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BTCmooping

Is day trading profitable or just a waste of time?

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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?

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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.

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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.

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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.  

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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.

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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 😏

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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.

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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.

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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.

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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 😊

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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  

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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!

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

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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

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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.

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

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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.

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Davis believes this impressive figure clearly indicates growing recognition of cryptocurrency and interest from institutional investors, especially from the US.   Strike CEO Jack Mallers predicts that during the ongoing bull rally, bitcoin could reach $250,000 and possibly rise in price to $1 million. On a podcast with Pomp Investments founder Anthony Pompliano, Mallers explained his bold forecast by stating that bitcoin is still at an early stage of development. According to him, the bond market is currently facing problems, so central banks may inject a significant amount of liquidity into the financial system to stabilize it. This liquidity influx will trigger an increase in the value of risky assets, including the leading cryptocurrency.   Jack Mallers disagrees with the notion that bitcoin is a bubble or a tool for speculation. The asset is becoming increasingly popular among financial giants on Wall Street, and its limited supply of 21 million coins makes BTC highly resistant to inflation, unlike fiat currencies and gold. "Bitcoin can be called the hardest form of money – thanks to the fixed issuance schedule and halvings every four years. The release rate of new coins gradually decreases, thereby increasing bitcoin's long-term value," argued the Strike CEO.   Analysts from financial investment company Motley Fool also target a six-figure number. They suggested that bitcoin's rate could rise to $400,000 and possibly even reach $1 million. The reason, which has been mentioned many times, is the influx of money from institutional investors through spot ETFs. Motley Fool analysts noted that more and more pension funds and hedge funds, managing multi-billion dollar sums, are entering the bitcoin market. Thanks to cryptocurrency ETFs, they can easily include bitcoin (and soon Ethereum) in their investment portfolios.   According to analysts, around 700 investment companies have already invested in such funds. Nevertheless, the share of institutional investors in bitcoin-ETFs is currently only about 10% of the total. Motley Fool estimates that if financial institutions invest about 5% of their assets in bitcoin, the market capitalization of the first cryptocurrency could exceed $7 trillion, which explains its forecasted rate of $400,000.   Considerably less optimism was heard in the forecast of Bloomberg senior analyst Mike McGlone. According to him, bitcoin's volatility leaves it trailing gold and the US dollar in investment appeal. Furthermore, he believes that stocks will soon crash amid the expected recession, but BTC will suffer even more than the stock market. McGlone emphasized that the Tether (USDT) stablecoin, pegged to the US dollar, typically trades twice as much per day as bitcoin. "I can access the US dollar anywhere in the world from my phone using Tether. Tether is the number one trading token. It's the number one cryptocurrency for trading. It's the dollar. The whole world has moved to the dollar. Why? Because it's the least bad of all fiat currencies," the Bloomberg expert stated.   