Is day trading profitable or just a waste of time?

[BTCmooping 0]

Currently I have been trading on part-time basis because of my current job. Some days ago I meant with an old friend who told me that; daily trading has ability make me a passive income than anything. Although, I have be practicing my day trading with a minimal gain compared to what he told me about daily trade. 

Have you get into day trade or just a part-time trader like me before? Would you advise me to keep to day trading?

[xBDT Script 4371]

If someone knows what they are doing than day trading is obviously profitable. I know people who became millionaires from day trading however I also know people who lost a lot too.

 

Not to mention there are a lot of millionaires only from holding bitcoin.

So, bottom line is - it's the time and your personal preference.

[BullRunBit 2773]

Just now, xBDT Script said:

I know people who became millionaires from day trading however I also know people who lost a lot too.

First I must to give comment for this, millionaires really man? How much they invest if they become millionaires? 😀

I start day trading before and give up not because it's not profitable than lot of things you need to count.

- It's  very stressful

- You get small percent, which means if you want larges profit you must to have big investment

- You must to track chart all time, to catch better price (I recommend to use some app with alert)

Conclusion, yes it's profitable but you must to have big investment if you have small you will be full of stress with small percent profit that is all.

[xBDT Script 4371]

1 minute ago, BullRunBit said:

First I must to give comment for this, millionaires really man? How much they invest if they become millionaires? 😀

You do not expect to be a millionaire by investing $1 or $100. Everything has it's cost and a profit ratio. To make millions you need to have decent amount of investment which they had.

Also taking risk is a big thing, investing in knowledge is a must. Like I said everything comes from a cost.  

[BullRunBit 2773]

Just now, xBDT Script said:

To make millions you need to have decent amount of investment which they had.

Which I also talked about above, they probably have big investment and get good profit but to become millionaires, maybe.

One thing to clean up, if you get 1% or over on day trading that is great profit.

And also to have strategy is very good thing in day trading.

"Buy low sell high" "Catch drop" something like that.

When you see drop you buy and wait for recovering.

[xBDT Script 4371]

1 minute ago, BullRunBit said:

"Buy low sell high" "Catch drop" something like that.

When you see drop you buy and wait for recovering.

I am not very good at trading so I am not a millionaire yet from trade but this is something I always fascinated. It's easy to say buy low and sell high  but no one actually know when it is the lowest and when it is the highest.

A side note: I tried trading and investing in ICO and I lost 80% of my btc holding 😏

[BullRunBit 2773]

Just now, xBDT Script said:

I am not very good at trading so I am not a millionaire yet from trade but this is something I always fascinated. It's easy to say buy low and sell high  but no one actually know when it is the lowest and when it is the highest.

A side note: I tried trading and investing in ICO and I lost 80% of my btc holding 😏

I can not tell that I'm bad trader but I have some bad choices of course. 😀

You are right about that, each separately have own low and high and it's not easy to decide when is low and good time for buying for you. But if you trade you must to keep with your decisions, and of course if you see that price go to different way always is better to use stop loss option.

About ICO, I reasearch a lot and I was thinking to invest in some ICO but when I read about many scams and I give up.

[xBDT Script 4371]

13 minutes ago, BullRunBit said:

But if you trade you must to keep with your decisions, and of course if you see that price go to different way always is better to use stop loss option.

Greed, this what cost me and also the emotion that okay let it fall, I am not going to accept loss and it will come back type of mentality.

I think one need to control their emotion and play the graph and math. A bot comes handy in this place.

[BullRunBit 2773]

Just now, xBDT Script said:

Greed, this what cost me and also the emotion that okay let it fall, I am not going to accept loss and it will come back type of mentality.

I think one need to control their emotion and play the graph and math. A bot comes handy in this place.

I understand you, it's same to me except for long term (holding coins).

About bot, you must to have clean strategy for bot's.

Now you can find many bots for trading, some is scam some is great you must to choose carefully.

But in the end it's very good tool for trading, who knows to use properly.

[xBDT Script 4371]

5 minutes ago, BullRunBit said:

But in the end it's very good tool for trading, who knows to use properly.

I do not trust bots by the way especially consider the regular scams are happening with them. I am too old to learn new thing too (trading, I think a part of mind has already closed the possibility). 

I am okay with my holdings 😊

[xBDT Script 4371]

4 minutes ago, gabbie2010 said:

Price moves too fast and with high volatility thus making day trading to be a little bit difficult.

Wise man said - HODL!

by the way, I see you are newly joined. Welcome to the community. I will see you around.

[cryptokram 102]

It is very profitable if you know what you are doing!

Right knowledge in trading.

Right coin to do the day trading.

Right decision making in selling and buying price.

[moonuranus 101]

It can be profitable or not, 

it is the matter of how effective your strategy on trading is, 

Day trading is not always profitable.

[cryptosix 1643]

5 hours ago, xBDT Script said:

You do not expect to be a millionaire by investing $1 or $100. Everything has it's cost and a profit ratio. To make millions you need to have decent amount of investment which they had.

