Holding is what most bitcoiners do. How about day trading?
YES22.2%
NO77.8%
27 votes \ poll ended
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32 sats \ 6 replies \ @0xbitcoiner 1 Aug
Our daily operation at SN involves exchanging value for satoshis. So, this is day trading, right?
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0 sats \ 5 replies \ @asterisk32 OP 1 Aug
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.
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50 sats \ 4 replies \ @0xbitcoiner 1 Aug
https://m.stacker.news/42924
https://tradeciety.com/24-statistics-why-most-traders-lose-money
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0 sats \ 3 replies \ @asterisk32 OP 1 Aug
I understand the trading is not exactly a get-rich-quick scheme.
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0 sats \ 2 replies \ @0xbitcoiner 1 Aug
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.
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21 sats \ 1 reply \ @asterisk32 OP 1 Aug
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.
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0 sats \ 0 replies \ @0xbitcoiner 1 Aug
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.
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21 sats \ 0 replies \ @398ja 2 Aug
Stack, and spend. Nothing more.
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0 sats \ 0 replies \ @DEADBEEF 2 Aug
I’ve never considered day trading anything. It would just cause me too much stress trying to game the market.
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0 sats \ 1 reply \ @BitcoinIsTheFuture 2 Aug
I’m not that smart
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0 sats \ 0 replies \ @asterisk32 OP 2 Aug
Trading is about how well you can handle you emotions than how smart you are.
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0 sats \ 1 reply \ @Satosora 2 Aug
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.
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0 sats \ 0 replies \ @asterisk32 OP 2 Aug
Some once said your goal as trader is to first avoid losing money before you focus on making money.
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0 sats \ 1 reply \ @allmightyrandom 1 Aug
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.
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0 sats \ 0 replies \ @asterisk32 OP 2 Aug
Trading is totally gambling.
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0 sats \ 0 replies \ @OT 1 Aug
I think most start with day trading. They do well but when they lose, they lose big.
DCA is the way
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0 sats \ 2 replies \ @oliverweiss 1 Aug
No. It requires time I don’t have.
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17 sats \ 1 reply \ @asterisk32 OP 1 Aug
Sure, it certainly does need lots of practice to practice being a trader.
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0 sats \ 0 replies \ @oliverweiss 1 Aug
Or come with a strategy and good programming skills. But that also requires time, damn 😂
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0 sats \ 1 reply \ @TNStacker 1 Aug
Nice try, Fed.
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21 sats \ 0 replies \ @asterisk32 OP 1 Aug
Haha, why would this make me a fed?
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0 sats \ 2 replies \ @ContraMundum 1 Aug
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.
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0 sats \ 1 reply \ @asterisk32 OP 1 Aug
X20 leverage is crazy
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0 sats \ 0 replies \ @ContraMundum 1 Aug
Yup. I’m in it for the quick profits over the long term. But it comes with downfalls obviously.
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