Day Trading

[cryptotrader2015]

95% of all Day Traders fail because of lack of knowledge and timing. Day Trading is very difficult to apply in cryptocurrency trading. Why? Because cryptocurrency markets are unpredictable. It really needs more reviews and research before buying certain coin or token. I always advice new traders to spend their time to get to know the concept and the purpose of the projects or to DYOR (Do Your Own Research). Sometimes the reason why you buy certain coin or token because of hype or FOMO ( fear of missing out ) wherein you see your friends in social media enjoying what they hold. FOMO always happen anywhere in social media because it uses as a marketing strategy to manipulate the markets. Therefore, before diving into cryptotrading, always make sure to DYOR!

[ChrisPop]

No, 95-99% of traders fail because of poor risk management firstly. Then the second reason is that they haven't mastered at least the essential parts of technical analysis. Then comes the emotions, FOMO, etc.. You see.. daytrading is no easy job, you need a lot of time to become proficient and it is not for everybody.

[coinplus]

95% of all Day Traders fail because of lack of knowledge and timing. Day Trading is very difficult to apply in cryptocurrency trading. Why? Because cryptocurrency markets are unpredictable. It really needs more reviews and research before buying certain coin or token. I always advice new traders to spend their time to get to know the concept and the purpose of the projects or to DYOR (Do Your Own Research). Sometimes the reason why you buy certain coin or token because of hype or FOMO ( fear of missing out ) wherein you see your friends in social media enjoying what they hold. FOMO always happen anywhere in social media because it uses as a marketing strategy to manipulate the markets. Therefore, before diving into cryptotrading, always make sure to DYOR!

So, what is your question ? I mean what you have stated has been repeated in this board for more than hundred times and I am not seeing that you started this topic for finding yourself successful in trading like you may go for it or not. In short, your post is not qualifying as a OPEN-POST.

If you are here to enlighten this community then there are plenty of discussions on day trading :
(I just got them in first 5 pages of this board itself. Not using google. It means there are many active discussions on day trading)

Mistakes need to avoid in day trading
with market conditions like this, are there any tips for continuing day trading?
Please advise me which coins best for the day trading
The advantage of day trader

[KennyR]

95% of all Day Traders fail because of lack of knowledge and timing. Day Trading is very difficult to apply in cryptocurrency trading. Why? Because cryptocurrency markets are unpredictable. It really needs more reviews and research before buying certain coin or token. I always advice new traders to spend their time to get to know the concept and the purpose of the projects or to DYOR (Do Your Own Research). Sometimes the reason why you buy certain coin or token because of hype or FOMO ( fear of missing out ) wherein you see your friends in social media enjoying what they hold. FOMO always happen anywhere in social media because it uses as a marketing strategy to manipulate the markets. Therefore, before diving into cryptotrading, always make sure to DYOR!

Doing one's own research is a must with cryptocurrency. Trading is highly risk involved, because the market moves forward or downwards in no time. One who's prediction about the market gets coincidence with the real market can earn good through trading. FOMO is a factor that can be found on each and every user who depend on trading earnings as the primary source. One who doesn't fear will succeed at least in the long run.

[BitcoinHunt3r]

95% of all Day Traders fail because of lack of knowledge and timing. Day Trading is very difficult to apply in cryptocurrency trading. Why? Because cryptocurrency markets are unpredictable. It really needs more reviews and research before buying certain coin or token. I always advice new traders to spend their time to get to know the concept and the purpose of the projects or to DYOR (Do Your Own Research). Sometimes the reason why you buy certain coin or token because of hype or FOMO ( fear of missing out ) wherein you see your friends in social media enjoying what they hold. FOMO always happen anywhere in social media because it uses as a marketing strategy to manipulate the markets. Therefore, before diving into cryptotrading, always make sure to DYOR!

I already feel how to be day traders and it is very stressful. Maybe if not people who already experienced or really trained to push themself everyday, wouldn't really lasted for a long time in day trader.

[mrdeposit]

95% of all Day Traders fail because of lack of knowledge and timing. Day Trading is very difficult to apply in cryptocurrency trading. Why? Because cryptocurrency markets are unpredictable. It really needs more reviews and research before buying certain coin or token. I always advice new traders to spend their time to get to know the concept and the purpose of the projects or to DYOR (Do Your Own Research). Sometimes the reason why you buy certain coin or token because of hype or FOMO ( fear of missing out ) wherein you see your friends in social media enjoying what they hold. FOMO always happen anywhere in social media because it uses as a marketing strategy to manipulate the markets. Therefore, before diving into cryptotrading, always make sure to DYOR!

