Is day-trading cryptocurrency profitable? - Need opinion from traders

[Koalamite]

I think its profitable..coz some of my friends do trading but you need to have patien in trading..now im starting to ask them how to do trading and starting to learn it.

[iktomi]

It can be, you can also lose your shirt. Don't start until you have a thorough understanding of what you're getting into.

[gabmen]

It makes no sense for each trade to be a taxable event. You could make $100 on a trade and then mins later lose $150. You don’t pay taxes by the trade. You pay them by the year or quarterly based on your earnings.

Tell that to your local government and those that are in charge in politics to influence law changes. Most of the crypto tax laws makes no sense

Well are there even tax laws that are in effect now in crypto trading? In exchanges perhaps but for traders i don't think so. Unless people would be willing to disclose their information when registering on an exchange, pretty much how south korea is planning to regulate crypto.

[lunobird]

It makes no sense for each trade to be a taxable event. You could make $100 on a trade and then mins later lose $150. You don’t pay taxes by the trade. You pay them by the year or quarterly based on your earnings.

Tell that to your local government and those that are in charge in politics to influence law changes. Most of the crypto tax laws makes no sense

Well are there even tax laws that are in effect now in crypto trading? In exchanges perhaps but for traders i don't think so. Unless people would be willing to disclose their information when registering on an exchange, pretty much how south korea is planning to regulate crypto.

I don't quite understand you,  Your saying the tax trade event laws only apply to exchanges but not for traders?  That makes absolutely no sense.  Law still exists whether you disclose them or not.  That will be for you to decide on how you plan to do your taxes but I do recommend those understand crypto tax trade laws in detail so you know what your getting yourself into.  So far people on here have very little knowledge of tax laws or feel taxes  don't apply to them when they absolutely do.

Here is a basic one I grabbed from gdax coinbase about approaching your taxes for 2017.  Also 2018 is more harsh as each trade is a taxable event but you wont' have to worry about that till next tax season.

https://www.irs.gov/pub/irs-drop/n-14-21.pdf

[richcorner100]

I has been try day trading of cryptocurrency in a few month but hard for me to reach consisten profit because iam not patient. Now i prefer doing long term trading because can be more easy and more profitable than day trading. So day trading can be profitable only for trader who has enough skill and always patient.

[khufuking]

Why not do both !! if trading is your job you will always  find opportunity long term and short term you should always benefit from both , sometime you buy a coin meant for day trading but your target not met but you know the coin/token is good in long term then there is no reason to sell in loss just turn it into longterm trade . You can always do day trading on solid coins so if your trade went wrong just turn it into long term , at the end everyone have he own way of trading . But to be honest nothing beat holding small project coins to moon and make sometimes a whooping X200  .

[Streamlink]

Why not do both !! if trading is your job you will always  find opportunity long term and short term you should always benefit from both , sometime you buy a coin meant for day trading but your target not met but you know the coin/token is good in long term then there is no reason to sell in loss just turn it into longterm trade . You can always do day trading on solid coins so if your trade went wrong just turn it into long term , at the end everyone have he own way of trading . But to be honest nothing beat holding small project coins to moon and make sometimes a whooping X200  .

Doing both the things at the very same time is also a very good idea but only when you are this much good enough that you can make this much of the work and that you can manage the things so efficiently that can help you in making of money. Otherwise, it is better to opt anyone amongst both and that too the one which seems best suitable to you and the own whom you find interesting.

[keltics]

Speaking from personal experience here cuz I don’t know any other traders IRL My experience can be summed up as "u win some, u lose some". You can always try it; it takes a few months to figure out if that works for you, you now?

[dsaijz03]

Is having your own business profitable?
Is starting your own company profitable?
Is being an author profitable?
Is day-trading crypto profitable?

Every single one has the same answer: Yes, if you know what you're doing.

Yes, I agree with you.Also, in order to know what we are doing and be profitable we must study hard and familiars the strategies and techniques in short be well prepared before intering in trading so that what you invested would not lost.

[neonshium]

Everyone here will always tell you that they are making lots of money, even losers will tell you that they are making money too. Not everyone makes money from day–trading, there are people who never make anything and will end up losing almost all they have invested in day–trading.

But the thing is that as there are many losing their capital daily, there are also others who are utilizing their capital and making high profits by the end of the month. You just have to learn how to manage your risks and also have some strategies you use in trading.

[novaprime]

Everyone here will always tell you that they are making lots of money, even losers will tell you that they are making money too. Not everyone makes money from day–trading, there are people who never make anything and will end up losing almost all they have invested in day–trading.

But the thing is that as there are many losing their capital daily, there are also others who are utilizing their capital and making high profits by the end of the month. You just have to learn how to manage your risks and also have some strategies you use in trading.

Risk management is a very good way, but it is very difficult for new entrants to the market because they think they can make money more easily than others and do not have the exact trade strategy. And when they start losing money, they automatically find a way to manage risk and this is the best way to learn about it. When I first joined the market I lost a lot of money but then I knew how to manage my money

[bozo333]

Everyone here will always tell you that they are making lots of money, even losers will tell you that they are making money too. Not everyone makes money from day–trading, there are people who never make anything and will end up losing almost all they have invested in day–trading.

But the thing is that as there are many losing their capital daily, there are also others who are utilizing their capital and making high profits by the end of the month. You just have to learn how to manage your risks and also have some strategies you use in trading.

yes, But most of the day traders are well trained trading traders so they know how to manage the every day schedule. Because current scenario is unpredictable in Bitcoin and altcoin but still day traders are doing the same work. This is always risky investment but huge risk is highly appreciated in this platform.

[Opekin]

Everyone here will always tell you that they are making lots of money, even losers will tell you that they are making money too. Not everyone makes money from day–trading, there are people who never make anything and will end up losing almost all they have invested in day–trading.

But the thing is that as there are many losing their capital daily, there are also others who are utilizing their capital and making high profits by the end of the month. You just have to learn how to manage your risks and also have some strategies you use in trading.

yes, But most of the day traders are well trained trading traders so they know how to manage the every day schedule. Because current scenario is unpredictable in Bitcoin and altcoin but still day traders are doing the same work. This is always risky investment but huge risk is highly appreciated in this platform.

Yes it is, it is always profitable but the question is if youbare going to do the same how you can effectively manage to trade. Do you have a good skills and knowledge for a day trading this is a very high risk once you cant get out of the market.