Am not really new in crpyto world but am always scared of taking the risk of trading. As an experienced trader what are the advantages and disadvantages of day trading. Please I need your opinion. I really want to know those risk so as to avoid them. Then the possible way to maximize profit.
The risks of doing day trading are:
a) You can lose your funds the same day
b) You can lose your focus the same day
c) You will hate crypto on the same day
d) You will leave crypto on the same day
e) If you won a trade, you can become greedy the same day that will result to
(a,b,c,d).
What I mean here is, don't be scared. Yes, it's difficult but that's the challenge here.
As for my advice, I suggest not to do day trades for now since you are new. Try first the environment in long term trades. The goal is to build up the trading experience so that when the time comes that you think are now ready and understand the risks, you can now test the waters in doing day trades. It will take time so don't rush getting profits.