Day Trading for a Living?

[BitHodler]

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 !

The choice in this case should be a no-brainer, because in Bitcoin's history it has only unprofitable to hold for an extremely short period of time, while trading generally yields a loss when it comes to average joes.

As Warren Buffett says: the stock market is a device to transfer wealth from the impatient to the patient. I completely agree with that. Get rich quick noobs continue to burn themselves trying to make a quick buck. So stupid.

People should think about it, what has given you similar returns before Bitcoin's existence? People were happy with 5-10% annual gains. Today they are so spoiled that even 100% gains are almost considered low...

[el kaka22]

Everyone should think of day trading like a sidejob and not something they do for living. You are forgetting that there are TONS of people who are single and not married or do not go outside as much as others (and they may not even want to, introverts are actually really chill people) and that is why they spend time at home after work hours.

Some watch netflix, some read books, some play video games, and some of them actually trade, not a huge number of people for sure but there are those people and that is why I honestly think that those people who work and earn a salary could potentially do day trading at home when they get a chance and that is not a bad call, sure they may end up losing money but if they are smart and not risk too much they are still ahead of people who gamble during their free time.

[danherbias07]

Traders saying like ignore that, it aint real. Just so to not remember what is the truth which they also experienced.

Yes this is real. You might not profit that much everyday or if you will then you will lose it just later on.
You become more greedy and take that profit to gamble again then maybe make 2 days of day trade effort. Then you lose.

[Hypnosis00]

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.

That be sad. I want to be a trader but hearing this, I'm thinking that it might possible that I belong to those 97% traders who are a loser. 

Anyway, we can't say that failure is not the reason to quit and stop from what we aim for. In my self, I'm not really confident with trading because I don't have enough knowledge in trading nor to have that high level of skills. Maybe I have a chance to make it right but what the market looks too difficult right now, I've changed it...better to be a simple crypto holder than to risk in trading.

[exstasie]

Traders saying like ignore that, it aint real. Just so to not remember what is the truth which they also experienced.

I know it's real because I've watched hundreds of traders come and go in my groups/chats over the years. In my anecdotal experience, I would guesstimate at least 80-90%. Most traders blow up an account or two then disappear.

Statistics like those in this study are nothing new either. 20 years ago a study showed 70% of day traders lose all their money: https://money.cnn.com/1999/08/09/markets/daytrade/

The 96% number has been floating around the forex community for ages too: https://www.msn.com/en-us/money/savingandinvesting/forget-forex-trading-here%E2%80%99s-a-much-easier-way-to-become-wealthy/ar-BBV9KlR

There are obviously more losers than winners but there are still some of us who emerge successful.

[peter0425]

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.

Everyone of us has this dream job,but also everyone of us knew how risky Day Trading was and many much people had already quit trying this and Hard to accept me as well had already quit

But with this sharing I think considering to return back and try is an option for the following days to come
Anyway let’s make this thread as a sharing our experiences in the next days of trading

[jossiel]

It's one of my plan when I get older and everything was settled and I can sustain our daily living with the businesses that I'm establishing right now, I'll focus on day trading.

I'm prepared for the losses that awaits for me and I'm aware of the potential profit that I may get as well. That's it, day trading isn't for everyone and with my plan, I don't know when I shall execute it, not for today and not tomorrow, maybe someday in the future.

[GeoRW]

The less money you have, the riskier strategy you need to have and the more likely you'll burn yourself. That's why most people fail sooner or later.

[Juggy777]

Traders saying like ignore that, it aint real. Just so to not remember what is the truth which they also experienced.

I know it's real because I've watched hundreds of traders come and go in my groups/chats over the years. In my anecdotal experience, I would guesstimate at least 80-90%. Most traders blow up an account or two then disappear.

