Day Trading for a Living?

[kissaNN]

The more I trade and follow the market, the more I become convinced that daily trading is a way to lose, if you win in a trend, you lose in a flat - and vice versa. Predicting a trend is very difficult only on charts, if at all it is possible in principle.

[STT]

Here is a kind of day trade setup.  Its purely short term but could develop further, if this low within the last hour or so does hold then perhaps the profit is good for the day :



The idea would be a retest of the recent highs and the hope we can break any resistance or down trend in play on a longer time frame.  However when its a day trade, its the job just to ride that move up not hold through the tougher prices above.

[Pinkris128]

Day trading is a good way to earn money because it is one of the fastest way to earn in crypto, but day trading is not for everyone because it is riskier than long term trading that you need a proficient skill and you need a lot of experience in trading, that is why a lot of people don't recommend day trading because it is also like gambling that you always lose from it.

[dodgrad]

The more I trade and follow the market, the more I become convinced that daily trading is a way to lose, if you win in a trend, you lose in a flat - and vice versa. Predicting a trend is very difficult only on charts, if at all it is possible in principle.

It is confirmed that only 5% of people earn from daytrading, 95% lose. And it's not about skills, but rather about the fact that there are mainly robots on the market that can do several transactions per second. A person has no chance with them and will always lose. Unless he is lucky and will play just like a robot.

[Arkann]

The more I trade and follow the market, the more I become convinced that daily trading is a way to lose, if you win in a trend, you lose in a flat - and vice versa. Predicting a trend is very difficult only on charts, if at all it is possible in principle.

It is confirmed that only 5% of people earn from daytrading, 95% lose. And it's not about skills, but rather about the fact that there are mainly robots on the market that can do several transactions per second. A person has no chance with them and will always lose. Unless he is lucky and will play just like a robot.

Of course, I am not a professional trader, because I am just starting to learn the scalping technique for day trading and it seemed to me that I would have very good success.  But after reading your message, I begin to doubt the prospects of my work.  Of course, today the cryptocurrency market is in very poor condition, but nevertheless, traders make money thanks to the volatility, which is very active today.

[DevilSlayer]

If you have full time job, you cannot switch easily to become a full time trader or I can say trading for living. Do not quit your job if you want to become full time trader. You are required to have a savings that is enough to cover your expenses in a year. You will go broke if you suddenly quit in your day job just for you to trade. You will be pressured to make money and of course the results is a loss.

[TitanGEL]

Day trading for living is possible but only few people who manage to survive in that kind of decisions. If your only source of income is trading, then there is a possibility that it will affect your mentality because trading is only source of income and it can pressure for you to trade in order to make profit. I advise that people who want to become a day trade they should have another source of income.

[buwaytress]

The advantage is you can earn faster but the disadvantage is you can have a losses for a week or month because day trading is very hard. even you have that knowledge in crypto it is not enough. especially this days that the market is not good enough to take day trading. I wouldn't recommend it if my friend want to try day trading. 

You don't earn faster, you simply have a higher frequency of trades. Day trading actually looks to just use what hopefully is a positive strategy with a slight edge, but to use frequency to turn that small edge into significant +EV. so a tiny 0.1% profit done 100 times becomes 10%. Like you said, though, as the majority of traders lose money, you'll actually only accelerate your losses with daily trading.

And actually this condition? It's good for day trading. You want volatility and the ability to take advantage of panic to keep short selling.

It's purely for automated trading strats now. If you're still manually day trading, you're wasting your time IMO.

[BartS]

The more I trade and follow the market, the more I become convinced that daily trading is a way to lose, if you win in a trend, you lose in a flat - and vice versa. Predicting a trend is very difficult only on charts, if at all it is possible in principle.

It is confirmed that only 5% of people earn from daytrading, 95% lose. And it's not about skills, but rather about the fact that there are mainly robots on the market that can do several transactions per second. A person has no chance with them and will always lose. Unless he is lucky and will play just like a robot.

When it comes to speed there is no way that a human can can compete against a bot but make no mistake this is about skill and your ability to take decisions swiftly, most of those that decide to day trade do not really have the skill to do it, they are attracted by the great profits that they can obtain but they never had any chance of making money.

And that is because to become an effective day trader you need to be able to take the right decisions in a matter of seconds and if you cannot do that then it is impossible to be profitable as a day trader.