Anyone out there doing money by trading? How?

[inthelongrun]

There are still many traders up to now OP. But I do think that there are only very few traders doing it for a living. Most long-time traders most likely have many sources of income or even have regular jobs just like those that I've met before. I am not really a fan of those so-called traders that are hyping themselves. They are proud to tell people that they trade for a living but are actually selling their strategies and trying to become mentors to newbies. Because if they are really profitable in their trades they do not need to ask for money from other people. Maybe they can ask for affordable fees for their effort but some of them are asking for $2,000 or even more which is insane.     

It is a fatal mistake that few traders do to trade for a living because trading has gains and profits, but also there is undoubtedly a possibility of loss, it should not depend on trading profits mainly, the right thing is that we trade alongside our job or alongside any source of income for us, and trading is a secondary thing. Long-term trading can bring us good profits if we have sufficient experience, strategies, and the ability to deal with charts, technical analysis, and the use of stop-losses. Whoever sells his strategies to beginners is definitely deceiving them, because there is no guarantee that these strategies that worked with this person will succeed with beginners, so self-reliance, learning, and patience is the best solution.

Exactly. Just a few hours ago I commented on a Facebook ad about a company offering people to learn how to trade. They deleted my comments and blocked me when I tried to respond to a comment that their training fee is $10k. They also try to convince people that they offer a discounted price for their early participants and that they only need to pay $1.6k which is still ridiculous IMO. Their style is to host free seminars in order to convince people. In the seminar that I joined before, they will boast that they are earning a minimum of a thousand dollars per day. It's funny, because if they are really earning that huge amount daily, then they should be traveling and relaxing, instead they are traveling to convince people and even spend money to have their ads on Facebook and Youtube.

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[tvplus006]

For a trader, actually the bullish season and the bearish season are not much different, because they take advantage of every moment indicated by price movements. ..

This is true only if this trader has experience and is able to trade profitably. But trading on the bull market allows you to earn not only experienced traders, but also beginners. Because there is nothing easier than to buy today and sell tomorrow, while making a profit.

That's a thought that I think tends to be short, I don't mean that anyone would want to buy now, buy now and sell it tomorrow with the profits you get. But in practice it's not that easy even in bull season. When the bull season occurs, it doesn't mean that we can buy at will without doing anything for market analysis, moreover what is being discussed here is beginners. Do not let beginners think like this, because in my opinion this is an action that must be avoided.

I myself was once a beginner and I remember how I just made money in the bull market without having enough knowledge. Now I understand all the risks of trading and the fact that it was very easy to lose my money, which I subsequently did when the bearish cycle began. Many people have to learn from their mistakes, but in any case, this experience turned out to be invaluable)

[indah rezqi]

I myself was once a beginner and I remember how I just made money in the bull market without having enough knowledge. Now I understand all the risks of trading and the fact that it was very easy to lose my money, which I subsequently did when the bearish cycle began. Many people have to learn from their mistakes, but in any case, this experience turned out to be invaluable)

Anyone can make money on a bull market, it's just about how we have patience before selling our assets. Without proper knowledge, a bull market allows anyone to make profits but also about losses. Traders will lose when they don't have anything that can make them understand the market, and actually analysis and understanding of the market is very useful to get maximum results.

The important lesson about the bull market is not to be too greedy, while we really have to see a different potential in a bear market where the opportunity is very large to invest and accumulate assets for the long term.

[Jody.Drummer]

For a trader, actually the bullish season and the bearish season are not much different, because they take advantage of every moment indicated by price movements. ..

This is true only if this trader has experience and is able to trade profitably. But trading on the bull market allows you to earn not only experienced traders, but also beginners. Because there is nothing easier than to buy today and sell tomorrow, while making a profit.

That's a thought that I think tends to be short, I don't mean that anyone would want to buy now, buy now and sell it tomorrow with the profits you get. But in practice it's not that easy even in bull season. When the bull season occurs, it doesn't mean that we can buy at will without doing anything for market analysis, moreover what is being discussed here is beginners. Do not let beginners think like this, because in my opinion this is an action that must be avoided.