While Mike McGlone merely downgraded bitcoin's attractiveness, Cardano founder Charles Hoskinson simply buried it. He equated bitcoin to a religion and stated that the industry has outgrown its dependence on it. According to Hoskinson, "the industry no longer needs bitcoin to survive." He pointed out critical threats to the leading cryptocurrency, including insufficient adaptability and dependence on the Proof-of-Work algorithm. Franklin Templeton analysts, on the contrary, consider L2 protocols, along with Ordinals, Runes, and DeFi primitives, as one of the main drivers of bitcoin's innovation revival. Strike CEO Jack Mallers defended the first cryptocurrency. According to him, the Lightning Network, created for instant and cheap transactions, a second-layer solution based on the BTC blockchain, can further increase the demand for the first cryptocurrency. Mallers believes that thanks to this, bitcoin can be used for everyday purchases, such as paying for a cup of coffee. Former BitMEX CEO Arthur Hayes called the native token of the Cardano blockchain (ADA) "dog shit" due to its low use in protocols.   As of the time of writing this review on the evening of Friday, 31 May, ADA is trading at 0.45 USD per coin, while bitcoin and Ethereum are faring significantly better: BTC/USD is trading at $67,600, and ETH/USD at $3,790. The total cryptocurrency market capitalization is $2.53 trillion ($2.55 trillion a week ago). The Bitcoin Fear & Greed Index remained almost unchanged over 7 days, staying in the Greed zone at 73 points (74 a week ago).   It should be noted that ETH/USD failed to break through the $4,000 resistance this past week. The local maximum was recorded on Monday, 27 May, at $3,974. The lack of an immediate pump is explained by the fact that everyone who wanted to buy Ethereum in anticipation of the SEC's historic decision already did so. Meanwhile, according to some analysts, there is a high probability that immediately after the launch of the long-awaited spot exchange funds, Ethereum will enter a deep drawdown, similar to what happened in January with bitcoin. Then, over 12 days, it fell by 21%.   One of the key reasons for BTC's drawdown at that time was the unlocking of GBTC fund assets from Grayscale, which was converted into a spot fund from a trust. It began losing investments daily at a rate of $500 million. It is possible that something similar could happen with Ethereum, where Grayscale's ETHE fund holds $11 billion worth of ETH. As soon as this fund is converted into a spot fund and its assets are unlocked, short-term investors might start taking profits, potentially causing ETH/USD to fall to the strong support zone of $2,900-3,200. Pessimists among bearish factors also cite the uncertain legal status of the altcoin, as the SEC has not yet clearly defined whether ETH is a commodity or a security. Additionally, the regulator has many complaints about the staking program.   Staking is a way to earn cryptocurrency by "locking" a certain amount of coins in a wallet on the Proof of Stake (PoS) algorithm to support the network. In return, the user receives rewards in the form of additional coins. According to Wall Street legend Peter Brandt, "the biggest disasters in the cryptocurrency sphere that are yet to happen will be related to staking." The expert noted that such assets as Ethereum are often rented out to earn such income, often in the form of interest, which strongly reminds him of collapsed financial pyramids. As staking becomes more widespread, Brandt warned, it could attract increased attention from central banks, treasuries, and other authorities. This could lead to tighter regulation, significantly altering the crypto space and potentially resulting in the cessation of staking and bankruptcies for those involved. NordFX Analytical Group   Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/ 
    • Даа, кроме нас на форуме остались рекламщики обменников и все). А у вас было монета not, он очень хорошо вырос. Надо было покупать сразу после листинга. Даа, упускаем моменты). Биткоин продолжает коррекцию делать, а я купил какие то щитки и вынужден ждать. 
