Distinctin
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September 19, 2019, 02:49:02 PM |
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As one who personally enjoys working from home, these statistics are troubling. I am looking become a day trader. I do have somw background knowledge from 'unprofitably' trading the forex markets. I'm hoping my story with crypto-trading would be different.
And I hope also that you've learned from forex trading. You'll be facing another challenge in your trading life and may crypto will serve you as a recovery tool from the losses that you've made with forex. Basically, forex trading is quite similar to crypto trading, we still have strategies and TA's but it makes different in here is that we can choose different coins to trade and exchanges. It is not the confidence that we should have because of how you fail in forex will it may happen again with you in crypto.
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jostorres
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September 19, 2019, 05:30:16 PM |
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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. I agree with you sir, the fact that there is money in business will not mean that everyone should go into it, there are some people that are not business people, and when they dip their hands in the business, no matter how much they try, the business will still fail because that is not their calling. Everyone all have an area where they are best at and I think to be a trader actually needs passion, as in you are not only after the money, but you also derive joy in actually trading and you have learnt so deep to the extent that when they wake you up to trade, even in the sleep you can do it, but if we are just into it for the money alone, we may never be able to really trade in life. There are so many other opportunities in cryptocurrency space than trading and investing.
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Febo (OP)
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September 19, 2019, 06:18:58 PM |
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As one who personally enjoys working from home, these statistics are troubling. I am looking become a day trader. I do have somw background knowledge from 'unprofitably' trading the forex markets. I'm hoping my story with crypto-trading would be different.
It can be diferent. You can chose 2 paths. Or research and invest and hold. Or scam peopel and take tehir money. With daytrading you wil just lose.
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Reatim
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September 19, 2019, 08:29:45 PM |
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Yeah this is every cryptonians dream ,but also this is many investors nightmares because only few has become successful while lots remains failure With people I met here in crypto i can say that there’s 4 or atleast 6 who’s gaining continuously in day trading while us the remaining still not lucky to earn good. As one who personally enjoys working from home, these statistics are troubling. I am looking become a day trader. I do have somw background knowledge from 'unprofitably' trading the forex markets. I'm hoping my story with crypto-trading would be different.
Well just make the difference and you’ll see in future that crypto turns profitable for you also(sadly not for me lol)
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dunfida
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September 19, 2019, 09:04:03 PM |
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As one who personally enjoys working from home, these statistics are troubling. I am looking become a day trader. I do have somw background knowledge from 'unprofitably' trading the forex markets. I'm hoping my story with crypto-trading would be different.
You can still be a day trader and work from home while incooperating other work or skill. It's not advisable to depend on only cryptocurrency trading whether day trading or any other. Even the best trader still need to add in any other job to have a stable living since you again sometimes and loss sometimes. It depends because i do have some forex trader friends on real life that do able to live with their trading profits.It not might give assurance on daily profits but somehow they do able to withstand and support their daily needs which is awesome and im pretty sure that there are traders out there here on crypto would able to do the same. We might able to see that this is nearly impossible but its totally possible.It would just depend on how you do trade up and manage your funding that can sustain up on any possible situations that might faced up.
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jossiel
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September 19, 2019, 09:56:18 PM |
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@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.
Just to be sure and to be safe. Day trading isn't really an ideal thing for everyone but to those who are into this are passionate and knows the drill. If ever I get more losses then it wouldn't be hard for me to recover. Because I have some other sources to lean on. I don't intend to live like a king, I just want to extend more source not just with crypto but also in other businesses and ventures that I'm interested with.
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EdenHazard
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September 19, 2019, 11:20:41 PM |
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As one who personally enjoys working from home, these statistics are troubling. I am looking become a day trader. I do have somw background knowledge from 'unprofitably' trading the forex markets. I'm hoping my story with crypto-trading would be different.
You can still be a day trader and work from home while incooperating other work or skill. It's not advisable to depend on only cryptocurrency trading whether day trading or any other. Even the best trader still need to add in any other job to have a stable living since you again sometimes and loss sometimes. You can be a full time trader and investment as your otherside income .. with that scenario you might will have a plan B in case your day trading in trouble such as having a huge streak loss, make a living through trading alone is something that take a courage, a bit risky but once again the outcome at some point that risk would paid off. I insist that day trading for a living is something not impossible, you just need to work hard to become that the rest of 97% who loss ... to become the 3% ... a special one who successfully make a living through trading based on that research. I just love to challenge myself rather than living in a comfort and flat zone.
