How Would you Describe Yourself As A Day Trader?

[Davidvictorson]

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?
My References
1. www.investopedia.com/articles/trading/06/daytradingretail.asp
2. www.public.com/learn/risks-of-day-trading
3. www.businesspartnermagazine.com/day-trading-essentials-ultimate-guide/
4. www.trading-education.com/how-to-day-trade-cryptocurrency
5. www.moneyrook.com/what-counts-as-a-day-trade/
6. www.university.cex.io/trading-strategies-day-trading-explained/
7. www.ramseysolutions.com/retirement/what-is-day-trading
8. www.tradingstrategyguides.com/day-trading/
9. www.finder.com/day-trading
10. www.greed-head.com/what-is-day-trading-simple-definition/
11. www.fool.com/investing/how-to-invest/stocks/day-trading/
12. www.education.howthemarketworks.com/day-trading/
13. www.govinfo.gov/content/pkg/CHRG-111hhrg54873/html/CHRG-111hhrg54873.htm

[Oshosondy]

These individuals must be able to deal with high trading costs, a volatile market, regulatory risks, and other unpredictability.

If you are the type that trade with $1000 or lower amount, the trading fee is not high. Trading fee is on percentage, and on the exchanges that I have used, it is around 0.01% to 0.05%. but trading with huge amount of money, the higher the fee.

Regulation is not a problem for some people because they do not see providing their identity document for verification purpose to be a problem, but there are still some no KYC exchanges, they are centralized though.

Current list of exchanges without KYC

Although I only have more confidence on Kucoin.

Unpredictability like exchange hack and data breach are the main problem for crypto traders.

Some traders can trade using decentralized exchange which I have seen before on exchanges like PancakeSwap which you can go up to 200x leverage, but I have not used a decentralized exchange like that to trade before, so I do not know the risk involved.

As a day trader, how would you describe yourself? Are you risk-seeking or risk-averse?

All I have known is that trading is not easy, it can be a means people can lose what they have earned. The best is to trade in the trend direction and having more long term trades like swing trading can be the best, or even just hold. Some people want to scalp or day trade, but losses chased them to be a swing traders or holder.

In day trading, I have noticed one thing, that you need to use the amount of money you can afford to lose, do not see it s a means of making money until it turns out to be like that for you naturally, because thinking like that can get you to an extent of you seeing trading as risky as gambling because naturally it is.

[ethereumhunter]

I prefer to avoid risk by trading with the amount of money I can afford. And if the market conditions are uncertain, I prefer not to trade for a while and will watch the market movement to find my way into the market. But if the market situation reverses in the middle of my trading and I get stuck in that situation, I will hold on and not continue trading because it will not be good for me. I can't afford to take too big risks, especially since my capital for trading isn't that big either. So playing it safe would be better for me.

[Luzin]

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?

Any trade of any type is risky. We can't avoid any risk, maybe if you don't want to get the risk of trading stop trading. If you are trading then you must be disciplined, technical and fundamental. That applies to day trading or other types of trading. Actually, the type of trading is just an adjustment to everyone's comfort.

So the term day trading, weekly or long-term trading appears. You should not insist on overwhelming all because it will only make your trading not optimal. So I trade on the basis of a sense of comfort and with the risks that are always there. So I always approach the risk in trading.

[taufik123]

Any trade of any type is risky. We can't avoid any risk, maybe if you don't want to get the risk of trading stop trading. If you are trading then you must be disciplined, technical and fundamental. That applies to day trading or other types of trading. Actually, the type of trading is just an adjustment to everyone's comfort.

That's what this whole discussion is about. Everyone has their own customization of the type of trading they are good at.
The types of trading that exist are actually based on different strategies and goals.

Some are more suitable for short-term traders, while others are more suitable for long-term traders, and there are trading types that emphasize technical or fundamental analysis, as well as those that rely on risk and capital management.
Each type of trading has its own advantages and disadvantages, and traders should choose the type of trading that best suits their goals and strategies.

So the term day trading, weekly or long-term trading appears. You should not insist on overwhelming everyone because it will only make your trading not optimal. So I trade on the basis of a sense of comfort and with the risks that are always there. So I always approach the risk in trading.

Finding the right type of trading will certainly be more comfortable and better at trading, can minimize losses and know the risk limits that will occur. Never impose a strategy that is actually not suitable for yourself, but if you want to learn it, then use a stop loss and do management properly.

