The illusion of profitable daytrading

BUY and HDOL for at least 10 years. Those with the patience to do that will become rich.
 
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russellcool said:
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.
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True, but notice the trend the standards are trying to settle on. In the future that might be harder and harder to realize.
 
CrMas37 said:
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.
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TA works within every market, you need to have the proper knowledge which 99% of people don’t have. I own 3x funded accounts and have been profitable every month for 2 years now so I would not call this luck.
 
CrMas37 said:
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.
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Yeah a pyramid scheme every major financial institution in the world is pumping hundreds of millions into, every major country in the world is developing their own versions of, thousands of research institutions around the world are researching every day, and tens of millions of people globally use as their main source of income.

Negging crypto from the sideline is literally as old as crypto itself. People were doing that in 2010 too all the time.. it doesn't make you contrarian or nuanced.

If you think it's fake money then slam whatever value you own into USD in a bank and let's see who's doing well in 5 years and who's living under a bridge.
 
Most people lose money in trading but there's always a minority absolutely crushing it with leverage trading and shorting. BTC had kissed 45K.
The Ukraine issue drained the momentum.
 
CrMas37 said:
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.
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Nice post overall but there are some incorrect generalizations IMO

First of all, there are requirements in order for something to be called a pyramid scheme. The most important of which is pyramids require an exponential number of new users in order to sustain gains for the earlier users. Crypto does not require this. In fact the number of users has grown slowly and linearly, while prices continue to soar.

Also, not all cryptos are the same. Avalanche has over 1700 validating nodes running right now. It is WAY more decentralized than the closest competitor. So not all cryptos are the same. While Bitcoin mining is dominated by a handful of large pools, other cryptos like Cardano and Avalanche are very very decentralized.

All your other points about day trading are correct IMO. Day trading is gambling. And gambling is a 95% probability of losing, that's how casinos make billions of U$
 
You can be very profitable day trading crypto, but it depends on the current state of the general market along with your knowledge and skills in controlling the risks involved.
 
CrMas37 said:
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.
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For the most part you're right. The last paragraph has always been how I saw crypto, specifically Bitcoin since when I first heard of it in 2013.
 
Crypto is so much volatile that all people will loose with day trading. I mean on some days , you can make profit but in single loss day , everything will be gone.
 
HustleTong said:
Most people lose money in trading but there's always a minority absolutely crushing it with leverage trading and shorting. BTC had kissed 45K.
The Ukraine issue drained the momentum.
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Leverage trading is the one of thing where peoples loose tons of money every day.

Bitcoin will kiss $30K soon too like i said in yesterday thread and its touch $38000 and turned up again now
 
CrMas37 said:
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.
Click to expand...

1 key is finding lowcap cryptos. Typically I hold but you do get good price action with lowcaps.
 
Day trading is very risky, those people who are doing future trading will always make overall loss.
 
CashOutSpot said:
Cryptocurrency trading really has a lot in common with casinos and bookmakers. Many people think they understand how it works, but only those who invented it know the whole truth)
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Then i guess, its not all about the money :)
 
Some wise words from the Indie Hackers newsletter, very related with what the OP said

WoL25bC
 
It's because they get addicted. Those first "juicy gains" trigger a high (much similar to a drug), and they continue to chase it. Who wants to take their measly $100 gain when there is a possibility you can make $10,000? So they keep going - risking more in hopes of hitting big. Some do, but the vast majority of people will get greedy and piss away anything they make.
 
day trading is a bad idea. buy low, sell high. might work better. the less you trade the more u earn. think in terms of casino the more you play, the more you lose.

if you play 3 times, lose $200 but win $1000 at one time out of the 3 and you leave the casino profitable you won
 
CrMas37 said:
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.
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Surely you realize there are decentralized exchanges yes?
 
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