    • Крупный банкир получил тюремный срок за криптомошенничество   Бывший инвестиционный банкир Рашон Рассел приговорён к 41 месяцу тюремного заключения за мошенничество с использованием цифровых активов. В результате расследования правоохранительные органы США выяснили, что обвиняемый начал опробовать свою мошенническую схему на друзьях, бывших одноклассниках и коллегах по работе в криптофонде R3 в ноябре 2020 года. Рассел обещал им гарантированную доходность инвестиций от 25% до 100%. Чтобы его слова были ещё убедительнее, он пустил в ход свой опыт инвестиционного банкира и сфабрикованные документы (поддельные счета, переводы). Сначала он использовал часть полученных обманным путём средств для выплаты долгов более ранним инвесторам. Остальные деньги Рассел тратил на азартные игры и поддержание роскошного образа жизни. Такая мошенническая схема работала до августа 2022 года. В апреле 2023 года Рашона Рассела арестовали, а в сентябре он признал свою вину. Тогда же выяснилось, что Рассел незаконно приобрёл около 100 кредитных и дебетовых банковских карт на имена других людей. По мнению следователей, он планировал использовать карты для проведения транзакций с полученными незаконным способом деньгами. Минюст США подсчитал, что потери инвесторов от мошеннической схемы Рассела составили $1,5 млн. Именно эту сумму подсудимый должен выплатить своим жертвам в качестве компенсации. Источник - https://ru.investing.com/news/cryptocurrency-news/article-2428894
    • CryptoRank поделился списком крупнейших разлоков июня.        Будьте осторожны в отмеченные дни, ведь увеличение предложения может вызвать давление со стороны продавцов. ARB — $105.21 млн;APT — $103.03 млн;UNI — $87.93 млн;STRK — $75.67 млн;DYDX — $66.3 млн;SEI — $63.81 млн;ID — $55.82 млн;IMX — $54.96 млн;MERL — $42.21 млн;ENS — $36.65 млн.  
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    • В Татарстане построят майнинговую ферму стоимостью $100 млн   В Иннополисе, городе высоких технологий в Республике Татарстан, реализуют майнинговый проект стоимостью $100 млн. Об этом на криптофоруме в Казани сообщил заместитель премьер-министра Татарстана Роман Шайхутдинов и заместитель министра цифрового развития, связи и массовых коммуникаций РФ Александр Шойтов.     В 2023 году Россия поднялась на второе место по майнингу криптовалют. По оценке экспертов, в майнинге может быть использовано до 5 гигаватт электрической мощности, что позволит стране занять лидирующие позиции в отрасли, — сказал Александр Шойтов.   В середине февраля компания по добыче биткоинов BitRiver также обнародовала планы по запуску крупнейшего в России дата-центра, ориентированного на искусственный интеллект.   В РФ пока нет чётких правил по контролю майнинга. В конце апреля российские законодатели представили новую версию законопроекта, направленного на регулирования рынка добычи криптовалют. По словам одного из его авторов, правила могут вступить в силу уже в сентябре этого года.
    • Линн Мартин выразила оптимизм по поводу биткойн-ETF, подчеркнув их потенциал и ресурсы, которые они уже принесли на Уолл-стрит.  Мартин, президент группы Нью-Йоркской фондовой биржи, выразила этот оптимизм на конференции Consensus 2024, когда ее спросили о запуске ETF на биткойны ( BTC ) и о потенциале, который они несут для Уолл-стрит.  «Мы ведем переговоры с SEC уже более шести лет о биткойн-ETF», — сказал Мартин в интервью . «Я думаю, вы не можете спорить с успехом биткойн-ETF и ликвидностью, которую они принесли базовому рынку».  Финансовые руководители все больше интересуются криптовалютой, либо напрямую, либо через ETF , что привело к росту цен на рынке криптовалют. По словам Мартина, одобрение спотового биткойн-ETF в январе пробудило интерес традиционных инвесторов, принеся на рынок много ликвидности.  Крипто-объединение Вашингтона и Уолл-стрит В последнее время на криптовалютных рынках и на Уолл-стрит наблюдались сильные движения цен, и во многом это можно объяснить сильным притоком средств в ETF, зарегистрированные в США. Рыночная капитализация криптовалюты превысила 1 триллион долларов с момента одобрения биткойн-ETF.  Спотовый крипто-ETF напрямую отражает цену конкретной криптовалюты и стратегически распределяет средства портфеля в эту криптовалюту. Эти средства активно торгуются на публичных биржах и отражают эффективность конкретной криптовалюты. Как и другие фонды, крипто-ETF легко доступны на стандартных фондовых биржах, и инвесторы могут хранить их на своих брокерских счетах. Недавно был одобрен спотовый ETF Ethereum , предоставляющий инвесторам регулируемый и доступный способ получить доступ к Ethereum. Могут последовать и другие спотовые крипто-ETF . Комментарии Мартин прозвучали в период крипто-оптимизма в правительстве США. На прошлой неделе Палата представителей США приняла законопроект FIT21. Законопроект разъясняет, как SEC классифицирует криптовалюту, создавая термин «цифровой товар» для цифровых активов. Законопроект направлен на искоренение мошенничества, регулирование криптовалютных бирж и защиту потребителей, одновременно создавая стабильную среду для криптовалюты — по сути, он сообщает, что криптовалюта теперь является проблемой правительства. Недавно Дональд Трамп начал получать пожертвования на предвыборную кампанию в криптовалюте, сигнализируя о более широком охвате отрасли политиками.
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