How Would you Describe Yourself As A Day Trader?

wxa7115

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Quote from: WatChe on March 01, 2023, 01:01:44 PM

Quote from: el kaka22 on February 26, 2023, 04:16:10 PM

I wouldn't. Even though I do it a bit time to time, I wouldn't consider myself a day trader because it's something I rarely do and I would highly suggest everyone to look into long term investment instead of day trading. The main reason why I dislike it is the fact that it is a very risky and difficult thing to do. The first hard part is to learn how to do it, which requires you to study and be better at it, and that's not easy, it requires you to study a lot.

Second part is when you study and become better, even then there is no guarantee and the market could be volatile and do what it shouldn't do, which is an issue and will definitely look tough in the long run.

I tried day trading but failed every time I tried to get some profit out of it. So I am convinced that we both are not for each other. Now I am fully convinced that my success in crypto industry lies in long term investment only. That's my short story as a day trader.
There is no experience or knowledge that can give guarantee your success in day trading. Even experienced day traders face losses quite often. So for day trading, you always need to be prepared for loss.

Day trading as you have experienced is an extremely difficult way to get profits, newbies get attracted by the idea of beating the markets and making a lot of money with day trading, but most of the time they work for a lot of hours just to lose money and very few can sustain making so much effort for no gain.

As a result many of those people change their strategy and prefer to become investors, and while there is still a high level of difficulty when it comes to making profits, it is easier than day trading by a wide margin.

WatChe

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Quote from: el kaka22 on February 26, 2023, 04:16:10 PM

I wouldn't. Even though I do it a bit time to time, I wouldn't consider myself a day trader because it's something I rarely do and I would highly suggest everyone to look into long term investment instead of day trading. The main reason why I dislike it is the fact that it is a very risky and difficult thing to do. The first hard part is to learn how to do it, which requires you to study and be better at it, and that's not easy, it requires you to study a lot.

Second part is when you study and become better, even then there is no guarantee and the market could be volatile and do what it shouldn't do, which is an issue and will definitely look tough in the long run.

I tried day trading but failed every time I tried to get some profit out of it. So I am convinced that we both are not for each other. Now I am fully convinced that my success in crypto industry lies in long term investment only. That's my short story as a day trader.
There is no experience or knowledge that can give guarantee your success in day trading. Even experienced day traders face losses quite often. So for day trading, you always need to be prepared for loss.

sana54210

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Quote from: Davidvictorson on February 22, 2023, 03:39:43 AM

Day trading involves risks, and every day trader knows that they need to have a level of risk tolerance. While risk-seeking day traders can take on massive risks in the pursuit of huge profits, risk-averse day traders seek to reduce the amount of risk they would encounter. As a day trader, how would you describe yourself? Are you risk-seeking or risk-averse?

I would say that I am a simple one, I have some indicators that I use, and that means I end up with a strict buying and selling method and I do not get out of it. If it means that I am not going to be able to sell for a long time, then I will wait, I buy when it hits the right point, and I wait until it hits the right selling point as well and it could be 30 seconds or it could be 30 days, I will wait.

This allows me to make a profit almost all the time, but with different time periods, sometimes I make a profit very quickly, sometimes I can't for a long time. I don't care about waiting, it's natural part of trading to hold some stuff longer than you wish to.

Sebas.tian

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I was a day trader some years ago, when I was lucky to met a helper who gave me some huge amount of money to start long term trading that made me to believed that investors go into day trading because of condition, and the profits that is coming out from day trading is too small compare long term trading. Whenever there is a long dumping in the crypto market, many day traders find it difficult to cope with the situation than to start loosing their money because they are not used to long term trading which is use to take more than 6 months or some years before the market price will look good to investors.

el kaka22

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I wouldn't. Even though I do it a bit time to time, I wouldn't consider myself a day trader because it's something I rarely do and I would highly suggest everyone to look into long term investment instead of day trading. The main reason why I dislike it is the fact that it is a very risky and difficult thing to do. The first hard part is to learn how to do it, which requires you to study and be better at it, and that's not easy, it requires you to study a lot.

Second part is when you study and become better, even then there is no guarantee and the market could be volatile and do what it shouldn't do, which is an issue and will definitely look tough in the long run.

lionheart78

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Quote from: wxa7115 on February 26, 2023, 12:35:10 AM

Quote from: Davidvictorson on February 22, 2023, 03:39:43 AM

Day trading is the act of buying and selling cryptocurrencies within a single day in order to make short-term profits. There is a significant amount of risk involved. As a matter of fact, day traders are akin to tightrope walkers. These individuals must be able to deal with high trading costs, a volatile market, regulatory risks, and other unpredictability. In spite of these, I see that there are a lot of people who still want to go into day trading. For these people, they put in the time and effort into learning it.

