95% of all Day Traders fail because of lack of knowledge and timing. Day Trading is very difficult to apply in cryptocurrency trading. Why? Because cryptocurrency markets are unpredictable. It really needs more reviews and research before buying certain coin or token. I always advice new traders to spend their time to get to know the concept and the purpose of the projects or to DYOR (Do Your Own Research). Sometimes the reason why you buy certain coin or token because of hype or FOMO ( fear of missing out ) wherein you see your friends in social media enjoying what they hold. FOMO always happen anywhere in social media because it uses as a marketing strategy to manipulate the markets. Therefore, before diving into cryptotrading, always make sure to DYOR!
All that depends on the abilities we have. As long as we have the ability to analyze and always pay attention to the market situation, we can get good results. Continuously monitoring the market is a must for a day trader, a day trader must be able to make decisions quickly and precisely !!
Even the good and experienced traders find it difficult to do day trading in the current time where mostly the coins are dumping. Day trading is very much profitable in the bull market as we know that every now and then the price will move up giving a lot of profits in all the coins in short term.
In bearish times, it is almost impossible to cash out profit on daily basis as the market does not move that much and midterm hold is more better in such days.