I myself was once a beginner and I remember how I just made money in the bull market without having enough knowledge. Now I understand all the risks of trading and the fact that it was very easy to lose my money, which I subsequently did when the bearish cycle began. Many people have to learn from their mistakes, but in any case, this experience turned out to be invaluable)

Of course, in this case, it's not just you, because everyone who is already a pro, even though they started out as beginners, but there are those who really want to learn seriously and immediately learn the ins and outs of this from A to Z related to trading, and some don't.
Experience is clearly very important because this is where we get more things, of course failures and mistakes are something that cannot be separated from the process.
As long as we are aware of conditions like this, I don't think the effort put in will betray the results, of course, it's just that we need to work hard to achieve the desired results.

[Vaculin]

The more I learn I am kind of coming to conclusion that trading in the long run is not profitable. I mean I don't know any single person who is doing decent amount of money for living by trading in crypto. Hence the question: do you know anyone who is successful trading in crypto? or are you doing well by trading crypto?

I have known a lot of successful traders in the forum but I don’t think they want to expose their names. And I would say personally, I have made significant profits from trading but do not expect that it will always be profitable because trading outcomes alone can even be uncertain. That is why if you aim to be successful in trading, do not consider it as a main source of living, have your main source of income and just consider trading as a side hustle.

[thecodebear]

There's a few keys to trading.


1. Know the four year market cycle and don't try to trade against it
Basically trade from the bottom up until early in the bull market. Don't keep trying to trade late into a bull market year because you never know when it'll stop or how high it'll go. Stop trading early in a bull market. But you've got two years to trade from the bottom of the market to when the bull market starts getting hot. So basically, trade for 2-2.5 years from bottom of the market up, then cash out until the next crypto winter gets deep. For instance, I stopped trading December 2021 (should have stopped earlier, lost a good amount of money keeping my trades that last month after the market peaked) and just started again at the start of this year once it became clear the bottom was almost certainly in. I'm up 33% on my trading stash in the past 24 days. Compare this to when I kept trying to trade through the bear market in 2018 and lots tens of thousands of dollars doing that, and also same thing 2014 though had much much less money in back then. Also, stick mostly to trading Bitcoin and Ethereum if you are still trading well into the bull market because altcoins are fads and one altcoin may peak early in the bull market as noobs switch to hyping up different altcoins, you can't trust any specific altcoin is going to keep going up until the end of the bull market, even if you are getting out of the bull market early as I suggest here.

2. Only trade coins you are familiar with.
Most altcoins are crap, let's be honest. If you aren't familiar with its past and its price movements and its prospects for getting hyped you're going to be taking on a lot of risk picking coins at random to trade.

3. Try to minimize risk, not maximize gains (IMPORTANT!!!!)
Trading is very risky. If you want to have long term profits, and not just get lucky here and there but lose money long term, you need to focus on minimizing risk, not maximizing your profits. This is incredibly important. Because if the market goes against you you can easily lose all your profit no matter how well you were doing up until then. Some ways to minimize risk are:

• Never go all in to one trade, always split your trading stash up into multiple trades.
• Also have those multiple trades at different price levels, don't just buy several different cryptos all at the same point in the market, make trades in a staggered approach, this way if the market drops all your trades aren't stuck in the market all at once.
  
• Choose small percentage profits on each trade. Don't try to hit 50% profit on a trade just because most days there is something in the market going up a ton, odds are you are rarely going to be trading that coin. Look for 2%-10% profits on each trade, 10% would be a big trade.
  
• Don't try to always be in the market. The market goes up and down, if you are always in it then you are gonna get trades stuck in the market or have to sell at a loss, thus erasing your profits. So when a trade completes don't just immediately get back into another trade. Watch the market, try to discern if the market is likely going to go up or down next based on recent market activity (like if it seems the market is building up, or going to drop further, or if it seems like a reversal is likely). Basically don't day trade. Day trading implies every day you are in the market putting in new trades. You want to pick specific cryptos at specific times when you think there is a good opportunity. You don't just want to blindly be starting a trade whenever you complete another trade.
• Try your best to never have all of your trading stash in the market  at any one time. Occasionally it might happen, but generally shoot for at the most having maybe 60%-70% of your money in the market at any one time, because you may think you are making good trades but then the market dips and you either get out and lose profit or you have to wait for the market to come back up, which means you'll want some dry powder to be able to keep trading at the new lower price levels. Sometimes you're even going to be mostly in cash because, like I said in the previous point, you shouldn't always be in the market.