Day trading involves risks, and every day trader knows that they need to have a level of risk tolerance. While risk-seeking day traders can take on massive risks in the pursuit of huge profits, risk-averse day traders seek to reduce the amount of risk they would encounter. As a day trader, how would you describe yourself? Are you risk-seeking or risk-averse?

Risk-takers never last long, they may have an impressive run and it may seem as if they have the perfect strategy, and yet after a few losses they lose everything they have earned and even more during that period.

Not really, there are risk takers who stay in the market ever since. One of the good example of the risk taker is Warren Buffet, I believe he is buying colapsing company and innovate it into something that can give him huge return. It is never wrong to be a risk taker as long as a person knows how to calcualte risk and the possible realistic profit involved. After all, there is a thing called risk management after all.

Quote from: wxa7115 on February 26, 2023, 12:35:10 AM

If anyone is interested in day trading they need to be in complete control of the risk they take which each trade they make, and they need be ready to keep the risk as low as possible, and if this means accepting slightly lesser profits then they can do nothing but to accept it, as there is no other alternative they can take.

Not only that, the day trade must be well-updated, and it is best if he has a bot to set up and monitor his trade. Day trading needs a lot of attention and that where bots is needed to setup cut losses and good buy-ins. Day trade if done manually is very tiring and needs a lot of focus.

tbct_mt2

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Quote from: GreatArkansas on February 24, 2023, 09:06:03 PM

I can consider myself a day trader also because I do trades with this kind of timespan.
Being a day trader, it's difficult because from time to time you really need to watch or observe the price action, and through that, you will able to analyze the market.
The risk here for me still depends, based on your risk management and/or risk:reward ratio.

If you are trading with 5 minute chart, your orders should be closed sooner than if you trade with 15-minute, 30-minute or 1-hour chart. With 5-minute chart, you should not let your position opens more than 1 hour or 2 hours.

Knowing about a maximum timespan to let your position active is important. It helps you to exit the market when it comes to a next big movement time. Market can move up and down after that time and if you are not sure about its next movement, exit your position, wait for a next chance to open a new position.

It requires very good discipline to protect your capital against market risk.

wxa7115

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Quote from: Davidvictorson on February 22, 2023, 03:39:43 AM

Day trading is the act of buying and selling cryptocurrencies within a single day in order to make short-term profits. There is a significant amount of risk involved. As a matter of fact, day traders are akin to tightrope walkers. These individuals must be able to deal with high trading costs, a volatile market, regulatory risks, and other unpredictability. In spite of these, I see that there are a lot of people who still want to go into day trading. For these people, they put in the time and effort into learning it.

Day trading involves risks, and every day trader knows that they need to have a level of risk tolerance. While risk-seeking day traders can take on massive risks in the pursuit of huge profits, risk-averse day traders seek to reduce the amount of risk they would encounter. As a day trader, how would you describe yourself? Are you risk-seeking or risk-averse?

Risk-takers never last long, they may have an impressive run and it may seem as if they have the perfect strategy, and yet after a few losses they lose everything they have earned and even more during that period.

If anyone is interested in day trading they need to be in complete control of the risk they take which each trade they make, and they need be ready to keep the risk as low as possible, and if this means accepting slightly lesser profits then they can do nothing but to accept it, as there is no other alternative they can take.

lionheart78

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Quote from: Davidvictorson on February 22, 2023, 03:39:43 AM

Are you risk-seeking or risk-averse?

I do both, there are times when I seek risk especially when the possible return outweighs the risk involved. Like some new project that has the potential of mooning. I also invest in some project that was dumped hard but the developer is still around. I also do day trade on this kind of market(since it is my habit of day trading part of my holding to increase my holdings) especially when I see the gap between the buy support and sell wall is too wide, I love to take advantage of the difference and profit from it.

No pain no gain, that is what I always believe, and risk is always involved if we want to hit that one-time big-time thing.

