How to make a life by Day Trading

[Oilacris]

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.

Making trading as your source or main income isnt really impossible, yes it could be done but its not for everyone and not anyone could easily be able to reach out this kind of state knowing that trading
isnt something a skill that you could possess easily and on a short time. This is why on the time that someone who do have plans on making themselves reaching out this kind of particular state
in a rush manner would definitely fail.We do know on how things do works on this space on which there's no way that we could be able to predict on where the market would really be moving.
If you do find yourself that profitable on the time that you do make trades and able to sustain yourself despite of the losses then you can consider yourself that capable enough.

It is really that important that you should really be having your day job and if you do have plans on attaining this condition then you would really be needing to adjust and making trading as your
side activity and on the time comes that you are practicing and finding yourself that effective then this is where decisions would really be made. Just make it sure that you do have that good
winning or profitable trades before you would really be making out such switch up. Be careful on decisions that you do make if you dont like on getting fucked up.

[virasog]

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 .

But do you think that day trading is profitable in all days? I don't think so.
Yes, you can make money in day trading but the income generated from day trading is not sustainable. You cannot be in profits in all day trades.

There will be days when you will hit your stop loss, and there may be days when the market will not give you any opportunity to make trades. Anyone who is solely dependent on day trading and has no other source of income, he will try to force trades which are not there and eventually end up losing money.

[irhact]

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.

No individual can start trading without knowing how to trade that's why it's important for we to learn trading from other professional before we start trading. Depending on signals isn't the best way to go as it can distract you from the main reason why you wanted to start trading. You don't benefit from signals but can only make money from them and you don't know how long the signal will keep coming and still profitable to you that's why you have to learn to trade on your own.

You can make a life by day trading but to do that you have to be trading on your own because you can't depend on others and expect to make profits always. Those in charge of the trading signals won't be right always and you don't gain any experience from those signals.

[BRINIRHA]

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.

No individual can start trading without knowing how to trade that's why it's important for we to learn trading from other professional before we start trading. Depending on signals isn't the best way to go as it can distract you from the main reason why you wanted to start trading. You don't benefit from signals but can only make money from them and you don't know how long the signal will keep coming and still profitable to you that's why you have to learn to trade on your own.

You can make a life by day trading but to do that you have to be trading on your own because you can't depend on others and expect to make profits always. Those in charge of the trading signals won't be right always and you don't gain any experience from those signals.

It would indeed be better to learn trading for ourselves rather than always having to rely on trading signals provided by others. But at one point, sometimes we can also see and learn from every trading signal given by other people. Like studying based on what analysis the signal is formed. And match it with the analysis we made. Personally, I often make my own analysis, but sometimes I also take other people's trading signals and then analyze them again. Because not all trading signals are created correctly. So it's better to always re-analyze if we see other people's trading signals. So we can learn from there.

[Altryist]

But do you think that day trading is profitable in all days? I don't think so.
Yes, you can make money in day trading but the income generated from day trading is not sustainable. You cannot be in profits in all day trades.

There will be days when you will hit your stop loss, and there may be days when the market will not give you any opportunity to make trades. Anyone who is solely dependent on day trading and has no other source of income, he will try to force trades which are not there and eventually end up losing money.

If you try to trade only for the sake of making daily profits, then most likely this will lead to the fact that many transactions will be unprofitable, since you need to strive not only to make as many transactions as possible, but to look for favorable moments for transactions. Therefore, I believe that it is worth focusing on making more trades that you are confident in, and not just a lot of trades with the hope that there will be more profitable trades.

[Litzki1990]

By day trading we generally mean the day's trading completed each day. That is, today you take a trade and sell that trade after making some profit from that trade, we usually call it day trading. For many this type of trading is a very profitable method, some traders feel that it is safer to keep their money for themselves than to waste money by making a small amount every day. If a person has enough knowledge about trading and if he can do well in day trading then day trading is fine for him. People who are usually not overly greedy can handle this type of trading. If there is excess greed, a trader will never be able to complete his trading in one day because when some amount of profit is made, that trader will think that if he keeps trading for some time, he can make more profit. People who don't have this type of thinking will do well in day trading.

[jostorres]

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.

Actually, day traders in the cryptocurrency market make way more than 20% or 30% per year and that is the reason why this market has become so popular and has become the favorite of a lot of traders who used to trade in traditional markets before have moved to cryptocurrency trading because they have seen people earning way more in a month than they have been making in a year, it all depends on your own capabilities of how you can manage your trading activities and the capital.

