It's true that there are people that make huge profits in day trading crypto's. However, not everyone succeeds with day trading, and it is also one of the reason why most people lose money trying to beat the market.
If you have the skills, if you had huge success with day trading, good for you.
As for the common Joe's that enter the crypto scene, you probably better off just holding on to your investments at the entry point you bought in, believe it or not, it is most likely your safest bet in this crazy market, where you will make huge gains long term, all you must do is wait a bit longer. Most people don't become millionaires overnight, and you probably won't too. Not everyone has the time or the skills, and that is ok. So how can the common Joe still profit from this market without all the Bells and Whistles?
Here is some advice to you, I've personally stayed with these points after many trials and errors, and these principles has always made me profits.
Invest over periods of time, no big shot! Invest like clockwork, say every paycheck, or every week. There will be a few times where you will be so certain that you might invest a lot in one go on a certain coin, and that is ok, if you still stick to the other points below.
Buy red, don't buy green. When the markets are down, it's discount time. buying in to coins that has just recently mooned might delay your long-term profits a bit more. Unless it's a coin where you routinely invest in like clockwork, never buy when it's green.
Patient is key. This is the single most important point. If out of all these points you can only follow this one, it's still a good practice.
Diversify, but don't over diversify. It is never good to have all your investment in to a single coin, it could be argued that this has worked out with certain coins, but it's a safer bet to diversify, however, don't overdo it. Diversifying too much could also be bad, holding on to too many coins will lower the potential of you making huge profits with just a few coins, as you would have more money invested in these few coins, the profits could be bigger with just a few.
If you are going to follow all these points above, remember, never day trade, just buy and hold, not everyone can beat the market, and you will be at risk of losing your coins trying to.
Holders have a better chance of profits in the long run, only few day traders succeed long term. If you even doubt yourself of being able to day trade, don't.
Be thoughtful. Whether it's wallets or exchanges. When withdrawing or transferring your valuable coins, always try small first. I can't tell how many incidents I've seen where people lost all their coins because of certain technical difficulties or human errors.
Remember, it's not investments advise, please do what you feel best suites you since it's your own hard-earned money. I'm just saying that for the common Joe's including me, this has worked. Your choice.
