Thoughts on Day Trading

SlotKuma said:

There are definitely successful day traders out there. Get yourself a demo account somewhere nice. Stick onto understanding and learning technical and fundamental analysis. Expand your news network, search for the quickest sources you can afford. Combine the different types of data and stark making buying decisions. Learn how to manage your bankroll properly, if you would've known this technique earlier you would've never wasted 1k in a week. Once you are constantly in the green with what you've learned, place some small amount *you can afford* and start trading. You will have to adapt to the different feeling of spending your own money. Start mediation to calm your mind. You have to be unemotional to make serious trades on a daily basis.

Stick onto your path and never give up. Others made it. You can do so too!

Also, don't spend money on courses, most of the information necessary can be found for free online.

Never ever go into debt.

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sabertoothsalmon94 said:

Hey thanks for your response
How long did it take for you to see the green?

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sabertoothsalmon94 said:

Hi everyone

In february I got really interested in trading, I was obsessed with the markets and I tried to learn everything.

When I thought I had enough knowledge I opened a Binance account and deposited 1K.
If you've ever tried scalping you probably know what happened next

Spoiler

I lost everything in less than a week

One thousand bananas is really a lot of money for me but even after this loss I didn't want to give up trading. I learned technical analysis and now I'm focussing on the mental part of it (the markets are heavily manipulated and the retail trader basically always loses)

It seems to me like all the information available is just dogshit, in my entire life I haven't met anyone successful in this field and I'm just wondering, is it possible to really make money with this?

This guy on yt seems like he knows what he's doing, but again how do we really know he's making money with trading?

Spoiler: Traders reality YT channel

https://www.youtube.com/c/TradersReality/playlists

Please let me know what you guys think.

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iDany said:

1. the youtube ones do it for attention and 99% of them are fake, there are real ones out there but the real ones don't try to show off, you probably won't even know they are trader.
2. there are some people who are making money but they also have large pockets that can tolerate the negative trade (their money doesn't get liquidated as fast)
3. I also lost a lot money in the past 10 years until I realized this whole market is designed to take your money, and to make money you need to be in top 2%.
I wish I would've realized sooner that I'm never gonna be in top 2% ... I made some money but I lost it all at the end, no matter how much I tried with different strategies.

after losing so many times my conclusion was that, there are much easier ways to make money than losing everything and going into debt, and I was right.
I just had to change my mentality and stay the hell away from get-rich-quick methods, which trading lives on. it's like gambling.

if you insist to stay on this a bit longer, the only advice I have for you is that Never and I mean NEVER use loaned/credit money for this. only use the cash you have.
remember there is 90% chance that you will lose, no matter how it seems. it's better to earn less than lose everything and going into debt.

now I'm using slow methods to make money, and I'm honestly in a very good position, I just wished I never listened to media and "so-called-experts' and chose the boring way from the beginning.

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iDany said:

1. the youtube ones do it for attention and 99% of them are fake, there are real ones out there but the real ones don't try to show off, you probably won't even know they are trader.
2. there are some people who are making money but they also have large pockets that can tolerate the negative trade (their money doesn't get liquidated as fast)
3. I also lost a lot money in the past 10 years until I realized this whole market is designed to take your money, and to make money you need to be in top 2%.
I wish I would've realized sooner that I'm never gonna be in top 2% ... I made some money but I lost it all at the end, no matter how much I tried with different strategies.

after losing so many times my conclusion was that, there are much easier ways to make money than losing everything and going into debt, and I was right.
I just had to change my mentality and stay the hell away from get-rich-quick methods, which trading lives on. it's like gambling.

if you insist to stay on this a bit longer, the only advice I have for you is that Never and I mean NEVER use loaned/credit money for this. only use the cash you have.
remember there is 90% chance that you will lose, no matter how it seems. it's better to earn less than lose everything and going into debt.

now I'm using slow methods to make money, and I'm honestly in a very good position, I just wished I never listened to media and "so-called-experts' and chose the boring way from the beginning.

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...like I don't get why the fuck people think that they can just study for a bit and immediately become a successful day trader. It's insulting to me that people think just "oh I want to make money by being a trader" and think they can do that immediately. What I always say is that you should compare it with any other profession. Would you say "oh I want to make money by being a doctor or engineer" and think that few months or even years is enough? It's a common fallacy that people think that just because anyone has access to trading tools it's easy to learn - and that's exactly what Wall Street wants.

