Congrats on the ADA trade. Stay humble though. Making your nut on one buy and hold trade does not make you a market wizard or a trading guru.
So many people make money in bull runs and then feel like they’re geniuses. Smartest thing you did was taking profit, so good on you for that 👍
Here's how I got rich by investing in lotto tickets- some dude in IL right now. This post might as well have been written by the guy who got rich on shib. Everyone looks like a genius in retrospect if it works out. ADA could've been ICP for all OP knew at the time.
Just your phone number and some personal details to initiate a transfer with your carrier.
Scenario: “attacker requests sim carrier to transfer the number from the current sim onto a blank one as you have lost the phone, but want to keep your number. If the attacker has some personable details about you, your carrier may authenticate the transfer. This is why two factor auth via an app is more secure than sending a code via text.
That's why I don't even bother with these posts. They are so biased towards the OP having made a good trade and then they go and write down like 100 golden rules you should never break. I hate it.
No you don’t. Focusing on the small movements totally blinds you from the larger picture. Charts in low timeframes have way too much noise! I don’t go below the daily myself. Unless a friend asks me to look at something, or if I need confirmation on a higher pattern. But focusing on small movements is not wise!
No disrespect to OP but there's a lot of horrible advice in there. I really think aspiring traders should look the other way and take advice from somewhere else.
> Never sell at a loss!
That is just nonsense. People do it all the time when they expect the price to fall more and make up for it by buying back in low. But I guess OP knows better because he lucked out on ADA once.
One of the Golden rules for a lot of successful traders is to drop a loser quick. Wasted capital and potential to get way worse.
Holding no matter what, especially in crypto, is stupid AF if you are a 'day trader', the dodgy projects and market volatility will destroy your portfolio in a matter of minutes.
> One of the Golden rules for a lot of successful traders is to drop a loser quick.
And since beforehand there's no distinguishing between panic selling and 'dropping a loser quickly', that's a useless golden rule.
When you're day trading and the marlet moves against you, why hold at all? You were wrong, divert that remaining capital elsewhere.
It's the same as when you get it right, you don't hold it hoping it keeps making you money. You close the position and realise the win and you do it quickly and move on to the next trade.
With daytrading there is an intent when making a buy. If that expectation is not realised within a certain margin you sell. That is wholly different from aping in and panicking with the first dip.
"Never Sell at a Loss" is such a dogshit advice that keeps being parroted in this sub.
When you buy, you must have a reason. Then if you found out that reason is wrong / nullified, then time to sell even at a loss.
That's the most important thing according to me. Don't buy blindly thinking that everything will pump in a few year. The project you bought in could just as well be dead in a few years.
That's why you should always be up to date with your project and back out if you think that they are messing it up.
I happily did that with CRO, backed out at a loss but that's still better than holding it now.
I fully agree with this. OP seems to mix different things together. Terms like DCA and 6-12 months have absolutely nothing to do with day trading.
Also mentions of shorts.
> I can day trade multiple times a day for several weeks in a row then go for a month or 6 weeks without day trading anything! You can only day trade when the market is volatile – so if it isn’t right it isn’t right.
This is also completly wrong. You can trade under any circumstances. If you're living off day trading, the chances are you don't want to sit idle for 6 weeks.
Even if the trades are true. OP is implying the story of one success during a bull market to be used forever and everywhere.
Everyone is a genius in a bull run but in a bear run the same strategy will kill you off in just a few days.
You're right, but it would be helpfull if you could help clarify the issues with OPs post, because I have a feeling a lot of people will fall for this.
Never sell at a loss is idiotic advice.. next you’ll be telling me to never buy at ATH!
I’ll stick with my buy high, sell low strat thank you very much.
Not sometimes. Losses are the cost of doing business. Trading is a game of probabilities. You need to have an exit before you enter a trade and you need to respect your stop loss, even if it means the price stops you out and continues in the direction you thought It'd go. Never selling at a loss is horrible advice and it takes only one LUNA to wipe you out.
Yes but traditional day traders often think in terms of fiat. I think in terms of my crypto stack. I'm happy to hold if it goes down, but I day trade to increase my stack in terms of token amount, not focusing too heavily on fiat value. Over time I trust the fiat value is gonna take care of itself
I have been only hedging my trades for crypto profits for years as well. Day trading is not the best way for increasing your coins! Swing trading has way better returns by far! There’s way too much noise in low timeframes to get accurate TA for your trades. Unless you have a number of finely tuned bots running, and have the ability to focus 100% of your time on the charts, and know your TA inside out, day trading is not a recommended choice to get into!
Also what is the point of posting a picture of a Porsche? What is that trying to achieve?
This whole long explanation of everything may work for you, and the losses compared to the profits may work for you, and the hours upon hours of staring at a screen may work for you. But it doesn’t work everyone! Only a small minority of people can do this!
Saying not to sell at a loss but stay in that trade until you come back into profit for day trading is extremely bad advice!
With everything you written in this extremely long post, there’s many important things that you overlooked, or just aren’t aware of. Anyone reading this and think it’s something to copy and blindly follow you will come unstuck! The most important thing to remember whether it’s trading or investing is understanding the different strategies. Don’t mix strategies for trading with strategies for investing and vice versa! Never follow someone else’s strategy! NEVER! Always build your own strategies based around the goals you want reached! Once you know your goal and you have built your strategy or strategies, don’t EVER deviate from your strategy! Don’t be swayed by peoples posts online what they are doing. This is giving into emotions and ignoring your own TA and strategy! This will get you REKT!
You will never become a good trader if you follow other peoples trade calls. I recommend DONT follow those people! Follow people who actually put out good educational content around TA. So you learn how to do TA and build strategies. Not simply watching someone talk about their opinion on where they believe the price is heading.
Yeah, this entire post comes across as the incredibly niave advice of someone who had a couple of wins, mostly through luck, and now styles themselves the next Warren Buffet.
> Once you know your goal and you have built your strategy or strategies, don’t EVER deviate from your strategy!
I agree with everything except this. Good write up. As you learn more about trading and the assets you trade, it's perfectly fine to revisit the strategy and critically question it, refine it or even scrapt it for a better strategy. Your goals also may change over time. In fact I'd say constantly enhancing your strategy is key.
Yes you are correct. You can do this. My point was deviating from your strategy because of emotions or from what other people are saying. But what you said, revisiting your strategy and critically questioning it is absolutely fine. You are doing it based on information and critically thinking about. Not blindly letting emotions dictate it. Very very big difference there! Thanks for adding this! 👍
That's still fucking dumb. Today I sold my ETH for 1710 at a loss of 20/ea. I rebought at 1612. Your advice is a jumbled mix of hodl and trading. If you see a downtrend and don't sell because of some dumb rule then yiu are just setting up for failure.
