 Okay, so I decided that I'm gonna be trying day trading for a week, specifically day trading Bitcoin and cryptocurrency. And I'm gonna be risking $1,000 of my own money for your entertainment. Bitcoin has been absolutely popping off lately. Right now, one Bitcoin is worth about $50,000. And less than a year ago, it was worth about $4,000. And five years ago, it was worth around 400. And right now, Bitcoin is at an all-time high, so everybody wants to buy one. The media is covering it. All your friends have it. And so, of course, you wanna buy some as well. But unfortunately, just like it's done many times before, it's probably going to drop relatively soon. And at that point, everyone is going to freak out and sell their positions at a loss. And then all the media outlets are gonna declare that Bitcoin is dead, like they've done 1,000 times before and cryptocurrency is useless and blah, blah, blah, blah. And then even more people are going to end up selling it, but those who have a strong will, those who have diamond hands are going to huddle onto that Bitcoin and make a ton of money. Who really knows? Nobody can really say it's all just speculation at the end of the day. It could totally drop and be worth zero. And I'll be honest, it's entirely possible that that's exactly what's going to happen to me. But nobody really knows. I guess we'll just have to wait and see. But yeah, I'm gonna dive in with $1,000 and we'll see what happens. All right, so I have no idea what the best trading platform for this is. And I know some people watching this are gonna kill me for saying this, but I still have about $1,000 on my Robinhood account. And I'm gonna use it just because it's there, so I might as well. And yes, I realized that Robinhood just went through a huge scandal, but hey, my money's already on the account, so it is what it is. But before I jump into this, I wanna do some research so that I know exactly what I'm doing before I start this trade and I don't end up losing all of my money instantly. It would be really smart for me to use a simulator or something like this to practice trading first, but what's the fun in that? I'm just gonna do some research and jump in right away. All right, so day two woke up early in the morning and I am ready to buy some Bitcoin. All right, so currently, you guys are looking at my phone right now and you can see here, Bitcoin just broke through $51,000 for the first time. I think it was yesterday or the day before, or $50,000. And it basically is continuing to go. So I do know a little bit about this sort of thing. Generally speaking, like $50,000 is kind of a mental barrier or a psychological barrier. Once it breaks through that, it tends to just keep going up and up and up. Now that is complete speculation, but I am gonna go ahead and I'm gonna buy into Bitcoin here. Okay, so I'm gonna be buying 0.019 Bitcoin, which is gonna be $973 or so somewhere around there. And we're gonna see what happens with that. All right, so I am now the proud owner of 0.019 Bitcoin, at least through the Robinhood app. I'm technically not the owner because I don't have the keys to it, but I bought 0.019. We're gonna watch this throughout the day and see what happens. Now, one really cool thing about trading Bitcoin and stuff like that is you can sort of buy and sell pretty much any time. It's not like a lot of other types of stocks where you have to wait until like 6.30 in the morning before you can buy and sell. So that is one cool thing. So I'm gonna have a lot more time to kind of watch it and see what happens. All right guys, so I'm about to head off to work. I recorded the other video just a few minutes ago, then I took a shower and got ready, but I wanted to record this really fast because the price of Bitcoin has dropped really far since I first bought it. It is down to $50,900 right now. So I bought it at $51,253 but now it's down below $51,000. So I've already lost like, I think 30, 40 bucks and we're just a few minutes in, but I'm gonna continue monitoring it throughout the day and see what happens. So I'll update you guys maybe later today or tomorrow. All right guys, good news. I bought some Bitcoin on Robinhood at $973.64 and I only bought 0.019 Bitcoin but I ended up selling it. I bought it at $51,253 and almost immediately it shot up just like I had predicted. So it went up to $52,074 and that just happened to be the time that I was taking my lunch break. So I decided to sell right then. So I ended up selling my position for about $989.41 and that is about a $16 profit. And again, that's not much, but it was my first trade and to be honest with you, I was a little bit nervous about this and I kind of just wanted to take my wins right there, just take whatever I could get. And $16 isn't bad for only spending maybe five to 15 minutes of time. Now Bitcoin seems to be hovering around that $50 to $52,000 mark. It kind of blasted through $50,000 relatively quickly and now it's just kind of hovering around that mark and I do have a feeling it's gonna go up in the near future, but I wanna just give it a little bit of time just to kind of settle down. I don't think it's gonna dip back down under $50,000. I highly doubt that's gonna happen, but I do think that it is gonna go up because of the fact that it just blasted through $50,000 so fast and there's so many companies that are now investing in it. I don't think this bull run is over. I think that Bitcoin is probably gonna get to like $75,000 at least. It might even get above $100,000 before this bull run is over. But for now I'm just gonna sit and wait and watch it and then think of the best time to go in. It might be a