Statistics like those in this study are nothing new either. 20 years ago a study showed 70% of day traders lose all their money: https://money.cnn.com/1999/08/09/markets/daytrade/

The 96% number has been floating around the forex community for ages too: https://www.msn.com/en-us/money/savingandinvesting/forget-forex-trading-here%E2%80%99s-a-much-easier-way-to-become-wealthy/ar-BBV9KlR

There are obviously more losers than winners but there are still some of us who emerge successful.

@exstasie you’re absolutely correct about traders as it’s very difficult to make money in day trading, however it seems you’re an expert on this so would you share some tips for all of us.

It's one of my plan when I get older and everything was settled and I can sustain our daily living with the businesses that I'm establishing right now, I'll focus on day trading.

I'm prepared for the losses that awaits for me and I'm aware of the potential profit that I may get as well. That's it, day trading isn't for everyone and with my plan, I don't know when I shall execute it, not for today and not tomorrow, maybe someday in the future.

@jossiel that’s a smart plan because if you loose you won’t have any regrets, but if you make profits you’ll live the rest of your life like a king.

[freedomgo]

The less money you have, the riskier strategy you need to have and the more likely you'll burn yourself. That's why most people fail sooner or later.

That's correct because majority of us wants to earn a good profit, therefor with small money, we need to take a bigger risk by being more aggressive.
Day trading is not an easy job but it could easily give you consistent profit if you will be successful in this venture.

Everyone who trade wants to be profitable especially in day trading, but the reality is not good since majority of the day traders are losers.
That's why I myself just prefer to do long term trading than day trading as I also experience losing and I realize my skills is not yet enough to be profitable.

[DeathAngel]

Day trading would be a great job because BTC is something that I’m hugely passionate about. I just don’t think it’s something that’s realistic though. It’s borderline gambling & I can see most people ending up getting burnt. You/we don’t control the market so it’s impossible to come out in profit all the tike & if it’s your job then you need it to happen more often than not.

[nydiacaskey01]

I am not an expert trader. I keep track of my trades before in an excel sheet and I can say there really are days when trades are really bad that you just want to sell even at loss or just hold for a long time until the price comes back to where you wan’t it to be until I realized aiming for a lower profit daily will keep you away from losing money.

Before, I set a target of 5% then sell but when the price hits 5%, oh hold on let’s wait till it reaches 8%, then hey wait a minute, maybe 10% is not bad until all of a sudden, shtf and price dropped and are caught off guard, it’s either you sell at loss or hold and shift to long term holding.

Nowadays, I set a target of 2.5% then sell, I don’t care if price will go beyond 2.5%, i’ll collect my profits and move on to the next day, new trading day, new coin to buy.

[iv4n]

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 !

Having patience and day trading are not a good combination. When you day trade you need to be fast if you wish to make profit, you need to have a good timing for buying or selling a coin you trade with.
Day trading and gambling are pretty similar, both need a good bankroll and both are risky. Nobody can expect to make money everyday in a long run.

[serjent05]

I also use day trade to finance me for sometime but without bot, it is kinda hard.  Since we have to check the trades every now and then.  Aside from that manual day trading can never beat bots in terms of price adjustments.

Having patience and day trading are not a good combination. When you day trade you need to be fast if you wish to make profit, you need to have a good timing for buying or selling a coin you trade with.
Day trading and gambling are pretty similar, both need a good bankroll and both are risky. Nobody can expect to make money everyday in a long run.

I think patience is best suited for day traders. even though the trade may happen in fast phase but having patience and knowledge on when to sell and to buy during those trading session is a great tool in raking higher profit.

[stfN2128]

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 !

Having patience and day trading are not a good combination. When you day trade you need to be fast if you wish to make profit, you need to have a good timing for buying or selling a coin you trade with.
Day trading and gambling are pretty similar, both need a good bankroll and both are risky. Nobody can expect to make money everyday in a long run.