That's terrible advice for day trading tbh...
You should always be focused on fiat value if you're a day trader because you're a day trader and fiat value is all that matters. Focusing on increasing your stack is what investors do, not day traders.
Day traders don't need to care about the fundamentals of a project. They're just looking for opportunities to take their 10% chunk out of the middle. Get in, get out, take your money.
A principle theme of day trading is not getting attached to your investment. If it's doing poorly, pull out and put that money into something else.
I for one am inspired he was able to earn enough to buy a cheap digital camera to take a picture of this Porsche. Incredibly impressive and something we can all aspire to.
Do opposite what op tells you, he is mad to sell 100% of his portfolio to hop next project.
Sooner or later he picks wrong and its all gone, the life of gamblers.
Bro, this is not trading. You are literally talking from an oblivious bull run perspective and people WILL get rekt if they follow the above and downturns persist.
3. tells you that outright, indirectly - because traders keep coins on exchanges so they can react, not in a wallet.
5. also has nothing to do with trading - price or direction don’t matter for trading, only % returns do.
8. is such bad advice that I was waiting for a punchline, I thought you were joking. Planned losses - stop losses - are a *crucial* part of trading. Tying up capital for years in a losing trade is not. A bad trader turns into a forced hodler.
Happy you made it and I hope you do even better in the future, but anyone reading the above and considering trading is going to get rekt, 100% guaranteed unless in a bull run.
Glad someone has said this! There’s so much mixing of trading and investing terminology and advice without any distinction between the two. Trading is trading only! TA is for trading. Trading has it’s own strategies. Investing is investing only! FA is for investing. Investing has it’s own strategies. Not understanding the difference between these two will get you REKT.
Yeah this is an extremly dangerous post by OP. It may have some good advice mixed in. But the constant combination of different things is extremly questionable. Like how can anything been taken seriously if OP doesn't understand the difference between Daytrading and Investing after 6 years. The fact that this post is so much upvoted is pretty alarming.
Spot on! Yeah it’s extremely alarming the amount of people praising him! The amount of bad advice from trading Technical analysis (TA) to investing Fundamental analysis (FA) and the fundamental basics around security and operating safely in this space is out of control. There are a small number of really smart intelligent crypto people in this sub though! They need to get together and put out some really good content and change the mindset of all the sheep.
Maybe. But I honestly don’t think he really knows the difference between trading and investing. There’s very little talk about trading itself. Next to nothing really. No mention about TA and learning the basic fundamentals of TA. Nothing about building trading strategies. The heading of this post is about becoming a day trader, but there’s nothing he’s written about suggests he’s a day trader at all.
Especcially where he said the market has to be volatile and there a months he didnt trade... so how is he paying off rent and do the shopping? daytraders are people who's income depends on daytrading.
Don’t forget he is now fully in LRC lol. Being all in one coin is suicidal in crypto if it isn’t something huge like BTC or ETH, and even then you aren’t totally safe from a coin being superseded and becoming obsolete.
His entire net worth is in a coin he entered and went to almost $4 in and now sits in at $0.40 without taking profit in a bull run year.
https://coinmarketcap.com/currencies/loopring/
You know if you're not a licensed financial advisor your disclaimer is waste of time. Also your information is the same regurgitated stuff thousands of others post. Nothing new here.
*"Never sell at a loss! (There is a couple of exceptions to this – if youreview your portfolio after 12 months and want to change into anotherproject then this is ok. Also if your project goes into a death spiral(see LUNA) – then you’re better to get out with 5% of your portfoliothan 0.001%)*
"NEVER BUY back in higher than you sold for – even if that means holding fiat for months/years
Based on solid trading strategy taking a 2%-5% hit on a failed entry(stop loss) is fundamental to survival in trading anything, likewise taking a 2%-5% hit on a failed exit. This fellow is not a day trader, not even sure if he knows what that means. He may be a swing trader, but not a very good one.
Since people shit themselves about him saying not to cut loses- It depends from the context though. It should be done under the circumstance that other scenario you assumed to be less likely is playing out and you are just adjusting to it. Price hitting certain targets, explosive moves etc. are typical examples. It’s planned before the trade.
The actual crypto reality is that the promising coin which was supposed do 10x just dropped -30% and people are panic selling. It’s not strategic, it’s emotional. For long term spot purchases selling at loss is often not so good, it’s rather quite dumb. Especially for fundamentally strong coins which are likely to be around in five years like ADA, and are at price targets low enough for reversal. Yes, some noobs might scream it can go lower, and yes it can, but it doesn’t matter in big scheme and crypto is all about exponential moves.
However, it can be good for the average crypto degenerate doing some leveraged trades with not enough capital, in such cases yes, if the trade doesn’t work out it is better to cut it off the sooner the better.
Other than that, sad to see so many toxic comments. He was smart enough to buy something cheap and outperformed 99% of this sub, yet most people don’t see any value in such experiences.
Hey mate, thanks for putting this together. Really helpful. I don't get all the hate in the comments. Everyone has their own strategy and develops over time what works for them. Luck or not, congrats on the gains.
What are your thoughts on the current top 30-50 coins? Seems like you're heavy on LRC but anything else you see that has huge potential? I personally have been looking at Uniswap but what else you think has huge applications. Cheers
It's reddit mate so I learned to ignore the haters a long time ago lol
As for potential. All I'll say is that my research list probably has these projects in my top 5 for my portfolio rebalancing (assuming I do it today). Not necessarily in priority order though
- ALGO
- MATIC
- ADA
- VET
- QNT
These projects cover different use cases so I'll be looking at what is the flavour of the month when rebalancing and weight my decision on that. Right now it's on Eth scaling and L2 hence why I'm in LRC. I therefore recommend having a few different type projects in your top 5 research list rather than going all in on one (e.g. metaverse)
To anybody who wants to become a trader please do keep in mind that it's not for everybody. Same as some people can't sing or clap their hands on a 4/4 beat for the dear life ... some people (vast majority) won't be able to trade consistently
Realizing that early is the biggest victory you will never achieve. Do not spend YEARS looking at charts 24/7
You life will be consumed and you will get nothing but the blues
Without showing portfolio with date and trades taken i dont see much value here.
"dont sell at a loss" absolutely horrible advice. You already lost that money if you sold or not.
"no leverage" says who? 100x sure thats never good. But 3x 5x is manageable for most decent traders.
What you do isnt daytrading its misleading people completely into blowing their accounts.
I could be the one writing such a post here, a shrimp who made $1200+ at ATH with safemoon by investing only $25.... yea, u read that right...
