Day Trading for a Living?

[gantez]

Something about day trading for a living is that market can hold you for a long time and you have to wait, sometimes it is between take profit and stop loss for days.

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[redsun114]

I think that number represents all day traders who do day trading and not only the day traders that does this full time. Just to give an example, if you did a test on people who have no other job and only makes money via day trading than you would see that there would be more people profiting, there would be a whole lot more than 0.4% that makes more money than a bank teller.

However, most people do it for side business and just fun of it, at least half of it doesn't even do it with knowledge, they do it without caring what they are doing and without learning what they do is true or not. At the end of the day its still a quite risky job, you have to really know what you are doing in order to make money and realistically there is not that many people who know what they are doing.

[MI6]

I agree about day trading for a living. From what i see, a lot of people already successed by trading when they are really expert in it. Until now i am still learn how to analyze and make right decision in day trading. And then my plan is how to set my mental so i am not panic and then can complete what i need to do daily trading. Because it will be better if we learn by doing in trading activity.

[milewilda]

Is day trading for a living your dream job? Get another one – study says 97% of day traders lose money.

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3423101


Only 0.4% earned more than a bank teller.


You can thank me latter.

Yeah this talks about equity futures market and even on forex or stocks and other similar traditional markets we've known in the past but lets talk about
Crypto which i highly believe that it do have higher percentage for you to survive that day trade due to high volatility that no other traditional markets can compared of.
Do you agree with my point? 0.4% success is only for those markets but never ever with crypto.

[samcrypto]

I agree about day trading for a living. From what i see, a lot of people already successed by trading when they are really expert in it. Until now i am still learn how to analyze and make right decision in day trading. And then my plan is how to set my mental so i am not panic and then can complete what i need to do daily trading. Because it will be better if we learn by doing in trading activity.

Day trading requires a lot of practice and of course since you will depend on your profit in trading then you must be good on that. You can earn higher profit if you have the best experience in trading and have more patience, in cryptotrading you can become a millionaire in one year. So if you want to succeed, you must plan for this and don’t rush to learn.

[veleten]

day trading for living is a bad idea on many levels
firstly , you cannot put your financial stability on the line , daily trading will require you to quit your main job or not to be able to focus on your trading
and quitting a job with   maybe low but a stable income is rarely a good idea
secondly , even if you trade like  god  , sooner or later  there WILL be force-majeurs , black swans and  market crashes that may make you broke
especially if you are margin trading
and the last but not least , if you belong to that chosen 4-5% who make profit , you'd probably be better off in some different area
like working as an  analyst or helping people to get rid of their investments at some big company like JpMprgan

[Wilhelm]

I agree about day trading for a living. From what i see, a lot of people already successed by trading when they are really expert in it. Until now i am still learn how to analyze and make right decision in day trading. And then my plan is how to set my mental so i am not panic and then can complete what i need to do daily trading. Because it will be better if we learn by doing in trading activity.

Tip: it’s not about winning or losing. It’s about winning more than losing 
Statistics bitch! 

[figmentofmyass]

Tip: it’s not about winning or losing. It’s about winning more than losing 
Statistics bitch! 

you don't even need to win more than you lose. you could trade with a 1:3 risk/reward ratio and lose 60% of the time and still be profitable. in a sense, that goes to the core of why most traders lose money---they cut their winners early and let their losers run, because emotions. the exact opposite of what they should do.

[Wilhelm]

Tip: it’s not about winning or losing. It’s about winning more than losing 
Statistics bitch! 

you don't even need to win more than you lose. you could trade with a 1:3 risk/reward ratio and lose 60% of the time and still be profitable. in a sense, that goes to the core of why most traders lose money---they cut their winners early and let their losers run, because emotions. the exact opposite of what they should do.

Exactly.

[Kemarit]

Is anyone still surprised by the statistics?

I mean we all know that trading itself is not for everyone and majority really sucks at doing it. Those newbies who think that they can earn easy money here got burned already. And no matter what bot they going to use, if they don't know how to set everything right, just a matter of months before they realize that it's better to gamble.  . But thanks to them the money keeps flowing, and strong hands are enjoying the game.

[freedomgo]

That's a very small rate, I though it's higher because I believe that there are people who are making a living in gambling which is harder than making a living in day trading. The information could be  inaccurate, I don't know, but my own belief is should be at least 5%, because with the rate in the OP, day trading is not attractive at all.

That rate also explains that there's only few smart people in the space that are successfully making money through day trading, and if an individual does not possess the skills, he should not try as he will just end up to be part of the losing group.

[1Referee]

Even more incredibly many of them seem to believe gambling is a reliable sideline just in case they get bored of losing all their money trading.

Err, fuck 'em.

Now you bring that up, it reminds me of clowns on social media claiming to have "invented" methods to beat the house by playing dice. There are always clueless suckers who see that as their last opportunity to make money by paying for these methods, especially when they see windows paint style edited screenshots of insane profit margins. 

