Topic: WHO DOES CRYPTO DAY TRADING? (Read 567 times)

More often it is not when it comes to day trading.

Opinions vary, one might work, another might not. Because we are not the ones who can see the future and hence we have to place predictions based on our own experience. But the general advice remains same, day trade if you can take that stress or go for long term holding if you have that level of patience and time.

You mean "pump"?
That is the consequence of not being able to hold the money on the market. Nobody can predict when the high or low is happening but buying and selling if not done at the proper price timing, leads to losses invariably.

Crypto day Trading is definitely good sometimes, but you have to be very careful on it even when you seek opinions from orders because it may not work for you as you think If you will go into crypto trading, I would advise you to take your time and study it yourself, because I don’t see much profit in crypto trading daily because of the much risk In it you may decide to pull out your money from the market and that is when coin will Pomp so is better you stick to the pattern you are already using that we best advice I would tell you because it is a risk.

It's been quite a while since I was engaged in day trading. Back in the day right after graduating university I had much more free time and spend some time day trading. My profits where decent, but taking into consideration the time I spend on research, analyzing the market and trading, my hourly pay was not that great. In the end it pays of more to have a full time job with a fixed salary and only trade on the side with a more medium to longterm approach. It's a bit hard to quantify my trading returns, because I was also gambling a lot at the time. Whenever I made a trading profit I would try to double it via gambling and vice versa. With a martingale strategy in roulette and black jack I made decent returns as well. Overall my best trading was definitely with doge coin and not with bitcoin. The Elon Musk hype helped me a lot, whereas with bitcoin trading I seem to profit more from hodling and longterm growth.

For me, what gives me the most profit is BTC and is still giving me the most still in this bull run as I join other activities like the event I mentioned here in my post https://bitcointalksearch.org/topic/m.63785155
I have gained over $500 worth profit from the event and will still be earning more if my target is right.

But most importantly, is better to know that trading is not because it fascinates you. You must have a reason you want to trade and if you can't get that, then you should not bother doing that

People that engage in crypto trading are people that has time in their hands, people that are not too occupied with other extra affairs of life. If you think that you have enough time on you, then I advice you to consider trying it out but first of all, you need the knowledge else you will only be playing around with diffiren lower time frames without getting anything after spending the whole day sitting in front of your computer.

What you should also bear in mind is that when you open trade on daily basis, it doesn't mean that you will actually be making profits daily all the time. There are some trades you can open that might get invalidated but because it did not hit your stop loss, you have to give the trade more time before you get the profits for that particular order, not every day profit is guaranteed even with multiple opened trades; there are days bitcoin will go sideways and squeeze the market leaving alts with no profits.

Please use a protective glass for your eyes if you want to be a daily trader, it will help you protect your eyes from screen light. Constant eyes on computer or phone have it's own side effects in the long run.

This is something that is often not considered by those that want to become traders, the amount of pressure a trader will have to withstand, even if they were good at trading, is simply too high to ignore.

Which is why the few profitable traders out there burnout relatively quickly and decide to become investors or long term traders, since even if the profits are not as good as what they could get before, at least they can get all of that money while not doing as much as before.

There are no asset recommendations I can point to for day trading that are too risky to incur losses. Do your own research for better results.
Maybe what I can recommend is that it is better to avoid day trading if you have the ability to choose coins and technical skills.
Of most of the ways to do it, I don't dare to apply it if my ability to read opportunities is still very minimal. The results will definitely deviate far from expectations.

Daily trading will go with high wild and traders will have many big problems to control. Control their market trend prediction, price prediction for coins they trade, control their emotion and they will have less time to spend in real life. Most of time will be spent idly while if they want to have better health, longer life, they must move more, exercise more and sit less.

Going wildly with this volatile market on daily basis will cost more loss than bring benefit.

Holding good cryptocurrency, first and foremost, Bitcoin is one of keys to succeed in this market.

This will vary everyday and it is a tough race to follow if you are really into it. Day traders will be tracking many different cryptocurrencies and placing orders on them every few hours. They base it on the technical indicators but some might just go with their own intuition.

Trust me, they dont last long and those who do, surely receive my respect, but at the cost of their own physical and mental health - hence it is not worth it in my opinion.

If you are coming to crypto only to look for "quick gains" you will end up in "quick losses" instead.

Sorry but I would really love to ask, what is the value in knowing what crypto I made the highest profit in; in the last 24 hours, and what amount? How does providing this information to you help you?
Maybe if you can answer, and your answer is reasonable enough, then I will really tell you what crypto I traded in the last 24 hours and how much profit I made.

But that aside, trading and making profit in crypto is not like performing a hat-trick, it's as easy as just buying bitcoin when the price is low, and waiting patiently, then selling it when the price rises, and understand the difference in trading during a bull run, and trading during a bear season, they are not the same, it's easier to trade and make profit in seasons like the one we are currently in, but in bear season, trading and making profit requires extra skill and knowledge of the market.

And overall, to be a successful trader, it's important you take your time and learn, don't rush into trading because you are fascinated by it and can't wait to experience what it feels like to trade and make profit, you just mind end up losing your money, for trading too carries with it a varying degrees of risk, depending on what coin you are trading, and the market you are trading, whether it be spot or futures, take time and train yourself or get yourself a good mentor.

