary from person to person. Because positioning a strategy when trading in the market is certainly not easy and that is what causes traders to lose money in the market, even though the level of loss may not be that much because it depends on the amount of capital they use.

BRINIRHA

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Quote from: Bushdark on August 23, 2023, 06:39:17 PM

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 .

Well, I also see that some day traders can be successful in getting a lot of profit from their daily trading activities in the market. But usually they are old players in the market. They already have a lot of experience and already have a lot of insight into trading activities. Which makes their mentality very strong. And they can even last a long time sitting staring at the market every day. I personally probably wouldn't be able to do that.

And many newbies want to imitate them but most of them fail to make a profit. Because day trading seems like it is not as easy as we see.

Bushdark

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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 .

Kelvinid

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Quote from: uchegod-21 on August 23, 2023, 07:19:28 AM

Quote from: Xampeuu on August 20, 2023, 10:57:21 PM

I am also learning to get trading for a living, but until now even though I already have theory and techniques and chart reading, I am still at war with my psychology which is still very unstable. even though I know what I shouldn't do, I still get used to breaking it, so it ends badly. I don't know, although I often learn to control myself, but in fact it's difficult and hasn't been successful until now. It turns out that it is not easy for day trading, because you have to master complex knowledge to respond to market movements every day

Trading is actually not for everyone. You may understand that chart and how to trade but psychologically you are not sound, your well being will be affected. The essence of working is to have a good life. So, it doesn't make sense to take up work that will give you money and destabilise your health.

That is also because not all are emotionally strong, many are easily affected by the market changes and badly respond to them. No matter how knowledgeable we are but if we are still too emotional, it still never works well and is not profitable, instead of losses.
And I would say that trading is not an easy job but if we work hard and practice to be more focused on our goal and keep stronger, everything will work well.
- consistency, focus, and emotionally strong And if we have these things, earning every day is possible and this is how traders become rich.

bangjoe

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Quote from: justdimin on August 23, 2023, 05:51:03 AM

Quote from: bangjoe on August 21, 2023, 10:25:31 AM

Quote from: Xampeuu on August 20, 2023, 10:57:21 PM

I am also learning to get trading for a living, but until now even though I already have theory and techniques and chart reading, I am still at war with my psychology which is still very unstable. even though I know what I shouldn't do, I still get used to breaking it, so it ends badly. I don't know, although I often learn to control myself, but in fact it's difficult and hasn't been successful until now. It turns out that it is not easy for day trading, because you have to master complex knowledge to respond to market movements every day

Because indeed the most intimate in trading is mental, because it is the most important basis if you want to be a day trader, I think it is the main fundamental for you friends.
And you need to remember that building a trader's mentality takes a long time, knowledge and understanding only affects a little in terms of cycological, encouragement of fear and greed will be greater at the beginning of being a trader, you still need a lot of time to educate your mentality friend.

I don't think you have to immediately switch professions, you should do it slowly with a small margin so you understand how you should be against your market fluctuations and feelings, if you feel able to control yourself well then the right decision for you to increase your time in trading.

Mentally being ready, feeling cold and robotic, is the best way to trade. I know a lot of traders and I mean professional traders who do this as a job and make a good income, and they all end up trading based on just statistics and nothing more. If you could mentally be ready to trade that way then there won't be any issues and you will do fine.

I think it is important to remember that you are going to end up with a big loss if you do not end up losing money and in order to be better at it you need to focus on how you could trade with logic. Using purely just logic and strategies to make a profit is a great way to make an income and yes there are a lot of people who fail to do that but I think it can be done.

In order for logic to be used, you need a strong mentality, those traders who manage to benefit from their trades are because they are mentally good so they can think clearly in making decisions based on the statistical calculations that are being carried out.

If your mentality is inadequate it will make your logic chaotic, your calculations will fall apart and decisions made are full of doubts, that's where the importance of mentality in trading, because it will make you think healthily and the knowledge you get will be carried out with full calculation without doubt.
If you only look at other people, of course you won't see this side very well.

uchegod-21

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Op, you have a good thread here but it seems that this thread is for expert traders and not for newbies. Your emphasis was much on leveraging and we all know how risky leverage trading is to beginners. Absolute beginners should start up with demo accounts and if they want to any thing real, it should be spot trading.