People just need to admit one thing to themselves, which is that they suck at trading and stop doing it. It would save them a lot of money that they could use to buy Bitcoin and simply hold, the only near *risk free* form of investing here. Even if the price tanks, you still have every single satoshi. If you lose trading or gambling, you actually lose satoshis.

[traderethereum]

Tip: it’s not about winning or losing. It’s about winning more than losing 
Statistics bitch! 

you don't even need to win more than you lose. you could trade with a 1:3 risk/reward ratio and lose 60% of the time and still be profitable. in a sense, that goes to the core of why most traders lose money---they cut their winners early and let their losers run, because emotions. the exact opposite of what they should do.

Some of them are too greedy to chasing bigger profit, and that is the reason why many traders lose their money in trading.
If they do that over and over, they cannot trade in daily because they don't know how much profit they should take.
Before we decide to do daily trading, we need to have a goal in how much percentage we need to take so we don't try to chase the bigger profit in one trade.
If we can get the small profit, I guess that is better than we cannot get any profit because the market fluctuations will always change in every day.
The emotion will be on our side, and we need to know how to control the emotion so we can trade with calm and not panic if the market is changing.
I am sure that we have a plan in day trading, we can use trading for a living, and we can get the profit.

[pooya87]

Tip: it’s not about winning or losing. It’s about winning more than losing 
Statistics bitch! 

you don't even need to win more than you lose. you could trade with a 1:3 risk/reward ratio and lose 60% of the time and still be profitable. in a sense, that goes to the core of why most traders lose money---they cut their winners early and let their losers run, because emotions. the exact opposite of what they should do.

in the end, whatever strategy you choose it is all about the amount of money you are left with when the day ends. for example if you enter with 0.1BTC and leave with 0.15BTC then you have succeeded. for example i consider my altcoin trading days successful because even with losses due to bad trades or my bot having bugs i made profit even when Bittrex.com scammed me and stole my bitcoins, i was left with more bitcoins in my wallet than the beginning.

[fullhdpixel]

Something about day trading for a living is that market can hold you for a long time and you have to wait, sometimes it is between take profit and stop loss for days.

Someone just wrote now in another forum that he has made 22,000 dollars already this year from trading bitcoin which I would not doubt, we might have thought he traded with large amount of money but may really not have but take advantage of the little fluctuation of bitcoin to start accumulating till he is able to gather the money.

I have been holding 1 BTC for a very long time now, and since I have been holding it, bitcoin has fluctuated so many times, that if I had traded with it, I may have even already double it by now, but because I am this type that believes in long term holding, I have failed to make over to always sell when it goes higher and then buy when it goes lower, which is what many of these people practice to make such money.

[Strongkored]

In 2016-2017 the year when I do day trade it was easy for me to get a profit of $50-150USD/day, but everything changed when entering 2018 the price changes very quickly made me experience a lot of losses.

From all this I learned the lesson that the most difficult to control from day trading is greed and also the ability to manage emotions when things don't go as expected, and also day trading makes me think I will continue to earn money so I forget to manage my finances well.

The most important think is day trade never practice about the trade and check the market news, only thinking about profit and profit.

[xvids]

Is day trading for a living your dream job? Get another one – study says 97% of day traders lose money.

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3423101


Only 0.4% earned more than a bank teller.


You can thank me latter.

I already know that there is only a small percent chance on relying on a day trade but I didn't know that it would be less than 1%.
I already tried it before I manage to make some money from the first week but once you've slip or fail on a trade it would pull down even your profit so for me it isn't really good to rely on it.

[Red-Apple]

I already know that there is only a small percent chance on relying on a day trade but I didn't know that it would be less than 1%.
I already tried it before I manage to make some money from the first week but once you've slip or fail on a trade it would pull down even your profit so for me it isn't really good to rely on it.

you can't really make the conclusion based on trading in cryptocurrency market specially if you are doing altcoin trading because by nature the altcoins are unpredictable because of their high levels of manipulation. consequently your results will never be good in altcoin market so you can consider it natural even.

[Ridwan Fauzi]

Being a day trader is really difficult indeed, someone just make a confusing strategy and they will repeat again and again. Yeah most of them will choose the same strategy when they start, it has happened in my whole life long time ago until I decided another strategy and choose weekly trader or come in when I believe there is a good time to start.

For the first time is indeed I decided to make day trading as my source income because I have read a lot of experiences from another trader which I deemed they are an expert in trading field. But it was wrong after I got lost a much rather than I got profit. That article can be made as a reference for those people who still assume that trading is promising place as their source income.

[izanagi narukami]

It's depend on what type of trading do you gamble.

Crypto and stock trading, the risk greater on crypto trading.

Day trading or long term holding, both of them can made money but it really need the time management and patient to find the opportunity !