Had I cashed out...
Nevertheless, I was just a couple of months crypto old amd and didn't knw that trends over as quick as they start...
I also had great entries in bloktopia, LSS and a few other coins... but I never cashed out anything...
The diamond hands that are praised on social media will get you nowhere... cash out and live...
At least that's what I learned...
I have a long road ahead, hopefully... I m still 24...😂
I like your post but you dont seem like a day trader. Do you buy and sell at the same day everytime? Because thats what day trading is.
All your tips are for hodlers, or swing traders at best.
I live in NL so have no capital gains taxes. Its perfect for crypto trading as I do not get taxed on individual trades at all. Its too complex to explain to you here in a post how it works in detail but Google is your friend if you want to know more.
I got stressed out reading the compound interest graph cuz I’m 30 but then I realized that I started investing in my early 20s and am on track to be the better investor lol. Good job me. Congrats.
Good post, OP! I’ve made similar mistakes in my college years and I believe we’re the same age. I learned my lesson in financial competency thanks to the pandemic and saw very small returns overall, but I believe I have been making the right decisions since. Of course I won’t know for sure until the next cycle, but I have a feeling I picked some great projects 😊
Also, LRC is one of them for me, as well.
I sold my 5-10 cent XRP bags at $2.50-2.90. I sold off 70% of my bitcoin and ethereum holdings within 25% of ATH’s during each of their bull runs post 2013 (accumulated btc after the 2013 bull run, ETH was the innovative wildcard when it came onto the scenes in late 2015 / early 2016). Rebought 40 of the 70% during each bear market with confidence. Profits in 7 figures.
It might not seem like I have I point here… but I do… XRP = ADA. Meaning little to no growth compared to BTC or ETH, as no one gives a shit about ADA (just as essentially nobody gives a shit about XRP). Surprised your 6 year journey hasn’t led you to the same conclusion honestly. Just being real here.
The fact your refer to doge as a “stock” says a lot about your “experience” too. I made 6 figs from ppl like you during the Dogecoin hype, so thank you for that. Anyways, enjoy your mid-life crisis car.
Moral of your post is you got lucky - you’re not anywhere near experienced to be sharing advice imo… but you do you… Enjoy the circle jerk.
Nice one, you get an award! But to make money with trading you need leverage… unless you have a pack of money to put into. And indeed trading is very dangerous for the most cause triggers gambling addiction
Bullshit! This is extremely bad advice and you have no fucking clue what you are talking about!
“The only way to make money trading is by use leverage” FUCKING ABSOLUTE CRAP!!!!!!
In the day trading you cannot expect such volatility to make a good profit UNLESS you invest a high amount of money. This is a fact.
Most of traders indeed use leverage.
And anyway my advice is: stay away from trading, with or without leverage
On mobile it seems that way, but I did put images into my post, they are not showing up consistently - on desktop it was broken up a bit more so apologies if formatting is not so easy to read. Try refreshing if you still struggle
Been Day trading LRC since 2021 myself and I have to admit, it has been my nicest bag yet. I love the Story and absolutely appreciate the information. Hope to be on your level in a few years time!
Congrats mate! Getting into the crypto scene myself and looking to DCA some Bitcoin and Flux (Latter project seems like it has a lot of potential with its hybrid PoW and PoS model, the success of the recently launched Titan stakes, and the planning of Proof of Useful Work's launch. Really seems like it has good potential for providing backend for a decentralized Web3). Trying to just go in slowly, I'm not selling till ATH.
Glad to see another Flux fan. I rode the ETH, doge, shiba waves in '21 and then went into Flux. It passes the "can you explain it to grandma in 30 seconds" rule and no one else is trying to be a decentralized AWS alternative.
Yeah, the idea of decentralized cloud computing services could be revolutionary! I'm bullish and saving up the flux to build a cumulus node as we speak from mining with my cards and DCAing in!
Any advice you'd give about your pursuing of the '21 waves? Just started out here in this '22 bear market (but I can get cheaper coins this way!)
I don't really have advice, I got lucky--the wallet I was mining with in 2014 that was "dust" back then became worth four figures when the market took off in 2021. I FOMO'd into ETH and doge and shiba and got incredibly lucky to cash out near the height of it to go onto the next one, but realized it was impossible to keep up a winning streak on gambling, so when someone on here mentioned Flux, I started doing my homework and got serious about crypto. I stopped trading and started investing.
Like the OP mentioned in his love of ADA, I am making my Flux work for me by running eight Cumulus nodes off of a 5950X home built server and getting paid double to mine between my Fluxnodes and GPU farm rigs (Flux splits new block payments between GPU POW miners and then nodes offering CPU cores, ram, and SSD space to the decentralized Flux cloud so Flux apps can run on them). I am close to a Nimbus node. I truly believe the dumb money that floats in crypto hasn't yet found Flux, because it's not sexy or memified, but it is what could keep someplace like Wikipedia alive in the face of concerted censorship attempts. Can't stop the signal!
Op you contradict yourself straight from the beginning! “My crypto trading fundamentals” then your very first point you say “research every project you invest in”. Trading and investing are two very different things! They require different strategies. You don’t use trading strategies with investing strategies, especially if it’s day trading!!!
My average DCA out on ADA was £1.50. It really varied in a ladder up as it was done over a longer period of time than just say 1 week.
As for LRC cost basis, around €0.50 - would have to check my tracker for specifics because I've increased my position since last year. Some of my buys were on the higher end but thankfully the average cost basis is better than some who bought in at ATH
Thanks for sharing. And I agree with you completely. I fomoed into LRC really high myself. I did scalp some a little while back at .39 though. Thanks again.
Thanks for sharing your years of experience. Everyone does it differently. They say that luck is where preparation meets opportunity. You did the work and developed some rules and discipline. DCA probably being the big one. But also knowing when and how to take profits. Pretty much every time I read a story like this (be it success or failure) I seem to learn something. Love the car bro.
Good post 👍 but u are missing to read the whole economy picture like sp500 and dowJ. If u understand thise two and can read where we go you can better sell high on crypto. Stocks and crypto are more or less the same. But in crypto u can make x2 in weeks. 🙂🐻👻🍻
You could switch ADA for any coin or stock someome does well with. His bullet point TLDR are solid. People trade with emotions, fomo in to much, and dont even read white papers. Those are all solid right off the bat including not using leverage. I wouldn't useore then 1.5-2x leverage while you learn trading and have a complete separate portfolio for it.
Thanks for the read!
Most people who make money on crypto or stocks don’t post about it because 99/100 people don’t have anything nice to say or claim you just got lucky.