Quote from: Xampeuu on August 20, 2023, 10:57:21 PM

I am also learning to get trading for a living, but until now even though I already have theory and techniques and chart reading, I am still at war with my psychology which is still very unstable. even though I know what I shouldn't do, I still get used to breaking it, so it ends badly. I don't know, although I often learn to control myself, but in fact it's difficult and hasn't been successful until now. It turns out that it is not easy for day trading, because you have to master complex knowledge to respond to market movements every day

Trading is actually not for everyone. You may understand that chart and how to trade but psychologically you are not sound, your well being will be affected. The essence of working is to have a good life. So, it doesn't make sense to take up work that will give you money and destabilise your health.

justdimin

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Quote from: bangjoe on August 21, 2023, 10:25:31 AM

Quote from: Xampeuu on August 20, 2023, 10:57:21 PM

I am also learning to get trading for a living, but until now even though I already have theory and techniques and chart reading, I am still at war with my psychology which is still very unstable. even though I know what I shouldn't do, I still get used to breaking it, so it ends badly. I don't know, although I often learn to control myself, but in fact it's difficult and hasn't been successful until now. It turns out that it is not easy for day trading, because you have to master complex knowledge to respond to market movements every day

Because indeed the most intimate in trading is mental, because it is the most important basis if you want to be a day trader, I think it is the main fundamental for you friends.
And you need to remember that building a trader's mentality takes a long time, knowledge and understanding only affects a little in terms of cycological, encouragement of fear and greed will be greater at the beginning of being a trader, you still need a lot of time to educate your mentality friend.

I don't think you have to immediately switch professions, you should do it slowly with a small margin so you understand how you should be against your market fluctuations and feelings, if you feel able to control yourself well then the right decision for you to increase your time in trading.

Mentally being ready, feeling cold and robotic, is the best way to trade. I know a lot of traders and I mean professional traders who do this as a job and make a good income, and they all end up trading based on just statistics and nothing more. If you could mentally be ready to trade that way then there won't be any issues and you will do fine.

I think it is important to remember that you are going to end up with a big loss if you do not end up losing money and in order to be better at it you need to focus on how you could trade with logic. Using purely just logic and strategies to make a profit is a great way to make an income and yes there are a lot of people who fail to do that but I think it can be done.

wxa7115

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Quote from: Litzki1990 on August 21, 2023, 10:01:17 AM

Quote from: GreatArkansas on August 16, 2023, 10:59:08 PM

I don't think so. They are more risky, most new coins right are scams and only last minutes-hours after it is being dumped on the market.
That's not how day trading works, it's kinda a gambling if you're that way.
I highly suggest to look a pair that got good trading volume and also trade on reputable exchange.

Always avoid choosing new coins for trading. For trading we need to select some coins which are highly traded and have high trading volume. Choosing a good coin before trading is very important to profit from trading. Because if you decide to buy a new coin in the market hoping to make a profit by trading and after a few days that coin disappears from the market then you will lose the profit and capital at the same time so you need to protect your capital first. We can conduct trading activities every day but we have to forget the idea that we will earn profit by doing trading activities every day. No matter how experienced a trader is, the market will not always go according to his expectations. Sometimes if his chart is wrong or if there is bad news in the market then it will be seen that he has suffered instead of profiting like other days so we have to wait for some more time to recover that loss.

Books about technical analysis are very clear, anyone that wants to trade an asset using the many different indicators which have been created needs to choose an asset that has a high volume, this is because if you choose an asset with a volume that is too low then it can be easily manipulated, and it does not matter how good you are as a trader you will never see that manipulation coming.

And we know this is true as there are numerous pump and dump groups out there which take advantage of low market cap coins in order to conduct their illegal moves.

Topic: How to make a life by Day Trading - page 4. (Read 1157 times)