4. Only trade against USD (or whatever stablecoin)
Don't trade against BTC or ETH or any other volatile crypto. Trading one volatile cryptocurrency against another volatile cryptocurrency is just way too much risk. I, like most people, used to trade against Bitcoin because the goal was of course always to get more Bitcoin. But I always ended up losing Bitcoin in the end from trading. Only trade again fiat and stablecoins. Then if you want to accumulate Bitcoin with your trading profits, or Ethereum, or whatever, do that with your profits once your trades have completed.

5. Pay attention to taxes
Start every trading year in cash, and end it in cash. That way you know exactly how much you made (or lost) that year from trading for tax purposes. You don't want to be trying to go back through a year of trading and figure out your gains and losses. It will be a very simple calculation if you start and end the year in cash: (end of year cash + withdrawals during the year) - (start of year cash + deposits during the year) = profit or loss for the year. Oh and this is another reason you only want to trade against fiat or stablecoins. If you are trading against Bitcoin, and the price of Bitcoin drops, you may have technically made a bunch of money during the year but the Bitcoin you made could be worth significantly less than what you made come tax time, meaning you are going to be totally screwed. This has happened to plenty of people over the years. Also, if you are using your profits to accumulate Bitcoin or any other crypto, make sure you are accurately accounting for how much tax you will owe and sending that to your bank before you are making those buys. If all your profits are just staying in cash then it doesn't really matter cuz you can divy up what you need for taxes at the end of the year. Though if you're spending some of your profits for your cost of living you want to make sure you are accounting for taxes as you go as well because you don't want to have spent profits throughout the year, and then the market drops before the end of the year and you have to take losses and you lose the profits you were going to use to pay your taxes.

6. Ideally don't try to live on your trading profits
If you have to live on your trading profits, you are probably going to be trading emotionally, and you are probably going to make mistakes. Unless it is very easy to make what you need to live off of from trading, don't do it because it will put too much pressure on your trading. If you need $2000/mo to live and your trading stash is $100k so its super easy to cover everything you need, fine no problem. But if you've got $10k you're trading with and trying to live off that don't do it, your profits should just be for extra money to grow your wealth, not for monthly spending.

7. Possibly take out your profits rather than compounding your trading stash
It's always very tempting to compound your trading stash so it grows bigger and bigger. You can do this, but just know what you are doing. Remember that if the market drops and your trades get stuck or you sell for big losses then your previous profits disappear. But if you are cashing out your profits to the bank, or at least holding them in cash on the exchange and only going to use them during a market drop so you can buy in low, you're going to be a lot more successful. For instance, my plan for this year is to compound a little bit during each month but also be taking out profits as I go so that by the end of each month I'll generally have all my profits taken out and in the bank. Once my profits cover all the money I need for the year then I'll start keeping my profits on the exchange to compound my trading stash the rest of the year, but specifically that will allow me to keep a larger percentage of my trading stash in cash and look for dips to buy into, thus lowering risk.

8. Be able to read charts and use different duration charts
If you can't read charts and get a sense of momentum of the market and momentum of specific cryptos then you're going to just be randomly guessing when to do a trade. Granted, there's always an amount of random guessing when it comes to trading, but if you have a good feel for the cryptos you are trading (#2 above) and understand charts well your trading guesses will be a lot more accurate. And don't just trade on a single duration chart. Don't trade just with 15min charts, or hour charts, or whatever. When you are looking to start a trade, check several different charts for several different coins, and only put your money in when you find a coin that feels like it's going to be bullish over the coming hours or days on several different timescale charts. Maybe a coin looks great on a 15-minute chart but the 1-hour chart doesn't look good so you should be wary. Or maybe the 30-min chart looks kinda blah but you scale back to the 6-hour chart and you see it looks like the coin is building up to a breakout so you could get in a big trade from it within a few days or so.


That covers it pretty well. They keys are basically focus on minimizing risk instead of trying to maximize profits, account for taxes at all times, trade stuff you are familiar with, keep your trades small both in amount put in and in profit taken, and trade different cryptos at different points in the market don't go all in on one coin and don't go all in on multiple coins but at the same time, always try to have dry powder in your trading stash in case the market drops, don't always be in trades be strategic and only do trades when you have a good feeling, only trade against cash or stablecoin and not crypto against crypto, understand charts and check different timescale charts before every trade you do, take out at least some of your profits so you're not always risking what you've already made, and know the four year market cycle because you should really only be trading for 2-2.5 years of the upswing every four years.