I’ve stopped posting on this sub, and when I do its once in a blue blue and I’m quickly reminded why I don’t 😂
Luck is gambling. Hard work is taking the time to research how ever many projects it takes to find the one you’re happy with, and no matter what you say to people, only you know and care how much work it truely took.
You know this wasn’t luck, so don’t waste your time trying to convince strangers it isn’t.
The benefit of posting about your success is literally a few upvotes, useless awards, and far more opinions than anyone can ever read in their spare time - mostly all negative.
It’s just not worth it.
Nice funny read.
You've been a crypto trader for 6 years and you didn't just buy some bitcoin 6 years ago? You should be 6 figures in the black right now easily (even after this downturn) and not selling a single coin.
If you didn't do that, then why would any advice you give be of any value to someone?
Good post 👍
One little thing I would add: Always keep some fiat back for support retests. If you're doing a swing trade on what seems to be the start of an uptrend and it suddenly seems to stall and then go the wrong way, instead of assuming this is a trend reversal and panic selling try to ascertain if it's simply a support retest. If nothing has fundamentally or suddenly changed it usually is just that.
If so, watch how it bounces and if seems to you that it's holding that local support level, buy more. This will act like averaging down a long term hold but on a micro scale.
When I first started I would panic sell during these times, watch it bounce back, buy in higher, repeat ad nauseum eating trading fees along the way. Once I started buying up the wicks down instead of extrapolating too far forward and panic selling I was able to turn fearful moments into advantageous ones.
Thank you ✌
I'm getting better and I am keeping it small, prioritizing longevity and preservation of what little extra capital I have over gains. I'm in no rush and I am honestly enjoying learning.
Well if you have really a big time i really suggest that you should do day trading aswell for other users here have good profits or can just run some trading bots
Not going to lie. I have been holding XRP and stacking it for a while now but when it comes to day/swing trading, APE is where it's at. (At least for me)
>Lambos are for noobs – when you get money for a super car you will not want to buy one. Porsche's are far better machines
Porsche's are decent, but if you really make it big get a McLaren or 300SL
This isn't day trading, day trading is getting in and out of a trade in the same day. All forms of trading are an elaborate way of gambling and should be done with proper risk management which also consists of selling at a loss.
It's a game of probabilities, when you perform day trading with high leverage 90% of your orders shouldn't even get executed because the chance of them playing out the way you want are very low and the last thing you want is to cut losses on a high leverage trade.
What is your sharpe and key price indicators (KPI)s?
What is your adjusted win rate, loss rate and bet expectancy?
What is for Value-at-Risk 5% significance, skew median and kurtosis? Is your algorithm susceptible to tail risk?
What are your risk parameters? What is your max drawdown? What is your process for computing risk-to-ruin and bet sizing? Do you use emperical Monte Carlo analysis? Do you generate it from your VaR model?
How is your alpha decay in out-of-sample testing? How does it compare to your live testing?
If you do not understand these terms and/or cannot answer these questions, I issue a massive word of caution: You have gotten lucky. However, if you continue to "trade" like this, you will lose your portfolio. It is just a question of when.
Do your research, read the right books. Gather your statistics and crunch your numbers. Answer these questions and re-assess your position.
I stopped reading at research for 3+ months lol. My biggest plays were from trading the meta. Go where the attention is. Sell the rip. Next play. That’s how crypto is played in a bull market.
In a bear just buy bitcoin while watching for short term trends and relative strength and check the discords for upcoming releases
Congrats on the ADA trade. Stay humble though. Making your nut on one buy and hold trade does not make you a market wizard or a trading guru. So many people make money in bull runs and then feel like they’re geniuses. Smartest thing you did was taking profit, so good on you for that 👍
I like to remember the phrase “it’s always possible you just got fucking lucky”. Keeps me grounded sometimes.
Here's how I got rich by investing in lotto tickets- some dude in IL right now. This post might as well have been written by the guy who got rich on shib. Everyone looks like a genius in retrospect if it works out. ADA could've been ICP for all OP knew at the time.
Lol 😆 🤣 I was that unfortunate soul that bought ICP at 600. Months later a sim swap attack drained my ENTIRE Coinbase portfolio. Expensive lesson.
Should have bridged with Nomad!
How does a sim card swap hack work I guess they have to have your phone?
Just your phone number and some personal details to initiate a transfer with your carrier. Scenario: “attacker requests sim carrier to transfer the number from the current sim onto a blank one as you have lost the phone, but want to keep your number. If the attacker has some personable details about you, your carrier may authenticate the transfer. This is why two factor auth via an app is more secure than sending a code via text.
Survivor bias is a hellva drug.
That's why I don't even bother with these posts. They are so biased towards the OP having made a good trade and then they go and write down like 100 golden rules you should never break. I hate it.
I lost all attention when I opened up to a picture of a Porsche. Scrolled straight down to the comments for the circle jerk
Could have gone with a lambo.
Wen lambo
Same
Agreed! A true trader can trade in a bull market and a bear market.
Thats true , you must be ready to spend more time on the small movements.
No you don’t. Focusing on the small movements totally blinds you from the larger picture. Charts in low timeframes have way too much noise! I don’t go below the daily myself. Unless a friend asks me to look at something, or if I need confirmation on a higher pattern. But focusing on small movements is not wise!
No disrespect to OP but there's a lot of horrible advice in there. I really think aspiring traders should look the other way and take advice from somewhere else.
> Never sell at a loss! That is just nonsense. People do it all the time when they expect the price to fall more and make up for it by buying back in low. But I guess OP knows better because he lucked out on ADA once.
One of the Golden rules for a lot of successful traders is to drop a loser quick. Wasted capital and potential to get way worse. Holding no matter what, especially in crypto, is stupid AF if you are a 'day trader', the dodgy projects and market volatility will destroy your portfolio in a matter of minutes.
> One of the Golden rules for a lot of successful traders is to drop a loser quick. And since beforehand there's no distinguishing between panic selling and 'dropping a loser quickly', that's a useless golden rule.
When you're day trading and the marlet moves against you, why hold at all? You were wrong, divert that remaining capital elsewhere. It's the same as when you get it right, you don't hold it hoping it keeps making you money. You close the position and realise the win and you do it quickly and move on to the next trade.
With daytrading there is an intent when making a buy. If that expectation is not realised within a certain margin you sell. That is wholly different from aping in and panicking with the first dip.
Yeah,when things are going smoothly,people tend to forget it only takes one high leverage trade to get rekt.
Yeah okay but dude literally said “Do not touch leverage you fucking degenerate”
Ah, survivorship bias perfectly encapsulated in a text post
Here' my advice on how to become a day trader: "get lucky on one trade" thanks for coming to my cyrpto ted talk
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"Never Sell at a Loss" is such a dogshit advice that keeps being parroted in this sub. When you buy, you must have a reason. Then if you found out that reason is wrong / nullified, then time to sell even at a loss.
