Day trading! The good the bad and the ugly

[stepwilli]

There is a good and bad site for everything. In my opinion day trading is very profitable, though there are many risks here. Currently, I mostly do day trading because I check every exchange in the market every day, at the exact moment I bought the token and at the same time buying the coins was increasing its price. Because whenever a new exchange is added and the price of coins continues to rise, it is an important tip to day trading. There are many more such tips that will help you do much better than day trading.

Day trading iss sweet, but greed in day trading is what make people loose trade

That is part of the killer of a trade too, but what kills trade most is when someone does not trade the right coin, and coupled with the fact that we have lots of bad projects that one cannot really guarantee of their future and could crash at any time, but one of the first step to take when making a decision to trade is to first trade the right coin that will always have volume every day.

If you trade the right coin, no matter the mistake you make on the trade on a particular day, there will always be an opportunity for correction in the case of Bitcoin, Imagine I place an order in a day for Bitcoin, and the market goes down, it is sure that I will always get the increase back, but where people now need to work on next after picking the right coin, is the greed aspect of it, which makes people not to take profit when they ought to have taken one.

[Mr.ZODIAC]

not always daily trading brings good luck, because I have some positions, which Delete my income.  Despite the fact that I control the market almost every day, it is still very difficult to predict   price fluctuations in one direction or another.

[Wolfwar]

Daily trading is very difficult, especially those traders who have not anticipated the growth of Bitcoin in the last few days feel this.  After all, someone can sell coins, To wait for the next fall, And here, not long ago, Bitcoin went up.  Joke of fate.

[akram143]

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.

how the people seeing the development of his trading experience will only think about that if a person think that reading is difficult then it will definitely difficult if a person got interest and think differently for making money then he will definitely make some profit using the day trading that is the difference between peoples who are trading.

[kodtycoon]

if you are afraid of risk then day trading will not make you good, unless you are able to fight that fear and start doing day trading with money that is at least ready to lose a few percent, so you can learn every pattern that happens to build an experience you are in day trading

[DGulari]

if you are afraid of risk then day trading will not make you good, unless you are able to fight that fear and start doing day trading with money that is at least ready to lose a few percent, so you can learn every pattern that happens to build an experience you are in day trading

Risk is always involved in everything you want, as long as you want to earn profit, there should be a risk. If you are afraid with risk, its better to not risk your money for something you are afraid. Day trading would be a quick way to earn some money, but the risk to lose your whole balance is high too.

[Ucy]

You really want to maximize profits without taking risks?

Well one advantage I can think of now is that you can make more money day trading than weekly, monthly or long term trading.  And the disadvantage is that trading requires some level of skill and it takes time

[deisik]

Am not really new in crpyto world but am always scared of taking the risk of trading

If you are scared, avoid trading (and still more so day trading)

Actually, avoid anything that involves and requires thorough consideration if (when) you are scared (like buying a home or whatever). Scared means your decisions will be heavily affected by your emotional state (being scared), but that's how people are losing money in trading (by being emotional). So the first thing you should keep in mind is getting rid of unbridled emotions and fear is definitely one such emotion. If you can't do that (no matter how hard you want to believe in the opposite), this will be your major risk. There are other risks, of course, but this risk is the mother of all risks which cannot be offset or compensated by anything as long as you are behind the wheel and the one pushing the button (figuratively speaking)

[guoyu78]

As far as I know day trading ends up bad and ugly for many traders. Although it could be very profitable it's also very risky and many don't manage to make profit and often struggle with loss. It brings a lot of pressure and not everyone can hold that. But it's good to try and see where your limits are.

Thats for traders who do not have the skills, knowledge and experience, of course many of them might end up in losses. but for a professional trader, of course, the possibility of profits will be much greater, and your job is to continue to practice to be more professional, so the chances of your winnings will continue to grow. trading will be good or bad, depending on your skills

There are so many pro traders too that are losing their trade every day, and what usually affect them is the mentality that they have, which is the believe that the market has the potential to grow high within a day which affects their decision to take little profit when they get one, believing they can still push further to take more profit but they end up taking zero when the market suddenly dump back before they get to reach their target.