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logfiles
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September 19, 2019, 11:30:16 PM |
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The study is based on the Brazilian equity futures market. I don't want to say that day trading is easy or something like that because i think it's easier when it comes to crypto because of the volatility. Of course many get-rich-quick people lose but with a reasonable portfolio, one is able to make a lot more than $54 per day if they are disciplined unlike when dealing with equity markets.
It would be nice if we also saw a study on crypto day traders.
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shoreno
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September 19, 2019, 11:33:31 PM |
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As one who personally enjoys working from home, these statistics are troubling. I am looking become a day trader. I do have somw background knowledge from 'unprofitably' trading the forex markets. I'm hoping my story with crypto-trading would be different.
You can still be a day trader and work from home while incooperating other work or skill. It's not advisable to depend on only cryptocurrency trading whether day trading or any other. Even the best trader still need to add in any other job to have a stable living since you again sometimes and loss sometimes. You can be a full time trader and investment as your otherside income .. with that scenario you might will have a plan B in case your day trading in trouble such as having a huge streak loss, make a living through trading alone is something that take a courage, a bit risky but once again the outcome at some point that risk would paid off. I insist that day trading for a living is something not impossible, you just need to work hard to become that the rest of 97% who loss ... to become the 3% ... a special one who successfully make a living through trading based on that research. I just love to challenge myself rather than living in a comfort and flat zone. they say two is better than one so yes .having two or more other source of income is good but not really adviceable only if you already have a stable career ( not trading or day trading ) because those jobs are risky or not stable at all . you can say that you are good at trading or you are a good trader but you dont controll the market . @EdenHazard , where did you get that statistics ? 97 percent are looser and only 3 percent are profiting ? the number is unbalanced . trading is hard but there are still possible earners , i think they are over 40 to 50 percent of them .
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veleten
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September 20, 2019, 10:41:07 AM |
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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 !
stock trading is relatively easier because of the markets that are more predictable crypto is too volatile and even the best of the best cannot account for the black swans ( that happen more often than the white ones , haha ) and the rule of thumb is simple: if you are not confident to do trading , buy and hold if you think you can make money from daily trading , try it for a month and see the results I'm sure 95% will be discouraged after that period of time spent trading
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hahay
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September 20, 2019, 11:39:21 AM |
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Not sure about living that can be fulfilled only from day trading, because only with day trading we will not easily get large profits that can cover the necessities of life. So, it is not appropriate if day trading is used as a main source or for living, even though you are someone who has a lot of experience in trading, but to get a better profit will certainly require more time and good research.
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sana54210
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September 20, 2019, 04:37:09 PM |
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I really do not doubt this report because it is not so easy to go into day trading , trading daily will actually involve some high tech pro traders, and how many of them do we really have, many people that you see today that is going into day trading are just leaving on speculation, because the volatility of bitcoin is too high and which is the reason why many of the day trader facile, and considering the fact that there is limited time to actually make enough analysis that will enable one know the best spot to buy and the best spot to sell. If one is to trade, I think trading occasionally is the best or better still one just holds the coin and wait for the time it will increase provided the coin of our choice in one with real use case. I would not advise anyone to really rely on day trading as job.
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The Sceptical Chymist
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September 20, 2019, 05:21:52 PM |
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study says 97% of day traders lose money.
Yep, I believe it. It's almost like going to the casino, playing the slot machines and expecting to make a living from it. The only way I can see making money by day trading is if you used fundamental analysis and didn't do a lot of trading. Kind of like how Warren Buffett does it. I took a class in corporate finance in college and the professor cited some statistics about how it's near impossible to time the market and that the more trading you do, the less you earn (because of all the associated fees, taxes, and whatnot). And boy, I am inclined to believe him. Buy-and-hold, baby. And you have to pick the right investment, too. That's the hard part. Of course many get-rich-quick people lose but with a reasonable portfolio, one is able to make a lot more than $54 per day if they are disciplined unlike when dealing with equity markets.
LOL to the tenth power. You'd have to be starving and living in Venezuela to be satisfied with a return like that (and no offense to the suffering Venezuelans intended). Your statement supports the study pretty much. It would be nice if we also saw a study on crypto day traders.
Yeah, I'd like to see something like that as well--using real crypto traders. You could simulate a study just like with the stock market, but I'm curious as to whether any crypto day traders are actually making serious money.
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exstasie
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September 20, 2019, 07:37:20 PM |
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Of course many get-rich-quick people lose but with a reasonable portfolio, one is able to make a lot more than $54 per day if they are disciplined
LOL to the tenth power. You'd have to be starving and living in Venezuela to be satisfied with a return like that (and no offense to the suffering Venezuelans intended). Your statement supports the study pretty much. Let's put this in perspective. The study was on Brazilian traders. The average monthly income in Brazil is 2286 BRL, or 550 USD. So as it turns out, $54 per day is triple the average income. That seems respectable enough. Granted, only 0.4% of those studied managed to eek out $54 per day or better. Yeah, I'd like to see something like that as well--using real crypto traders. You could simulate a study just like with the stock market, but I'm curious as to whether any crypto day traders are actually making serious money.
