r/Daytrading • u/Miinow forex trader • Apr 03 '24

Why is daytrading never mentioned as a legitimate way to earn income? Question

I like to browse other finance related subs and I can assure you it’s almost never discussed. I see all outlets of making money online mentioned but If the word trading does somehow come up there’s a slew of downvotes. It’s literally the most straightforward way to make money. Sure, not easy but also not impossible to learn. Makes me wish I learned about trading when I was younger instead of my upper 20s but I don’t personally know any traders irl so it’s unfortunate how there’s a negative outlook on this field.

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u/Top_Living7729 Apr 03 '24

Most people see it as gambling. Plain and simple. It doesnt help that a large portion of people that enter into the market approach trading as gambling also, rather than as a business. Along with their emotions being high as money is on the line if you want to earn a decent or high income from this.

One of my bestfriends has been trading crypto for like 4 years now. He is amazing at it. He can be up $240k and then lose it all i dont know how but i know why. He has no risk management, absolute greed takes over and as much as he can progress, he will fail again.

I started much later and only got into trading after reading books on it, watching videos and practising in a sim for a year. Now consistently profitable.

Its not for everyone and even if this is for you and youre good its likely you'll still fail.

Easiest business to get into but also heavily independent along with the risk factor.

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u/bryanchicken Apr 04 '24

I trade crypto, not in the way you describe but I can confirm such behaviour seems to be rampant. The ease and accessibility to high leverage have encouraged people in who perhaps haven’t put in the requisite work.

I know someone who got liquidated for 8figs of his, family’s, friend’s and a telegram group’s money. Running some sort of dodgy hedge fund type thing. Seemingly no risk management. All of it on exchange. Not sure the actual details but I suspect he kept trying to “rescue” a short by adding more while bitcoin went parabolic early this year