In this bear market lot of people were suffering about how to minimize their losses,for them trading is one good way to make daily profits and minimize your over all losses you made from the long bearish trend.SO these are the mistakes need to avoid when someone starts to day trading.
1.Don't trade based on your emotions,just concentrate on FOMO and FUD.
2.Only risk the amount which can be affordable for you or just don't enter into that trade.
3.Don't use the technical analysis more,its just a tool to predict but still there is no reason for it to happen cent percent.
4.Don't day tradeonly if you don't understand it.
More points about mistakes need to avoid are welcomed here for the newbie to learn.
1.Don't trade based on your emotions,just concentrate on FOMO and FUD.
2.Only risk the amount which can be affordable for you or just don't enter into that trade.
3.Don't use the technical analysis more,its just a tool to predict but still there is no reason for it to happen cent percent.
4.Don't day trade
More points about mistakes need to avoid are welcomed here for the newbie to learn.
I don't think that technical analysis is not applicable at all. In case no major events are coming technical analysis may help you in day trading.
Support and resistance concept can be useful.
Many people believe that bitcoin does not follow the Technical Analysis and is most move with respect to the news of the coins. This might be true in some sense but in the long run the Technical Analysis do play an important role.
If you want to be a perfect day trader, then TA should be at your finger tips else you will not succeed in this field.
Only technical analysis could not work, chart figures can be invalidated after the entry of a lot of money or massive sales, but if you understand, there is no need to learn patterns, you can simply react or even risk predicting at times.