Day trading! The good the bad and the ugly

[Phonexy]

Am not really new in crpyto world but am always scared of taking the risk of trading.  As an experienced trader what are the advantages and disadvantages of day trading. Please I need your opinion. I really want to know those risk so as to avoid them. Then the possible way to maximize profit.

[Mahanton]

Am not really new in crpyto world but am always scared of taking the risk of trading.  As an experienced trader what are the advantages and disadvantages of day trading. Please I need your opinion. I really want to know those risk so as to avoid them. Then the possible way to maximize profit.

Day trading is some sort of having trades which doesn't open for too long or simply you are actively trading up with shorter timeframes comparing on trading
with swing or trend types.This do involve lots of efforts and fast executions of decisions either you would close an order or just leave it hanging depending if its
already profiting or slowly deepen the loss if you don't set up any stop loss on it.

[BlackFor3st]

Daily trading is very risky if you are not very familiar with it, this type of trading are being use by professionals traders. The big advantage of daily trading is that you can easily multiply your investment if you are doing it right.

You don't need to wait for few weeks, months and years to obtain your profit. That is the big advantage of daily trading but it's disadvantage is it's opposite, you can also loss your investment in a short period of time if you are doing it wrong. So it's better that you will study it first before engaging to this kind of trading.

[dmty.0809]

If you are a beginner, you can use small capital first, practice price predictions when buying and selling. My advice is not to get too much ambition to get big profits in 1 day. Just 5-10% profit is enough.

[jrrsparkles]

Am not really new in crpyto world but am always scared of taking the risk of trading.  As an experienced trader what are the advantages and disadvantages of day trading. Please I need your opinion. I really want to know those risk so as to avoid them. Then the possible way to maximize profit.

Its same as the short term trading but you need to spend more time for selling or buying at the right time so more profits is the advantage of day trading like that huge losses in a day also possible with day trading.

Day trading is like instant reaction on the profits and loss with the market movement so mainly you need to be lucky to make profits.

[dark08]

Being a day trading is not easy since you are newbie in crypto trading you need first understand the concept of trading just start with a small capital make a excel of yoir risk management. The advantage of day trading you can earn faster in just short perios of time then the disadvantages you need a lot of time to monitor the flow of market.

[Indrawan77]

Day trading is a very short term trading, the risk is high because most of the indicator can't predict the high volatility market situation, and in day trading you can't win every time, you need to have a good analysis and experience to profit in day trading, day trade got a high risk but also can get a big profit, if you just start trading and you got no experience or time to pay attention then day trading is not for you

[pey]

It is very time consuming and stressful and most people who do day trade actually make loss if you consider how much time they spend on it.

[sujonali1819]

Am not really new in crpyto world but am always scared of taking the risk of trading.  As an experienced trader what are the advantages and disadvantages of day trading. Please I need your opinion. I really want to know those risk so as to avoid them. Then the possible way to maximize profit.

I am not experienced like other people but have some experience about trading. Anyway most of the people here will say [IMO] that day trading is risky and I am also agreed with the opinion.

Advantages: Day trading mainly profitable in bullish market when most of the coin/token just follow other coin . So in this case You need to a coin which did  not pumped recently and wait for upper movement that will not take more time in bullish markets. Thus day trading can help you to make some profit in short time.

Disadvantages : Sometime day trading  will very risker when market crush hard in short time. Such as suddenly bitcoin pump/dump 10% and all altcoins start to down . at this situation you can not make profit / you will be in losses. Then how you can make profit by selling your coin in one day buy/sell period? Obviously You need to wait till market recover again, don't it? For that day trading is not profitable all time. Thanks.

[hurry_hore]

Am not really new in crpyto world but am always scared of taking the risk of trading.  As an experienced trader what are the advantages and disadvantages of day trading. Please I need your opinion. I really want to know those risk so as to avoid them. Then the possible way to maximize profit.

One aspect that exists in trading psychology is fear, but on the other hand there must be courage to enter into trading world. These two things are not always right and also not always wrong, they must be able to be controlled according to the conditions and situations appropriately.

Accuracy in technical analysis does not come suddenly, but need lot of practices and experiences.
Back to your case. For daily trading, the advantages are as follows:
    1. Can get profits quickly
    2. There is no need to do in-depth analysis, just pay attention to a few points such as the news of a coin, general news about the crypto world on that day.
    3. If trading in crypto currencies other than the top three, news is very important. Therefore it is necessary to participate in the news channels of a crypto currency and if able, know the movement of a large number of crypto to determine a buy position or (if you already have) sell.
   4. Losses can be limited to smaller

Daily trading disadvantages are:
   1. The time of analysis is very limited, so sometimes it is not accurate.
   2. The benefits obtained are generally not large, 3-20% is a good number.
   3. Risk for losses is higher

[ichai]

Am not really new in crpyto world but am always scared of taking the risk of trading.  As an experienced trader what are the advantages and disadvantages of day trading. Please I need your opinion. I really want to know those risk so as to avoid them. Then the possible way to maximize profit.

