How to make a life by Day Trading

[Kelvinid]

I am also learning to get trading for a living, but until now even though I already have theory and techniques and chart reading, I am still at war with my psychology which is still very unstable. even though I know what I shouldn't do, I still get used to breaking it, so it ends badly. I don't know, although I often learn to control myself, but in fact it's difficult and hasn't been successful until now. It turns out that it is not easy for day trading, because you have to master complex knowledge to respond to market movements every day

Trading is actually not for everyone. You may understand that chart and how to trade but psychologically you are not sound, your well being will be affected. The essence of working is to have a good life. So, it doesn't make sense to take up work that will give you money and destabilise your health.

That is also because not all are emotionally strong, many are easily affected by the market changes and badly respond to them. No matter how knowledgeable we are but if we are still too emotional, it still never works well and is not profitable, instead of losses.
And I would say that trading is not an easy job but if we work hard and practice to be more focused on our goal and keep stronger, everything will work well.
 - consistency, focus, and emotionally strong And if we have these things, earning every day is possible and this is how traders become rich.

[Bushdark]

Day trading is a way we can make profits from the market trading with a higher time frame but the trade does not last more than 24 hours.
It is called day trading because it is a short range trading for us to earn from the market depending on how we have positioned ourselves to make money from the market. There are traders that are day traders and they make a lots of profits from the market since they know how to position there strategy in a way that will make profits for them without much loses .

[BRINIRHA]

Day trading is a way we can make profits from the market trading with a higher time frame but the trade does not last more than 24 hours.
It is called day trading because it is a short range trading for us to earn from the market depending on how we have positioned ourselves to make money from the market. There are traders that are day traders and they make a lots of profits from the market since they know how to position there strategy in a way that will make profits for them without much loses .

Well, I also see that some day traders can be successful in getting a lot of profit from their daily trading activities in the market. But usually they are old players in the market. They already have a lot of experience and already have a lot of insight into trading activities. Which makes their mentality very strong. And they can even last a long time sitting staring at the market every day. I personally probably wouldn't be able to do that.

And many newbies want to imitate them but most of them fail to make a profit. Because day trading seems like it is not as easy as we see.

[G_Besar]

Day trading is a way we can make profits from the market trading with a higher time frame but the trade does not last more than 24 hours.
It is called day trading because it is a short range trading for us to earn from the market depending on how we have positioned ourselves to make money from the market. There are traders that are day traders and they make a lots of profits from the market since they know how to position there strategy in a way that will make profits for them without much loses .

It's quite right what you say, because the goal of day traders is to make a profit through the price movements of cryptocurrencies in the market. So that the application of methods and strategies must exist and everyone has a very varied way of trading so that the level of profit can also vary from person to person. Because positioning a strategy when trading in the market is certainly not easy and that is what causes traders to lose money in the market, even though the level of loss may not be that much because it depends on the amount of capital they use.

[ancafe]

Also Setup your target loss per day for me I'm okay with losing $100 a day but that's it once I lose that $100. I will go outside and get some fresh air and come back once my mind is clear again remember once you're losing you tend to increase your leverage which is bad It will cost you a lot.
Trust me I've been there before.

Even if your way of trading is a bit better and have a good strategy, I would still say under certain conditions everyone will lose. Trading does not always generate profits even though the strategy we apply is good and very experienced. Even I know leverage and day trading in cryptocurrency will be quite risky for beginners and how do you handle this problem. It's difficult for beginners to control their emotions and it's difficult to stay calm if they experience a loss on trades and what steps to take when it happens, so you should stop for a moment and get some fresh air to make your mind calm again.

Novice traders will definitely get losses more often and it depends on how he handles the trades he is doing, so the decision to go through trading really depends on how prepared a person is to take the risk of losing. I believe when they get used to it they will get more experienced and in essence trading is done to get profits not losses, so that it is done in the right way following the instructions needed in the trading itself.

[usekevin]

Day trading is a way we can make profits from the market trading with a higher time frame but the trade does not last more than 24 hours.
It is called day trading because it is a short range trading for us to earn from the market depending on how we have positioned ourselves to make money from the market. There are traders that are day traders and they make a lots of profits from the market since they know how to position there strategy in a way that will make profits for them without much loses .

