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?
It is the same with any market out there, not just with Bitcoin or any other cryptocurrency. In fact, this matter has been discussed many times at great length already and not just here, at bitcointalk. Most financial markets are typically a zero-sum game and given that there are always entities and individuals who can milk the market in some way, for example, through arbitrage or insider info, your only chance of success is pure luck. In plain terms, that means you are gambling most of the time. Or did you really think of yourself as some exceptional trader who could easily outperform the rest of the pack?
As the saying goes, whatever you try to do has already been tried and it didn't work.