How profitable is BTC daytrading?

[gmx95]

I think like in many aspects of business or live the 20/80 rule will apply: approximately 80% of traders are mostly losing and only 20% can make a living out of day trading. So, its hard to say if it is profitable or not. For Warren Buffet the investing is very profitable :-) For many others, not so much.

[1714819153]

1714819153

[RobertDJ]

I think like in many aspects of business or live the 20/80 rule will apply: approximately 80% of traders are mostly losing and only 20% can make a living out of day trading. So, its hard to say if it is profitable or not. For Warren Buffet the investing is very profitable :-) For many others, not so much.

The 80/20 rule generally only applies to wealth, not income.

Income is better described as being received as the people who are able to innovate and have the best ideas.

[Operatr]

Here is what I have learned so far in my nearly 2 years of trading a little coin.-


Newbies are concerned with making gains.

Pros are concerned about minimizing losses.

___

Bears get fed. Bulls get fed. Pigs get slaughtered.

___

All the TA in the world does NOT make you a Bitcoin Price Nostradamus. You cannot predict the future of price based on past movements with any certainty. Believing you are somehow special from any other trader is guarenteed to destroy your balance in a hurry. Everyone is looking at the same thing you are and making a judgement.

TA is only a tool, not a crystal ball.
___

Calling tops and bottoms is a good way to lose. Trade the overall trend.

___

Leave emotion at the door. Trading with emotion ensures a smarter trader than you will be running off with your coins. If you can't remain ice cold, don't trade.

___

Set a profit target %. Doing this ensures you don't get greedy and miss a chance to profit. Sometimes you won't make as much as you could have, or it might save you from some pain. Overall having a profit taking goal helps you be consistent.
___

And the #1 Rule of all:

Never trade what you cannot afford to lose- this goes for life (don't bet your life savings like an idiot) and in trading (don't bet the whole farm on one trade, set a maximum amount of coin for yourself that is reasonable). Losing your ass a bad trade should not affect you emotionally whatsoever. Getting out of a losing position should not bother you. Consider that coin gone the moment it hits the exchange. No matter what happens you should not be freaking out. If you cant do that, dont trade.

___

Can you get rich doing this? Well, there are people that do, but the truth is most people lose money. The only way to figure out of you have the chops is try. Make no mistake, trading is educated gambling, essentially a bet that that you have judged the probability of a good trade correctly. Or sometimes its just sheer stupid luck.

[Ayers]

it's a bit like poker isn't it? you start with a good bankroll let's say x100 of what you want to gamble, trading and poker are very alike

[arieq]

I think like in many aspects of business or live the 20/80 rule will apply: approximately 80% of traders are mostly losing and only 20% can make a living out of day trading. So, its hard to say if it is profitable or not. For Warren Buffet the investing is very profitable :-) For many others, not so much.

yeah, most ppl dont have experience trading and dont get into BTC for the trading aspect but were interested as an investment into the new financial revolution.

[cutesakura]

for current sales bitcoin is still very promising, indeed sometimes bitcoin prices fluctuate, it is already very common in financial markets, which is important we must continue mamantau how things bitcoin prices in the market, the current price is more better than a few days ago. .. 

[braum]

Here is what I have learned so far in my nearly 2 years of trading a little coin.-


Newbies are concerned with making gains.

Pros are concerned about minimizing losses.

___

Bears get fed. Bulls get fed. Pigs get slaughtered.

___

All the TA in the world does NOT make you a Bitcoin Price Nostradamus. You cannot predict the future of price based on past movements with any certainty. Believing you are somehow special from any other trader is guarenteed to destroy your balance in a hurry. Everyone is looking at the same thing you are and making a judgement.

TA is only a tool, not a crystal ball.
___

Calling tops and bottoms is a good way to lose. Trade the overall trend.

___

Leave emotion at the door. Trading with emotion ensures a smarter trader than you will be running off with your coins. If you can't remain ice cold, don't trade.

___

Set a profit target %. Doing this ensures you don't get greedy and miss a chance to profit. Sometimes you won't make as much as you could have, or it might save you from some pain. Overall having a profit taking goal helps you be consistent.
___

And the #1 Rule of all:

Never trade what you cannot afford to lose- this goes for life (don't bet your life savings like an idiot) and in trading (don't bet the whole farm on one trade, set a maximum amount of coin for yourself that is reasonable). Losing your ass a bad trade should not affect you emotionally whatsoever. Getting out of a losing position should not bother you. Consider that coin gone the moment it hits the exchange. No matter what happens you should not be freaking out. If you cant do that, dont trade.