I know that it's not easy to earn money through trading, but it becomes easier if you spend time and learn everything about trading and all the necessary tools and techniques that might be required to become a successful trader, and once you get a hold of it, you can have a good profit over a period of one month or one year.

[jaberwock]

But do you think that day trading is profitable in all days? I don't think so.
Yes, you can make money in day trading but the income generated from day trading is not sustainable. You cannot be in profits in all day trades.

There will be days when you will hit your stop loss, and there may be days when the market will not give you any opportunity to make trades. Anyone who is solely dependent on day trading and has no other source of income, he will try to force trades which are not there and eventually end up losing money.

If you try to trade only for the sake of making daily profits, then most likely this will lead to the fact that many transactions will be unprofitable, since you need to strive not only to make as many transactions as possible, but to look for favorable moments for transactions. Therefore, I believe that it is worth focusing on making more trades that you are confident in, and not just a lot of trades with the hope that there will be more profitable trades.

That's the hardest thing because not everyday has a good trade to make, and some days you shouldn't make a trade because of the market and some people think that because they are day traders, they should get into at least "something" and that results with them losing money.

Nobody should do that and they should be careful and only get in when they could make a profit, and they should be sure about it, if you are unsure then it's possible that you are going to end up losing money without a doubt. The best thing about this would be to make sure that you are going to end up with a trouble on the long term if you are not careful and a day traders life means that you need to be checking every detail and be more careful.

[Hypnosis00]

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.

No individual can start trading without knowing how to trade that's why it's important for we to learn trading from other professional before we start trading. Depending on signals isn't the best way to go as it can distract you from the main reason why you wanted to start trading. You don't benefit from signals but can only make money from them and you don't know how long the signal will keep coming and still profitable to you that's why you have to learn to trade on your own.

You can make a life by day trading but to do that you have to be trading on your own because you can't depend on others and expect to make profits always. Those in charge of the trading signals won't be right always and you don't gain any experience from those signals.

Unfortunately, there are a lot of people doing it and failing which is not the thing they are supposed to do.
Well, for now, I believe that everyone has already learned from the early traders and from their personal experiences as well. I can say that day trading is too risky and pressured (maybe for me) but we can do it rightly and place orders in timing if we are really good at TA and chart readings. Somewhat I can say that if you really have a trading skill, earning a profit daily is possible.

[fauzan Ichsan]

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.

No individual can start trading without knowing how to trade that's why it's important for we to learn trading from other professional before we start trading. Depending on signals isn't the best way to go as it can distract you from the main reason why you wanted to start trading. You don't benefit from signals but can only make money from them and you don't know how long the signal will keep coming and still profitable to you that's why you have to learn to trade on your own.

You can make a life by day trading but to do that you have to be trading on your own because you can't depend on others and expect to make profits always. Those in charge of the trading signals won't be right always and you don't gain any experience from those signals.

Unfortunately, there are a lot of people doing it and failing which is not the thing they are supposed to do.
Well, for now, I believe that everyone has already learned from the early traders and from their personal experiences as well. I can say that day trading is too risky and pressured (maybe for me) but we can do it rightly and place orders in timing if we are really good at TA and chart readings. Somewhat I can say that if you really have a trading skill, earning a profit daily is possible.

At first, the expectation of retiring from real work once you get to know trading is experienced by most people, but in reality not everyone can do it to meet their daily living needs, because most of them fail, and only a few people can do it well. . If we are still discussing the best techniques, I think we have to increase learning about trading, because it is a characteristic of just entering the world of trading, because the most important thing is psychology in daily trading.

[gunhell16]

Anyone of us who gets into crypto trading and wants to start day trading can do it right away, even if you are a beginner in this field. That's why it has a disadvantage because if you don't have enough knowledge, the chances are high that you will just lose in day trading, and a newbie should know that.

But if you have knowledge and experience in this trading activity, you can use it as an advantage to get income from it. But as some say here, not every opportunity will suit what you want to happen to get a profit here because sometimes it also depends on the situation of the market, to be honest. That means you should be prepared for the risks that you can face here.

