It's not really difficult to know who they are, a portion of those traders are whales, people that can move the market on their own and that can perform moves that the average person cannot do, others are simply lucky and despite their lack of knowledge they have obtained profits simply out of luck, and the remaining group consists of the few traders that actually take the time to understand the markets and think about it and that develop a strategy that gives them profits over the long term and then follow that strategy no matter what.
You also reefer to basically 3 things: 1) luck which we cannot control (even international banks can get unlucky), 2) skills & experience which can be learned, 3) initial capital - which doesn't mean anything actually. Like with Takashi Kotegawa who started with $13,600 and ended up with $1.65 million in 4 years (4Y CAGR 232%), and $153 millions 4 more years later (4Y CAGR 210%), having 8Y CAGR of 221%. The guy didn't start as a whale, nor he read anything different from what we all can just google and read too.
Profitability will depend on how you do deal with the market and just make it sure that you would make yourself included into those profitable side.
Yes, but how do you decide which side will be profitable? Again - experience & knowledge I think cannot be the only factor here, since it's ready available to anyone around the world.
In my opinion, the 1% traders that remain profitable are traders who are passionate about trading crypto, who always learn from their previous mistake, control their emotions, never panic sell, have a reasonable stop loss strategy, never follow hype and know how to select good coins.
Isn't that also about skills & experience which can be learned by you, me, or anyone else reading this? Besides, it's not only about crypto trading, but trading overall - equities, FX, crypto, derivatives, just anything.
I understand this part.
Why? It becomes boring as time goes by.
Even if you are making profits, you start to wonder if that is it. Are you stuck with that routine?
This is also the reason why I don't do it every day. I felt it before and I am still feeling it now just 1 hour looking at the movements in one exchange.
I really envy those who can still continue up until now. That means they really love what they are doing.
Why? It becomes boring as time goes by.
Even if you are making profits, you start to wonder if that is it. Are you stuck with that routine?
This is also the reason why I don't do it every day. I felt it before and I am still feeling it now just 1 hour looking at the movements in one exchange.
I really envy those who can still continue up until now. That means they really love what they are doing.
Yes, loving what you do and being able to monetize it is probably the best thing in anyone's life. Yet, as those above researches have shown - some people continue trading for many many many years, but never earn anything
They do love what they do, they do accumulate years of experience, they do learn a lot of things, but... still cannot earn anything.