___

Can you get rich doing this? Well, there are people that do, but the truth is most people lose money. The only way to figure out of you have the chops is try. Make no mistake, trading is educated gambling, essentially a bet that that you have judged the probability of a good trade correctly. Or sometimes its just sheer stupid luck.

but wouldnt everything consider gambling?

eg: trying to go to school for a job then not get one after 3 years etc.

[SpiderLegion]

Less profitable than gambling. 

[panju1]

The volatility in bitcoin prices present opportunities... to lose as well as make money.

[xcapator]

I've started trading a while ago using btc-e with metatrader. I'm building experts now to make money.

My view:

1. Daytrading will almost always result in big loss. This is due to the high volatility and violent swings. To make any profit you should look at daily charts and not 1minute charts.

2. Stoploss can get hit by dumpers or pumpers (when shorting) causing loss when you could have made a profit. But than again trends can change as quickly so you cant be certain on a rebound.

3. Every trading pair requires it's own ta. StochRSI works on some and bolingerbands on others, etc.

Yes the market allows for trading but volume is usually too low for daytrading.

I wish i weren't so lazy and learned metatrader, a trailing stop and something keeping track of bid size as well as ratio at the same time would be so helpful. Staring at the charts all day to see the giant dumps and pumps go through is a huge waste of time

[Sunderland]

i always end with lose for btc trading.
for me altcoins trading is more easy to get profit than btc.

[pereira4]

Day trading is a lossing game statistically... can name ONE person making solid money off day trading cryptos?

I barely do a couple trades MONTHLY...

[CryptoCarmen]

Day trading is a lossing game statistically... can name ONE person making solid money off day trading cryptos?

I barely do a couple trades MONTHLY...

You should have same chances to win or lose. It is fro sure better then gambling, there you lose on long term 100%.

[nextblast]

It is a truely lossing game. You get 10 guesses right and 1 wrong, you can lose everything won at that 10 times.
Better buy and hold.

[abs350]

Daytrading can be highly rewarding, but it's only really profitable at times of high volatility. For example, I day traded bitcoin when it went from $200 to $1,000 and was very profitable. However I subsequently went on an ego trip and lost almost all of those profits.

It's slightly easier to make money trading than through online poker, but not much. The two biggest risks are (1) firstly, that you trade too much and most of your money goes to the broker, and (2) that you don't cut your losses. However, once you get over (2) you find that (1) is the problem. If you can't get over (2), then you should not trade at all, since (2) is more dangerous than (1).

Finally, the third risk is that, if you can get the right balance between (2) and (1), you go on ego trips and trade away most of your profits. Your ability to balance (2) and (1) is affected by your emotions. If you are unlucky to enter the market during a period of consolidation, for example, you will find that you steadily loose money. In this scenario, your emotional state may be affected, increasing your losses. In this situation, the ability to know when to walk away and stop is essential and can save you alot of headache. Trading is not like a normal job. There are days when the best thing you can do is to go back to sleep, watch a movie, go meet friends, or do anything apart from trade. A key part of trading is recognizing that and being cognizant of your individual emotional state.

Trading is highly intense. You get a real high when you win, just like gambling does. It's the same stimulation of your brain. This feeling is magnified since it's an isolative experience.

Trading is almost always a lonely experience and frustrating. Even when you win, you never know if you will keep or loose your winnings. The extreme profits and losses make you extremely aware of the ephemerality of money.

The biggest looser from trading, aside from your savings, is your time. For sure, you may learn something about yourself, your emotions and what drives you through you experiences. However, after all that time has passed, with an account balance that is most likely to be less than that with which you started, it's often not clear what you have achieved except having spent hours / days of your life alone in your apartment staring at a moving price chart.

I would suggest there's better things you could do with your life or your free time.

[TheLoser]

Bitcoin is too small to day trade right now but in about 2-5 years, it will be something between USD/BTC/EUR.

[Unbelive]

Less profitable than gambling. 

Gambling is designated for you to lose. Is designated Casino earns money to pay their workers and machines.

The volatility in bitcoin prices present opportunities... to lose as well as make money.

Exactly. without that would give us much less chances to earn.

[arbitrage001]

I think like in many aspects of business or live the 20/80 rule will apply: approximately 80% of traders are mostly losing and only 20% can make a living out of day trading. So, its hard to say if it is profitable or not. For Warren Buffet the investing is very profitable :-) For many others, not so much.

90% + of day traders get wipe out in a year. Warren Buffet is an investor, not a day trader.

[The_FluffyBunny]

What do you consider profitable?

[KIRAZ]

If you don't hold onto your coins in cryptos it's really unlikely to see profit in a day maybe a little but not upto the speed.