[Franctoshi]

I hope you add a big warning, leverage and day trading in cryptocurrencies is considered one of the most dangerous types of trading and it is difficult for a beginner to make a profit with it, you should avoid investing in it.
You can start trading in demo accounts, where you do not need to deposit money or lose $200, and then start learning spot trading, including day trading, and then decide whether you want to increase the risk level or not, but in general you can make a good profit from spot trading.

Leveraged trading is an option for professional traders and should not be recommended because it can make profits for beginners, it is a real loss.

I agree with your stated points, this is a hard truth but that is real , Beginners should avoid leverage trading until when they have learned and gained the experience that is required to trade profitably, Take it or leave it from the numbers of years I have spent in trading industry you can't be successful or do without the experience being a beginner,  I encourage starting up with the investment side first.

[Bushdark]

Anyone of us who gets into crypto trading and wants to start day trading can do it right away, even if you are a beginner in this field. That's why it has a disadvantage because if you don't have enough knowledge, the chances are high that you will just lose in day trading, and a newbie should know that.

But if you have knowledge and experience in this trading activity, you can use it as an advantage to get income from it. But as some say here, not every opportunity will suit what you want to happen to get a profit here because sometimes it also depends on the situation of the market, to be honest. That means you should be prepared for the risks that you can face here.

Whatever kind of trading we want to go for, we don't need to stress it because the kind of profits we choose to earn from the market will determine if we are going to be a scalper, swing, day, or position trader.

 The amount of profits we are using to trade will also determine the kind of trader that we are and how to go about everything. We need to get prepared and according to our Capital or else might end up losing if our capital is not enough to withstand the pressure of the market. A scalper mostly uses $20 to $100 to trade in the market which is pretty good.

[Nrcewker]

Writing and seeing the theory is very easy. But actually implementing it in real trades is very hard. You need to measure and calculate the risks while trading or buying the coins. Moreover Day trading requires a lot of practice in order to get profits. Completely relying on day trading is not good I must say. As trading sometimes depends on luck and it’s not guaranteed that always you will make profit.

[salad daging]

Writing and seeing the theory is very easy. But actually implementing it in real trades is very hard. You need to measure and calculate the risks while trading or buying the coins. Moreover Day trading requires a lot of practice in order to get profits. Completely relying on day trading is not good I must say. As trading sometimes depends on luck and it’s not guaranteed that always you will make profit.

Disagree with this statement "that trading is dependent on luck" but it's a matter of skill in analyzing the coins that are traded there are some patterns that must be learned that allow you to profit, but behind that of course there are risks and cannot be avoided but if they are already day trading professionals then that's a lot of people who do it.

Maybe I'm the only one who doesn't have this ability, so I can't make a living from day trading unless there is another job that is generated, I can only invest and don't want to fight bigger risks in trading.

[Out of mind]

By day trading we generally mean the day's trading completed each day. That is, today you take a trade and sell that trade after making some profit from that trade, we usually call it day trading. For many this type of trading is a very profitable method, some traders feel that it is safer to keep their money for themselves than to waste money by making a small amount every day. If a person has enough knowledge about trading and if he can do well in day trading then day trading is fine for him. People who are usually not overly greedy can handle this type of trading. If there is excess greed, a trader will never be able to complete his trading in one day because when some amount of profit is made, that trader will think that if he keeps trading for some time, he can make more profit. People who don't have this type of thinking will do well in day trading.

Of course, the trades we do with the intention of getting daily profit are called day trades. There are many traders who do this type of trading for daily earnings and start with a small amount of money. If a person wants to earn good profit in daily trading then he must have enough knowledge otherwise he will not be able to make profit. It is true that people who are not greedy can earn good money, but people who are greedy lose money at some point. Those who have good thoughts can definitely make profit by trading, and they have to take different advice every day. Anyway, trading for daily income is definitely possible to make profit, but you have to adopt different strategies only then you can trade in a good position I think.

[rozak]

By day trading we generally mean the day's trading completed each day. That is, today you take a trade and sell that trade after making some profit from that trade, we usually call it day trading. For many this type of trading is a very profitable method, some traders feel that it is safer to keep their money for themselves than to waste money by making a small amount every day. If a person has enough knowledge about trading and if he can do well in day trading then day trading is fine for him. People who are usually not overly greedy can handle this type of trading. If there is excess greed, a trader will never be able to complete his trading in one day because when some amount of profit is made, that trader will think that if he keeps trading for some time, he can make more profit. People who don't have this type of thinking will do well in day trading.