This description is just called greed, and this is exactly what makes people lose their trade daily, like yesterday, despite the fact I knew the market has the potential of climbing up to $10k in few days, I still sold my coin at $967, if I keep waiting for that $10k, what if it start declining from that $9670, then I have lost out.

[Lawrenzoo]

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.

Just hold since you are scared of taking risk

[jrrsparkles]

More profitable and more risky is the simpler definition of day trading so losses cannot be restricted here but you can make profits to cover up the losses in no time.

Learn to accept what you make when you want to be a trader or don't do trading.

[D3m1r4wanti]

Daily, good, bad, or ugly trading.
it all depends on the ability and knowledge of the merchant itself.
traders who have the ability to trade daily, daily trading will be a profitable trade.

[Uao]

I will break this into 2 sections:

#1

Am not really new in crpyto world but am always scared of taking the risk of trading.

The question you might want to ask yourself here is "Why am I always scared of 'risk'?". Only you can go deeper into your mind and find your fears & beliefs.

A few tips:

- trade smaller position sizes (scale down)
- trade to get experience in the market and become a consistent winner, profits will follow (don't focus on money)
- don't take your personal life into your trades (had a fight with your loved one? it's a no trade day today)
- learn about what risk is and embrace good setups (with nice Risk-to-Reward)
- don't margin trade and use stops
- keep a personal trade journal (not easy!)


#2

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.

This is closely related to the first section but it's because you don't understand what risk is at a fundamental level.

Maximizing profits should not be your priority at this point. Leaving profits on the table as they call it is one of the last and most difficult things to overcome even for pro traders.

Let me put it this way: trading, day trading and especially scalping and being consistently profitable is one of the most difficult quests you could undertake. Period. There is no glam involved really. It's all just hard work, daily study for the rest of your career, passive setup monitoring, waking up in the middle of the night when alarms start (especially for day traders/scalpers), on-the-fly TA, analysis and more analysis. Back-testing, head-scratching, eye strain, back strain, balance issues with family and loved ones and more.

These are the struggles or professional traders that work for themselves in their homes, wearing shorts and a t-shirt at 2AM in the morning or whenever the market makes some edges possible for you.

Having said that, I strongly believe trading is one of the best careers one could have. Financial freedom, no boss, you're able to work whenever wherever and surprise your loved ones using your profits. If you like responsibility, trading is definitely for you. You are the only one responsible for your trading and your thoughts, emotions and actions. It's a huge relief to know deep down that you will always be able to adapt to any market conditions and make constant profits. Even after taking a vacation -- it's like riding a bike -- the skill will forever shadow you.

All that ^^ but ONLY for a small percentage of people. For the rest it's a continuous struggle and a gamble really. Why? Very few really want to become traders. Most just want the profits, signals, someone else constantly doing their TA and telling them when and where to enter/exit a trade. No work, no reading, no real trading and technical analysis, no journal, nothing. Just Netflix & chill pretty much. Right? Nothing wrong with that as long as it is a conscious choice. Most would fall in the trap of kidding themselves into thinking they are "traders". Nope. I'm doing crunches in my mind while watching KPOP videos all the time and I don't see any 12-pack yet. Why?

I'm leaving you with a few more tips:

- read (or listen to the free audiobook on YT) Trading in the zone by Mark Douglas (you will know if trading is for you pretty much)
- learn how to do your own TA and don't be scared of being wrong
- if you don't have food on the table, don't trade -- you're not in the appropriate environment to play your 'A' game (the best traders don't give a flying F about the money and neither should you)
- don't 100x on Bitmex, the math is against you (duckduckgo this for more info)
- always be inquisitive about everything related to trading, stay curious and remember learning is not something you finish in school (if you believe this then you're stuck in life)
- follow others on Twitter/YT to learn how they think, not how to trade (search for Philakone, his material is helpful if you're ok with his personality)
- homework: answer this question for yourself "What moves the market (price)?" (when you get it you will acquire a bigger picture)
- if you don't understand and always know your risk going into a trade, you can't be a consistent winner -- risk is probably the most important thing in trading alongside mindset/psychology
- life and loved ones always come before trading or anything else for that matter (stay healthy)


Good luck in your endeavors, hope you make it!