I don't think anyone can help you on this issue. If so, that's just their guess. First, everyone is not a prophet so they cannot predict the trends correctly. Secondly, if you make money too easily, everyone is rich in the crypto market.
The important thing here to avoid that risk is psychological control. greed is always the main cause. If you control greed, sell risk at the best time, you will be rich soon.

[Pamadar]

Day trading is a very short term trading, the risk is high because most of the indicator can't predict the high volatility market situation, and in day trading you can't win every time, you need to have a good analysis and experience to profit in day trading, day trade got a high risk but also can get a big profit, if you just start trading and you got no experience or time to pay attention then day trading is not for you

You are like doing gambling if you don't have enough knowledge with this form of trading, you are taking the risk of trying your luck to pick coins that will move according to your expectations, if the coin will not brig the result that you want then expect that you'll your investment that day, you should use spare or small amount to begin with and check if your attitude will fit to this place.

[Phonexy]

ave learned a lot through this discussion. Am going to start from demo account and trade I don't want to loose any because am already broke. But am thinking of buying some good token and hold for like six months if I make profit I'll sale it and buy another one. The experience people are sharing am already scared

[adzino]

Am not really new in crpyto world but am always scared of taking the risk of trading.  As an experienced trader what are the advantages and disadvantages of day trading. Please I need your opinion. I really want to know those risk so as to avoid them. Then the possible way to maximize profit.

Well, you will have to take the risk if you want to make profit. After all making profit isn't that easy. If you are scared, start day trading with small amount. Keep a small amount of percentage as your profit/loss goal limit. Once you reach this limit, stop. Slowly start increasing the limit to a reasonable level. You will eventually get used to it and fear won't be a part your trading anymore.

[exstasie]

Am not really new in crpyto world but am always scared of taking the risk of trading.  As an experienced trader what are the advantages and disadvantages of day trading. Please I need your opinion. I really want to know those risk so as to avoid them. Then the possible way to maximize profit.

The obvious risk is financial loss. Most traders lose money. This happens through a combination of lacking risk management, lacking a profitable trading system, and trading emotionally.

If you want to be successful, learning good risk management is vital: Risk Management Techniques for Active Traders

You need to have self awareness about your trading psychology, so you can avoid the pitfalls of emotional trading: How to Manage the Emotions of Trading

Finding a profitable system that works for your trading style may take some time. I suggest starting with simple trend trading systems before moving onto more complex TA.

Good luck!

[harizen]

Am not really new in crpyto world but am always scared of taking the risk of trading.  As an experienced trader what are the advantages and disadvantages of day trading. Please I need your opinion. I really want to know those risk so as to avoid them. Then the possible way to maximize profit.

The risks of doing day trading are:

a) You can lose your funds the same day
b) You can lose your focus the same day
c) You will hate crypto on the same day
d) You will leave crypto on the same day
e) If you won a trade, you can become greedy the same day that will result to (a,b,c,d).

What I mean here is, don't be scared. Yes, it's difficult but that's the challenge here.

As for my advice, I suggest not to do day trades for now since you are new. Try first the environment in long term trades. The goal is to build up the trading experience so that when the time comes that you think are now ready and understand the risks, you can now test the waters in doing day trades. It will take time so don't rush getting profits.

[rodel caling]

Daiy trading is profitable and risky way to earn money, focus and quality time to avoid more loses, sometimes as day trader need to close eyes if the coins or token goes into trap.
In the world of investment we always need to accept the have good and bad effect depends on the people how it handle carefully.

[senyorito123]

If you are a beginner, you can use small capital first, practice price predictions when buying and selling. My advice is not to get too much ambition to get big profits in 1 day. Just 5-10% profit is enough.

That's right, we should maintain neutral mindset towards trading because every certain situations on buy and sell isn't predictable. The trend was so volatile, yet so indefinite to decide quickly in terms of selling. Some points when a trader has no certain idea, they tend to lose patience and became panic when there's bear market happening which will trigger panic selling. So learn how to control emotions and then prefer choosing to hold your assets at longer timelines in order to grow it steadily when the right time comes.

[jhongzjhong]

In the world of investment we always need to accept the have good and bad effect depends on the people how it handle carefully.

That is definitely right, there are always having a good o bad effect but when we encounter these problems we should bare our minds all the mistakes that we had. A day trader may take a risk but they said that the more you had risked the more profit will come and I believed on that. Well, if you have a passion on day trading then you can, but if not then, please don't.

[BitHodler]

Slowly start increasing the limit to a reasonable level. You will eventually get used to it and fear won't be a part your trading anymore.

Fear will always play some form of role, whether people want to admit it or not, especially when it comes to larger amounts being leveraged. The crypto market is one of the most brutal markets available. It's no kindergarten.

If you trade spot you at least don't lose your position. If you cash out too early/late you still have the same amount of funds, while if you are over-leveraged, you are likely going to lose it all without a stop to prevent liquidation.

I would say that people are better off paper trading for a week or two to see how things go. Most people will find out that they can't beat the market, which directly should be a singal to not try trading with real money.