Day Trading for a Living?

[EdenHazard]

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   .

You might look at the op's post .. clearly based on his source it is mentioned.

Of course It's always not advisable when it comes to taking such risk to go full time trading while you have a steady income (work for someone's else wealth for me is against my principle of financial freedom   ) , it's your life and the choice is yours anyway ...

There's no easy way to achieve any kind success unless you are lucky enough which you can't expect anything about that lucky factor , so get your ass up and work / learn harder !

Once again I would say that a day trading for a living is not something impossible,  it is not a myth ... you just need to beat that numbers of '3%' mentioned by op.

[JohnBitCo]

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.

What do you mean by commission fee in day trading crypto ? If you are talking about the transaction fee or trading fee, that is very low and trader normally do not consider it.
Or maybe you are trading on the behalf of someone and talking about the commissions which you get by trades made for others ?

[South Park]

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.

This is to be expected, those that are capable of earning enough money with day trading to pay their bills and other expenses have decades of experience, for some reason some people believe that it is very easy to make money in the markets when that is not the case and not only that they try to trade without reading any material related to trading so instead of suffering some small losses and eventually quitting the activity they lose it all and many never recover financially from that mistake.

[romero121]

Requirements, Do's and Don't on Day Trading for a Living.

• Good sum of capital is a must if the earning out of trading is the primary for living
• Even if the profit margin is low go for it, because market can change in any way
• Go through few exchanges and choose differen exchanges for different altcoins
• Keep yourself updated with the different trading strategies followed by pro traders
• Always have alternate plan while trading, as the predictions and market move varies
• Prefer top listed as well as coins that have got good trading volume
• Prioritize coins that fluctuate within limited range

[Tungsten-1]

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.

This is to be expected, those that are capable of earning enough money with day trading to pay their bills and other expenses have decades of experience, for some reason some people believe that it is very easy to make money in the markets when that is not the case and not only that they try to trade without reading any material related to trading so instead of suffering some small losses and eventually quitting the activity they lose it all and many never recover financially from that mistake.

I know trading is all time helpful for our life we can get higher amount of money from trading then we get from our regular job. But we cannot neglect the reality that trading is not an easy way to make money we will have to gain knowledge and read about trading only then we will be able to taste the real profit of day trading.

[Dart18]

There is a chance that it is 90 percent right.

Trading is not like every newbie thought it will be.
There might be some sweet words in youtube but that doesnt mean you will also get what they had.
With all the movement of the market it is difficult to predict it. Better just get a day job than expecting a good trade which happens like 1 every 10 sessions.

[nydiacaskey01]

Ive been trading for the past 3 years and believe me there are days when I cant trade even when I want to because of the market situation. If the trend is going down, why would you risk your money in trading? Thats already a clue for you to hold on to what you have for the mean time and wait for the market to recover. Thats why I believe day trading cant replace your day job.

[peter0425]

There is a chance that it is 90 percent right.

Trading is not like every newbie thought it will be.
There might be some sweet words in youtube but that doesnt mean you will also get what they had.

YouTube tutorial for cryptocurrency trading has gone for long now and most of those who tried the technique are now crying and leave the daytrading strategy lol

With all the movement of the market it is difficult to predict it. Better just get a day job than expecting a good trade which happens like 1 every 10 sessions.

That’s it mate,we must not treat this as a feeding material because this is not for all people specially daytrading ,not unless you can afford to hold when time that your coin drops then there’s a chance you can succeed here

[Dr.Osh]

Ive been trading for the past 3 years and believe me there are days when I cant trade even when I want to because of the market situation. If the trend is going down, why would you risk your money in trading? Thats already a clue for you to hold on to what you have for the mean time and wait for the market to recover. Thats why I believe day trading cant replace your day job.

I also trade, it's just that day trading is quite difficult, and even I find it very difficult to use it for the necessities of life. we do not always benefit from day trading. Exactly, that is because it is caused by market conditions. so, when market conditions are not in accordance with what we think, it will stop us from doing trading on that day.

because of this, I think day trading cannot be used for daily life because to make the most optimal trading is to wait for us to make a profit. I suggest getting a job to make ends meet, and use trading only to earn extra income.

[Pab]

Day trade is very hard to me
I am in day trading group on Telegram
They are mostly use Bitmex Derbit margin trading but very few of them are really wining
I prefer to look high time frame and trade mostly daily chart or 4h chart
Now day trading is very high risk because market is so tense after last sell off

[J1mb0]

Daily transactions are difficult, and need a lot of skill. They need to constantly collect information and learn to read price charts. I used to be a daily trader, but I had a big loss so now I switch to long-term sending, hopefully in the future I will get profit.

[suzanne5223]

Daily transactions are difficult, and need a lot of skill. They need to constantly collect information and learn to read price charts. I used to be a daily trader, but I had a big loss so now I switch to long-term sending, hopefully in the future I will get profit.

