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!
Based on my observations, most of the day traders are experiencing losses due to the opinions and trading tips that they are following from the self proclaim expert in cryptocurrency trader. They thought that this self proclaimed expert can really predict the price of the cryptocurrencies that they are trading. I only trust my self when I do trading because I have a lot of information that I got from studying and from my experiences.