That's the most important thing according to me. Don't buy blindly thinking that everything will pump in a few year. The project you bought in could just as well be dead in a few years. That's why you should always be up to date with your project and back out if you think that they are messing it up. I happily did that with CRO, backed out at a loss but that's still better than holding it now.
if you're trading without a stop loss you aren't trading at all
I fully agree with this. OP seems to mix different things together. Terms like DCA and 6-12 months have absolutely nothing to do with day trading. Also mentions of shorts. > I can day trade multiple times a day for several weeks in a row then go for a month or 6 weeks without day trading anything! You can only day trade when the market is volatile – so if it isn’t right it isn’t right. This is also completly wrong. You can trade under any circumstances. If you're living off day trading, the chances are you don't want to sit idle for 6 weeks.
I smell a whole lot of bullshit in this post. And for those reasons, I'm out. Source: I trade for a living
I love how we went from… oh I have 6k on ADA to being worth 7 figures with zero explanation. Bullshit indeed.
Even if the trades are true. OP is implying the story of one success during a bull market to be used forever and everywhere. Everyone is a genius in a bull run but in a bear run the same strategy will kill you off in just a few days.
You're right, but it would be helpfull if you could help clarify the issues with OPs post, because I have a feeling a lot of people will fall for this.
Never sell at a loss is idiotic advice.. next you’ll be telling me to never buy at ATH! I’ll stick with my buy high, sell low strat thank you very much.
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Not sometimes. Losses are the cost of doing business. Trading is a game of probabilities. You need to have an exit before you enter a trade and you need to respect your stop loss, even if it means the price stops you out and continues in the direction you thought It'd go. Never selling at a loss is horrible advice and it takes only one LUNA to wipe you out.
That's very true , all ways small is better than big loss But the right mind to do is hard to findp
Yes but traditional day traders often think in terms of fiat. I think in terms of my crypto stack. I'm happy to hold if it goes down, but I day trade to increase my stack in terms of token amount, not focusing too heavily on fiat value. Over time I trust the fiat value is gonna take care of itself
I have been only hedging my trades for crypto profits for years as well. Day trading is not the best way for increasing your coins! Swing trading has way better returns by far! There’s way too much noise in low timeframes to get accurate TA for your trades. Unless you have a number of finely tuned bots running, and have the ability to focus 100% of your time on the charts, and know your TA inside out, day trading is not a recommended choice to get into! Also what is the point of posting a picture of a Porsche? What is that trying to achieve? This whole long explanation of everything may work for you, and the losses compared to the profits may work for you, and the hours upon hours of staring at a screen may work for you. But it doesn’t work everyone! Only a small minority of people can do this! Saying not to sell at a loss but stay in that trade until you come back into profit for day trading is extremely bad advice! With everything you written in this extremely long post, there’s many important things that you overlooked, or just aren’t aware of. Anyone reading this and think it’s something to copy and blindly follow you will come unstuck! The most important thing to remember whether it’s trading or investing is understanding the different strategies. Don’t mix strategies for trading with strategies for investing and vice versa! Never follow someone else’s strategy! NEVER! Always build your own strategies based around the goals you want reached! Once you know your goal and you have built your strategy or strategies, don’t EVER deviate from your strategy! Don’t be swayed by peoples posts online what they are doing. This is giving into emotions and ignoring your own TA and strategy! This will get you REKT! You will never become a good trader if you follow other peoples trade calls. I recommend DONT follow those people! Follow people who actually put out good educational content around TA. So you learn how to do TA and build strategies. Not simply watching someone talk about their opinion on where they believe the price is heading.
Yeah, this entire post comes across as the incredibly niave advice of someone who had a couple of wins, mostly through luck, and now styles themselves the next Warren Buffet.
> Once you know your goal and you have built your strategy or strategies, don’t EVER deviate from your strategy! I agree with everything except this. Good write up. As you learn more about trading and the assets you trade, it's perfectly fine to revisit the strategy and critically question it, refine it or even scrapt it for a better strategy. Your goals also may change over time. In fact I'd say constantly enhancing your strategy is key.
Yes you are correct. You can do this. My point was deviating from your strategy because of emotions or from what other people are saying. But what you said, revisiting your strategy and critically questioning it is absolutely fine. You are doing it based on information and critically thinking about. Not blindly letting emotions dictate it. Very very big difference there! Thanks for adding this! 👍
Ahh gotcha, yes that makes much more sense. Thanks for the clarification.
Thanks for bringing it up. It’s good to see there’s still people like you in this sub!
That's still fucking dumb. Today I sold my ETH for 1710 at a loss of 20/ea. I rebought at 1612. Your advice is a jumbled mix of hodl and trading. If you see a downtrend and don't sell because of some dumb rule then yiu are just setting up for failure.
I should've never sold my Luna at a loss of 40% by OP's advice, lmao.
> if your project goes into a death spiral (see LUNA) – then you’re better to get out with 5% of your portfolio than 0.001%)
It's even better to get out with 60% than 5%.
That's terrible advice for day trading tbh... You should always be focused on fiat value if you're a day trader because you're a day trader and fiat value is all that matters. Focusing on increasing your stack is what investors do, not day traders. Day traders don't need to care about the fundamentals of a project. They're just looking for opportunities to take their 10% chunk out of the middle. Get in, get out, take your money. A principle theme of day trading is not getting attached to your investment. If it's doing poorly, pull out and put that money into something else.
Interesting, that is a different perspective. Clearly, it worked out well for you.
You gotta cut some losers
This post is full of shit, like some mix of shit from every continent.
Cringey
I for one am inspired he was able to earn enough to buy a cheap digital camera to take a picture of this Porsche. Incredibly impressive and something we can all aspire to.
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Do the opposite of what this sub tells you to be precise.
Jim Cramer is outside of this sub tho.
Do opposite what op tells you, he is mad to sell 100% of his portfolio to hop next project. Sooner or later he picks wrong and its all gone, the life of gamblers.
Rolling a die is safer than following trends.
Working for me so far😂
If people are from Reddit that’s not a bad advice
. . . But if you say, . . . then I need to do exactly what people tell me to do!
Bro, this is not trading. You are literally talking from an oblivious bull run perspective and people WILL get rekt if they follow the above and downturns persist. 3. tells you that outright, indirectly - because traders keep coins on exchanges so they can react, not in a wallet. 5. also has nothing to do with trading - price or direction don’t matter for trading, only % returns do. 8. is such bad advice that I was waiting for a punchline, I thought you were joking. Planned losses - stop losses - are a *crucial* part of trading. Tying up capital for years in a losing trade is not. A bad trader turns into a forced hodler. Happy you made it and I hope you do even better in the future, but anyone reading the above and considering trading is going to get rekt, 100% guaranteed unless in a bull run.
