If you want to do daytrading, you need some money reserve and you need to be willing to take some losses, without getting nervous and jumping ship. You need to stay calm, place your bet and see it work out or not. Otherwise you will just burn money with day trading.
If you only want to do some moderate trading, better go explicitly for a very simple strategy, like e.g. market following (e.g. go all in and all out whenever EMA 13 and EMA 21 cross). But don't jump around nervously and dont try to anticipate what's right behind the next corner.
If you want a still more conservative strategy, buy in cost averaging and just hold.
I've stopped doing daytrading... to chaotic... and I'm too nervous! Well, I started on my national exchange (Virtex Canada), but with 3% fees it was way too much, so I moved to Mt.Gox. Even if I can't easily send/receive fiat from/to Canada, it's good if you just want to daytrade, volume-wise and fee-wise. I can accept a loss and only get a scratch on my BTC count!
Meanwhile, I got my BTC back by trading some to LTC when it was 0.005, and bought back LTC->BTC the next day at 0.0075
It continues to go higher, but I've stop touching LTC now, too volatile, too high!
