How Would you Describe Yourself As A Day Trader?

[lionheart78]

Day trading is the act of buying and selling cryptocurrencies within a single day in order to make short-term profits. There is a significant amount of risk involved. As a matter of fact, day traders are akin to tightrope walkers. These individuals must be able to deal with high trading costs, a volatile market, regulatory risks, and other unpredictability. In spite of these, I see that there are a lot of people who still want to go into day trading. For these people, they put in the time and effort into learning it.

Day trading involves risks, and every day trader knows that they need to have a level of risk tolerance. While risk-seeking day traders can take on massive risks in the pursuit of huge profits, risk-averse day traders seek to reduce the amount of risk they would encounter. As a day trader, how would you describe yourself? Are you risk-seeking or risk-averse?

Risk-takers never last long, they may have an impressive run and it may seem as if they have the perfect strategy, and yet after a few losses they lose everything they have earned and even more during that period.

Not really, there are risk takers who stay in the market ever since.  One of the good example of the risk taker is Warren Buffet, I believe he is buying colapsing company and innovate it into something that can give him huge return.  It is never wrong to be a risk taker as long as a person knows how to calcualte risk and the possible realistic profit involved.  After all, there is a thing called risk management after all.

If anyone is interested in day trading they need to be in complete control of the risk they take which each trade they make, and they need be ready to keep the risk as low as possible, and if this means accepting slightly lesser profits then they can do nothing but to accept it, as there is no other alternative they can take.

Not only that, the day trade must be well-updated, and it is best if he has a bot to set up and monitor his trade.  Day trading needs a lot of attention and that where bots is needed to setup cut losses and good buy-ins.  Day trade if done manually is very tiring and needs a lot of focus.

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[el kaka22]

I wouldn't. Even though I do it a bit time to time, I wouldn't consider myself a day trader because it's something I rarely do and I would highly suggest everyone to look into long term investment instead of day trading. The main reason why I dislike it is the fact that it is a very risky and difficult thing to do. The first hard part is to learn how to do it, which requires you to study and be better at it, and that's not easy, it requires you to study a lot.

Second part is when you study and become better, even then there is no guarantee and the market could be volatile and do what it shouldn't do, which is an issue and will definitely look tough in the long run.

[Sebas.tian]

I was a day trader some years ago, when I was lucky to met a helper who gave me some huge amount of money to start long term trading that made me to believed that investors go into day trading because of condition, and the profits that is coming out from day trading is too small compare long term trading. Whenever there is a long dumping in the crypto market, many day traders find it difficult to cope with the situation than to start loosing their money because they are not used to long term trading which is use to take more than 6 months or some years before the market price will look good to investors.

[sana54210]

Day trading involves risks, and every day trader knows that they need to have a level of risk tolerance. While risk-seeking day traders can take on massive risks in the pursuit of huge profits, risk-averse day traders seek to reduce the amount of risk they would encounter. As a day trader, how would you describe yourself? Are you risk-seeking or risk-averse?

I would say that I am a simple one, I have some indicators that I use, and that means I end up with a strict buying and selling method and I do not get out of it. If it means that I am not going to be able to sell for a long time, then I will wait, I buy when it hits the right point, and I wait until it hits the right selling point as well and it could be 30 seconds or it could be 30 days, I will wait.

This allows me to make a profit almost all the time, but with different time periods, sometimes I make a profit very quickly, sometimes I can't for a long time. I don't care about waiting, it's natural part of trading to hold some stuff longer than you wish to.

[WatChe]

I wouldn't. Even though I do it a bit time to time, I wouldn't consider myself a day trader because it's something I rarely do and I would highly suggest everyone to look into long term investment instead of day trading. The main reason why I dislike it is the fact that it is a very risky and difficult thing to do. The first hard part is to learn how to do it, which requires you to study and be better at it, and that's not easy, it requires you to study a lot.

Second part is when you study and become better, even then there is no guarantee and the market could be volatile and do what it shouldn't do, which is an issue and will definitely look tough in the long run.

I tried day trading but failed every time I tried to get some profit out of it. So I am convinced that we both are not for each other. Now I am fully convinced that my success in crypto industry lies in long term investment only. That's my short story as a day trader.
There is no experience or knowledge that can give guarantee your success in day trading. Even experienced day traders face losses quite often. So for day trading, you always need to be prepared for loss.

[wxa7115]

I wouldn't. Even though I do it a bit time to time, I wouldn't consider myself a day trader because it's something I rarely do and I would highly suggest everyone to look into long term investment instead of day trading. The main reason why I dislike it is the fact that it is a very risky and difficult thing to do. The first hard part is to learn how to do it, which requires you to study and be better at it, and that's not easy, it requires you to study a lot.

Second part is when you study and become better, even then there is no guarantee and the market could be volatile and do what it shouldn't do, which is an issue and will definitely look tough in the long run.

I tried day trading but failed every time I tried to get some profit out of it. So I am convinced that we both are not for each other. Now I am fully convinced that my success in crypto industry lies in long term investment only. That's my short story as a day trader.
There is no experience or knowledge that can give guarantee your success in day trading. Even experienced day traders face losses quite often. So for day trading, you always need to be prepared for loss.

Day trading as you have experienced is an extremely difficult way to get profits, newbies get attracted by the idea of beating the markets and making a lot of money with day trading, but most of the time they work for a lot of hours just to lose money and very few can sustain making so much effort for no gain.

As a result many of those people change their strategy and prefer to become investors, and while there is still a high level of difficulty when it comes to making profits, it is easier than day trading by a wide margin.