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Too Long; Didn't Read (TL;DR): Daytrading any asset is hard, not to mention volatile assets. It's a game with lots of professionals playing it. Thinking you can beat the market is often wishful thinking rather than reality. Statistics show that most daytrader lose money in their first year. Long term, you are very likely to end up with less funds. Simply holding, following the market, and selling when you reach a reasonable target is the way.
We've all been tempted to daytrade in crypto to try to beat the market. But let me speak for myself. It seemed too obvious to me when to buy and when to sell. However, that's only true when you look back at the charts (hindsight 20/20). As was to be expected, I lost money daytrading. It's not that easy, and for the friends in here who do make profits, I applaud you! - but that's the thing..
We only hear about the succes stories of people. Failed trades are often still taboo, especially with cryto-influencers (but we don't pay attention to then anyway... right?!). We only get confronted with the fantasy of easy and quick wins.
Let me say this: The vast majority of daytraders will lose money, a few will win big. So don't be fooled. Don't fall for FOMO, you should play your own game.
Here are some statistics I could find in recent articles to back the above:
Only 13% of day traders were consistently profitable over a six-month period - https://faculty.haas.berkeley.edu/odean/papers/Day%20Traders/Day%20Trade%20040330.pdf
Approximately 1-20% of day traders make money day trading. Just a tiny fraction of day traders make any significant amount of money - https://www.quantifiedstrategies.com/what-percentage-of-day-traders-fail/
Only 1% of day traders were able to consistently make money over a period of five years or more - https://www.nyse.com/trading-data
Remodelled from cointelegraph + source to data - https://www.tradeciety.com/24-statistics-why-most-traders-lose-money/
Free bonues quote
You can make a 100% profit five times, but if you lose 100% on your last trade you will still end up with 0. Not to mention the time lost.
Hope this gave you some insight. Cheers!
(Will edit for grammar when necessary)
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