To give the example of what I'm doing:
I'll be trading this year, next year, and probably just the first few months of 2025, then I plan to stop trading until the beginning of 2027. My typical trade is only with 10%-20% of my trading stash and I spread them out I don't do more than one or two trades at the same time or at the same point in the market. I typically look for 3%-10% profit, usually in the 3%-5% range but if something looks real good I'll do more like 7%-10%. Most of my trades complete within a few days, sometimes within the same day. I usually try to have no more than 50%-70% of my money in trades at any one time, and I get worried when it is higher than that. Every week or so I'm moving some of my profits to the bank. I mostly only trade coins I'm familiar with, sometimes I'll trade a random coin just because I have a real good feeling about it but honestly this causes stress. I always look at everything from 15-min charts to 1-day charts before I make a trade to get a sense of the short term and long term movements and momentum of the coin. All my trades are against USD. I only sell for profit, I'll just leave trades in for longer until they get back to profit if the market drops, which is why it is important to always have some of my trading stash in cash, and this way I'm never erasing gains I've previously gotten, but I may sometimes just not be making any trades for a bit while I wait for the market to come back up. I am using my profits to live off of (I'm retired early thanks to Bitcoin as of a few years ago but now I'm trading just to have a bunch of extra money and so that I don't have to use my Bitcoin to live off of in retirement), but I make way more from trading than I need to live so I can keep my trading unemotional, now granted it has been a great month for crypto so far but just to point out I've made over 10 months of my cost of living in these first three and a half weeks of the year, so it is very easy to make my money for living from trading so I don't get emotional trying to make them money I need to live off of. I plan to compound my profits in my trading account but only after a few months of trading once I've sent a bunch of money to my bank account so that I have no worries about how much cash I have in the bank. And at the end of the year I will get out of all trades whether they be gains or losses so I know exactly how much money I've started and ended the year with for tax purposes.

[Quidat]

In general, one of the most important aspects in trading is to be able to stop in time. This is one aspect that needs attention. At the very least, I would advise you to devote enough time to this.

Stop in time? Whether you do make some profits or trying out to cut your losses.This is very situational and this is why it would really be that depending on how you would gonna deal off with those moving prices which we know that this is the toughest challenge on the time that you do touch up trading.There are indeed people who do make money out of trading and this is where lots of people
are really that thriving to learn from it which it isnt a surprise.Just like the rest been saying that not all would really be that easy but its not something that impossible for you to make
money.It is really just depending on how you do deal up with things.

[adzino]

The more I learn I am kind of coming to conclusion that trading in the long run is not profitable. I mean I don't know any single person who is doing decent amount of money for living by trading in crypto. Hence the question: do you know anyone who is successful trading in crypto? or are you doing well by trading crypto?

You mean anyone here who is making money through trading? Of course there are tons and thousands of people that are making some good profit by trading coins. You don't hear about them because, they trade, make profit and is happy. You only hear about those that lose their money because they are the ones that comes here and starts venting how trading caused them to lose everything. And also it isn't as easy as you think. You won't always be making profit. There will be times were you do end up losing money. That's the risk that comes with trading.

[Taskford]

The more I learn I am kind of coming to conclusion that trading in the long run is not profitable. I mean I don't know any single person who is doing decent amount of money for living by trading in crypto. Hence the question: do you know anyone who is successful trading in crypto? or are you doing well by trading crypto?

You mean anyone here who is making money through trading? Of course there are tons and thousands of people that are making some good profit by trading coins. You don't hear about them because, they trade, make profit and is happy. You only hear about those that lose their money because they are the ones that comes here and starts venting how trading caused them to lose everything. And also it isn't as easy as you think. You won't always be making profit. There will be times were you do end up losing money. That's the risk that comes with trading.

People lose because they are expecting to much a huge return on their trades, their action about posting their negative sentiments is normal because they just want to vent out their emotions on what bad lose they experience. But actually those winners are pretty much silent about what their achievement since they remain focus and steady on their trades.

[Gladitorcomeback]

trading is profitable hence you make correct decision and I think that the foremost option should be bitcoin. Day trading is more riskier but if a person has experience then he can easily make money.

