Day trading is the act of buying and selling cryptocurrencies within a single day in order to make short-term profits. There is a significant amount of risk involved. As a matter of fact, day traders are akin to tightrope walkers. These individuals must be able to deal with high trading costs, a volatile market, regulatory risks, and other unpredictability. In spite of these, I see that there are a lot of people who still want to go into day trading. For these people, they put in the time and effort into learning it.
Day trading involves risks, and every day trader knows that they need to have a level of risk tolerance. While risk-seeking day traders can take on massive risks in the pursuit of huge profits, risk-averse day traders seek to reduce the amount of risk they would encounter. As a day trader, how would you describe yourself? Are you risk-seeking or risk-averse?
Risk-takers never last long, they may have an impressive run and it may seem as if they have the perfect strategy, and yet after a few losses they lose everything they have earned and even more during that period.
Not really, there are risk takers who stay in the market ever since. One of the good example of the risk taker is Warren Buffet, I believe he is buying colapsing company and innovate it into something that can give him huge return. It is never wrong to be a risk taker as long as a person knows how to calcualte risk and the possible realistic profit involved. After all, there is a thing called risk management after all.
If anyone is interested in day trading they need to be in complete control of the risk they take which each trade they make, and they need be ready to keep the risk as low as possible, and if this means accepting slightly lesser profits then they can do nothing but to accept it, as there is no other alternative they can take.
Not only that, the day trade must be well-updated, and it is best if he has a bot to set up and monitor his trade. Day trading needs a lot of attention and that where bots is needed to setup cut losses and good buy-ins. Day trade if done manually is very tiring and needs a lot of focus.