[palle11]

But if the market situation reverses in the middle of my trading and I get stuck in that situation, I will hold on and not continue trading because it will not be good for me.

In such case where you are stucked in loses and you are sure it is no longer favourable for you staying there, I think exiting will also be fine to help you save some capital instead of allowing it to run out to your stop loss. If I get trapped sometimes I use such escape and wait for the next right move or otherwise stay out till the next day as a day trader.

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.

This is looking like only day trader is having such risk but no, every type of trader encounter such whether scalper, day trader or swing trader.

[dimonstration]

I rarely do day trading because it makes me greedy on trading instead of minimizing risk. I always for a coin that has a high volatility for that day and betting in reverse position hoping that buying/selling power will be exhausted at some point. The point of day trading is to have decent profit minus fees when you complete a day trade. This is risky because the coin I’m buying is hot and it’s either will bring profit or loss. At the end of the day the risk management will saves you when doing this kind of strategy.

[ShowOff]

I tend to dislike day trading so far, and it's the thing I give the least thought to in the crypto market. Avoiding the risk of loss from day trading is one reason, and another reason is the limited time to do it.

But as you said, there are a lot of people who might be focused on being a day trader because they have the time and skills to analyze specific markets and assets. Meanwhile, I prefer to invest over day trading, this allows me to focus on other things while occasionally monitoring the progress of my portfolio.

[Bananington]

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?

No risk no reward right?, but If there are ways to avoid the risk and reduce the risk I encounter in trading, I am definitely choosing that option. Taking on risk on purpose because I believe that I will be able attract better rewards is the way I will choose because everything is on probability and just as I can win huge profits, I can also incur life changing losses that can make me stop trading. There are already risk and a lot of uncertainties with trading, trying to reduce them as much as possible and still make gains is my target.

[GiftedMAN]

Day trading is good but it is much preferable for the volatile market. The market can be very manipulating and if we don't know how to position our trade we might end up becoming frustrated ending to a big lose. I was once a fan of day of day trading buy I relinquish such habit because of the consistent changes in market pattern.

For newbies who are just trying to get some profits or learn about trading, they can kickstart with day trading to see how the market works and how constantly everything do change. In as much as we are making consistent profits form the market they whatsoever pattern of trading we are using shouldn't be a problem to us.

[hugeblack]

Creating such a topic will give me 0 benefit from knowing people’s opinions.
you must limit participation only to day traders, and even these day traders, the answer must be for those who made gains and continued trading over a relatively long period of time, for example 6 months to a year, but just a random sample question will not give good results,
In the end, day trading does not mean that you must close your deals within 24 hours, but rather means short-term trading associated with reasons that make the price move in the short term (an hour, a day, or several days in the long term).

[death69]

I aint entirely sure whether to label myself as a risk-lovin or risk-avoidin trader, maybe just a hilariuos one! Back when I was a newbie day trader, I had a bit of a daredevil streak in me. I was so thristy to make bank that I frequently brushed off the risks and went all-out. Clearly, that wasnt a smart move, and I discovred that the hard way. One time, while tradin the futures market, I got cocky about my position. The market was goin against me, but I kept slappin more and more contracts onto my losing position, believin it would eventually turn around. It didn't, and I wound up losing a small chunk of cash. Since then, I've become more risk-shy and learned to handl my trades with more caution. Yet, I still think that havin a sense of humor is key for any trader. It helps me keep my cool, even durin the most nerve-racking moments, and not take stuff too seriouss. I mean, if you cant clown on yourself, then who can you clown on, right?

[Oneandpure]

I am short term trader typical but can't guarantee with daily day trading or earn profit trough trading in cryptocurrency in one day, I know all short term trader want to earn profit as soon possible or in daily day trading but we can't predicting about how price later from bitcoin or altcoin trade.

Exactly with all coins have been in support price potential recovery and wake up few percent later and has chance take profit in daily day, but when entry in lower price but after buy order filling have another drop or lower price from coins trading and not option taking profit in daily day or become shorth term trader in one day. After long term become holding from my altcoin investing, now I try keep effective earn profit in daily day without holding for long term.

[crzy]

Tried to be a day trader before, at first its easy since I’m still motivated to make money in the market and honestly Day trader for me are more about guessing the trend than to analyze it, so the result for me was not good. After losing some of my capital in day trading, I decided to try to do a short term trade which I started to analyze, set-up my target price and my cut loss price so far I’m doing good with this. Day trading is very risky, it requires a lot of attentions and time, so don’t be a day trader if you will not spend time to analyze because it will just consume all your capital, this is not worth it if you will just guess your trades.

