Day trading, is it worth?

[Peaceandlove!]

Hello guys, how are you?

It is nice to meet you!

My journey began at the beginning of the pandemic. My portfolio was growing and I was in a state of euphoria. I assumed, that trading was really easy and instead of sticking with my initial plan (long-term investing) I got to shorting/trading a lot. Yes, I lost the battle , however, I don´t want to lose the war, therefore I have started study a lot and I got to the point:

Since then I have read studied books/watched videos and I come to conclusion from Socrates: I know that I know nothing.

My head is spinning from all of the information and I am lost because I really don´t know what path should I take. (don´t get me wrong I don´t want to switch out from trading, I made my promise and I am trying to reach out to people who are more experienced than me).

I am talking about the path of naked charting/indicators/patterns.

After all, I know this may sound silly as hell, but I truly believe in a reality where we have traders who make on consist basis between 10%-20% in a month.

If anyone can share their strategy, I am one ear.

I am really curious how are you evaluating your trading ideas, what is the process, and what are your rules what type of traders you are?

If anyone could explain their strategy on day/swing/scalp/position you will make my day

At least I tried it

Have a beautiful life, peace and make them gainz!

[bolawin]

i hear RSI is good indicator

[Darkelf11]

Hello mate,  I think this is worth it right now I'm doing with a daily trade not too much capital but more risky it depends on the coin I want to trade but mostly I go in through Bitcoin and ethereum. I want to share that I'm using the Bollinger bands and the RSI just going for daily trade and also with the binance and using the isolated trading I easily manage the potential trade I want and the profit I need.

Also good to set a goal every time you trade and make a cut loss to avoid burning your funds. Good luck to your journey.

[NeuroticFish]

Since then I have read studied books/watched videos and I come to conclusion from Socrates: I know that I know nothing.

If you have reached this point, you are doing super great, and I mean it!

I am talking about the path of naked charting/indicators/patterns.

I was lucky enough to stay on (a tiny) profit while I've "played" day trading, until the point I understood that I know nothing and that I'm doing it wrong. And I've stopped.
If you want to "continue the fight", be careful. There's something people keep telling and I find it very true: TA alone is not enough. TA alone can trick you very easily. You have to be connected to all the news and rumors, whether it's from crypto, or politics or finances. And then you have a chance. And never forget the main 3 rules:
1. Only play with money you afford to lose (eg. not credit money)
2. Stick to the plan (don't be greedy, don't panic, ...)
3. Always have a safety net (eg. stop loss)

[tvplus006]

My journey began at the beginning of the pandemic. My portfolio was growing and I was in a state of euphoria. I assumed, that trading was really easy and instead of sticking with my initial plan (long-term investing) I got to shorting/trading a lot. Yes, I lost the battle ....

If you do not have the knowledge and experience, then using day trading you will definitely lose your deposit. In such cases, it is better to stick to investing for the long term, leaving the minimum part of the deposit to gain experience in day trading, while simultaneously gaining knowledge about trading.

[Scripture]

You’re putting too much emotion with your trades, and this is also why many are losing money in trading and most of them stopped on trading. I’m not into day trading because of my work so I prefer a medium to long term trading which I can easily analyze the market on a larger time frame.

If you’re still not ready for day trading then don’t do it, just imagine how much you can make in medium to long term trade compare to day trading, again this is all depends on your strategy.

[wxxyrqa]

My journey began at the beginning of the pandemic. My portfolio was growing and I was in a state of euphoria. I assumed, that trading was really easy and instead of sticking with my initial plan (long-term investing) I got to shorting/trading a lot. Yes, I lost the battle ....

If you do not have the knowledge and experience, then using day trading you will definitely lose your deposit. In such cases, it is better to stick to investing for the long term, leaving the minimum part of the deposit to gain experience in day trading, while simultaneously gaining knowledge about trading.

When the cryptocurrency market shows a bullish trend and many projects begin to develop very actively, it is still better to preserve not only your capital, but also your nerves by making profitable investments for a long period, and not engaging in day trading. In addition, day trading requires not only a sufficient amount of knowledge, but also a lot of time, because you have to constantly monitor the market, even if someone uses a stop loss.

[hd49728]

In this bull market, buy and hold your coins with targets are 3x, 5x. After you take profit, choose other coins because the longer you stay in the coin you already take profit, the longer time you will be stucked at it. Price will need days or few weeks of corrections and if you stay, you can sell to cut loss.

If you want to do day trading, please wait for the bear market and use very small part from your profit in this bull market to experience day trading.

[Innerpumper]

i often do daily trading. it's easier for me, compared to scalpers who have to continuously wait in a few minutes. day trades only buy and hold and the target will be higher.

[danherbias07]

If you want to "continue the fight", be careful. There's something people keep telling and I find it very true: TA alone is not enough. TA alone can trick you very easily. You have to be connected to all the news and rumors, whether it's from crypto, or politics or finances. And then you have a chance. And never forget the main 3 rules:
1. Only play with money you afford to lose (eg. not credit money)
2. Stick to the plan (don't be greedy, don't panic, ...)
3. Always have a safety net (eg. stop loss)

Agree. Everything is a factor now.
You got a good background though. There are traders out there who doesn't have what you got.
Not that I am pulling them down but they lack resources. i.e. time and financial support. That is why they tried their luck in trading.
But you had the experience and learned a lot already.

Are you just doubting your capability now? I'd join groups if I were you. Maybe you just need a little bit of push again.
Good luck.