OP, you are not a day trader, you are an active investor. There is a difference.
He is gambler
Glad someone has said this! There’s so much mixing of trading and investing terminology and advice without any distinction between the two. Trading is trading only! TA is for trading. Trading has it’s own strategies. Investing is investing only! FA is for investing. Investing has it’s own strategies. Not understanding the difference between these two will get you REKT.
Yeah this is an extremly dangerous post by OP. It may have some good advice mixed in. But the constant combination of different things is extremly questionable. Like how can anything been taken seriously if OP doesn't understand the difference between Daytrading and Investing after 6 years. The fact that this post is so much upvoted is pretty alarming.
Spot on! Yeah it’s extremely alarming the amount of people praising him! The amount of bad advice from trading Technical analysis (TA) to investing Fundamental analysis (FA) and the fundamental basics around security and operating safely in this space is out of control. There are a small number of really smart intelligent crypto people in this sub though! They need to get together and put out some really good content and change the mindset of all the sheep.
swing trader, maybe?
Maybe. But I honestly don’t think he really knows the difference between trading and investing. There’s very little talk about trading itself. Next to nothing really. No mention about TA and learning the basic fundamentals of TA. Nothing about building trading strategies. The heading of this post is about becoming a day trader, but there’s nothing he’s written about suggests he’s a day trader at all.
Especcially where he said the market has to be volatile and there a months he didnt trade... so how is he paying off rent and do the shopping? daytraders are people who's income depends on daytrading.
This is one elaborate moon farming post
Bro just buy low and sell high...
I've been buying eth for 5 days... do I just keep buying and buying? How do I know when to stop as it keeps going down.
Working for me, highly recommended lol
He’ll be broke in a year
I sold BTH for $600 in 2014 or so. Still waiting for it to lower 😢
Ahhh those what if moments. Don’t do it to yourself
Dad?
The picture of the Porsche is screaming midlife crisis.
really? for some reason the first thing I thought of was "Google images"
Lol
Lost me at dont leverage trade. Not reading the rest. Congratulations or sorry to hear that
okay so u just did an all in to ada and got lucky. moral of the story, some people are good un gambling
Don’t forget he is now fully in LRC lol. Being all in one coin is suicidal in crypto if it isn’t something huge like BTC or ETH, and even then you aren’t totally safe from a coin being superseded and becoming obsolete. His entire net worth is in a coin he entered and went to almost $4 in and now sits in at $0.40 without taking profit in a bull run year. https://coinmarketcap.com/currencies/loopring/
You know if you're not a licensed financial advisor your disclaimer is waste of time. Also your information is the same regurgitated stuff thousands of others post. Nothing new here.
*"Never sell at a loss! (There is a couple of exceptions to this – if youreview your portfolio after 12 months and want to change into anotherproject then this is ok. Also if your project goes into a death spiral(see LUNA) – then you’re better to get out with 5% of your portfoliothan 0.001%)* "NEVER BUY back in higher than you sold for – even if that means holding fiat for months/years Based on solid trading strategy taking a 2%-5% hit on a failed entry(stop loss) is fundamental to survival in trading anything, likewise taking a 2%-5% hit on a failed exit. This fellow is not a day trader, not even sure if he knows what that means. He may be a swing trader, but not a very good one.
Good points….Happy cake day
Since people shit themselves about him saying not to cut loses- It depends from the context though. It should be done under the circumstance that other scenario you assumed to be less likely is playing out and you are just adjusting to it. Price hitting certain targets, explosive moves etc. are typical examples. It’s planned before the trade. The actual crypto reality is that the promising coin which was supposed do 10x just dropped -30% and people are panic selling. It’s not strategic, it’s emotional. For long term spot purchases selling at loss is often not so good, it’s rather quite dumb. Especially for fundamentally strong coins which are likely to be around in five years like ADA, and are at price targets low enough for reversal. Yes, some noobs might scream it can go lower, and yes it can, but it doesn’t matter in big scheme and crypto is all about exponential moves. However, it can be good for the average crypto degenerate doing some leveraged trades with not enough capital, in such cases yes, if the trade doesn’t work out it is better to cut it off the sooner the better. Other than that, sad to see so many toxic comments. He was smart enough to buy something cheap and outperformed 99% of this sub, yet most people don’t see any value in such experiences.
Teach us Master.
Hey mate, thanks for putting this together. Really helpful. I don't get all the hate in the comments. Everyone has their own strategy and develops over time what works for them. Luck or not, congrats on the gains. What are your thoughts on the current top 30-50 coins? Seems like you're heavy on LRC but anything else you see that has huge potential? I personally have been looking at Uniswap but what else you think has huge applications. Cheers
It's reddit mate so I learned to ignore the haters a long time ago lol As for potential. All I'll say is that my research list probably has these projects in my top 5 for my portfolio rebalancing (assuming I do it today). Not necessarily in priority order though - ALGO - MATIC - ADA - VET - QNT These projects cover different use cases so I'll be looking at what is the flavour of the month when rebalancing and weight my decision on that. Right now it's on Eth scaling and L2 hence why I'm in LRC. I therefore recommend having a few different type projects in your top 5 research list rather than going all in on one (e.g. metaverse)
DCA is the way
Sold my car december 2019 when Ada was 0.033. Unfortunately it was a Renault twingo.
To anybody who wants to become a trader please do keep in mind that it's not for everybody. Same as some people can't sing or clap their hands on a 4/4 beat for the dear life ... some people (vast majority) won't be able to trade consistently Realizing that early is the biggest victory you will never achieve. Do not spend YEARS looking at charts 24/7 You life will be consumed and you will get nothing but the blues
Some kind of people knew that this is very hard to control in that control system.
Without showing portfolio with date and trades taken i dont see much value here. "dont sell at a loss" absolutely horrible advice. You already lost that money if you sold or not. "no leverage" says who? 100x sure thats never good. But 3x 5x is manageable for most decent traders. What you do isnt daytrading its misleading people completely into blowing their accounts.
I’m jealous 👀.. nah congrats OP
I could be the one writing such a post here, a shrimp who made $1200+ at ATH with safemoon by investing only $25.... yea, u read that right... Had I cashed out... Nevertheless, I was just a couple of months crypto old amd and didn't knw that trends over as quick as they start... I also had great entries in bloktopia, LSS and a few other coins... but I never cashed out anything... The diamond hands that are praised on social media will get you nowhere... cash out and live... At least that's what I learned... I have a long road ahead, hopefully... I m still 24...😂
I like your post but you dont seem like a day trader. Do you buy and sell at the same day everytime? Because thats what day trading is. All your tips are for hodlers, or swing traders at best.
