Topic: How Would you Describe Yourself As A Day Trader? - page 3. (Read 386 times)

In such case where you are stucked in loses and you are sure it is no longer favourable for you staying there, I think exiting will also be fine to help you save some capital instead of allowing it to run out to your stop loss. If I get trapped sometimes I use such escape and wait for the next right move or otherwise stay out till the next day as a day trader.



This is looking like only day trader is having such risk but no, every type of trader encounter such whether scalper, day trader or swing trader.

That's what this whole discussion is about. Everyone has their own customization of the type of trading they are good at.
The types of trading that exist are actually based on different strategies and goals.

Some are more suitable for short-term traders, while others are more suitable for long-term traders, and there are trading types that emphasize technical or fundamental analysis, as well as those that rely on risk and capital management.
Each type of trading has its own advantages and disadvantages, and traders should choose the type of trading that best suits their goals and strategies.

Finding the right type of trading will certainly be more comfortable and better at trading, can minimize losses and know the risk limits that will occur. Never impose a strategy that is actually not suitable for yourself, but if you want to learn it, then use a stop loss and do management properly.

Any trade of any type is risky. We can't avoid any risk, maybe if you don't want to get the risk of trading stop trading. If you are trading then you must be disciplined, technical and fundamental. That applies to day trading or other types of trading. Actually, the type of trading is just an adjustment to everyone's comfort.

So the term day trading, weekly or long-term trading appears. You should not insist on overwhelming all because it will only make your trading not optimal. So I trade on the basis of a sense of comfort and with the risks that are always there. So I always approach the risk in trading.

I prefer to avoid risk by trading with the amount of money I can afford. And if the market conditions are uncertain, I prefer not to trade for a while and will watch the market movement to find my way into the market. But if the market situation reverses in the middle of my trading and I get stuck in that situation, I will hold on and not continue trading because it will not be good for me. I can't afford to take too big risks, especially since my capital for trading isn't that big either. So playing it safe would be better for me.

If you are the type that trade with $1000 or lower amount, the trading fee is not high. Trading fee is on percentage, and on the exchanges that I have used, it is around 0.01% to 0.05%. but trading with huge amount of money, the higher the fee.

Regulation is not a problem for some people because they do not see providing their identity document for verification purpose to be a problem, but there are still some no KYC exchanges, they are centralized though.

Current list of exchanges without KYC

Although I only have more confidence on Kucoin.

Unpredictability like exchange hack and data breach are the main problem for crypto traders.

Some traders can trade using decentralized exchange which I have seen before on exchanges like PancakeSwap which you can go up to 200x leverage, but I have not used a decentralized exchange like that to trade before, so I do not know the risk involved.

All I have known is that trading is not easy, it can be a means people can lose what they have earned. The best is to trade in the trend direction and having more long term trades like swing trading can be the best, or even just hold. Some people want to scalp or day trade, but losses chased them to be a swing traders or holder.

In day trading, I have noticed one thing, that you need to use the amount of money you can afford to lose, do not see it s a means of making money until it turns out to be like that for you naturally, because thinking like that can get you to an extent of you seeing trading as risky as gambling because naturally it is.

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?

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My References
1. www.investopedia.com/articles/trading/06/daytradingretail.asp
2. www.public.com/learn/risks-of-day-trading
3. www.businesspartnermagazine.com/day-trading-essentials-ultimate-guide/
4. www.trading-education.com/how-to-day-trade-cryptocurrency
5. www.moneyrook.com/what-counts-as-a-day-trade/
6. www.university.cex.io/trading-strategies-day-trading-explained/
7. www.ramseysolutions.com/retirement/what-is-day-trading
8. www.tradingstrategyguides.com/day-trading/
9. www.finder.com/day-trading
10. www.greed-head.com/what-is-day-trading-simple-definition/
11. www.fool.com/investing/how-to-invest/stocks/day-trading/
12. www.education.howthemarketworks.com/day-trading/
13. www.govinfo.gov/content/pkg/CHRG-111hhrg54873/html/CHRG-111hhrg54873.htm