Also taking risk is a big thing, investing in knowledge is a must. Like I said everything comes from a cost.  

For making millions people just use their pocket money to  scam others, I mean just like I CO's where  they started with little or some monies and then they closed their doors without telling anything to member.

[Bills 583]

The best way to stay in daily trading is to have control of your operations, that is, do not enter many trades, choose maximum 3 currencies to trade, so you have more control, and establish a percentage of monthly profit and fulfill it, especially Follow your own rules. 

 

If you see trading as a business, you will succeed, do not seek to get rich quickly because it does not work that way.

[ayatoslaw 858]

You also have to see who said that?
if an amateur trader you can step up to start daily trading,
but if that says a professional trader and you are not, of course, not your capacity to learn it.
and I'm sure the one saying is a professional trader, because daily trading requires more experience than a weekly trader.

[Bills 583]

6 minutes ago, BTCmooping said:

Cualquier comerciante codicioso que tiende a no obedecer las reglas de salida cuando las cosas se ponen al revés. Muchas veces fui en contra de las señales y perdí, pero ahora puedo manejar mis emociones y mi codicia cada vez que cambio. Además, lo más útil en mí es el gráfico, que explica explícitamente cada movimiento para vender o comprar.

Nunca seas codicioso cada vez que comiences a comerciar, vende cuando estés corriendo perdido.

This is very correct, losses must be cut at once and profits must always be lengthened, usually many do the opposite.

[xBDT Script 4371]

10 minutes ago, BTCmooping said:

Never be greedy whenever you start trade, sell whenever you are running at lost.

I won't ever, coz I am not trading anymore LOL

I am very happy with my holdings.

3 minutes ago, BTCmooping said:

Never you take trade as gambling.

For me it was like gambling to be honest and now I am too afraid to go back there.

[xBDT Script 4371]

1 minute ago, BTCmooping said:

Holding was good for those days, but now without trade holding is just like waste if time and resources. Waste of resources like, no profit in holding as the coins depreciate every moment.

I understand that you are saying but for me I feel comfortable with the holding and till now whenver I get extra cash I buy bitcoin. And I will consider selling once the price will hit $50k  

[cryptokram 102]

Like i said this day trading is very profitable! as long as you have the knowledge to do so.

NEver ever do the thing with out any knowledge about it or you will be sorry at the end!

SO be careful on every steps you will make in cryptocurrency!

[DZ 01 15]

Daily trading of course claimed to gain trading experience and know how to move currencies I recommend it

[onlyHuman 16]

Hello BTCmooping!

Day-trading is a great way to earn money from price flactunations. The only rule is "Buy Low & Sell High".
The only problem is maintain this rule in the reality. You must be experience enough to make trades that will most-probably benefit you in the selling position of the trade.

Try it with low amounts of money, until you feel comfortable enough, than go for bigger amount and see how's goes.

Good Luck,

onlyHuman

[hideome 15]

day trading and swing trading proved more profitable for me than long term hodl ,it all depends on your exeprience in the market and a bit of TA and FA knowledge ,there are more than 2500 cryptocurrencies currently tradeable thereh is always an opportunity.

[Bnance10 720]

No, thank you!  I only invest.  Which means I buy and hold the crypto that I believe to have a long haul growing potentials.

[starwill 456]

Is the cryptocurrency trade something to be taken lightly or can anyone do it? Here are the pros and cons of daily trading cryptocurrencies.

Pros

Probably the most obvious mention is that the market is open 24/7, which means that you can operate from anywhere in the world at any time. Unlike some markets such as Forex, which closes the weekend, the cryptocurrency market is open to everyone at any time.
The size of the cryptocurrency market is absolutely huge with more than 1600 cryptocurrencies that can be traded on popular platforms and on your phone. While in the currency markets there are major pairs that are very liquid and are easy to trade but there are more exotic pairs that are not so liquid. With cryptocurrencies, virtually all pairs can be easily traded.
Another big point in favor of commercial cryptocurrencies is that there is no need for a large amount of capital, unlike stocks. People can trade with as little as $ 100 and sometimes even less, so it is advisable to start from scratch to start, and then increase your capital as time goes by.
The cryptocurrency market does not follow the market rules as other assets do, in the sense that cryptocurrency patterns take longer to appear. Because they take longer, it means you have more time to process and analyze the data and make a decision about whether or not you are going to perform an operation.
 

Cons

Cryptocurrencies are very new, so there is little or no regulation in some parts of the world, and this leaves things open and vulnerable to criminal activity. Some cybercriminals can hack cryptocurrency trading platforms, and some have already done so, and their reservation vaults have been stolen along with user capital without leaving traces.
Although the cryptocurrency market is open 24 hours a day, 7 days a week, which may seem like a good idea, it can also be bad, since you may have to stay in front of a screen for a long time.
Volatility is another key issue that has been raised by cryptocurrency traders, because some unfortunate people have seen their entire accounts blank due to the volatile nature of cryptocurrencies. Some cryptocurrencies may experience massive price swings, moving hundreds of pips in a few minutes, so it is important to keep that in mind.