I'd be curious too especially given BTC's price trajectory from $0. It wasn't until 2014 that there was significant liquidity for shorting the market, beginning with Bitfinex.
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cryptoperkele
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September 21, 2019, 09:15:08 PM |
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I am more of an investor/swing trader. I wouldn't have nerve to trade daily. But i've always thought that when i make money, it's because others are losing money. So i am counting myself in lucky few percent when i am not losing.
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Lanatsa
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September 21, 2019, 10:29:03 PM |
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As one who personally enjoys working from home, these statistics are troubling. I am looking become a day trader. I do have somw background knowledge from 'unprofitably' trading the forex markets. I'm hoping my story with crypto-trading would be different.
You can still be a day trader and work from home while incooperating other work or skill. It's not advisable to depend on only cryptocurrency trading whether day trading or any other. Even the best trader still need to add in any other job to have a stable living since you again sometimes and loss sometimes. You can be a full time trader and investment as your otherside income .. with that scenario you might will have a plan B in case your day trading in trouble such as having a huge streak loss, make a living through trading alone is something that take a courage, a bit risky but once again the outcome at some point that risk would paid off. I insist that day trading for a living is something not impossible, you just need to work hard to become that the rest of 97% who loss ... to become the 3% ... a special one who successfully make a living through trading based on that research. I just love to challenge myself rather than living in a comfort and flat zone. they say two is better than one so yes .having two or more other source of income is good but not really adviceable only if you already have a stable career ( not trading or day trading ) because those jobs are risky or not stable at all . you can say that you are good at trading or you are a good trader but you dont controll the market . @EdenHazard , where did you get that statistics ? 97 percent are looser and only 3 percent are profiting ? the number is unbalanced . trading is hard but there are still possible earners , i think they are over 40 to 50 percent of them . He might pertain with forex trading with those comparison of winners and lossers https://vantagepointtrading.com/whats-the-day-trading-success-rate-the-thorough-answer/Success rate and failure rate would be definitely different here on crypto just like on what others said.No one can controls the market but with cryptos volatility getting up profits on a short span of time do have higher success rate than stocks and forex.Yes, it do looks unbalanced but this is indeed the reality and how the market works. If there were earners there would be a large part of losers yet we know that this market involved between sellers and buyers and only the smartest and wisest trader out there would end up on profiting.
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Oceat
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September 21, 2019, 10:52:33 PM |
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I am more of an investor/swing trader. I wouldn't have nerve to trade daily. But i've always thought that when i make money, it's because others are losing money. So i am counting myself in lucky few percent when i am not losing.
Lucky for you to gain some profit despite of the market situation, although a daily traders will having a hard time in this type of market. They say trading is just like gambling because when you gain a profit someone is losing some money. Perhaps you could call yourself a lucky person because you haven't lost yet.
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3996
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MI6
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September 21, 2019, 11:12:47 PM |
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I am more of an investor/swing trader. I wouldn't have nerve to trade daily. But i've always thought that when i make money, it's because others are losing money. So i am counting myself in lucky few percent when i am not losing.
Lucky for you to gain some profit despite of the market situation, although a daily traders will having a hard time in this type of market. They say trading is just like gambling because when you gain a profit someone is losing some money. Perhaps you could call yourself a lucky person because you haven't lost yet. About people's lost behind our profit, i think it is someething that don't need to make serious. I mean, when someone do trading, they not only must understand the risk and prepare for anything which happen to his investment. In other side, who sell in a price sometime is buy in cheaper price and i think we don't need to think about that.
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BTCgrinders.com
Copper Member
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September 21, 2019, 11:31:59 PM |
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A big part of day trading is how much your commission fee is. If you can trade near commission free you will be able to profit easier.
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adaseb
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September 22, 2019, 03:42:41 AM |
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A big part of day trading is how much your commission fee is. If you can trade near commission free you will be able to profit easier.
This might be true for stocks or some types of option brokers but for Crypto the fees are very low. So if you are not making money due to fees you are basically scalping way too much. Look at Bitfinex, it has 0.2% fees for takers, lets so you did a maker and a taker trade, your total fee is only 0.3%. At a base price of $10,000 of Bitcoin you only would need it to change $30 which is very little compare to the daily range of Bitcoin. Stocks are different because you got exchange fees for removing liquidity, brokerage trading fees and the spread might be larger on some stocks.
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