Trading is simple, when the price is low it is time to buy it
and sell when the price is high.
For newbie these words seems to very simple because newbie thinks that bitcoin trading is very easy. Off course bitcoin trading is easy but you need patience when it come bitcoin trading. Some time the price will be very high you cannot able to buy them, so you need to be very active when comes to trading.
It's sounds like this trading activity just watch the chart for a long day, i would say it's not efficient. Better to learn how analyze fundamental and technical in trading, if you are already proficient you don't need to watch price movement for a long day, just makes a limit order to buy/sell.
Yes of course the patience is necessary to manage the risk, there's no free risk in any aspects, manage it will decreased the risk or even can be a profit.