Don't day trade, you're going to lose your money

[wheelz1200]

I generally tend to agree with this.  Crypto is still way too volitile and all the TA in the world wont help you with such short timelines.  Sometimes there is no rhyme or reason why it goes up or down.  Best to just buy hold and enjoy the ride.  Easier on stress levels as well.  Watching crypto charts all day gets exhausting

[LogitechMouse]

I generally tend to agree with this.  Crypto is still way too volitile and all the TA in the world wont help you with such short timelines.  Sometimes there is no rhyme or reason why it goes up or down.  Best to just buy hold and enjoy the ride.  Easier on stress levels as well.  Watching crypto charts all day gets exhausting

As somebody who's currently doing an experiment on what will be my result if I day trade for around 30 days, I would say that it really is stressful and very exhausting at the same time. I have a solution for that though and that is, limit the tokens you're trading to only 2-3 tokens. That lessens the stress of watching all of the tokens' movement.

As for the volatile part, that's why there are many traders that are making money off of trading. It's the volatility that's the reason why many are making money, but at the same time losing money as well. What I would say is that if you're afraid to lose your money, don't trade. If you can't afford to lose that money that you want to trade, don't trade. Day trading really is very risky compared to being a swing trader or a position trader, but in terms of profit, day trading has the highest so I would say high risk, high reward as well.

[DPHOR]

This is not new on this trading discussion. We all the time warn people to trade with the amount of money that they can afford to lose. I have posted many times before on the trading discussion on this forum about how 85% or more of traders that are losing. There is nothing new about this.

Trading is for everyone but then only those who devoted their time could have that winning part of the trading, and yes there have been series of discussions and warning about people trading with the amount they could afford to lose than going that extent with the amount they can't accept losing, and yes we know that it's also very tempting and when risk management aren't applied it's that easier for people to keep losing their hand earned money into trading.

[TheUltraElite]

That's why entering trading is like a job where you really should know the basics and what you should know in trading, particularly in the strategies that will be used as guidelines in the analysis that we will do here if we enter being traders.

Its not a job because it does not depend upon your level of skills but only your luck and the market. It does need risk to execute which is higher in case of day trading and lesser in case of long term trading.

Strategies dont exist here because again it does not depend how skilled you are or how much knowledge you have similar to gambling comparing with any sort of actual job like cooking which needs the skills and experience.

A simpler way to putting strategy is buy low sell high which also needs a number of clauses after that to make sure it profits.

[reefsea]

I generally tend to agree with this.  Crypto is still way too volitile and all the TA in the world wont help you with such short timelines.  Sometimes there is no rhyme or reason why it goes up or down.  Best to just buy hold and enjoy the ride.  Easier on stress levels as well.  Watching crypto charts all day gets exhausting

It is really very tiring, even though we do not work physically and we may even be in an air-conditioned room, but still watching the market movement is very tiring because our minds are working, and in my opinion it is more tiring to work using the mind than working using the body.

Maybe we can see how someone who works physically after bedtime, they will quickly fall asleep. While people who work with their minds will find it very difficult to sleep, I have experienced this myself.

TA will not guarantee that price movements will always be as we predict, because as said this is so complicated and we know that market conditions are also very volatile.

[Renampun]

I generally tend to agree with this.  Crypto is still way too volitile and all the TA in the world wont help you with such short timelines.  Sometimes there is no rhyme or reason why it goes up or down.  Best to just buy hold and enjoy the ride.  Easier on stress levels as well.  Watching crypto charts all day gets exhausting

The crypto market is different from the forex, stock and commodity markets because there are still many coins that do not have good fundamentals and also large liquidity, besides that there are also many crypto assets that are just pump and dump schemes, usually meme coins are often like this but when choosing bitcoin trading the story is different, it's just that doing daily trading with bitcoin is not so comfortable, bitcoin is more suitable to be held (just a personal opinion)

[tbct_mt2]

Its not a job because it does not depend upon your level of skills but only your luck and the market. It does need risk to execute which is higher in case of day trading and lesser in case of long term trading.

I agree with you because most traders are losers in this market and as losers, they depend too much on luckiness for their trading positions. Professional traders are different but they belong to minority in this market and are not counted here.

Strategies dont exist here because again it does not depend how skilled you are or how much knowledge you have similar to gambling comparing with any sort of actual job like cooking which needs the skills and experience.

With newbie traders, they don't have any strategy and simply have their greediness to force them opening many trading positions with bad and risky entries without enough safe capital management and no idea of how to proactively close their trading positions for avoiding liquidations. They perhaps don't have any idea of Stop loss order and don't want to use this order for protecting their trading capital.