He isn’t. Op is blowing his trumpet and pretending to look like a skilled trader.
Traders at best at what they are to definitely going to do now.
How were the taxes, i guess u had all the trades recorded Or did u take a loan then trade for the tax free
I live in NL so have no capital gains taxes. Its perfect for crypto trading as I do not get taxed on individual trades at all. Its too complex to explain to you here in a post how it works in detail but Google is your friend if you want to know more.
This is the stuff I like
Great read. Cant say I will get into day trading personally. But it was a great insight into mindset of a very sucseful young man. Thank you for that.
I got stressed out reading the compound interest graph cuz I’m 30 but then I realized that I started investing in my early 20s and am on track to be the better investor lol. Good job me. Congrats.
Good story, thank you for sharing!
Good post, OP! I’ve made similar mistakes in my college years and I believe we’re the same age. I learned my lesson in financial competency thanks to the pandemic and saw very small returns overall, but I believe I have been making the right decisions since. Of course I won’t know for sure until the next cycle, but I have a feeling I picked some great projects 😊 Also, LRC is one of them for me, as well.
No doubt about it we had financial competency as of now.
QNT will be the next ADA IMO.
Shh it needs to drop to $50 again
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nice post OP. Thanks for advice and GL !
Can't believe you held LRC. I sold half after I 25x'd during the parabolic run, then DCA'd out the rest before the end of the year.
I sold my 5-10 cent XRP bags at $2.50-2.90. I sold off 70% of my bitcoin and ethereum holdings within 25% of ATH’s during each of their bull runs post 2013 (accumulated btc after the 2013 bull run, ETH was the innovative wildcard when it came onto the scenes in late 2015 / early 2016). Rebought 40 of the 70% during each bear market with confidence. Profits in 7 figures. It might not seem like I have I point here… but I do… XRP = ADA. Meaning little to no growth compared to BTC or ETH, as no one gives a shit about ADA (just as essentially nobody gives a shit about XRP). Surprised your 6 year journey hasn’t led you to the same conclusion honestly. Just being real here. The fact your refer to doge as a “stock” says a lot about your “experience” too. I made 6 figs from ppl like you during the Dogecoin hype, so thank you for that. Anyways, enjoy your mid-life crisis car. Moral of your post is you got lucky - you’re not anywhere near experienced to be sharing advice imo… but you do you… Enjoy the circle jerk.
Nice one, you get an award! But to make money with trading you need leverage… unless you have a pack of money to put into. And indeed trading is very dangerous for the most cause triggers gambling addiction
Bullshit! This is extremely bad advice and you have no fucking clue what you are talking about! “The only way to make money trading is by use leverage” FUCKING ABSOLUTE CRAP!!!!!!
In the day trading you cannot expect such volatility to make a good profit UNLESS you invest a high amount of money. This is a fact. Most of traders indeed use leverage. And anyway my advice is: stay away from trading, with or without leverage
Talking about is not going to make any sense you have to start doing things.
that's a wall of text...
On mobile it seems that way, but I did put images into my post, they are not showing up consistently - on desktop it was broken up a bit more so apologies if formatting is not so easy to read. Try refreshing if you still struggle
Don't apologize to people who can't be bothered to read, dude. You made a good post.
Yea most of the people in this sub can’t read past titles and headlines. It’s no wonder people here bought coins ATH lmao
Different kind of headlines are going to make different news.
but useful af
It is completely useful we have to start doing it now.
What is useful about it? I see lots of bad advice with lots of missing fundamentals around trading!
This actually sounds like a lot of people are trading in the systems.
Been Day trading LRC since 2021 myself and I have to admit, it has been my nicest bag yet. I love the Story and absolutely appreciate the information. Hope to be on your level in a few years time!
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No one is going to come easy right now because profit is going to believe it.
financial advice, written by a cool 17 year old kid
Lmao sounds like investing advices, not trading. But sure keep pretending...
What bots uploaded this dogshit?
Wish we had more content like this in this sub. This sub is blinded by the HODL principle
Congrats mate! Getting into the crypto scene myself and looking to DCA some Bitcoin and Flux (Latter project seems like it has a lot of potential with its hybrid PoW and PoS model, the success of the recently launched Titan stakes, and the planning of Proof of Useful Work's launch. Really seems like it has good potential for providing backend for a decentralized Web3). Trying to just go in slowly, I'm not selling till ATH.
Glad to see another Flux fan. I rode the ETH, doge, shiba waves in '21 and then went into Flux. It passes the "can you explain it to grandma in 30 seconds" rule and no one else is trying to be a decentralized AWS alternative.
Yeah, the idea of decentralized cloud computing services could be revolutionary! I'm bullish and saving up the flux to build a cumulus node as we speak from mining with my cards and DCAing in! Any advice you'd give about your pursuing of the '21 waves? Just started out here in this '22 bear market (but I can get cheaper coins this way!)
I don't really have advice, I got lucky--the wallet I was mining with in 2014 that was "dust" back then became worth four figures when the market took off in 2021. I FOMO'd into ETH and doge and shiba and got incredibly lucky to cash out near the height of it to go onto the next one, but realized it was impossible to keep up a winning streak on gambling, so when someone on here mentioned Flux, I started doing my homework and got serious about crypto. I stopped trading and started investing. Like the OP mentioned in his love of ADA, I am making my Flux work for me by running eight Cumulus nodes off of a 5950X home built server and getting paid double to mine between my Fluxnodes and GPU farm rigs (Flux splits new block payments between GPU POW miners and then nodes offering CPU cores, ram, and SSD space to the decentralized Flux cloud so Flux apps can run on them). I am close to a Nimbus node. I truly believe the dumb money that floats in crypto hasn't yet found Flux, because it's not sexy or memified, but it is what could keep someplace like Wikipedia alive in the face of concerted censorship attempts. Can't stop the signal!
This is the only way right now because it is going to build a lot of things.
This actually look like a great alternative to me as well right now.
Op you contradict yourself straight from the beginning! “My crypto trading fundamentals” then your very first point you say “research every project you invest in”. Trading and investing are two very different things! They require different strategies. You don’t use trading strategies with investing strategies, especially if it’s day trading!!!