You need patience in daytrading exactly like in trading on higher time frames. Patience is always projected on the timeframe, if you trade on 5 minute or 15 minute timeframe, normally you trade the period f.e. 15 minute chart, a period is 15 minute. if you trade on 1 day chart, the period is one day. Patience is still needed otherwise you will lose money in the long run. If you expect to make money everyday... you already lost. Daytrading or trading in generally doesnt mean you have to make money everyday and its not needed to make money everyday. One some days you will lose, successfull trader know when  they have to stop. The market is still alive at the next day

[Lanatsa]

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 !

Having patience and day trading are not a good combination. When you day trade you need to be fast if you wish to make profit, you need to have a good timing for buying or selling a coin you trade with.
Day trading and gambling are pretty similar, both need a good bankroll and both are risky. Nobody can expect to make money everyday in a long run.

You need patience in daytrading exactly like in trading on higher time frames. Patience is always projected on the timeframe, if you trade on 5 minute or 15 minute timeframe, normally you trade the period f.e. 15 minute chart, a period is 15 minute. if you trade on 1 day chart, the period is one day. Patience is still needed otherwise you will lose money in the long run. If you expect to make money everyday... you already lost. Daytrading or trading in generally doesnt mean you have to make money everyday and its not needed to make money everyday. One some days you will lose, successfull trader know when  they have to stop. The market is still alive at the next day

Mindset on this kind should really be have when you are trying to day trade or even casual trading generally.Emotions will normally take impart into any situations that we might faced on.Thinking on profitability is never been ideal because this will destruct your own way of trading,its always been better to think off on your traditional trading patter and don't focus out on possible outcome.Stay focus and don't get disturbed nor destructed with your emotion because this is the primary reason why we do mess up midway.
Shorter or longer time frames aren't really that different in terms of difficulty because these both tf will involved crucial decision/patience and discipline.

[Questat]

It's one of my plan when I get older and everything was settled and I can sustain our daily living with the businesses that I'm establishing right now, I'll focus on day trading.

I'm prepared for the losses that awaits for me and I'm aware of the potential profit that I may get as well. That's it, day trading isn't for everyone and with my plan, I don't know when I shall execute it, not for today and not tomorrow, maybe someday in the future.

It serves to have some trials to test our capabilities but somehow we are likely to lose something before then. We can only appreciate trading if we are fully engaged with but with the risk of this, only a few are eager to learn and survive while many we're disappointed for their losses.

And you are right, not all of us are destined of becoming a trader, just like to become a businessman. I hope this will be clear to everyone. Not just because we have a plan but we are not capable of it, it is still useless.

[ethereumhunter]

I don't want to use day trading as my job for living because I know that I need to learn more about trading so I can earn money from trading. I am trading when I see the market can up and down in a day, and if the price stuck in one level, I'd better stay calm for a while until the situation gets better. At this moment, I see that I have a chance to trade by selecting many coins and I check at the market, there is a good sign to up and down in a day, so I think I can make a profit.

[beerlover]

You really do not need an excel sheet anymore, you can literally download your trades from the exchange itself, that is excel too but at least you don't have to keep track of it, they are giving it away for free, you can get your previous trades and that way you can actually make a system where you can see what you did wrong and what you did right etc etc.

I always support people checking their trading history, there is literally all info you can ask for, what price you bought, how many you bought, how much fee you paid, then how many you sold, at what price you sold, how much fee you paid etc etc. That way you can make your calculations, there was a guy who turned binance trade history into some sort of graphical thing on excel and that really helped me a lot when I first started.

[freedomgo]

I don't want to use day trading as my job for living because I know that I need to learn more about trading so I can earn money from trading. I am trading when I see the market can up and down in a day, and if the price stuck in one level, I'd better stay calm for a while until the situation gets better. At this moment, I see that I have a chance to trade by selecting many coins and I check at the market, there is a good sign to up and down in a day, so I think I can make a profit.

At least you know your skills that it's not enough yet for you to be profitable doing day trading.
This requires a lot of skills, your friend here is more price volatility as that will give you more opportunity to trade and to earn a good profit.
With skills, you will be able to predict the market movement very well, and you may not be perfect but your overall performance will surely result to profit.