[MiF]

All of us have good days and bad days, and for day trading it turns out ugly when you don't have lucky days with your holdings. Sometimes you need to understand the environment of trading, that's somewhat risky while you bought your coins at higher price. You can't expect it to grow suddenly and you'll have to wait for several days to expect greater results for the price to increase and take your profit gains.

[bitgolden]

You really want to maximize profits without taking risks?

Well one advantage I can think of now is that you can make more money day trading than weekly, monthly or long term trading.  And the disadvantage is that trading requires some level of skill and it takes time

Trading also requires lots of patience, and you said it already here that trading takes time, I don’t think what takes time and requires patience will really be good for day trading, when you day trade, you have more tension than those that take time to study market very well before trading which could be weekly or monthly.

Any trade that has tension in it must surely fail, because tension pushes the trader into making the right decision, and would not allow such trader to be able to take time and monitor the trade before applying whatever the analysis will suggest for him or her. With a week interval trade, there enough time to make analysis and digest it for us to apply to our trade.

[sana54210]

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.

Just hold since you are scared of taking risk

Holding is quite good too because everything still amounts to profit, no matter the method we choose, provided we are investing in the right project, both day trader and long term holders will always have their benefits, but I would not encourage the op to continue to become scared, the best way to solve a problem is to face the problem and just sort it out once and for all, if the op continue to get scared of risk, he will end up not gaining anything from this crypto market.

For trading risk, the best way to overcome it completely is to first of all have the right trading knowledge, do lots of practice that doesn’t involve money and they ensure to always apply trade tools like stop loss and co.

[syamster]

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.

Just hold since you are scared of taking risk

Holding is quite good too because everything still amounts to profit, no matter the method we choose, provided we are investing in the right project, both day trader and long term holders will always have their benefits, but I would not encourage the op to continue to become scared, the best way to solve a problem is to face the problem and just sort it out once and for all, if the op continue to get scared of risk, he will end up not gaining anything from this crypto market.

For trading risk, the best way to overcome it completely is to first of all have the right trading knowledge, do lots of practice that doesn’t involve money and they ensure to always apply trade tools like stop loss and co.

Agree with you, trading is profitable even if you are trading for the day or for long term but the only thing that matters is perfect time to get in and to trade, when you think about trading at day you will have to gain knowledge as much as you can, trading depends on our knowledge and way of planning, keeping eyes on the market is important, be brave to face market changes, don’t be emotional.

[Nellayar]

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.

Totally correct! Day trading is really a risky thing but a profitable one. Most of the day traders are already veteran in this field. They can sort out different indicators and signals. Also, they have plenty well-known whale traders also. Day trading requires an efficient plan, it should be worked with you because if it fails, you will lose your capital. I prefer tk hold coins than to risk it in my day trade. I am not yet a pro trader.

[idham29]

All of us have good days and bad days, and for day trading it turns out ugly when you don't have lucky days with your holdings. Sometimes you need to understand the environment of trading, that's somewhat risky while you bought your coins at higher price. You can't expect it to grow suddenly and you'll have to wait for several days to expect greater results for the price to increase and take your profit gains.

The philosophy that you express is true, because luck does not come every day. Being aware of such risks makes daily trading more careful and always takes policy based on logic. Not only emotional.
For me, those who were initially unemployed and took part in bitcoin trading every day, made this a profession and had to enjoy various conditions that occurred in the crypto market, there was time to profit but at other times it could be lost. That cycle must occur in trade.

[Bunsomjelican]

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.

If you are always scared of taking risk of trading it is because you don't want to waste your capital investment into nothing. And I think that's a normal feelings for being a trader. But of course, the true behavior of individual trader is that He/She is prepared and willing to take risk when investing or buying coins in the exchange.