Topic: How Would you Describe Yourself As A Day Trader? (Read 297 times)

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.

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.

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.

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.

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.

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.


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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

It's been so long since I stopped day trading. Actually, it was like a dream to me when I've heard and seen people do the thing but when I've done the actual.

That hit me the reality that it's not easy as what I'm thinking. It will require you to continually learn a lot of things and not just about charts and the market but even you need to spot on the trends and news related to it.

It entails a lot of things that needed to be known even for the basic but it's not deep if you started there. Although I can pursue it again but maybe sometime in the future but not for now.

Day trading can be stressful and as well be less stressful in terms of doing market analysis, the stress of going to smaller time frame in order to see opportunity in the market for day is another thing, because you don't only rely on the Bigger time frames to profit, in the order hands can make you money within the shortest period of time, if you have good understanding of the market.

One of the best way to profit as a day trader is during when there's volatility in the market, basically during the London and New York market session, that is when most banks are actively in the market.

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.

A wise decision from you, I think the option of buying a coin that has credibility and has a clear ecosystem can provide a guarantee that is safe and very profitable, but it's true that the profit is not much, but at least our assets will be safe for a long time. I also avoid trading on shitcoins because the risk level is so high and it rarely ends up being a scam. Things like that we should be aware of when trading in order to avoid something we don't want.

I don't actually do day trading much, but when I do, I'd probably label myself as being risk-averse. Probably because I mostly would purchase coins that have a significant trust within the industry and that would give me a more guaranteed though less profit instead of choosing high-profit potential coins with higher risks.

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.

Yes, 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 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.

I thought we are trapped already so how can we able to escape? But if ever we got trapped and we are starting to lose our money, we will be provoked and we will sell our coins even at a loss which is wrong, the right way to act is to just stay calm because the price might still recover but as long as we picked up a good coin and not a pumped and dumped one.

Your friend is right. Not just on trading actually but in everything that we do, we only need to be calm so that we can perform the task better than compared to when we are rushing because mistakes can often come there. We should always remember that life is not a competition and slow and steady are the ones who can win the race.

This is true, swing traders may not close a trade for two days if he believes in his analysis and if the market has not been favoured, but this may be what may lead to liquidation at times. A day trader can open a position and his analysis may favour in few minutes to just one or two hours, normally that is scalping if he close the trade, but still he is still a day trader. It is hard to differentiate between a day trader and scalpers at times because day trader may scalp while scalpers may leave a thread for a long time than minutes and hours just like day traders.

If day trading is risky then how will a trader profit if he averse the risk? because the risk in trading will provide losses as well as profits, but dare to take risks then there will be no profit that can be obtained.
I am no longer a day trader because long-term hold are more profitable, I bought BTC when the price was still hundreds of dollars and sold when the price reached thousands in 2017 but if I could be more patient I could sell for tens of thousands of dollars or if I choose long term hold will get more profit than doing a day trader when BTC enters bullish in 2016-2017.
Day traders need more knowledge in my opinion because traders must first look at the charts before opening a position and also when setting targets, if we think that day trading is buying cheap on the day and waiting for the market to go up on the same day without any knowledge at all that's a bad thing and will waste a lot of money and time that we have, because they don't really understand what the market is like.

Exiting the market when trapped will be fine if we are not provoked to sell coins in a state of loss. I have often been trapped in such a situation and did nothing just came out of the market. And after waiting for a while, it turns out the price can increase again and even some coins can increase high, which allows me to produce additional profits from the price I targeted. According to my friend's advice, trading should not be in a hurry so that we do not panic and remain calm, watching the course of the market.

kycnot.me is a good website with their list and reviews, scores for non-KYC platforms from exchanges to peer-to-peer marketplaces.

Kucoin has some years in the cryptocurrency market and they provide good service to their users. They belong to Tier 1 exchange list and their scores on Coinmarketcap, Coingecko are good too.

You can use Kucoin at the moment if you don't want to do KYC but in future, with more regulations I believe eventually Kucoin will have to force KYC on their global users.