Day trading is not the easy one for the freshers,only the huge experienced traders can try the day trading.Because day trading is based on the short range trading,So the live monitoring is essential one.The complete day should be monitored by the trader to find the exact time to buy and to find the buy point of the coin.The wait for the bull run time in a same day,the market give some indication to the bull run in a same day.It’s essential for a trader to find the selling point to get the margin profit from the day trading.

[macson]

Day trading is a way we can make profits from the market trading with a higher time frame but the trade does not last more than 24 hours.
It is called day trading because it is a short range trading for us to earn from the market depending on how we have positioned ourselves to make money from the market. There are traders that are day traders and they make a lots of profits from the market since they know how to position there strategy in a way that will make profits for them without much loses .

i consulted several senior traders and they all said day trading is like playing with fire, if you win, the results will be good, but if you lose, the results will be bad, so it's not easy to become a day trader, you need a lot of mature strategies to think about, don't until the chosen decision is wrong.
 besides that it is difficult to divide time between social life, family and trading activities, this is the main reason that only those who are introverts are usually successful in day trading.

daily trading is never easy, a little bit of your focus is shifted then all your strategic framework and also the accuracy of your decision making will be bad.

[MFahad]

Undoubtedly, difficulties are faced in the beginning in every field, but with the passage of time, a person continues to learn and his experience increases, then there comes a time when the same difficult things seem very easy to him. Well if we know how to correct our mistakes then we can become a successful trader because man learns from his mistakes.

Trading is not easy but our hard work interest and passion can make it easy. Of course, nothing is impossible, but trading is a difficult task. Even after learning trading there are many factors that we cannot ignore and by following them we can become a good trader. For example, emotions, patience, consistency and nervousness are many factors that we should keep in mind while trading.

Not only in trading but in every job or in every organization there is difficulties in start like if a children is starting to get education then there needs a lots of efforts to learn same is the case with trading that you have to work hard and utilize your energy to complete your destination.

There is no one who will succeeded without facing troubles but they didn't discouraged and continue their way towards success and now you will see them as an experienced traders. Learner is always a successful person and those who leave the field of battle due to fear will never see their success, success is easy but if one work for it as you cannot do anything by setting at one place.

[beerlover]

Also Setup your target loss per day for me I'm okay with losing $100 a day but that's it once I lose that $100. I will go outside and get some fresh air and come back once my mind is clear again remember once you're losing you tend to increase your leverage which is bad It will cost you a lot.
Trust me I've been there before.

Even if your way of trading is a bit better and have a good strategy, I would still say under certain conditions everyone will lose. Trading does not always generate profits even though the strategy we apply is good and very experienced. Even I know leverage and day trading in cryptocurrency will be quite risky for beginners and how do you handle this problem. It's difficult for beginners to control their emotions and it's difficult to stay calm if they experience a loss on trades and what steps to take when it happens, so you should stop for a moment and get some fresh air to make your mind calm again.

Novice traders will definitely get losses more often and it depends on how he handles the trades he is doing, so the decision to go through trading really depends on how prepared a person is to take the risk of losing. I believe when they get used to it they will get more experienced and in essence trading is done to get profits not losses, so that it is done in the right way following the instructions needed in the trading itself.

That is true, but the overall is what matters. If that strategy is a good one enough that you end up making a profit with some time then it should be a good thing, doesn't mean it would take that much time neither, it should be possible to make it bigger and better.

I think life is much more simpler than we think, we just need to keep buying and holding as long as possible, hell if possible we should keep buying and holding until we die and leave it to our kids as well. That would be guaranteed to profit, but that's not trading. In order to trade and profit, you need to have more profits than your losses, and you could have a few loss here and there, but if you are making big profits then those losses will not matter.

[HONDACD125]

Undoubtedly, difficulties are faced in the beginning in every field, but with the passage of time, a person continues to learn and his experience increases, then there comes a time when the same difficult things seem very easy to him. Well if we know how to correct our mistakes then we can become a successful trader because man learns from his mistakes.

