A Day in the Life of a Crypto Trader

Many wonder what it would be like to quit their day job and trade cryptocurrency full time. While we definitely don’t recommend it, we understand the importance of curiosity and have thus investigated what days in the life of a crypto trader are like.

Whether you are looking for a future goal, or just want to know how day traders live, continue reading to learn more about the day in a life of a crypto trader. While it isn’t always glamorous, it is a unique lifestyle.

You Can Live Anywhere

First and foremost, of all the interviews we reviewed, the most notable thing about day trading cryptocurrency is that you can live anywhere. Unlike traditional stock trading, which is often tied to a certain country or time of day, you need to be available to trade; cryptocurrency has no such parameters.

Craig Percoco, a well-known crypto millionaire trader, is an excellent example of this, as he always seems to be somewhere else on the globe!

But You Need to Remain Connected

Another common thread between all the individuals we looked into was the fact that they needed to be tied to their phones or laptops—that way, they could make changes whenever they felt the need to.

Many traders also spent their meals and downtime reading news, charts, and other media, which would influence their trades throughout the day. One of the pieces of advice we came across over and over again was “Buy the rumors, sell the news.” Meaning many of the traders heard rumors which led them to buy but didn’t sell until there was a news story they thought would affect their prices.

Head to the Gym

Most of the daily lives of traders involved a trip to the gym. We attributed this to the fact that many of them were on the move (in hotels with accessible gyms) and the idea that traders spent a lot of their day sedentary—reviewing charts and submitting trades. Often, the gym was the only time of day they were moving.

Not only that, but thanks to modern technology, it is still possible to submit trades and review the news, all while walking the treadmill—meaning the gym could still be counting as work time.

Relaxing Activities

Despite just heading to the gym, many traders reported high levels of stress, which isn’t surprising when you consider that most fiat traders report the same stress. There is just something so challenging about making guestimates to make money—its anxiety inducing not knowing what you will make.

Many traders reported taking time to relax, such as in a hot tub, sauna, or just a quiet area in their home. They did keep their phones nearby, though.

Meet/Chat With Friends

The cryptocurrency trading world is much more social than you might realize, mostly because traders are buying rumors (as we mentioned above). These aren’t just any rumors, but usually those from other traders or trusted friends who have an ‘in’ in the industry.

Regardless, most day traders spend some of their day on social media talking to friends or heading out for a coffee with a partner. Many would often scour forums for a mention of a certain cryptocurrency. Either way, they had their phone with them, of course.

Working a Job

Despite common belief, out of the ten interviews we reviewed, over half had another job on top of crypto trading. This makes sense when you consider the risky nature of day trading—if you want to support a family, you simply have to have something else on the back burner.

While the jobs ranged widely, there were both full-time and part-time workers; most were in the tech industry. Most also worked jobs where they could easily make a trade at any time, either because they were remote workers, or because their job required phone access for the position (meaning it’s easy to submit trades on the side!)

There were a few who treated crypto day trading like their regular 9-5, but in our opinion, this is not necessary, as crypto trading happens around the clock. Unlike regular trading, you need to be ready to trade at any time, and it doesn’t always happen during regular work hours.

Lots of Time Spent Studying

In addition to many working a job, lots of cryptocurrency traders spent a significant portion of their time studying—whether it was the news or new potential investments. It seems like, in general, the crypto world moves faster than the fiat trading one, meaning there was more time spent studying than almost any other activity.

This also seemed to create a lot of anxiety in the traders, as they were constantly worried they would miss something, or the “next big thing,” often leading to overconsumption to the point where they couldn’t always retain everything they were studying.

Barely Any Free Time

What might surprise some people is the fact that most crypto day traders, even if they don’t work another job, have very little free time. Not only is crypto day trading very labor-intensive, but constantly having to check charts, trades, and more means it is rare that traders can ever focus their full attention on anything, making some daily tasks take quite as long.

While the day traders who didn’t have a job at all seemed to have more than those who did hold a job in addition to trading, we didn’t see that much difference, as most were giving interviews late at night, or while they were making their next trade.

Overall, if you aspire to be a day trader, hopefully, this has given you some insight into what a day in the life looks like. In our opinion, it seems like a lot of work, risk, and stress for a reward that isn’t guaranteed. Therefore, we will likely stick to our hodling and leave day trading for those who don’t mind missing out on hobbies and free time!