Of course, in order to close the lack of information over time, you need to make losses or study hard for your lessons. For me, day trading is the best choice for our current situation. Because we cannot predict how the price will be in long term, and if we want to make money, we must at least continue in a way that we can find, so ''day tarding''.

[lablab03]

95% of all Day Traders fail because of lack of knowledge and timing. Day Trading is very difficult to apply in cryptocurrency trading. Why? Because cryptocurrency markets are unpredictable. It really needs more reviews and research before buying certain coin or token. I always advice new traders to spend their time to get to know the concept and the purpose of the projects or to DYOR (Do Your Own Research). Sometimes the reason why you buy certain coin or token because of hype or FOMO ( fear of missing out ) wherein you see your friends in social media enjoying what they hold. FOMO always happen anywhere in social media because it uses as a marketing strategy to manipulate the markets. Therefore, before diving into cryptotrading, always make sure to DYOR!

well people nowadays are very greedy and always didn't follow the simple rules when it come doing day trading and etc wherein even though it's for their safety.  However some thread here and article around the internet that have suggestions and explanation how unsafe day trading is turning into useless because of this many greedy people that always ignored the best solution to reduce risk situation.

[moynul2050]

knowledge and time even analysis in trade is indeed a determinant in the success of trade.
most of the trading failures they did were due to the lack of knowledge and emotion from the trader.

[jakezyrus]

traders fail not because they arent prepared . they failed because trading is a hard game  , how much more if day trading ? we didnt know the next movement of the coins . at first sight they can be rising but after you decide to sell , the price suddenly fell off  and that was not your fault if that happens because you are only doing the right move its just the market is verry manipulatable .

[joeperry]

-snip-

It's true most of the new traders don't have knowledge and some of them really don't really understand the concept of it and after they bought a coin they ended up holding it and most of them believe of the term HODL but they don't know the risk of Holding a coin for a long time.

It's true that newbies are having a trouble about day trading I've experienced it before because I once a newbie and understand what really happened to thos new in day trading, a good knowledge and willingness to learn is the key in order to master the day trading concept (of course not all the time you're going to earn from it, losing is part of trading industry.)

[TravelMug]

They fail simply they don't know how to be a day trader!.

Majority of newbies chooses to they trade, probably because they here it somewhere that you can still make a lot of money, but it's not easy at it sounds.

Actually in the rally that we have been seeing in the last 2 days or so, I wouldn't day trade, too risky, those kind of rally is not a good indication for day traders. I assume that they stop in because there's no dumping so far and think that this might be the start of a bull run.

[roycilik]

I already feel how to be day traders and it is very stressful. Maybe if not people who already experienced or really trained to push themself everyday, wouldn't really lasted for a long time in day trader.

And I'm sure day trading will definitely spend a lot of time in front of the monitor
no problem for those who have a lot of free time, day trading can reduce the risk of loss because most daily traders take small profits but again and again (repeatedly)

[butka]

No, 95-99% of traders fail because of poor risk management firstly.

I absolutely second this! They fail because of of poor risk management in combination with poor money management. Here are the main problems (where the majority of traders fail) in order of importance:

1. Most important: poor money management and poor risk management.

2. Almost equally important: poor psychology - emotions going wild.

3. Slightly less important: poor trading system, poor technical analysis skills.

The first two are huge! The sad thing is, almost nobody is paying attention to them. Everybody is going straight to TA, and as a result, fail.

[whirlcoin]

95% of all Day Traders fail because of lack of knowledge and timing. Day Trading is very difficult to apply in cryptocurrency trading. Why? Because cryptocurrency markets are unpredictable. It really needs more reviews and research before buying certain coin or token. I always advice new traders to spend their time to get to know the concept and the purpose of the projects or to DYOR (Do Your Own Research). Sometimes the reason why you buy certain coin or token because of hype or FOMO ( fear of missing out ) wherein you see your friends in social media enjoying what they hold. FOMO always happen anywhere in social media because it uses as a marketing strategy to manipulate the markets. Therefore, before diving into cryptotrading, always make sure to DYOR!

most of the day traders are keeping the good time and don't wait for the right time this will be the mistake that they have taken here and a lots of opportunity will miss pay them because of don't taking any higher risk.

