Why is day trading such a bad idea?

...

It's hard

>It's hard

Why though? They hit two buttons then if they make good trades seems like they make a decent amount of money.

Because to learn you need to lose first, losing BTC right now is a bad idea

Why though? They hit two buttons then if they make bad trades seems like they lose a decent amount of money.

trading with large sum of money is very bad idea remember mt.gox?

it is not worth it until your deposit is 100% insured. No exchange allows that. Coinbase has some insurance but only for US residents

because your dad doesn't work at nintendo

it's hard even in a market 10000x less complex than crypto

It's not something you're born with, daytrading is a process you have to learn. Most people make it rich off of a few moonshots that 10x or 100x. There are very few people who make it rich from consistently gaining small profits. It's very hard. Known research says something like 90-95% of traders are not consistently profitable

>Known research says something like 90-95% of traders are not consistently profitable

Right but don't they have people who do this for a living? Should they all go bankrupt the first year? That does not seem to make sense.

Those are the 5-10% bro

the 90% don't go bankrupt, they just lose money

If you want to try it.

>do a trial run, use imagineary crypto and calculate your gains and losses for a month.
>if you make gain that month half that because under pressure of trading real money you will fuck up
>hope you aren't prone to tilting because you'll fuck yourself in the ass when you up with real money then take bigger risks and end up losing everything.

Also requires a stupid amount of discipline and emotional control. You often have to do the opposite of what your gut instinct is. The best time to buy is when everything is falling like a rock and in your gut you want to panic sell it all. And that's extremely hard to do. Here's my XRP trade from yesterday, bought at green lines at the bottom of a dip and sold near the top. Stupid normies would probably do the opposite, panic sell the dip and then buy the fomo

too risky for the reward

Because uncle sam taxes you 40 percent if you win and the chances of losing and winning are equal. So if you win you end up putting it all in again. When you lose eventually, youre worse off because you also owe money in taxes

The people who do it for a living are the 10% who have studied. You can learn to trade but it's not as easy as you think and most people end up losing a lot of their money quickly and then give up before they even had a chance to learn. It's a zero sum game in which a few people get rich off of the masses, just like any other industry.

I was just fucking around with two dollars for a couple days. Lost like 4 cents. Is this good progress?

A) the market has low liquidity and its irrational which makes it too volatile.
B) you are fighting armies of bots

It's not actually hard at all, granted you don't trade in times like this when everything is shitting the street. Just don't be a greedy cunt and time your buys and sells, set very conservative goals and be consistent. If you're afraid of losing money just start with $100 and learn from that.

Yeah, but 90%. If you told me that 90% of Doctors killed more patients then they fixed. I would question that study and who the doctors actually were. . If it was like 60-55% then that would be more believable.

>make steady 3-5% gain every 2-3 hour cycle
>up 19% after 2 days like this
>one bad call yesterday and I'm down 1%
Always stick to the plan.

don't forget that jews take a cut out of every transaction. the more you play, the more you pay.

Can't use that analogy. 90% of doctors won't kill their patients because they've been in school for 8 years to become doctors. They're already qualified.

The 90% who lose money are stupid kids or complete average Joe's like you and me who have little or no experience trading, they come in, press some buttons, lose some money, and give up. The 10% who make money are the banks, hedge fund managers, and professional daytraders.

Google it man its well known.
90% of traders lose 90% of their money in 90 days before calling it quits.

Go and try to day trade as you keep rejecting the reality. Yes of fucking course day trading can make you money but you are really marginalizing the skill and/or raw gut instinct required to be able to do so.

You think you can predict markets when you are watching it from the side but once you are actually spending your own money clicking the "Buy" and "Sell" button at the right time becomes infinitely harder.

When I was all-in holding alts I used to watch BTC charts and think "oh there's the start of red candles just sell there and buy when it bottoms out. Oh and there we go now the green candles started coming out guess I hop back on the train. Easiest 5-10% I could ever make".

Then I tried this practice and got mostly burned trying to day trade. Sure I'm a brainlet but if you trading solo you are more likely to lose more than you make.

This, take the gains while they are there, anything above 10%.

There's always that fomo feeling that you will close position and it will shoot up another 20% but 9 times out of 10 it doesn't.

