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How do I get good?

So I thought I was doing pretty well with crypto day trading, I started with $100 and got to $330 in a couple hours which I thought was amazing. But….. I made a series of stupid trades and lost it all.

I know only 5% of people can turn this into an actual job while the rest lose money over time. How do I join that 5%? I’ve been learning trends, analysis, etc. for years now and I still can’t get the hang of it. Are there any training programs/websites that would help me join the 5% that don’t cost thousands of dollars or am I just doomed to minimum wage labor for my whole life?

Any advice is appreciated. Roast me if you want as well for losing everything, it’s fine.

What do you think?

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6 Comments

  1. I don’t really have much knowledge about day trading but from what I know I would suggest starting from paper trading instead of real cash and secondly keep your emotions out of it and thirdly learn some technical analysis. I myself stay away from trading but very much believe in HODLing. Best of luck to you tho

  2. It’s more like 4% of people who day trade aren’t in the negative after a year… That doesn’t mean they are making a living from it, it just means that they’ve finished a full year of day trading without an overall loss. People who actually make a living day trading is 1% and people who get rich from day trading… Well, there isn’t even a stat for that because there are so few. You literally have a better chance saving your money for a year and then placing it all in one single bet on a roulette wheel in Vegas.

  3. i was doing ok trading. well at least making some money until about april. picked up a bit in june but don’t quit your day job just yet. i quit my job in june but back to work now. but at this writing the market has picked up nicely.

  4. People who day trade/invest for a living, (whether it be in crypto, the stock market, forex, or even poker) usually have a *lot* of capital. If you want to make $50k per year, you can’t do that with a $100 bankroll. Whatever your goal is for yearly income, you will likely need a multiple of that number. Like 5x to 10x that number. The bigger the multiple, the lower the risk of ruin.

    To track how you’re doing, track all your trades and compare them to how you would have performed by just putting all that money in the S&P500 or just all in Bitcoin. If you’re not doing better than a buy and hold strategy (after taxes and trading fees), you should consider your efforts a failure and give up your career as a day trader.

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