The illusion of profitable daytrading

[CrMas37]

It's been widely estimated that 95% of crypto day traders ultimately lose money, and it's been empirically demonstrated that about the same percentage of unprofitable day traders continues despite losing money.

At this point with bitcoin trading between 38-40000k it's been estimated that almost 75% of people invested in cryptocurrency are losing money.

Now, none of these people ever admit their losses. I 've seen people having lost everything, still mocking about being profitable.

How is this happening? Why people keep investing and trading this way? Guess what. Crypto influencers!

These crypto influencers are not profitable. I d highly argue that 1/100 is actually decent. These people have deals with the exchanges they're promoting, their accounts are demo accounts, so they yolo to infinity because it's fake money. Ask yourself a question: How many times have you x100 your demo account?

The crypto industry as it is today has all the red flags of a giant pyramid scheme. The pyramid is so gigantic that you need to zoom out a lot to see it.
Oh, and for the people that actually believe blockchain is revolutionary and freedom friendly either they have no idea how it works or they don't know that crypto as of today, is not decentralized at all.

 

[alurosu]

How many times have you x100 your demo account?

Demo accounts are for pussies

The crypto industry as it is today has all the red flags of a giant pyramid scheme. The pyramid is so gigantic that you need to zoom out a lot to see it.
Oh, and for the people that actually believe blockchain is revolutionary and freedom friendly either they have no idea how it works or they don't know that crypto as of today, is not decentralized at all.

This is kind of ignorant of you to say. It's not perfectly decentralized, but it's at least 10 times better than what banks offer.

 

[Sassify]

Dont do trading without proper knowledge it can cause serious whealth issues and can lead your whealth to road

Crypto system working because peoples like us using it and adopting it more and more every single say

 

[CrMas37]

Demo accounts are for pussies


This is kind of ignorant of you to say. It's not perfectly decentralized, but it's at least 10 times better than what banks offer.

Who's the ignorant exactly? Crypto banks already exist today in the form of exchanges etc, eventually traditional banks will take advantage of blockchain technology and game over. What happens today is the Beta version. You think it's a coincidence crypto exploded in 2021? Decentralization will never exist as it is advertised. It didn't exist in first place, imagine what will happen in the next years. It's a fairytale. A new technology that the big boys will get advantage of and adapt to their own systems.

 

[CrMas37]

Dont do trading without proper knowledge it can cause serious whealth issues and can lead your whealth to road

Crypto system working because peoples like us using it and adopting it more and more every single say

That's what i am talking about. There is not proper knowledge in crypto. TA doesn't work it crypto. There is technical analysis and technical astrology, both are TAs. Guess which one of both applies to crypto.

 

[alurosu]

Who's the ignorant exactly? Crypto banks already exist today in the form of exchanges etc, eventually traditional banks will take advantage of blockchain technology and game over. What happens today is the Beta version. You think it's a coincidence crypto exploded in 2021? Decentralization will never exist as it is advertised. It didn't exist in first place, imagine what will happen in the next years. It's a fairytale. A new technology that the big boys will get advantage of and adapt to their own systems.

There are a few advantages to crypto that you might not consider.

• I'm assuming you had access to banks all your life. People who don't can now join the economy. There are around 1 billion people that are restricted and live only on cash. You can join crypto without permission.
• The code is open, you can see how it works.
• The movement is community based. Once everyone is used to wallets, we can all move to a different currency at a moments notice. If the centralized part of any crypto project is bad, the people can simply move. That can't really be done this easily with banks and states.
• Smart contracts are a blessing and a curse. It has huge upside, but they are very complex. Not everyone gets them right. If done properly, we can trim down lawyers, judges, administration workers, managers, human resources. We'll have to see how this evolves, but it's a hope I didn't have before crypto. Anything is better than nothing.

It's not perfect and I'm not saying "big boys" don't take advantage. That happens in the current system as well. It's inevitable. I'm just saying crypto is better than the excel synching happening nowadays.

 

[alurosu]

Just to be clear, I agree on the part that daytrading doesn't work in a new space. It's mostly luck.

 

[Deleted member 1535036]

Daytrading is not for the weak in heart

 

[CrMas37]

There are a few advantages to crypto that you might not consider.

