Day trading is not for me. Even with the right tools and knowledge, not all of which I even have, it think it requires too much attention and is too stressful. While I'm able to recognize patterns and make small amounts of profit if I'm careful, I've found that one or two careless trades can quickly wipe out any previous gains of the day. I haven't incurred any net loss in my venture into day trading but I haven't made any gains, either. It simply isn't worth the trouble. This is particularly the case because to avoid the obligation to pay taxes one cannot exchange cryptocurrencies into official currency. At the end of the day, you have to stabilize the situation using stop-losses and that can be unrealiable. Thankfully, fees on exchanges are quite small. I think I could make some money out of day trading if I put my mind to it and learned the proper use of all the tools but it is much better to devote the time to my job. My hat is off to those who can make a living out of trading.
For me, I think the strategy with the highest return on investment is a steady buy-and-hold with an eye towards a long-term goal. Technical analysis is best used to decide the entry points, and finally, the exit points. Keeping abreast of cryptocurrency-related news is a must as the market shares and prospects of each currency are in constant flux, so rebalancing your portfolio is necessary from time to time.