Tried to be a day trader before, at first its easy since I’m still motivated to make money in the market and honestly Day trader for me are more about guessing the trend than to analyze it, so the result for me was not good. After losing some of my capital in day trading, I decided to try to do a short term trade which I started to analyze, set-up my target price and my cut loss price so far I’m doing good with this. Day trading is very risky, it requires a lot of attentions and time, so don’t be a day trader if you will not spend time to analyze because it will just consume all your capital, this is not worth it if you will just guess your trades.

I am short term trader typical but can't guarantee with daily day trading or earn profit trough trading in cryptocurrency in one day, I know all short term trader want to earn profit as soon possible or in daily day trading but we can't predicting about how price later from bitcoin or altcoin trade.

Exactly with all coins have been in support price potential recovery and wake up few percent later and has chance take profit in daily day, but when entry in lower price but after buy order filling have another drop or lower price from coins trading and not option taking profit in daily day or become shorth term trader in one day. After long term become holding from my altcoin investing, now I try keep effective earn profit in daily day without holding for long term.

I aint entirely sure whether to label myself as a risk-lovin or risk-avoidin trader, maybe just a hilariuos one! Back when I was a newbie day trader, I had a bit of a daredevil streak in me. I was so thristy to make bank that I frequently brushed off the risks and went all-out. Clearly, that wasnt a smart move, and I discovred that the hard way. One time, while tradin the futures market, I got cocky about my position. The market was goin against me, but I kept slappin more and more contracts onto my losing position, believin it would eventually turn around. It didn't, and I wound up losing a small chunk of cash. Since then, I've become more risk-shy and learned to handl my trades with more caution. Yet, I still think that havin a sense of humor is key for any trader. It helps me keep my cool, even durin the most nerve-racking moments, and not take stuff too seriouss. I mean, if you cant clown on yourself, then who can you clown on, right?

Creating such a topic will give me 0 benefit from knowing people’s opinions.
you must limit participation only to day traders, and even these day traders, the answer must be for those who made gains and continued trading over a relatively long period of time, for example 6 months to a year, but just a random sample question will not give good results,
In the end, day trading does not mean that you must close your deals within 24 hours, but rather means short-term trading associated with reasons that make the price move in the short term (an hour, a day, or several days in the long term).

Day trading is good but it is much preferable for the volatile market. The market can be very manipulating and if we don't know how to position our trade we might end up becoming frustrated ending to a big lose. I was once a fan of day of day trading buy I relinquish such habit because of the consistent changes in market pattern.

For newbies who are just trying to get some profits or learn about trading, they can kickstart with day trading to see how the market works and how constantly everything do change. In as much as we are making consistent profits form the market they whatsoever pattern of trading we are using shouldn't be a problem to us.

No risk no reward right?, but If there are ways to avoid the risk and reduce the risk I encounter in trading, I am definitely choosing that option. Taking on risk on purpose because I believe that I will be able attract better rewards is the way I will choose because everything is on probability and just as I can win huge profits, I can also incur life changing losses that can make me stop trading. There are already risk and a lot of uncertainties with trading, trying to reduce them as much as possible and still make gains is my target.

I tend to dislike day trading so far, and it's the thing I give the least thought to in the crypto market. Avoiding the risk of loss from day trading is one reason, and another reason is the limited time to do it.

But as you said, there are a lot of people who might be focused on being a day trader because they have the time and skills to analyze specific markets and assets. Meanwhile, I prefer to invest over day trading, this allows me to focus on other things while occasionally monitoring the progress of my portfolio.

I rarely do day trading because it makes me greedy on trading instead of minimizing risk. I always for a coin that has a high volatility for that day and betting in reverse position hoping that buying/selling power will be exhausted at some point. The point of day trading is to have decent profit minus fees when you complete a day trade. This is risky because the coin I’m buying is hot and it’s either will bring profit or loss. At the end of the day the risk management will saves you when doing this kind of strategy.

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