Jatiluhung

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being a day trader may be difficult for some people (including me). because the first thing we have to know is that a day trader must monitor market movements continuously. so a day trader must be someone who really has free time and most of them don't have jobs that bind their time. so they have a lot of time to continue to monitor price movements in the market.

my friend is also a day trader. he spends every day repeating buying and selling in short periods of time. and he has discipline in determining profit targets and loss targets. so as to minimize the risk taken. it looks easy. he takes a piecemeal profit from every movement up and down the price of an asset being traded. And in fact it uses a large enough capital. so that getting a profit of 0.5-1% every time you take a fixed position makes it get the maximum profit. but when i try it turns out i still can't do it. I am mentally too weak to enter in day trading and my insight in doing analysis is still not good enough. so I avoid this type of trading. because the time I have is also very limited because I have another job that limits my time.

tjtonmoy

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Quote from: gabbie2010 on February 25, 2023, 08:46:50 AM

My trading strategy is based on day trading I do early morning analysis to plan and pick potential trading setups ahead and wait till such a setup is actualized and pull the trigger for long or short and take profit after the price had move in my direction as well as putting a Stop Loss should the price move against my intended direction, meanwhile I don't like Swing trading where I will enter a trade that might last many days maybe this type of trading is for spot traders who has huge funds for trading, personally I don't have a big capital for trading that is why I sticked with Cross margin trading.

Well, as they say, no risk, no gain. For a day trader to earn a good amount of profit, cross margin is the best option, but also the riskiest. But we don't have much choice, do we?
With small amount of assets, there's not much gain in spot, as you mentioned. But as I said earlier, I try to avoid risks, so my strategy is to enter when the market is somewhat predictable. This sudden dump today could have lost me a good amount. And not having advance deep knowledge, I can't trade in this kind of market conditions. Stop loss is a great thing to have, but if I continue on making the same mistake over and over, then I will be left with nothing. So I will wait for my moment. Grin

KingsDen

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I used to be committed in trading and learning how to trade but as I was not getting a good result and I was not learning as fast as I wished. I decided to turn the trade into something that looks like gambling.

Instead of me going to gamble in sports or other related gambling. I will open my binance account and begin to speculate on coins that are making movements and gamble on them.

Sometimes I will make some profit but sometimes the market will dump on me and I will allow it for some days for it to reverse. I could be so unlucky that it has to take a very long time before it will reverse or it never reverses. That is how my day trading experience is.

Woodie

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I like to see how am making or losing money and day trading is the best choice unlike swing trading which needs you to hold for a long time and just to manage your risk also demands that you have large stop losses just to accommodate price incase it comes back for a retest.

Honestly if it's not scalping it has to be day trading, unless your schedule is so busy and you won't have the time to see what markets are doing go for swing trades, place trade and forget.

Mauser

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Quote from: Davidvictorson on February 22, 2023, 03:39:43 AM

Day trading involves risks, and every day trader knows that they need to have a level of risk tolerance. While risk-seeking day traders can take on massive risks in the pursuit of huge profits, risk-averse day traders seek to reduce the amount of risk they would encounter. As a day trader, how would you describe yourself? Are you risk-seeking or risk-averse?

It's been a long time since I did some day trading, I used to do day trading with stocks, futures and cryptos. With stocks I was the most successful, with futures I only lost money and with cryptos I made some small gains. In the end the time and stress I put into trading didn't justify the mediocre returns. When comparing trading returns I always looked at the basic Hodl strategy to see if I outperform the market. It wasn't really worth it paying so much in transaction cost for only small gain. That is why I switched to a more long-term trading approach. Overall I would say that day traders are more risk averse, because they close out all their positions overnight, they don't want to take the risk of the asset for a long time.

BITCOIN4X

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When you trade expecting profits in a short span of time, then you are a day trader. I wouldn't describe myself as a day trader, this is more likely because I don't expect short term gains for example in daily ranges. Besides that I don't do it, I'm also not really interested in day trading. I tend to invest for a certain period of time, for example for 20% profit from each period.

gabbie2010

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Quote from: tjtonmoy on February 23, 2023, 04:30:39 PM

I only do day trading when the market is stable, and you can predict it easily. Given the situation right now on the market, I won't make any day trades. I try to avoid high loses. Now the market is unstable, and I don't have much knowledge to survive in this. So for now it will choose to stop and wait for the right time.
For now, I am just HODLing. Will start as soon as the market picks up a steady flow.