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2 things are most important. 1. Consider first 2 years a learning period. Put aside or budget 10K per year and be prepared to lose it all. Those 20K are the price of your education - just as you would pay for uni to become a doctor or engineer. This mentality helps with emotions staying out of the way and embrace losses as a learning experience instead of a failure. You lost 500 bucks yesterday, but what did that teach you? THAT is the beauty of learning trading yourself - if you're bright, you can do it without any school. Although quantitative field education is undeniably extremely helpful. And 2. Risk managent, risk management, risk management. You should know how to manage risks in your sleep. This is by far the most important quality of a long term successful trader.

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Beyond that, there are no secrets really. Do I have my own techniques? Yes. Am I going to tell them to you? Absolutely fucking not. I spent decades perfecting my knowledge and skills and you expect me to give it all away because you ask nicely? Besides that, there is no 100% tips. More than often it's 50/50 and this is when experience kicks in and you just know what to do most of the time. So from that perspective, with all due respect, for most of you my secrets would be next to useless.

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justalazyseo said:

Hello!

I was very interested in day trading few years ago. Spent about 2 years studying it on the side and doing some Forex and stocks day/swing trading. Won some, lost some, ended up on the positive, but then realized that I can get better ROI with other ventures.

I received this amazing piece of advice in person from a highly skilled Forex trader at a related conference (not verbatum):

And then he elaborated on what he teaches when someone asked him about trading tips:



Hope this conveyed advice helps a little on your journey

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sabertoothsalmon94 said:

Hi everyone

In february I got really interested in trading, I was obsessed with the markets and I tried to learn everything.

When I thought I had enough knowledge I opened a Binance account and deposited 1K.
If you've ever tried scalping you probably know what happened next

Spoiler

I lost everything in less than a week

One thousand bananas is really a lot of money for me but even after this loss I didn't want to give up trading. I learned technical analysis and now I'm focussing on the mental part of it (the markets are heavily manipulated and the retail trader basically always loses)

It seems to me like all the information available is just dogshit, in my entire life I haven't met anyone successful in this field and I'm just wondering, is it possible to really make money with this?

This guy on yt seems like he knows what he's doing, but again how do we really know he's making money with trading?

Spoiler: Traders reality YT channel

https://www.youtube.com/c/TradersReality/playlists

Please let me know what you guys think.

Click to expand...

sabertoothsalmon94 said:

Hi everyone

In february I got really interested in trading, I was obsessed with the markets and I tried to learn everything.

When I thought I had enough knowledge I opened a Binance account and deposited 1K.
If you've ever tried scalping you probably know what happened next

Spoiler

I lost everything in less than a week

One thousand bananas is really a lot of money for me but even after this loss I didn't want to give up trading. I learned technical analysis and now I'm focussing on the mental part of it (the markets are heavily manipulated and the retail trader basically always loses)

It seems to me like all the information available is just dogshit, in my entire life I haven't met anyone successful in this field and I'm just wondering, is it possible to really make money with this?

This guy on yt seems like he knows what he's doing, but again how do we really know he's making money with trading?

Spoiler: Traders reality YT channel

https://www.youtube.com/c/TradersReality/playlists

Please let me know what you guys think.

Click to expand...

Archer99 said:

Some hilarious advice in this thread really.

I'm going to re-iterate again that yes it's possible and it's not overly hard, an average person can do it successfully if only he puts in the work and works diligently in building his skillset.

OP is obviously trading crypto (a market that works differently in some ways than stocks), and I've been learning to trade seriously only for a few months, but the key difference is that I have a mentor group and tons of material and examples to fall back on.

A mentor group can speed up your learning 30x which is why I say it is entirely possible to profitably make money from day-trading and you can learn it relatively quickly if you have the time and will to put the work in.

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B1TCS said:

I have been trading Forex / Indexes (US30 and NAS100) / Crypto for over a year and I can tell you I lost 5 figures in this time. Close to $20K

Even with patient and all of that I'm not touching leverage again. (At least for few weeks / months)

I don't recommend anyone to day trade, this is too much to handle.

Time in the market > TIming the market.

Just invest by doing Dollar-cost average for the long term, because day trading it's the same as gambling, you need to have enough discipline and even with discipline, I believe people who use leverage over 90% lose money.

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