Plus can we plebs truly verify that those "traders" are actually making the large amount of profits that they "broadcast" in YouTube, their private groups, and in X? I believe not, because they merely want your engagement, and that builds their growing number of their "followers". More followers = higher probability of monetizing their online presence.

In the end, we can only learn better from the experiences we have gone through. I personally also learn from many references. Starting from the VIP group, Premium and paid signals or something like that when I was still a beginner. But all of that actually only adds to basic insight. And the real insight that I have only comes from my experience in the market. I did an evaluation and kept researching and researching. Until finally I understood it. And that doesn't mean that those of us who are used to daily trading will always make a profit. Not at all. Because I also don't always get profits every day. It's just that I limit my losses to what I can afford. So risk management, financial management and psychological management are needed. And all of this is easy to understand in theory but difficult to apply in practice in the field. So experience is what will make us start to be able to apply it well. So basically nothing is instant. But everything requires a process. And that process will hone ourselves to become more proficient in trading itself.

Yeah true, it is hard but not in a way that it's difficult, it's hard because it takes time. Most people do not realize this and they think that it's hard in a way that they will not understand it, but that's not the point, you can understand it and you probably will, there is nothing wrong with that but to be able to get great at it will take time.

This becomes something that's a little bit of a discussion or argument between people, because some say it's hard and some say it's easy, they are both right in their perspective because the ones who say it's easy are people who usually put so many hours into it and when you do that it becomes easy and the ones who say hard did not put the hours into it and when you don't, it's quite difficult.

One of the most common mistake by these people is that they are really that believing on something on which we do know that it cant really be just that possible specially newbies on which they would really be having those kind of approach and beliefs into their mind that trading is really just that easy not until on the time that they would really be able to experience for themselves that they do lose up money
because they dont really know on what they are doing. Day trading would really be needing up that kind of particular skills on which you would really be needing to have. Speaking about day trades then
you would be dealing up with volatility on very active manner on which it would really be that needing up that skills that would be able to handle that kind of short term approach.

This is why if you are really just that still a noob then it would be always best that you shouldnt really be that making yourself that too confident about on dealing with it.
If you could be able to bare up with the risks then its your choice.

I agree that it's something that takes quite of time to be good at this, it is not really a simple thing to become a good trader and I agree that it would take a lot of time for people to be good at it. But when you consider the situation, I could say that it is not going to end up being all that confusing, it is really just the situation you are in.

I personally hope that people could have something that will change the whole situation, and for that to work we need to have a better understanding of the situation as well. I believe that for anyone to be a good trader, you will need to do something a lot better, which should take a bit of time to study and be a great trader. If you can give it that much time, you could get a lot better.

I don't think what crypto trading pair matter here, because it will depend on your strategy and analysis.
So for me, the best pair is a pair with high trading volume so Bitcoin and Ethereum is the best for this, now what's next to improve is your strategy to trade on this pair.

In crypto trading your capital determines the profits you would make in every trading you are doing, for like me then I mostly trade btc/usdt and usdt/NGN but currently do not have that time to focused anymore. So during trading I usually increase my capital around $500 and above to use and trade. But you can't compare someone using $30 and $100 to make the same profits as someone who is trading with huge capital like $1k to $5k, at some point I do increase my profits although my lost comes when I jump into newly listed coin in the exchange at then my knowledge about coin wasn't this vast so then I was losing on most listed coin because investors who invested at their ico time would just come dump and most times they doesn't gain back the lost again till they collapse entirely.

That is a mistake most people make, especially new investors that are entering the market. They see other traders sharing their success stories or screenshots of their successful trades and they start believing whatever they see or read instead of thinking that the same people might also be incurring losses but they aren't going to share them because it might not have a good impression on their fans and followers.

So as you said, one shouldn't believe in numbers that they hear or see from other traders and they shouldn't get influenced by such things but rather should try and learn everything themselves and then understand the things from their perspective.

Plus those "traders" who make claims that they have made big profts from the market, and then he/she will sell you a book, an expensive day-trading course, or have a paid chat group to "teach" and tell you his next trades, are actually not very profitable traders. Because why would a profitable trader share his/her secrets to the people who would be his/her counter-parties in the market?

¯\_(ツ)_/¯

In cryptocurrency trading, you can use any crypto trade and you make same profits you make with others, secondly you can make same profits you make when you use same coin maybe another person will recommend for you, in cryptocurrency you have to understand that you can trade neither ethereum or litecoin but the profit will be different, the profit making its not basically caused because of coin you use but by luck and opportunity at your entrance of trading.

as a beginner in trading I think what it has done is to examine trading strategies and ensure that it has understood the protocols of trading very well before it will be able to venture in day trading, as you said before that day trading is kind of trading that a beginner have not venture into until the scrutinised the methodologies of trading, taking direction according op instructions I think is not really advisable.

Emphasising on the profit making in trading, neither day trading or not, its obvious that profit making in any trade is been determined by the amount that is involve in your trading, making a large profit in trading will be determined by the amount of capital or funds use in trading, so op, cannot expect to make same profits with someone who using a larger capital to trade.