• I'm assuming you had access to banks all your life. People who don't can now join the economy. There are around 1 billion people that are restricted and live only on cash. You can join crypto without permission.
• The code is open, you can see how it works.
• The movement is community based. Once everyone is used to wallets, we can all move to a different currency at a moments notice. If the centralized part of any crypto project is bad, the people can simply move. That can't really be done this easily with banks and states.
• Smart contracts are a blessing and a curse. It has huge upside, but they are very complex. Not everyone gets them right. If done properly, we can trim down lawyers, judges, administration workers, managers, human resources. We'll have to see how this evolves, but it's a hope I didn't have before crypto. Anything is better than nothing.

It's not perfect and I'm not saying "big boys" don't take advantage. That happens in the current system as well. It's inevitable. I'm just saying crypto is better than the excel synching happening nowadays.

I' ve thought about all these. I am also a junior blockchain developer, used to be a big advocate of the whole industry in the past.

1) You don't need crypto for that actually. FinTech companies like Revolut could solve the problem.
2) In the majority of projects, yes.
3) The fact that is community based in the era of social media and mass information is a huge problem. Traditional banks could easily adapt to wallets, the majority of people don't realise the exchanges they use are centralized. There is a lot of misinformation out there.
4) It could work in an ideal world where people actually respect and listen to one another. Right now, we are in a much worse state than before Covid-19. People have lost connection with the reality, inflation makes us all poorer, blockchain has a long way ahead. Also what will happen after the imminent regulations?

 

[CrMas37]

Daytrading is not for the weak in heart

You are exactly the problem i am talking about.

 

[varules]

You need to spend more time on internet about how is market going, with proper knowledge than only you can sustain.

 

[CrMas37]

You need to spend more time on internet about how is market going, with proper knowledge than only you can sustain.

Been there, done that

I have also my business and personal life. Better longterm ROI

 

[isuog]

There are around 1 billion people that are restricted and live only on cash. You can join crypto without permission.

Not anymore, on every major exchange you're supposed to go through KYC and if you're from a sanctioned country, or even a national of one (Google: "Binance banned Iranian national") you are pretty much excluded.

 

[CrMas37]

Not anymore, on every major exchange you're supposed to go through KYC and if you're from a sanctioned country, or even a national of one (Google: "Binance banned Iranian national") you are pretty much excluded.

Yeah, that's another thing right there. Decentralization but KYC is mandatory these days? Something doesn't stick

 

[yogib34r]

I used to day trade pretty much anything and everything, I made good money (for a side hustle) but it boiled down to gambling, I would read something or see something on the news and think hmm that's worth a look and then based purely on my gut after a bit more research click the button. I seemed to lose my edge and started making more losses during the first lockdown, I just couldn't seem to pick the winners anymore which really made it clear it was gambling. Now I just buy and hold, ideally things that will provide cash flow, its not as much fun but I don't check the charts every few minutes anymore.

 

[alurosu]

Not anymore, on every major exchange you're supposed to go through KYC and if you're from a sanctioned country, or even a national of one (Google: "Binance banned Iranian national") you are pretty much excluded.

You can trade your time for crypto. You work for it. Buying is not ideal.

 

[russellcool]

That's what i am talking about. There is not proper knowledge in crypto. TA doesn't work it crypto. There is technical analysis and technical astrology, both are TAs. Guess which one of both applies to crypto.

TA (technical analysis) works well and applies to crypto.

 

[alurosu]

1) You don't need crypto for that actually. FinTech companies like Revolut could solve the problem.

Revolut denied my account registration for the company I run.

Also what will happen after the imminent regulations?

It's hard to tell. I don't know.

 

[russellcool]

Yeah, that's another thing right there. Decentralization but KYC is mandatory these days? Something doesn't stick

Who cares about KYC?
You can use OKX without KYC and so many others, I know a lot of people who sell verified binance and other exchanges with fake documents without any problems.

 

[thetraveller]

If you believe the big guys will leave decentralization power in the hands of the many, that's a bad guess to make. I tend to agree with everything OP posted here. We at the least tried to have people open their eyes. Generally, it's always better not to refute a different opinion but try and inspect what are the odds of it being right.