My trading strategy is based on day trading I do early morning analysis to plan and pick potential trading setups ahead and wait till such a setup is actualized and pull the trigger for long or short and take profit after the price had move in my direction as well as putting a Stop Loss should the price move against my intended direction, meanwhile I don't like Swing trading where I will enter a trade that might last many days maybe this type of trading is for spot traders who has huge funds for trading, personally I don't have a big capital for trading that is why I sticked with Cross margin trading.

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Quote from: jeraldskie11 on February 24, 2023, 09:12:44 PM

You and I both agree. Profit is profit, and progress is still progress. Regardless of how little you gain, at least you are not losing a lot. Being consistent and disciplined still qualifies you as a successful trader. Even if you trade consistently, you can still have losses that are not enough to offset your gains. When the price returns to your entry price and hits the stop loss, being greedy and pursuing the maximum reward will just hurt your emotions. You can take partial if you can see that you are profiting in your existing position so that you will only make breakeven if ever the price goes back to your entry price. Your capital must be protected at all costs.

Little progress might be noticed too late but I agree that it's still a progress. Being a day trader, there's only one goal and that's to profit no matter how much it would be.
Capital is also dependent on your situation, if you're a great day trader, the bigger the capital you've got, the longer you'll survive in the market.
Those that are more in risk taking, they're playing with the futures and leveraging as much as they can but the higher, of course, they'll be liquidated too quick.
Losses can't be avoided but we can minimize it, when someone day trades, it's anticipated that there will be like a minimum 5% of cut loss or even 10% and the rest will depend on risk appetite of the trader.

ethereumhunter

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Quote from: SquallLeonhart on February 24, 2023, 03:18:01 PM

Quote from: ethereumhunter on February 23, 2023, 11:52:10 PM

some of us have been trapped and suffered losses but if they still hold their coins calmly and don't panic, they still have a chance to sell at high prices later. Hopefully, they can still be patient, waiting for the price to increase so they can sell it at the peak price.

That's why I always try to stay calm no matter the circumstances so I can keep analyzing properly and not be provoked by negative news from out there. Trading requires a lot of things to be profitable and is not easy. But by continuing to try to learn to develop ourselves, I think we will succeed.

I agree that patience is the key right now to our future success. People who bought when it was higher, could buy right now to lower their average and they could wait a bit more for the price to go above their purchasing average in order to make a profit. I have done this so far, and I am profiting very well, it's really not that hard to do it because all that is required of you is to be patient about the price.

I know it looks not so great right now compared to what it has been, but it also looks better compared to last year as well so you should be happy about the potential at least, it's on the way up and that's a very good thing for all the people who are waiting.

You have given a great example for all of us by buying now when the price is dropping because this can give us an advantage in the future. Of course, the coins we buy are potential coins that can really increase in the future. And yes, only by being patient and waiting for the price to start increasing that we can do and, at this time, we can do other things so that our minds will not be too affected by price changes that occur.

While that doesn't look very good, it's not necessarily a bad thing because at least, by buying at the current price, we can see the price go up. And when the price goes up, we can sell it and take the profit.

jeraldskie11

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Quote from: redsun114 on February 24, 2023, 01:04:45 PM

I believe that it's better to have less profit rather than to risk your total capital or a portion of it for better gains. It's also too worrisome when you trade a token that has high risks of dropping rather than pumping, and I don't like being in that situation at all.

You and I both agree. Profit is profit, and progress is still progress. Regardless of how little you gain, at least you are not losing a lot. Being consistent and disciplined still qualifies you as a successful trader. Even if you trade consistently, you can still have losses that are not enough to offset your gains. When the price returns to your entry price and hits the stop loss, being greedy and pursuing the maximum reward will just hurt your emotions. You can take partial if you can see that you are profiting in your existing position so that you will only make breakeven if ever the price goes back to your entry price. Your capital must be protected at all costs.

GreatArkansas

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Quote from: Davidvictorson on February 22, 2023, 03:39:43 AM

Day trading involves risks, and every day trader knows that they need to have a level of risk tolerance. While risk-seeking day traders can take on massive risks in the pursuit of huge profits, risk-averse day traders seek to reduce the amount of risk they would encounter. As a day trader, how would you describe yourself? Are you risk-seeking or risk-averse?
(.....)

I can consider myself a day trader also because I do trades with this kind of timespan.
Being a day trader, it's difficult because from time to time you really need to watch or observe the price action, and through that, you will able to analyze the market.
The risk here for me still depends, based on your risk management and/or risk:reward ratio.

Topic: How Would you Describe Yourself As A Day Trader? (Read 386 times)