Losing game to 93% percent of traders, right? The chances of being a profitable trader is not exactly zero, so no one should get into the game expecting to be profitable.
That's correct. Achieving success as a day trader is extremely challenging. I'm personally acquainted with two people who have pursued this path. One of them suffered a mental breakdown due to the stress involved.
I dont know if you have enough money to do that.
The price of bitcoin can move by quite a bit, and you need to cover your position.
Eventually you lose.
It makes sense when you know what you do.
If you want to buy bitcoin at the end of the month, because you have to wait for your money but you fear a higher price at the end of the month you can go long 10x with a small amount of sats. If the price rise you will profit, if price falls you will buy cheap sat.
So you can secure yourself against high volatility.
Everything else is only gambling.
I throw around $100 here and there when the volatility is moving up and down quickly. I usually leverage around x20. But beware of being liquidated quickly if Bitcoin falls like the last couple days.
Our daily operation at SN involves exchanging value for satoshis. So, this is day trading, right?
Day-trading is more like taking a position against a future price of Bitcoin. If you're correct you make money, if you're wrong well you lose money.
https://m.stacker.news/42924
https://tradeciety.com/24-statistics-why-most-traders-lose-money
I understand the trading is not exactly a get-rich-quick scheme.
certainly not. The data indicates that merely 7% endure for more than 5 years and only 1% can profit net of fees. Day trade is a losing game.
Losing game to 93% percent of traders, right? The chances of being a profitable trader is not exactly zero, so no one should get into the game expecting to be profitable.
That's correct. Achieving success as a day trader is extremely challenging. I'm personally acquainted with two people who have pursued this path. One of them suffered a mental breakdown due to the stress involved.
Stack, and spend. Nothing more.
Nice try, Fed.
Haha, why would this make me a fed?
No. It requires time I don’t have.
Sure, it certainly does need lots of practice to practice being a trader.
Or come with a strategy and good programming skills. But that also requires time, damn 😂
I’ve never considered day trading anything. It would just cause me too much stress trying to game the market.
I’m not that smart
Trading is about how well you can handle you emotions than how smart you are.
I dont know if you have enough money to do that. The price of bitcoin can move by quite a bit, and you need to cover your position. Eventually you lose.
Some once said your goal as trader is to first avoid losing money before you focus on making money.
It makes sense when you know what you do. If you want to buy bitcoin at the end of the month, because you have to wait for your money but you fear a higher price at the end of the month you can go long 10x with a small amount of sats. If the price rise you will profit, if price falls you will buy cheap sat. So you can secure yourself against high volatility. Everything else is only gambling.
Trading is totally gambling.
I think most start with day trading. They do well but when they lose, they lose big.
DCA is the way
I throw around $100 here and there when the volatility is moving up and down quickly. I usually leverage around x20. But beware of being liquidated quickly if Bitcoin falls like the last couple days.
X20 leverage is crazy
Yup. I’m in it for the quick profits over the long term. But it comes with downfalls obviously.