Trading is not easy but our hard work interest and passion can make it easy. Of course, nothing is impossible, but trading is a difficult task. Even after learning trading there are many factors that we cannot ignore and by following them we can become a good trader. For example, emotions, patience, consistency and nervousness are many factors that we should keep in mind while trading.

Not only in trading but in every job or in every organization there is difficulties in start like if a children is starting to get education then there needs a lots of efforts to learn same is the case with trading that you have to work hard and utilize your energy to complete your destination.

There is no one who will succeeded without facing troubles but they didn't discouraged and continue their way towards success and now you will see them as an experienced traders. Learner is always a successful person and those who leave the field of battle due to fear will never see their success, success is easy but if one work for it as you cannot do anything by setting at one place.

Yes there are difficulties in the beginning of every work but our hard work and passion help us to overcome these difficulties quickly. Trading is not as easy as we think. Our small mistake can lead to big loss for us. One should not enter this field without skills and experience. You are right that we should face all difficulties with perseverance and courage. Cryptocurrency market has both pros and cons and we should keep both in mind while trading. Sometimes our analysis may turn out to be wrong, but we must persevere and never panic. Of course, all experienced traders who trade the market may have faced many difficulties in the beginning, but their hard work and dedication made them a successful trader. Experience and knowledge increases with time.

[Unbunplease]

The problem with day trading is that fatigue builds up, and one bad decision can result in losing all the profits gained from hard work. Yes, scalping is good, but the income may not cover the time spent. I have personally experienced a similar problem. Everything is going well all day - and one mistake ruins the entire success of the day.

[Yamifoud]

Day trading is a way we can make profits from the market trading with a higher time frame but the trade does not last more than 24 hours.
It is called day trading because it is a short range trading for us to earn from the market depending on how we have positioned ourselves to make money from the market. There are traders that are day traders and they make a lots of profits from the market since they know how to position there strategy in a way that will make profits for them without much loses .

It's quite right what you say, because the goal of day traders is to make a profit through the price movements of cryptocurrencies in the market. So that the application of methods and strategies must exist and everyone has a very varied way of trading so that the level of profit can also vary from person to person. Because positioning a strategy when trading in the market is certainly not easy and that is what causes traders to lose money in the market, even though the level of loss may not be that much because it depends on the amount of capital they use.

Well, it is about finding a way to make money every day. Applying all the learnings and effective strategies that we know are necessary in order to survive that is why I can that trading is not an easy job which is different from what we usually think about it. That is how important that we need to enhance our levle of understanding because that was an advantage. In fact, as we noticed ourselves that the more we gained experience, the more also we make profit and feel better.

[ancafe]

That is true, but the overall is what matters. If that strategy is a good one enough that you end up making a profit with some time then it should be a good thing, doesn't mean it would take that much time neither, it should be possible to make it bigger and better.

I think life is much more simpler than we think, we just need to keep buying and holding as long as possible, hell if possible we should keep buying and holding until we die and leave it to our kids as well. That would be guaranteed to profit, but that's not trading. In order to trade and profit, you need to have more profits than your losses, and you could have a few loss here and there, but if you are making big profits then those losses will not matter.

This means that you are not in trading but investing and if at this point one not understand trading strategies then the most appropriate step is to invest. Day trading is not recommended for beginners because of the greater risk they have to accept. Then many questions arise, if we are always talking about beginners who are not suitable for day trading, how is it possible that they will experience the experience to start trading?

It is difficult to provide an understanding that trading is not just talking about strategies or other technical matters, but when someone is involved in trading, they must consider how to avoid losses. Of course every trade must sometimes get a loss, but how can someone's attitude in these circumstances continue trading and make a profit in the next trade. Generally beginners are unprepared for a loss in trading and this is where the understanding arises not to trade if you are not ready for the risks.

[armanda90]

Its not simple like OP said about how to easily with daily day trading, exactly with step by step explain by OP with future trading, not only with future but also spot trading still difficult how to manage well keep consistent with short term trading or consistency earn profit in daily day. But I like with method and planning guide from OP how to be success in daily day trading exactly with leverage using in future trading. Probably daily trading can't understand well by beginner and they will get difficult how to apply with OP step guide.

