Do people make money day trading crypto or is that exclusively an Instagram scam?

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You’re at McKinsey and don’t know when you’ve spotted a scam?

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You can earn a decent income, but you have to study and practice a lot; it is not "just put an indicator and bling bling you have a ferrari". If someone tells its easy, is a scammer no doubt.

Yes. It’s as you say similar to forex, but a lot more volatile. I love it.

I think many people calling it scam are among those who got burned buying things at the top hoping to flip, or just witnessed cycles and see the outcome. They’re not necessarily wrong because almost all crypto is vaporware. But what traders should care about is volatility. You can’t get 5-10% moves daily on most asset classes in this world unless you’re in crypto.

You can make money, but it takes effort to learn and create a system that works for you. And obviously don’t listen to anyone about what to buy because there’s agendas everywhere when people say things. Example is you might be exit liquidity for those trying to market their bags.

At the end of the day, volatility is a result of market inefficiencies. You look to capitalize on those inefficiencies to make money off of others who don’t get it. Zero sum game.

I’d look up Cryptocred on YouTube and watch all his videos from the beginning to the end. It’s good for those who know little to nothing about trading. Take it slow and backtest what they teach on a real live chart.

I’d suggest to not rush the process. It’s not easy mode anymore where you just throw money at something and it goes up. Your goal should be to develop some edge that you know pays off more than you lose over the long term, and then with proper risk management you make money. Trading is lucrative but you’re competing against many of the brightest minds and algorithms. So it’s not going to be easy.

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