little bit later today or it might end up being tomorrow, but I will update you. All right guys, so big things happened here. I bought $978 worth of Bitcoin at about $51,492. Now right after I bought it, it actually went down and I didn't end up buying more in the same day so I guess it's technically not day trading but because of the fact that Bitcoin is bought and sold 24 hours a day, I did sell it within 24 hours. So depending on your definition, this could be day trading or swing trading since I technically did sell it the next day. And swing trading in case you didn't know is basically where you sell within a few days usually. So you might buy something and then sell it a few days later just because you think there's some kind of big news announcement that's gonna come out and make the stock price go up. But anyways, the next day it went up to $54,825 and I ended up selling it at $1,041.68. That is a profit of about $63 and that's probably the easiest $63 I've ever made. And I'm not gonna lie, it was also a lot of fun just watching it go up and down as well. Now to be fair, it has been going up quite a bit. It's been holding pretty steady this entire time. As I predicted, because of the fact that it broke through that $50,000 barrier with pretty much zero resistance, it just kept going. And it's actually almost at $55,000 right now. Now I do think part of it is just because of the fact that once it breaks 50,000, there's tons of news articles about it, the media just goes crazy because of the fact that that's a psychological barrier. And so it's getting a lot of hype right now. So basically what I'm saying is I think I'm gonna go ahead and just stay put for the day because it's sort of gone up really fast the last few days and I think a lot of that has to do with the fact that it's getting so much media attention. I do think it is gonna settle down a little bit in the next few days, but we'll see what happens. All right guys, so I got a little bit busy with work and stuff and I wasn't able to update the videos, but basically what happened is I made some trades, they were going really well, and then all of a sudden one of my trades didn't do well. So basically what happened is I decided to buy one Bitcoin cash. I went away from Bitcoin because I saw it was a little bit unstable and I bought one Bitcoin cash and immediately it crashed. So I bought the Bitcoin cash for about $701.04 and then I saw that it crashed. So what I decided to do is go in again and buy another one half Bitcoin cash for $345. And then it went up a little bit later. So I sold the 1.5 Bitcoin cash for $1084.99. So I made about $38.39 off of that, but it was technically swing trading and not day trading. This is because I decided to pull a 9,000 IQ move and when my investment went down instead of selling it at the end of the day, I just waited until the next day, bought a little bit more and then sold it. And when you wait until the next day and then buy and sell or maybe a few days later that's technically swing trading and not day trading. And then even though I was a little bit worried because of this challenge, I decided to buy back into Bitcoin at about 1,150 and I bought 0.02 Bitcoin. And then pretty much immediately Bitcoin began to crash. So when I bought it, it was about $57,536. And currently as of recording this video, it is $48,833. So I haven't actually sold it yet. So again, I kind of pivoted into swing trading, pulled a big brain move again. I'm hoping it goes back up. I'm hoping this is just a temporary crash, but who knows what happens? I mean, it could go down to zero and then I just end up losing all of my $1,000. But overall with this challenge at one point, my portfolio was up by 10.3% in just a few days. That is phenomenal. And then it crashed all the way down to about negative 11%, a negative 11.56%. And now it's at approximately negative 4%. Now, one other thing I'd like to mention here is usually day traders recommend that you trade with about $20,000 or so. So it's good to have a portfolio of around $20,000. So if I converted this $1,000 portfolio into $20,000, then at one point I would have been up $2,000 within just a few days, which is, I mean, that's phenomenal. Nice. But then again, I also would have been down $4,000 within a few days later as well. And overall, I would have lost about $1,000 out of a $2,000 portfolio. Now, fortunately, I was only trading with $1,000. So I only ended up losing about $50 or so. And also I would like to mention that the numbers here aren't exactly perfect just because of the fact that the free stocks that I got also went up a little bit. So it's not gonna be a perfect match. So if you count the free stock that I got for sending up to Robinhood forever ago, then I'm also up a little bit. So I guess I really did have nothing to lose because of the fact that Robinhood gives you that free stock. Now, overall, my opinion on day trading has changed slightly since I did this challenge. First of all, I would just like to say that day trading is super, super fun. I had an absolutely amazing time doing this. Watching my stocks go up, like figuring out kind of like a thesis, like, oh, I think it's gonna go up because of this and that and like looking at different news articles and all that sort of thing with different cryptocurrencies was a lot of fun. But with that being said, when it comes to the evidence of how effective day trading is, you need to be realistic with this. Coffeezilla did a great video on this on how your chances of being successful with day trading are very low. And so for instance, one study showed that only around 1% of day traders consistently have