In trading not only focus with strategies or technique have explain by OP, but how well controlling the emotion and greedy when position on profitable, I think OP can add some education not only with strategies but also controlling emotion in trading.

[mvdheuvel1983]

Hello I'm going to make this as a topic since I just want to share some knowledge for everyone that considering making a life by being a day trader in crypto.

The to add to the nuggets of knowledge that you have shared, I would say that anyone who is considering making a life by being a day trader should keep their day job. Day trading comes with a lot of risk which has the potential to make a person go bankrupt. Your 9 -5 will serve as a source of stable income at the beginning.  And your don't need to know all the strategies. Stick to one or three strategies and own them, adopt and develop your variant from it

[wxa7115]

Hello I'm going to make this as a topic since I just want to share some knowledge for everyone that considering making a life by being a day trader in crypto.

The to add to the nuggets of knowledge that you have shared, I would say that anyone who is considering making a life by being a day trader should keep their day job. Day trading comes with a lot of risk which has the potential to make a person go bankrupt. Your 9 -5 will serve as a source of stable income at the beginning.  And your don't need to know all the strategies. Stick to one or three strategies and own them, adopt and develop your variant from it

Without a doubt this is true, people have this idea of becoming day traders and leave their job behind not realizing how hard it is, day traders on the stock markets can earn up to 10% of their capital per year, now this market is way more volatile and more money could be made, but I think 20% to 30% should be the upper limit of what a trader could realistically get per year.

This means that if your expenses are 30k per year you will need a starting capital of 100k to 150k, which is very high, and that is only the capital needed to trade, as you will also need to have money in reserve if you do not make any profits for a long period of time.

[gunhell16]

Hello I'm going to make this as a topic since I just want to share some knowledge for everyone that considering making a life by being a day trader in crypto.

Since you visited this topic I'm guessing you already have an account on some crypto exchange like binance so fast forward to the topic.

So how to be a day trader?
1. Setup your budget - you need atleast $200 (think this as a tuition fee to learn how to trade) to start with. This can give you a lot of capabilities to workaround the sweetspot of trading.
2. Learn how  to use the right leverage - In this one you're using your funds as collateral and you're basically borrowing from the trading platform your using.

• Setting a high leverage means you're increasing your profit potential and quick returns but setting it also has a downside which is high risk of loss and your funds can be burn due to liquidation
• Setting a low leverage (2x or 5x) means low profit from it but you're minimizing your risk facing a losses and also it allows you to focus on long term growth as a trader

3. Use the right indicators for you - This one it depends what will work for you but let me tell you the basic indicators that I use as a daily trader.

• MACD Indicator - This one has been effective on me, I've been using this one since 2020 you can lookup and watch some videos about this indicator. I suggest you use this with the coin with a minimal volatility. So you can setup a position if you'll go for long/short. 
  
  • This indicator is a powerful tool that can tell you identifying potential trend reversals.
  • It's also simple and Visual friendly since you're just looking for a two lines that crossing together from time to time.
  • This is helpful also on Identifying the trend changes or change of momentum with the price

4. Using the right graph - I suggest you choose the candle sticks so you can see the patterns that's being made and put it on a 4h time frame. regarding to the patterns you can look it up also on web so you can study different kinds of candle stick pattern.

Once you get used to it invest another $200 as a starting capital. Remember the first $200 funds you used for is for studying trading so expect to lose it all at first so stick to low leverage so you can utilized it and learn a lot from it.
Setup your target income per day for me I'm currently happy making $300 a day since it covers my daily life essentials and needs I'm living outside the US so the cost of living in my country is pretty cheap and $300 is a lot already.
Also Setup your target loss per day for me I'm okay with losing $100 a day but that's it once I lose that $100. I will go outside and get some fresh air and come back once my mind is clear again remember once you're losing you tend to increase your leverage which is bad It will cost you a lot.
Trust me I've been there before.

So that's it, hope this will help you from being a future trader. Good luck! 