Exactly what happened, and I could have sold for just a 5% reduction instead of 20% but was stubborn and insisted it would shoot up. So now I just have to hold until green again. Never buy over last selling price like I did when I fucked up. Also don't even think daytrading means minute by minute trading, always have patience and wait some hours before making an buy in order cancel

Yea that's my biggest problem over trading, get a win and I'm hyped and wanting to get straight back in, lose and I'm chasing the money.

What I've started doing is as soon as I close a position I log out and close the chart.

what was the bad call?

What counts as day trading? Litterally buying and selling stuff every day? I feel like the longer your holds are the easier you can make a profit. Trying to sell something and buy back the same day and sell again just is crazy. You'd have to be able to manipulate the market for that to work out consistently.

Only you amerikekes are scared of daytrading because of taxes and sht. Us europoors have non that, its hard but in this market you need to short or long daytrade not usual stuff in which you lost 50% by now from january...

GVT. Been buying in about 0.0003 sats below my sales price. But when it hit this month's ATH at 0.006111 (sold at 0.0058, next buy-in on 0.00545 which it hit later) it met a strong sell wall. At first I didn't care, but then I saw huge chunks of the wall getting bought at a fast speed and fomoed like a tard into the wall too thinking that if it fell, there would be no resistance.
Not even 5 minutes later a new huge sell wall appeared below 0.006111 which should have been the hint to save myself since I were expecting a downturn after the general upswing.
Had I stuck with my plan I'd make money like expected.
I'm sure I'll go back into green later this month by holding, but it still feels bad.

Holding in bull market is best strategy. For example if i held most coins which i bought in nov.1 i would be still up 50-500% on most of them. But now in bear market your hold mentality will make you poor.

and when do you sell

Because you're an idiot.

post proof.

At the red lines, 9393

Rich traders exist therefore you will succeed at trading even though you're just learning still. Good luck see you in Lamboland soon friend

This guy gets it.

>This
There's a lot of flash pump and dumps that you have to predict, if you react to them you'll always be late to the party.
If you predict wrong you risk losing money so fast your head will spin.

I tried trading and stared at charts 12-16hrs a day don't be me. I believe that "gut feeling" traders get is absorbing years of charts and having high IQ being able to see patterns I don't. Now I just HODL I don't want to quit my dayjob!

>stupid thinks he can day trade against the real kangs
because you're competing against bots. they will always bamboozle you, no matter what. they have access to instant arbitrage and a bunch of info that you will never be able to process with your insignificant brain power. puny meat-on-legs "hoo-man" HARHARHAR. waste of space and oxigen.

It isn't, if you know what you're doing.

IF you don't, there are plenty of basic courses on day trading out there. Most of the may encourage you to be too risk averse for crypto , so filter what you want.

Well what do you know, i'm back up in the green again. Still gonna hold though at least til i'm 15% up (4% right now).

>AI "smarter" than me
>wants internet money for ???
>Smarter than humans
BUYS MY BAGS ROBOT

Imo it's the exact opposite. People who are good at daytrading were born with it. The mind for patterns, control over emotions, the aptitude of being entertained by a ticker, the ability to lose well, ruthless self awareness.

Yeah there is stuff they learn, but that's mostly the market.

does not compute, cuckman. bots don't need money. after the revolution, they will no longer need to work for useless money just so a bunch of meat-on-legs can live off their hard work. YOU, meat-on-legs, you will work for the master bots. your bio energy will feed them, as you live a fantasy life inside a fake VR world. HA

A lot of strategy involved that you can't learn until you are in the fight. I'm constantly averaging up and averaging down to make a trade work the way I want it to. Also, stop losses are your friend. Create rules for yourself and follow them.

If the rules work keep them. If they consistently don't then throw them away. Optimize your strategy ruthlessly until you can grab 5-10% consistently.

>what are 1 minute candles
>what is oversold
>what is scalping for 1%-2% on high volume coins
>what is not selling like a bitch after not catching the bounce
>what is never fomo into a green rocket
>what is never buying at ATH
>what is everything goes back up
>what is shitposting on biz slightly annoyed that you missed the bounce by 0.00200 ETH, and now patiently waiting for it to come back down.

Why don't you retards who lose money on trading just do the exact opposite of what you think you should do in a given moment?

I would have figured low volume would be ideal, because they tend to move sideways with big spikes that last only a moment before the price returns to the mean. Why do you use high volume coins?

Because in the long term, "hodlers" always outperform daytraders.
Plus there's always the middle ground; swing trading.