Is Day Trading a Meme?

Hint: In order for you to make money on it, someone else is losing money on it.

>>3370270
meme

>>3370270
Due to the volatility of crypto it is the same as gambling your money away.

>>3370298
day trading is more like backgammon than gambling

>>3370270
It's not easy depending on how you look at it. Let's just say the more you like to manage your risk the harder it is. Honestly you can make much more if you invest and hold in good coins, but out of 1000s of shitcoins it's hard to pick which ones are truly good.

I do it over a 3 or 4 day period. Not exactly day trading but there are coins that rise and fall 20-30% regularly over that time period. Much less stressful too.

>>3370270
It's a meme

You won't make money unless you own large amounts of BTC, because at that point you can start manipulating the market. Other than it's because you are smart enough to figure out when to buy and sell.

The best thing to do is hold better currencies and then sell, buy at the right points, which is more of a weekly/monthly thing

>>3370270
you can make some decent gains. In the long run a sudden moon or flash crash will fuck your shit up though. I was both early in NEO/ANS and OMG and made a verrry good profit but would have about 2-3x more if I just invested in those coins at the start and didnt fuck around with them that much...

>>3370341
w-what if I do it in a highly disciplined way
for example, I limit my gain to 100 bucks per day, once I reached it then I stop trading anymore within the day
then practically I can make a living from it

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>>3370312
I would say more like chutes and ladders.

>>3370419
backgammon = lots of skill + chance

I love backgammon

I also love daytrading

made about $3000 last week and up several hundred today

>>3370482
How much do you use to day trade?

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>>3370398
Good idea, Anon!

>>3370398
You'll still miss out on big pumps.

>>3370482
Careful, you'll trigger the crypto lotto players (or "investors" as they like to be called).

>>3370544
the point is not to catch big pumps
the point is to make a living from it and always stay positive

>>3370270
It's also easy to lose money by day trading cryptos.

Plus you've also got tax issues to deal with, meaning you could lose an extra 20-40% of your profits as opposed to holding for long periods.

Lost half of my portfolio

Day trading on margin is a meme and a very bad idea.
Swing trading with the RIGHT coins can be fruitful if you know what you're doing.

easy come easy go

>>3370577
that's not how it works, though

What if you only lost money? You'd still be trading (gain < 100 dollars)

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>>3370270
Bitmex Bitcoin futures traders stay woke af, +2000 members up in this crypto trading discord server, some ought to be making money, while others are losing it.

discord.gg/VpPrGmF

>>3370764
which are RIGHT coins?
any example?

>>3371358
DOGE

Everyone day trading shitcoins now and not reporting every trade to the IRS because "muh likekind exchange" is gonna get fucked by the long dick of the law and I can't wait to see it happen

It's legit if you don't let emotions fuck over your decisions. Also use stop loss/take profit

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>>3371414

>>3371358
ANT

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>>3370270
you wouldnt really want to intraday trade with leverage cryptos as eth just had a flash crash over 95% that makes it impossible to trade such coins

bitcoin might be more stable but is has spread so large intraday is probably out of question

>>3370398
You should change your definition of discipline to something that will maximize your gains instead of minimizing them.

Discipline should mean buying smartly according to the analysis you've done. You have a system for finding good buying and selling points, and you follow these rules for great profit.

>>3371414
Lol America and their shitty laws

>>3370288
give this man a Noble Prize already.

>>3371414
I honestly can't imagine that happening until after the IRS issues more guidance.