One of the best weapons in trading.

A simpler way to putting strategy is buy low sell high which also needs a number of clauses after that to make sure it profits.

It is only possible and easy with investment or spot trading.

[mirakal]

I generally tend to agree with this.  Crypto is still way too volitile and all the TA in the world wont help you with such short timelines.  Sometimes there is no rhyme or reason why it goes up or down.  Best to just buy hold and enjoy the ride.  Easier on stress levels as well.  Watching crypto charts all day gets exhausting

Day trading may seem working on few traders, but majority are certainly losing on it. So I won’t suggest either to risk with day trading where losing is highly possible. Even experienced traders are doing it with high caution, yet some still lose in the end. That only proves that day trading will likely to cause you great losses than making possible gains. Better to focus on buying and long term hodling instead.

[fuguebtc]

Day trading may seem working on few traders, but majority are certainly losing on it. So I won’t suggest either to risk with day trading where losing is highly possible. Even experienced traders are doing it with high caution, yet some still lose in the end. That only proves that day trading will likely to cause you great losses than making possible gains. Better to focus on buying and long term hodling instead.

Frankly, most traders are losing money, even the so-called professionals. But despite that fact, many people still rush into trading because controlling greed is not easy.
Except for some newbies who have no knowledge, I believe everyone knows that long term holding is the best way to make profit in this volatile market, but not many people have enough patience to hold for long term. Most people want to make money and get rich quick, so many people continue to trade even though they have lost a lot before and are even aware that they are more likely to lose than win. The temptation is too great and very difficult to resist.

[stomachgrowls]

Day trading may seem working on few traders, but majority are certainly losing on it. So I won’t suggest either to risk with day trading where losing is highly possible. Even experienced traders are doing it with high caution, yet some still lose in the end. That only proves that day trading will likely to cause you great losses than making possible gains. Better to focus on buying and long term hodling instead.

Frankly, most traders are losing money, even the so-called professionals. But despite that fact, many people still rush into trading because controlling greed is not easy.
Except for some newbies who have no knowledge, I believe everyone knows that long term holding is the best way to make profit in this volatile market, but not many people have enough patience to hold for long term. Most people want to make money and get rich quick, so many people continue to trade even though they have lost a lot before and are even aware that they are more likely to lose than win. The temptation is too great and very difficult to resist.

Losing is inevitable and this is something that should really be putted up on someones mind because on the moment that you would really be that being optimistic about being that becoming that a perfect trader then this could really be only happening on dreams but in reality then there's no such thing about this. What matters on where is about on how you would really be able to sustain on which this will really be the main thing that you should really be that thinking when you do touch up trading. Doesnt matter whether you would really becoming a day trader, intraday,scalper, swing and long term traders on which this will really be that sharing up with the same goal or target on which its recommended that you do really know at least on what you should gonna do.

Losing money is normal, whats important is that you do able to make profits that would really be able to cover up those loses on which simply talks about sustainability. It will really be just that too bad that you will really be that expecting too much without even trying out to realize on how the reality reacts.

[WatChe]

I generally tend to agree with this.  Crypto is still way too volitile and all the TA in the world wont help you with such short timelines.  Sometimes there is no rhyme or reason why it goes up or down.  Best to just buy hold and enjoy the ride.  Easier on stress levels as well.  Watching crypto charts all day gets exhausting

My understanding about Bitcoin is that it has it's own timing of going up and down, we can't predict when it will go up or go down. TA/FA didn't work well in case of Bitcoin. The best way to get benefit from bitcoin is to buy it and then HODL for long term. If you have better understanding of Bitcoin then try to buy when price is down compared to high price. For instance, it's more appropriate to buy Bitcoin at current price of 81k  rather then buying when price was around 100k. The long term strategy also frees us from the hassle of looking at Bitcoin price on daily basis, just invest once and HODL for few years. 

[hero_the_bossman]

I generally tend to agree with this.  Crypto is still way too volitile and all the TA in the world wont help you with such short timelines.  Sometimes there is no rhyme or reason why it goes up or down.  Best to just buy hold and enjoy the ride.  Easier on stress levels as well.  Watching crypto charts all day gets exhausting

My understanding about Bitcoin is that it has it's own timing of going up and down, we can't predict when it will go up or go down. TA/FA didn't work well in case of Bitcoin. The best way to get benefit from bitcoin is to buy it and then HODL for long term. If you have better understanding of Bitcoin then try to buy when price is down compared to high price. For instance, it's more appropriate to buy Bitcoin at current price of 81k  rather then buying when price was around 100k. The long term strategy also frees us from the hassle of looking at Bitcoin price on daily basis, just invest once and HODL for few years. 

