In this post I will be explaining my way and opinion as a newbie on day trading versus the more popular long term investment trading in the crypto currency world. Now as trading in the short term is less profitable unless dealing with large sums of bitcoin or altcoin (in my experiences). In the long term you could often double, triple or more your money within a short time of a few months to a year if you have paid close attention to the trends in the graphs. Most of the time long term investments are close to luck considering you cant tell the future unless you are a physic or had a crystal ball but that's not possible in any way. Now if you have some extra money laying around sure go for long term because that money can be taken out at any time you want. If you prefer seeing your money grow in short time little belittle then day trading is the better option although it is more time consuming but the more money your putting in the more your going to get out of it. Such as me with only a $30 investment compared to others at thousands plus invested. Here are some pros in my opinion to day trading.
Pros
- fast money
- very simple for beginners
- not a lot of money needed to start
- time consuming in a good way(good for boredom)
Cons
- Little money made
- Time consuming in a bad way(not for the busy person)
- Possible market crash in small scale unknown timing
- Fees on every trade so you have to know the fees to make sure your not losing money
This was all based on my personal experience in a month of trading on Poloniex (the only site I like the layout of despite bad reviews) I invite some people to give me directions and their opinion on this in the comments, thanks!