Of course, the trades we do with the intention of getting daily profit are called day trades. There are many traders who do this type of trading for daily earnings and start with a small amount of money. If a person wants to earn good profit in daily trading then he must have enough knowledge otherwise he will not be able to make profit. It is true that people who are not greedy can earn good money, but people who are greedy lose money at some point. Those who have good thoughts can definitely make profit by trading, and they have to take different advice every day. Anyway, trading for daily income is definitely possible to make profit, but you have to adopt different strategies only then you can trade in a good position I think.

However, day trading will require experience and skill from the trader. This requires time and quite a lot of trading experience to really make a trader skilled enough at trading.
For those who want to learn to trade, it would be advisable to do so over a long period of time. and of course not directly trading futures. some traders use futures trading to earn daily profits. it allows getting a bigger target or profit but it also increases the risk.
Anyone interested in trading crypto, learn and master it first before trying.

[xSkylarx]

By day trading we generally mean the day's trading completed each day. That is, today you take a trade and sell that trade after making some profit from that trade, we usually call it day trading. For many this type of trading is a very profitable method, some traders feel that it is safer to keep their money for themselves than to waste money by making a small amount every day. If a person has enough knowledge about trading and if he can do well in day trading then day trading is fine for him. People who are usually not overly greedy can handle this type of trading. If there is excess greed, a trader will never be able to complete his trading in one day because when some amount of profit is made, that trader will think that if he keeps trading for some time, he can make more profit. People who don't have this type of thinking will do well in day trading.

Of course, the trades we do with the intention of getting daily profit are called day trades. There are many traders who do this type of trading for daily earnings and start with a small amount of money. If a person wants to earn good profit in daily trading then he must have enough knowledge otherwise he will not be able to make profit. It is true that people who are not greedy can earn good money, but people who are greedy lose money at some point. Those who have good thoughts can definitely make profit by trading, and they have to take different advice every day. Anyway, trading for daily income is definitely possible to make profit, but you have to adopt different strategies only then you can trade in a good position I think.

If your capital is small, your profit is also small, no matter if it is daytrading or scalping, because that is all you can risk, and your stop loss is too close or too thin and easy to reach. Though it is really possible as long as you have skills and a proven portfolio that you've been earning profit from for a few years,  if you are just a newbie, it will take more time to learn and earn on it because it doesn't mean you've already learned and understood the fundamentals and are now earning profit, you'll still need to create a strategy that works for you.

Greediness is really part of the emotions of a trader or in any aspect of investment, but treat it as an enemy and be cautious about it because you will know how to control it so that you won't be chasing losses or even overtrading yourself.

[HONDACD125]

Disagree with this statement "that trading is dependent on luck" but it's a matter of skill in analyzing the coins that are traded there are some patterns that must be learned that allow you to profit, but behind that of course there are risks and cannot be avoided but if they are already day trading professionals then that's a lot of people who do it.

Maybe I'm the only one who doesn't have this ability, so I can't make a living from day trading unless there is another job that is generated, I can only invest and don't want to fight bigger risks in trading.

Of course, trading cannot be done by luck, rather trading requires a lot of hard work. Any trader tries to know a lot about it before starting a trade. If there is no experience, it will be a mistake to start trading by luck, and it will surely incur losses. To trade, it is important to know market information, market volatility, profit and loss risk and chart analysis, use of various indicators. This way it will be easy for you to make profit in day trading.

It is not necessary that you always make profit after knowing these things because the market can also go against our analysis. Therefore, all these things have to be kept in mind. If you are investing instead of trading then this is your good decision because investing is easier than trading. Without the ability to trade, trading may lead to loss rather than profit.I think in investing you become carefree by investing for a long time whereas in day trading you have to be mentally very busy.

[bitgolden]

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.

I do agree that at the start too many people follow others, but the reality is that if they could learn how to trade themselves then they would make a lot more money since they would have the recipe.

I compare it to making food really, you may not make a food as good as the restaurant near you, they may make a better one, but it will cost you more to eat it there than making it at home, plus each time you want it, you need to go there, and if they do not have any, or the chef is having a bad day, you are going to have a problem, whereas if you learn how to do it yourself, then you are going to eat at home, cheaper that way, and you can eat it anytime you want, you just have to cook it, and that means you need to learn to cook it.