4 or so years - and any Bitcoin investment comes full circle and brings results.

The issue is only to get an understanding of the process, why it happens, and why BTC only becomes more valuable as time goes on.

[tvplus006]

The following article is from a reliable source and refers in general to traders, not specifically day traders:

Why 90% of Stock Market Traders are in Loss?

If 90% of traders lose their money, then 10% still manage to make a profit from trading. So this statistic is not so frightening, as everyone has a chance, having gained knowledge and experience, to become a profitable trader and become one of the most successful 10%.

[hd49728]

If 90% of traders lose their money, then 10% still manage to make a profit from trading. So this statistic is not so frightening, as everyone has a chance, having gained knowledge and experience, to become a profitable trader and become one of the most successful 10%.

I don't know this information is true like 90/10 but there is a Pareto Principle that if you apply for trading profit and loss probability in a trader community, you will have like 80% loss, 20% profit. It's not too far from 90% loss and 10% profit and the fact can be somewhere around 80% to90% loss, in the middle or lower than 80% or higher than 20% loss, but this fact about risk of trading is very strong warning on newbie traders.

If they think trading is easy, this information is strong enough to wake newbie traders up from their unrealistic dream.

[Botnake]

I generally tend to agree with this.  Crypto is still way too volitile and all the TA in the world wont help you with such short timelines.  Sometimes there is no rhyme or reason why it goes up or down.  Best to just buy hold and enjoy the ride.  Easier on stress levels as well.  Watching crypto charts all day gets exhausting

This is the very reason why day trading is not safe for beginner or inexperienced traders because they will only suffer from committing mistakes and losses in the long run. Even professionals cannot guarantee profiting in day trading so it’s best to just buy and hold and enjoy bitcoin investment. Lesser losses, lesser stress anyway.

[batang_bitcoin]

This is the very reason why day trading is not safe for beginner or inexperienced traders because they will only suffer from committing mistakes and losses in the long run. Even professionals cannot guarantee profiting in day trading so it’s best to just buy and hold and enjoy bitcoin investment. Lesser losses, lesser stress anyway.

That is a fact that even professional traders can still make mistake when they do this. If they, the good ones are not able to guarantee profit then how much more are the newbies can do. This is why they have to look at those people that cannot guarantee profit as their model, it doesn't mean that they are newbies won't also make a profit but it means that the market doesn't choose anybody to guarantee some money. And with this, it can also make them aware that if some gurus are telling them after the class or the course, they'll be the best trader in the world, it's a scam. So, a lot of birds will be hit with one stone as a warning.

[cryptoaddictchie]

If 90% of traders lose their money, then 10% still manage to make a profit from trading. So this statistic is not so frightening, as everyone has a chance, having gained knowledge and experience, to become a profitable trader and become one of the most successful 10%.

Thats quite haed to be part of the 10% before I tried to become a good trader, and I can tell its not really easy. Comparing the wins and loss, Id say the exchange gain more with fees than me. Its not I dont understand it but its really unpredictable. So thumbs up to those who are good into making profits on their trade.

[crwth]

It's not easy, and it's not meant for everyone. You need to have a lot of patience and grit just to sit on the sidelines and let the knowledge and indicators dictate what you will do. It's always like that and most of the time that's how you could make it and profit. The consistency and being strict with yourself and not treat it like gambling.

Tools are also good for this and that would be on your trading style as well.

[slaman29]

If 90% of traders lose their money, then 10% still manage to make a profit from trading. So this statistic is not so frightening, as everyone has a chance, having gained knowledge and experience, to become a profitable trader and become one of the most successful 10%.

Remember, these statistics are usually gathered over a small period and small typicals.

In a period of 1 year? 5 years? I doubt anybody tried going back in 5 years to ask the same people if they managed to make profit.

I can almost guarantee in the longer period of tie the 10% in profit will become 1%.

Day trading puts you even more at risk.

Be frightened

[bettercrypto]

Honestly, time and experience are big factors that can help us as traders, of course if we don't allocate time for trading we won't know the things we are studying
whether there is something right or wrong in the implementation that we will do or do in the actual trade.

So, for me, even here we can become skilled later without realizing it because we pursue ourselves to really learn, unlike others who only study but don't really want to learn
when it comes to the actual because they become impatient, you know what I mean.