I personally don't support spending much time on trading but daily or long term form of trading won't yield better income if the trader is not diversified with his trading research and investment because the crypto market momentum is not stable and can pose any trend at any giving time.

[ReiMomo]

Daily transactions are difficult, and need a lot of skill. They need to constantly collect information and learn to read price charts. I used to be a daily trader, but I had a big loss so now I switch to long-term sending, hopefully in the future I will get profit.

I personally don't support spending much time on trading but daily or long term form of trading won't yield better income if the trader is not diversified with his trading research and investment because the crypto market momentum is not stable and can pose any trend at any giving time.

That is right, day trading will cost too much time to spend and that is very stressful work. I can't consider this is worth having a source of income for living. The market is very volatile any time it will pump nor dump. Why not find a job for your living to have a stable source of income and you know you will never be an experienced failure. I'd rather to invest long term and hold than to work in daily trading, it is very risky due to unpredictable market.

[rizkyrz]

Daily transactions are difficult, and need a lot of skill. They need to constantly collect information and learn to read price charts. I used to be a daily trader, but I had a big loss so now I switch to long-term sending, hopefully in the future I will get profit.

I personally don't support spending much time on trading but daily or long term form of trading won't yield better income if the trader is not diversified with his trading research and investment because the crypto market momentum is not stable and can pose any trend at any giving time.

That is right, day trading will cost too much time to spend and that is very stressful work. I can't consider this is worth having a source of income for living. The market is very volatile any time it will pump nor dump. Why not find a job for your living to have a stable source of income and you know you will never be an experienced failure. I'd rather to invest long term and hold than to work in daily trading, it is very risky due to unpredictable market.

This fluctuation is the reason I am not all out looking for income from trading, working and earning a steady income is more beneficial for everyday life.

[Sadlife]

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.

Sad to say but I am a witness about this reality,4 of my friends tried so hard to become a “Daytrader”only to realized that they are not gaining even cent but losing is what they’ve got.the 4 of them do daytrading together ,sharing TA from threads or “experts” combing their knowledge about things they must need but in the end?failure is what they got.and they end up losing almost 80% of their capital.for me these Daytrading thing wasn’t for everybody ,and not because you are knowledgeable in crypto it means you will be a successful trader because it’s not and I can assure for that

[Rufsilf]

I don't think this will be a good idea and ain't to be considered as a passive income by now. It eventually many people tried to trade but somehow they lose and put blame themselves. It is only good for those people who have a dedication and really have a good market understanding, and much better if we are in focus within.
Now, if we are trying to be one of those successful traders, then we need to find our self if we are capable of doing this or how much get prepared for any possible results in trading.

[Danslip]

I don't think this will be a good idea and ain't to be considered as a passive income by now. It eventually many people tried to trade but somehow they lose and put blame themselves. It is only good for those people who have a dedication and really have a good market understanding, and much better if we are in focus within.
Now, if we are trying to be one of those successful traders, then we need to find our self if we are capable of doing this or how much get prepared for any possible results in trading.

Even the professional part-time traders hesitate to leave their daily job and joint the world of full-time traders. Living from payheck to paycheck is not going to make anyone rich but having a deep understanding of the financial literacy will help the average people to get in the finaicalm market trading. Starting from the part-time trading, dedicated people increase their standard market risks per trade and the result is not as good as in the old days. From my experience, having a successful trading history and positive statement for the last 3 years can be the reasons why the trader should start to feed the family from the funds he earned through finical market trading.

[Bagaji]

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 don't really believe in data that says only 0.4% do actually make profit from day trading because there all around about people who are making good return on their day trading in crypto currency. But if you said such percent happen in playing gambling then I will some how believe your report and not day crypto currency trading.
What traders need to Know is the strategy that work for you and be ready to stake to your strategy.

[Ucy]

You will have to monitor the charts every time for this but certainly doable since a lot claimed to be good at it.  You can make money out of it with leverage so with just a few cents of price dips and spikes, you can live and spend a hundred dollars a day without financial problems in the future. This has been done by few Forex traders who now lives in some other countries relying to their trading skills.

Cryptocurrency trading is even more profitable than Forex trading, in my opinion. It is not as profitable as it used to be though but it's still OK. 
I am beginning to think that profitable traders are those who can sit many hours without distractions, observing multiple exchanges, go through charts, researching, etc. It takes alot of patience, sacrifice and hardwork to stay that long. 
Normal trading is not totally based on luck. You can make some correct predictions if you study the charts well.

[The Cryptologist]

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.

Yes, I do believe that. It is still better to put up a business and bet your money there than investing in stocks or crypto when you don't have a lot of money to back you up when you lose it.  But I guess people like me just want to to take a shot in crypto and be an instant millionaire and that is why most of unemployed and broke people are chasing many shitcoins.