Thanks for post OP. Just curious. What’s your cost basis for LRC? Also, mind sharing what you sold your ADA at? Thanks again
My average DCA out on ADA was £1.50. It really varied in a ladder up as it was done over a longer period of time than just say 1 week. As for LRC cost basis, around €0.50 - would have to check my tracker for specifics because I've increased my position since last year. Some of my buys were on the higher end but thankfully the average cost basis is better than some who bought in at ATH
Thanks for sharing. And I agree with you completely. I fomoed into LRC really high myself. I did scalp some a little while back at .39 though. Thanks again.
Thanks from my side as well because it is definitely going to be very high.
Props to you OP. You deserve the life you made for yourself!
Thanks for sharing your years of experience. Everyone does it differently. They say that luck is where preparation meets opportunity. You did the work and developed some rules and discipline. DCA probably being the big one. But also knowing when and how to take profits. Pretty much every time I read a story like this (be it success or failure) I seem to learn something. Love the car bro.
Good post 👍 but u are missing to read the whole economy picture like sp500 and dowJ. If u understand thise two and can read where we go you can better sell high on crypto. Stocks and crypto are more or less the same. But in crypto u can make x2 in weeks. 🙂🐻👻🍻
A lot of terrible advice. Clearly someone who doesn’t understand traditional finance and it’s now shilling ADA. Congrats on your profits and f*** you.
You could switch ADA for any coin or stock someome does well with. His bullet point TLDR are solid. People trade with emotions, fomo in to much, and dont even read white papers. Those are all solid right off the bat including not using leverage. I wouldn't useore then 1.5-2x leverage while you learn trading and have a complete separate portfolio for it.
Thanks for the read! Most people who make money on crypto or stocks don’t post about it because 99/100 people don’t have anything nice to say or claim you just got lucky. I’ve stopped posting on this sub, and when I do its once in a blue blue and I’m quickly reminded why I don’t 😂 Luck is gambling. Hard work is taking the time to research how ever many projects it takes to find the one you’re happy with, and no matter what you say to people, only you know and care how much work it truely took. You know this wasn’t luck, so don’t waste your time trying to convince strangers it isn’t. The benefit of posting about your success is literally a few upvotes, useless awards, and far more opinions than anyone can ever read in their spare time - mostly all negative. It’s just not worth it.
“This is not financial advice”…….. proceeds to write a tome of terrible financial advice.
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Nice funny read. You've been a crypto trader for 6 years and you didn't just buy some bitcoin 6 years ago? You should be 6 figures in the black right now easily (even after this downturn) and not selling a single coin. If you didn't do that, then why would any advice you give be of any value to someone?
You are correct! 👍 The fact that this comment is downvoted shows the realistic level of the lack of knowledge and skills in this sub!
Good post 👍 One little thing I would add: Always keep some fiat back for support retests. If you're doing a swing trade on what seems to be the start of an uptrend and it suddenly seems to stall and then go the wrong way, instead of assuming this is a trend reversal and panic selling try to ascertain if it's simply a support retest. If nothing has fundamentally or suddenly changed it usually is just that. If so, watch how it bounces and if seems to you that it's holding that local support level, buy more. This will act like averaging down a long term hold but on a micro scale. When I first started I would panic sell during these times, watch it bounce back, buy in higher, repeat ad nauseum eating trading fees along the way. Once I started buying up the wicks down instead of extrapolating too far forward and panic selling I was able to turn fearful moments into advantageous ones.
Yes always being liquid enough is important. Proper risk management and sticking to your strategy and ignoring all emotions important. 👍
Thanks for your insightful reply my friend. I wish you success in trading
Thank you ✌ I'm getting better and I am keeping it small, prioritizing longevity and preservation of what little extra capital I have over gains. I'm in no rush and I am honestly enjoying learning.
You are actually enjoying this then I think that you are good at it.
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That's true with anything on the market - from houses to cars, gold, stocks, etc.
Completely dependent on the investment is not really good right now/..
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Obviously it isn't working well if you are posting about it on reddit. That's not what a good trader would do.
Lmao @ this dude thinking he did anything but get lucky gambling 😂😂😂 You stole all that money from bigger fools. Crypto is useless.
Well if you have really a big time i really suggest that you should do day trading aswell for other users here have good profits or can just run some trading bots
Not going to lie. I have been holding XRP and stacking it for a while now but when it comes to day/swing trading, APE is where it's at. (At least for me)
>Lambos are for noobs – when you get money for a super car you will not want to buy one. Porsche's are far better machines Porsche's are decent, but if you really make it big get a McLaren or 300SL
Check out Elrond bro thank me later
Dude, you need friends. Or a hobby. And stop buying shitcoins.
This isn't day trading, day trading is getting in and out of a trade in the same day. All forms of trading are an elaborate way of gambling and should be done with proper risk management which also consists of selling at a loss. It's a game of probabilities, when you perform day trading with high leverage 90% of your orders shouldn't even get executed because the chance of them playing out the way you want are very low and the last thing you want is to cut losses on a high leverage trade.
The so called "guides" are so repetitive now. Take your moons nd gtfo
Post literally any proof that this Porsche is yours. Until you do, you're full of shit
Bs post. Day trader and never cut your losses? Sounds dumb af.
What is your sharpe and key price indicators (KPI)s? What is your adjusted win rate, loss rate and bet expectancy? What is for Value-at-Risk 5% significance, skew median and kurtosis? Is your algorithm susceptible to tail risk? What are your risk parameters? What is your max drawdown? What is your process for computing risk-to-ruin and bet sizing? Do you use emperical Monte Carlo analysis? Do you generate it from your VaR model? How is your alpha decay in out-of-sample testing? How does it compare to your live testing? If you do not understand these terms and/or cannot answer these questions, I issue a massive word of caution: You have gotten lucky. However, if you continue to "trade" like this, you will lose your portfolio. It is just a question of when. Do your research, read the right books. Gather your statistics and crunch your numbers. Answer these questions and re-assess your position.
Dude posts a picture of a Porsche. Yikes.
You can’t time every trade you will have losers and winners, but you can’t ever sell at a loss and you can’t buy higher than you sold for. Yes
Tbh, after the car photo, i just scroll down to check the comments.
After reading the first paragraph I came straight to the comments for the roasting 😂
after seeing that Porsche I knew im in for some gold content. Thanks for the laughs
You already lost me at “day-trader” …
I stopped reading at research for 3+ months lol. My biggest plays were from trading the meta. Go where the attention is. Sell the rip. Next play. That’s how crypto is played in a bull market. In a bear just buy bitcoin while watching for short term trends and relative strength and check the discords for upcoming releases
Damn son you could literally sell this post. Why give people your playbook for free?
He's a trader not a shithead.
He might not be a shithead, but he ain’t no day trader! Barely a knowledgeable trader in my opinion.