Trading is beneficial but it also consists of some hazardous situations because people do not have knowledge but they want to become rich very quickly although its not an easy thing.

As compared to day trading keep holding is better decisions and it will contain less losses

[xSkylarx]

The more I learn I am kind of coming to conclusion that trading in the long run is not profitable. I mean I don't know any single person who is doing decent amount of money for living by trading in crypto. Hence the question: do you know anyone who is successful trading in crypto? or are you doing well by trading crypto?

You mean anyone here who is making money through trading? Of course there are tons and thousands of people that are making some good profit by trading coins. You don't hear about them because, they trade, make profit and is happy. You only hear about those that lose their money because they are the ones that comes here and starts venting how trading caused them to lose everything. And also it isn't as easy as you think. You won't always be making profit. There will be times were you do end up losing money. That's the risk that comes with trading.

People lose because they are expecting to much a huge return on their trades, their action about posting their negative sentiments is normal because they just want to vent out their emotions on what bad lose they experience. But actually those winners are pretty much silent about what their achievement since they remain focus and steady on their trades.

Venting out is normal as we feel emotion but if you keep ranting and stating bad things about it then it is not good. Though losses are not always about the trader thinking always profit, others just hastily put trade without following their strategy. Every loss is a lesson to a good trader since they are always learning from it but those who are bad traders always rant. On the other hand, those winners some are boasting their profit and some are just silent and just observing.

[TheUltraElite]

There are so many people who bought at a high price, and when they saw the price going down they ended up selling it. Why though? Like why did you buy at high is a question that they need to answer themselves, but that's fine because sometimes you buy at the wrong time. But why do they sell at a lower price? That never made any sense to me at all because you could have waited for it to recover and that would have made you so much more money.

They think that they made a mistake buying at that price and since it is going down they could either sell at loss or short sell. The second option is usually nonexistant because after selling at a loss they are supposed to buy at lower price to complete the short sell, instead they become hesitant and dont engage the trade at all.

Often this is done by those who are looking for quick gain on the crypto market so they just bought at whatever price they could see, who dont have any long term goal.

All in all I believe that we should be keep holding whenever the price goes down, and we could make a lot more money that way, it just requires you to keep holding and that's not really a big problem at all.

That patience will be lacking if you have the headache of having to pay back a big loan or you are looking to pay back some big bills - often the root cause of the quick-rich mindset.

[MFahad]

For someone trading is full of positive results and for others it is not just advantageous for them. Trading does not mean that you will always get positive feedback but instead you will also experience some bad results because it is variable and price changes on daily basis. Trading are of various types some may give you profit but some make you hopeless. Trading is most demanded but most risky business this time because you cannot win all over the year.

[Oneandpure]

Its seems the OP still has doubt with how much profit earn and many trader or investor become success by trading, I don't think more basic question asking here because many people know about how success achievement with trading due have adopted with right thing in trading. I think need positive mindset if want to be success in trading and there are not matter about how long and how much experienced in cryptocurrency trading but still adopt with bad habit will get loss chance here.

I have got full positive side and advantage from trading, have been my main job and passive income from investor and half of my portfolio assets as short term trading.

[justdimin]

There are so many people who bought at a high price, and when they saw the price going down they ended up selling it. Why though? Like why did you buy at high is a question that they need to answer themselves, but that's fine because sometimes you buy at the wrong time. But why do they sell at a lower price? That never made any sense to me at all because you could have waited for it to recover and that would have made you so much more money.

They think that they made a mistake buying at that price and since it is going down they could either sell at loss or short sell. The second option is usually nonexistant because after selling at a loss they are supposed to buy at lower price to complete the short sell, instead they become hesitant and dont engage the trade at all.

Often this is done by those who are looking for quick gain on the crypto market so they just bought at whatever price they could see, who dont have any long term goal.

Unfortunately those who end up buying at the top, near 24k levels, looking to sell now that it is low, and the sad thing is that, after they sell, it will probably go back up again. And they will think "as soon as I bought, it dropped, and as soon as I sold, it went up, I am so unlucky" and not realize that they are just newbies.

If you think that price dropped right after you bought or went up right after you sold, then it means you are a newbie who made a mistake. You should have bought when it was going down, if you bought after it went up, you should have realized that it could go down, and if it is going down, that means it will eventually go up, so if you sell without waiting, you will lose there too.