I have been day trading Bitcoin for a few months now. Overall I'm pretty much making nothing and losing nothing. It seems to me that there is no logic at all to the market. No matter how much research you do, how much you look at the technical's and how much you try to hedge you absolutely can't predict the massive dumps that happen every day. They appear out of nowhere at random times and drop the market by $200 - $300 at a time.
This smacks of huge manipulation of the market. They are making it impossible to trade with bitcoin in any way other than a pure gamble. Anyone else noticing this?
You don't know how many times I had same thoughts. That's is the same like with gambling, don't doubt in that. After some time of gambling or trading I come to same conclusion, there isn't point in all that strategies, learning, how much you follow all aspects of something in the end it's all come down to luck. One of the rules of luck is that you need to try and to try and try over and over again, just like that you have chances to get hit by luck. Strategies work for short time, technical analyses are accurate sometimes, so I always say in gambling and trading it's best to mix all that you know, to have balls to make bets and trades with more money with high risk, and you will have more profit than losse in a long run. This is not something you learn over night, you need practice and a lot of experience.