[hd49728]

Current list of exchanges without KYC

kycnot.me is a good website with their list and reviews, scores for non-KYC platforms from exchanges to peer-to-peer marketplaces.

Although I only have more confidence on Kucoin.

Kucoin has some years in the cryptocurrency market and they provide good service to their users. They belong to Tier 1 exchange list and their scores on Coinmarketcap, Coingecko are good too.

You can use Kucoin at the moment if you don't want to do KYC but in future, with more regulations I believe eventually Kucoin will have to force KYC on their global users.

[ethereumhunter]

But if the market situation reverses in the middle of my trading and I get stuck in that situation, I will hold on and not continue trading because it will not be good for me.

In such case where you are stucked in loses and you are sure it is no longer favourable for you staying there, I think exiting will also be fine to help you save some capital instead of allowing it to run out to your stop loss. If I get trapped sometimes I use such escape and wait for the next right move or otherwise stay out till the next day as a day trader.

Exiting the market when trapped will be fine if we are not provoked to sell coins in a state of loss. I have often been trapped in such a situation and did nothing just came out of the market. And after waiting for a while, it turns out the price can increase again and even some coins can increase high, which allows me to produce additional profits from the price I targeted. According to my friend's advice, trading should not be in a hurry so that we do not panic and remain calm, watching the course of the market.

[Strongkored]

As a day trader, how would you describe yourself? Are you risk-seeking or risk-averse?

If day trading is risky then how will a trader profit if he averse the risk? because the risk in trading will provide losses as well as profits, but dare to take risks then there will be no profit that can be obtained.
I am no longer a day trader because long-term hold are more profitable, I bought BTC when the price was still hundreds of dollars and sold when the price reached thousands in 2017 but if I could be more patient I could sell for tens of thousands of dollars or if I choose long term hold will get more profit than doing a day trader when BTC enters bullish in 2016-2017.
Day traders need more knowledge in my opinion because traders must first look at the charts before opening a position and also when setting targets, if we think that day trading is buying cheap on the day and waiting for the market to go up on the same day without any knowledge at all that's a bad thing and will waste a lot of money and time that we have, because they don't really understand what the market is like.

[Oshosondy]

In the end, day trading does not mean that you must close your deals within 24 hours, but rather means short-term trading associated with reasons that make the price move in the short term (an hour, a day, or several days in the long term).

This is true, swing traders may not close a trade for two days if he believes in his analysis and if the market has not been favoured, but this may be what may lead to liquidation at times. A day trader can open a position and his analysis may favour in few minutes to just one or two hours, normally that is scalping if he close the trade, but still he is still a day trader. It is hard to differentiate between a day trader and scalpers at times because day trader may scalp while scalpers may leave a thread for a long time than minutes and hours just like day traders.

[jaberwock]

In such case where you are stucked in loses and you are sure it is no longer favourable for you staying there, I think exiting will also be fine to help you save some capital instead of allowing it to run out to your stop loss. If I get trapped sometimes I use such escape and wait for the next right move or otherwise stay out till the next day as a day trader.

Exiting the market when trapped will be fine if we are not provoked to sell coins in a state of loss. I have often been trapped in such a situation and did nothing just came out of the market. And after waiting for a while, it turns out the price can increase again and even some coins can increase high, which allows me to produce additional profits from the price I targeted. According to my friend's advice, trading should not be in a hurry so that we do not panic and remain calm, watching the course of the market.

I thought we are trapped already so how can we able to escape? But if ever we got trapped and we are starting to lose our money, we will be provoked and we will sell our coins even at a loss which is wrong, the right way to act is to just stay calm because the price might still recover but as long as we picked up a good coin and not a pumped and dumped one.

Your friend is right. Not just on trading actually but in everything that we do, we only need to be calm so that we can perform the task better than compared to when we are rushing because mistakes can often come there. We should always remember that life is not a competition and slow and steady are the ones who can win the race.

[tjtonmoy]

I only do day trading when the market is stable, and you can predict it easily. Given the situation right now on the market, I won't make any day trades. I try to avoid high loses. Now the market is unstable, and I don't have much knowledge to survive in this. So for now it will choose to stop and wait for the right time.
For now, I am just HODLing. Will start as soon as the market picks up a steady flow.