[sujonali1819]

For day trade, you can not always close your trade everyday with profit. Sometime you have to lose it’s normal. But yeah if you turned the trade 2-3 days long then it may return a little profit.

Btw I my suggestions are

1. Follow what NeuroticFish already said
2. Don’t  invest all of your money
3. Don't  be panic to buy or sell
4. Try to buy the coins in 3 stage formula ( 1st buy then if go low buy again some, if more lower buy some again then wait for the average price.

[Fesatmas]

I'm glad to hear that, it means you've started a pretty good investment move. always stick to your strategy, and elevate it to a higher stage. Always use the latest information because you need referrals, so don't just rely on luck, market conditions are always changing.

don't let the start of your investing career go in the wrong direction. always investigate and analyze every move that occurs. Especially with day trading you need to be extra careful, because day traders will very often interact with price movements.

[crzy]

i often do daily trading. it's easier for me, compared to scalpers who have to continuously wait in a few minutes. day trades only buy and hold and the target will be higher.

You should buy and sell within the day to called you day trader, you don't wait for the next day to do this one.
Scalpers are risky, they buy and sell within a minute so I also go for a day trading which can be more worth it if you have enough capital. Whatever you are doing in trading, its risky so you should know the consequences of your action and always think before you trade. To make it more worth it, equip yourself with the right trading pattern, have your best strategy and slowly win in trading.

[NeuroticFish]

Are you just doubting your capability now? I'd join groups if I were you. Maybe you just need a little bit of push again.

Hehe, it's always easier to give advises...

What I've done back then was more like guessing ("gambling") than actual trading. Some of these rules I've learned after quitting trading.
Now I don't have enough time to follow all the news. I am not that good with TA either. And for me it was quite stressful to trade and I want a bit more peace of mind.

Since then I also have a family, hence a steady income is a must. And I don't want to do this as a replacement for may daily job.
All in all, it would be quite a surprise if I'd do trading again.

[Lucius]

Since then I have read studied books/watched videos and I come to conclusion from Socrates: I know that I know nothing.
My head is spinning from all of the information and I am lost because I really don´t know what path should I take. (don´t get me wrong I don´t want to switch out from trading, I made my promise and I am trying to reach out to people who are more experienced than me).

The thing is very simple to explain, you want to learn something quickly, when in fact it takes a lot of time to become an experienced trader, if at all possible - because not everyone is talented at dealing with such things. Imagine a situation where someone finishes primary school in a period of 1 year - and we all know that is not possible, otherwise we would not have that period of education timed for a period of at least 8 years.

After all, I know this may sound silly as hell, but I truly believe in a reality where we have traders who make on consist basis between 10%-20% in a month.
If anyone can share their strategy, I am one ear.

There are probably such people, but there are certainly no more than 10% of them, although some research shows that this number is closer to 5%. Their strategies will certainly not be shared on public forums, because as I wrote earlier in one thread, the loss of the majority is a gain for the minority - so is life in general, because if 10% of people control 90% of the world's wealth why don't they share their methods how to become rich?

[isaac_clarke22]

Watched videos, you say?
You should take time to put that to test already, OP. Watching and reading medias all alone won't help you self-evaluate, if you really learned something.
I had day trading experience long time ago, and I use indicators like Bollinger Band.
It was a rough start, since I lost it all still.

[Beparanf]

Day trading is worth it if you have a lot of time or full time in trading like trading for a living. Consider too the size of your portfolio because you need a good amount of capital for it since you are dealing with a consistent trading fee per arbitrage so it's important that you consider the size of your portfolio is huge to cover the trading fee.

I do day trading before and gain profit but when I compared when I just hold it, I have more profit when I just hold.

[dimonstration]

i often do daily trading. it's easier for me, compared to scalpers who have to continuously wait in a few minutes. day trades only buy and hold and the target will be higher.

Sometimes day trading didn’t result to profit more or less you will still experience some losses or a time needed to wait, but if you’re really on goal of doing it daily and making sure to profit there is a need to resort more altcoins to watch out if it will be a help to gain or simply to stop loss. I still prefer to wait sometimes and just watch the market till It’s possible for some profit.

[Peaceandlove!]

i hear RSI is good indicator

https://www.youtube.com/watch?v=dQw4w9WgXcQ

thank you for the advice. I read day trading for a living from Alexander Elder. It is a great book about indicators!

[Peaceandlove!]

Hello mate,  I think this is worth it right now I'm doing with a daily trade not too much capital but more risky it depends on the coin I want to trade but mostly I go in through Bitcoin and ethereum. I want to share that I'm using the Bollinger bands and the RSI just going for daily trade and also with the binance and using the isolated trading I easily manage the potential trade I want and the profit I need.

Also good to set a goal every time you trade and make a cut loss to avoid burning your funds. Good luck to your journey.

Could you go with me through your evaulation. This is only my thought process, therefore tell me what could go wrong.

1. I assume, that you will chcek daily chart first and see where is potentional support
2. Check for order block on 4 hours
3. Check for RSI (around 30 long) (70 short)
4. Check bollinger band for stop loss (I am really curious about your stop loss. Is it bellow the bollinger band if you are going long?)
5. Take profit in upper part (are you aming for taking partial profits or is it all or nothing?
6. Do you have a time stop? Let´s say day trade therefore I am going to be in trade for 24 hours, if I am not going to reach my target I am out ?

Btw. Thank you for sharing your knowledge!