success in terms of like making a full-time income. Another study in Brazil showed that only about 1.1% of Brazilians made more than minimum wage day trading. Other studies have shown that 80% of day traders lose money. And the nicest statistic I could find was about 10% of day traders are successful. Now they didn't say exactly what success means. For all I know, that means they didn't lose money. And to be honest, all the strategies that I came across, I realized just using common sense that these same strategies can be easily programmed into a computer. We're talking about scalping, divergence, et cetera. All of these strategies, you could very easily make a Python program that could execute them for you and it wouldn't have all of the downfalls of being a human being like having emotions, for instance. So common sense tells me that over the long run, these strategies likely wouldn't work. So I think a really good comparison for this is going to be poker, for instance. Let's say that you got really, really good at poker to the point where you were consistently making good money online. Day trading and poker are both very similar to being what's known as a zero sum game where when one person wins, another person has to lose. Now day trading is a little bit better than poker technically because of the fact that the stock market does go up on average about 10% per year. But when you're exiting and entering at very tiny intervals like that, I'm not sure that even counts. Overall, the only way you can consistently make money when it comes to poker is if you were playing against people who aren't really good at it. And it's the same thing for day trading. If you get good at certain strategies, you can make money, but the only way you're gonna be able to consistently keep that up over time is if you are better than the average day trader out there or really a lot better than the average day trader. And so you'll have to rely on a steady stream of newbies coming into day trading who end up losing money. And that's probably one of the reasons why you see 1,000 channels out there that try to teach people day trading because it actually benefits them when new people come into the space. Now that's not to say that there aren't some actual successful day traders. I do think some of the people that I looked up online are successful and they can teach you quite a bit. But many of them, in my opinion, would not be able to make a full-time income when it comes to day trading if they weren't also making money off of YouTube and selling courses. And just like poker, there are certain strategies that you can use to maximize your chances of success. All the really good poker players, for instance, memorize what percentage chance they have with each hand they have, whether they should fold it or whether they should keep playing depending on how many players are playing with them, et cetera. But as you get to a higher and higher level, you'll find that almost everybody knows these strategies as well. And especially when you're playing online and you can't read other people, your chances of success are all gonna come down to luck. Now with that being said, I do think there are some strategies that you wouldn't be able to program into a computer. And most of these are going to involve being able to figure out exactly what type of effect, you know, the media, for instance, when some big headline comes out, is going to have on a stock. Also, knowing when to use these different strategies, not just which strategy to use, but also when to use the strategy can be extremely effective as well. And that's something you could probably never program. And to be honest with you, pretty much any type of business that you would start, especially if it's making money online, is going to have a very low chance of success. For instance, I haven't seen any studies on it, but I'm guessing that the chances of success on YouTube are less than 10%. They might even be less than 5%, 3%, maybe even 1%. And yet because of the fact that I had a passion for making videos, I was able to figure it out and make my channel successful. And I don't think it was all that hard. I don't think there's anything special about me. So for the right person, I do think day trading can be a great opportunity, but I think overall, your chances of success are going to be much lower if you try to make money day trading than many other business opportunities out there. But I do have to say that day trading is a lot harder than I thought. It took me a long time to learn just even the basics. It's also a lot of fun. Also, I would just have to say that I'm still a noob. You know, I was using very basic stuff to day trade. Robinhood is not ideal for that, obviously. And so I'm definitely open to hear other people's opinions down below. Maybe if someone has another opinion on this, you know, there's something that I didn't try. For instance, I'll give it another try. Let me know down in the comments below if you want me to make a part two to this video. I did have a ton of fun day trading, even though I ended up losing money with this challenge. And I probably would have made more money if I just bought Bitcoin, didn't do any research or anything at all, and just held it. And overall, my main investing strategy is to just buy and hold over the long run. Check out my other videos right here if you haven't done it already. Go ahead, gently tap that like button, hit the subscribe button, ring the notification bell, and comment down below any thoughts, comments, criticisms, et cetera, that you have on the video. Thank you so much for watching and I will see you next time.