[Kasabus]

No, 95-99% of traders fail because of poor risk management firstly. Then the second reason is that they haven't mastered at least the essential parts of technical analysis. Then comes the emotions, FOMO, etc.. You see.. daytrading is no easy job, you need a lot of time to become proficient and it is not for everybody.

It's hard job and all you said is true, day trading can be profitable but you need the skills to be effective in doing it.
That's why I stopped day trading because my experience tells me so, based on my record I'm not profitable, but holding gives me a better profit
and I'm comfortable with it as it's easy and you don't need to monitor the price constantly unlike in day trading.

Controlling your emotion are both important actually, whether you go for long term or day trading.

[radjie]

not everyone has difficulty in trading day, because some crypto users are of course able to take advantage of day trading to generate quick profits. Although the average person who fails in day trading can only be felt by new players in this field, because this is due to a lack of knowledge and unable to learn more about technical analysis of market charts

[beerlover]

Day trading also will be profitable if you trade only high volume assets and you must be ready to convert your day trading into short term trading. It may prevent you to book losses within a day. When we trade highly reputed coins and tokens then we never need to worry on where we are heading and what could be closing value for a day.

[rose9696]

95% of all Day Traders fail because of lack of knowledge and timing. Day Trading is very difficult to apply in cryptocurrency trading. Why? Because cryptocurrency markets are unpredictable. It really needs more reviews and research before buying certain coin or token. I always advice new traders to spend their time to get to know the concept and the purpose of the projects or to DYOR (Do Your Own Research). Sometimes the reason why you buy certain coin or token because of hype or FOMO ( fear of missing out ) wherein you see your friends in social media enjoying what they hold. FOMO always happen anywhere in social media because it uses as a marketing strategy to manipulate the markets. Therefore, before diving into cryptotrading, always make sure to DYOR!

I don't think there are too many people failing like that. I think trading day is easier because we can learn about how the market or some trading platform works.
The most important thing is a stop loss. A professional trader never fails to place a stop-loss order. Day trading is quite safe and not too difficult as you think.

[harizen]

95% of all Day Traders fail because of lack of knowledge and timing. Day Trading is very difficult to apply in cryptocurrency trading. Why? Because cryptocurrency markets are unpredictable. It really needs more reviews and research before buying certain coin or token. I always advice new traders to spend their time to get to know the concept and the purpose of the projects or to DYOR (Do Your Own Research). Sometimes the reason why you buy certain coin or token because of hype or FOMO ( fear of missing out ) wherein you see your friends in social media enjoying what they hold. FOMO always happen anywhere in social media because it uses as a marketing strategy to manipulate the markets. Therefore, before diving into cryptotrading, always make sure to DYOR!

The whole crypto price movement is unpredictable. You can't count that as a reason why day trades fails. That's the challenge in here, to deal with the unpredictable price movement especially in day trades.

Also with that 95% of days traders as you mentioned, I don't believed they are all being under of a certain hype why they bought coins as you mentioned it's one of the reason. The said percentage is just your own thoughts. You can't applied that generally.

I always advice new traders to spend their time to get to know the concept and the purpose of the projects or to DYOR (Do Your Own Research).

Concept and purpose of the project is not the main reference when choosing a coin but it can take as "one" of the reference. There are lots of "good" projects around, well based on their whitepapers and roadmaps but can't even listed on a good exchange. There are also ICO who succeeds but now with the dying value or not to worth to put a money.

What newbies must do is to analyzed the coins behaviour in order to set a plan of when is the right tyming. It's the battle between the good hands. Studying daily volume is they key here.

[raven7886]

Day trading also will be profitable if you trade only high volume assets and you must be ready to convert your day trading into short term trading. It may prevent you to book losses within a day. When we trade highly reputed coins and tokens then we never need to worry on where we are heading and what could be closing value for a day.

Day trading to short term trading ? Then it will never remain as day trading. It is a challenge to finish off within working hours. Usually in stock trading, if you are unable to sell within trading hours then you need to go for taking delivery out of exchange, hence traders must need to close the positions. I guess there will be no such a compulsion in crypto trading and the markets are available round the clock. I guess no trader here will be approaching anything what a day trading should be.