It's okay what you said, dude, and your intentions on this topic are also good. Maybe the only thing I want you to add to what you are teaching in this section is to make it easier for other members to understand. Show an illustration of what you are saying so they can figure out exactly what you are referring to.

Because in reality there are only a few people who relate to what you are saying and have an understanding of day trading, what about the others who have no idea yet? They won't get your point; besides what you said, you didn't say anything about how to actually do that, so what you want to convey on the topic you did is lacking.

[uswa56]

Hello I'm going to make this as a topic since I just want to share some knowledge for everyone that considering making a life by being a day trader in crypto.

The to add to the nuggets of knowledge that you have shared, I would say that anyone who is considering making a life by being a day trader should keep their day job. Day trading comes with a lot of risk which has the potential to make a person go bankrupt. Your 9 -5 will serve as a source of stable income at the beginning.  And your don't need to know all the strategies. Stick to one or three strategies and own them, adopt and develop your variant from it

Without a doubt this is true, people have this idea of becoming day traders and leave their job behind not realizing how hard it is, day traders on the stock markets can earn up to 10% of their capital per year, now this market is way more volatile and more money could be made, but I think 20% to 30% should be the upper limit of what a trader could realistically get per year.

This means that if your expenses are 30k per year you will need a starting capital of 100k to 150k, which is very high, and that is only the capital needed to trade, as you will also need to have money in reserve if you do not make any profits for a long period of time.

Trading should not be done to make ends meet, it is quite dangerous, we will never know when we will be able to take profits in trading while we must always make ends meet, so this must be separated so that emotions in trading can be controlled properly.
And I really disagree with people who leave their main job because in my opinion this trade can be done anytime and anywhere without disturbing the main job.

I think trading can be done with any capital and the money shouldn't be allocated anywhere before it really makes a profit, and there will be a lot to learn about how to do it, the most important thing is emotions that can be controlled properly for day trading.

[wxa7115]

Without a doubt this is true, people have this idea of becoming day traders and leave their job behind not realizing how hard it is, day traders on the stock markets can earn up to 10% of their capital per year, now this market is way more volatile and more money could be made, but I think 20% to 30% should be the upper limit of what a trader could realistically get per year.

This means that if your expenses are 30k per year you will need a starting capital of 100k to 150k, which is very high, and that is only the capital needed to trade, as you will also need to have money in reserve if you do not make any profits for a long period of time.

Trading should not be done to make ends meet, it is quite dangerous, we will never know when we will be able to take profits in trading while we must always make ends meet, so this must be separated so that emotions in trading can be controlled properly.
And I really disagree with people who leave their main job because in my opinion this trade can be done anytime and anywhere without disturbing the main job.

I think trading can be done with any capital and the money shouldn't be allocated anywhere before it really makes a profit, and there will be a lot to learn about how to do it, the most important thing is emotions that can be controlled properly for day trading.

Which is exactly my point, once you begin to actually calculate how much money you need to trade for a living while having no other job you will realize how difficult it is and how unlikely it is for anyone to do this.

But this is not going to stop people from trying to become traders and make it their main occupation, and once they fail they will have to face incredibly difficult circumstances, as they will be short of money and depending on where they live getting a new job is a process which could take them months before they succeed.

[MFahad]

Yes there are difficulties in the beginning of every work but our hard work and passion help us to overcome these difficulties quickly. Trading is not as easy as we think. Our small mistake can lead to big loss for us. One should not enter this field without skills and experience. You are right that we should face all difficulties with perseverance and courage. Cryptocurrency market has both pros and cons and we should keep both in mind while trading. Sometimes our analysis may turn out to be wrong, but we must persevere and never panic. Of course, all experienced traders who trade the market may have faced many difficulties in the beginning, but their hard work and dedication made them a successful trader. Experience and knowledge increases with time.

At start nobody can analyse the market so they actually take decision by following the signals provided to them by experts. Sometimes with a single jerk person forget the benefits and left trading but they should be familiar that acceptance of such sudden jerk will make them strong.

But one thing is understandable that if precious time is given to trading and learn it well then one day a time will come when you will teach trading to others because newbies always turns into experts after facing adversities.