My definition of Daytrading is qualifed by the Volume of the move in compairison to the average volume:
The danger with daytrading is getting into those sudden pops, where it looks like its about to take off to the moon, and there is a bunch of big volume comin in and the price spikes. If you dont read that effectively, you will end up buying at or near the top of that spike and be stuck .. A few of these type trades will work out, but the rest will leave you buying coins at high prices and tying up all your capital, waiting and praying for another future spike to break even.
Then there is the droppers, where the price dives, and it looks like you caught a spike down from some fat finger player, only its news, and it keeps going lower, and you try to buy more, but now your stuck in with a higher average than you expected and it justs keep diving, and eventually you panic bail out, because it gets painful...
Thats daytrading, and if you can read the level 2 effectively and can find news fast, and let the panic happpen so that you enter on a pause in price.. and so on, then you can make great money, and its way more fun than I can express.. But in our present market, not only do we not have the tools needed to read the situation fast, but there are too few coins still to make datrading all day possible..
So I suggest we use our scanner to find the Small account building trades, and the low volume spike down trades, but avoid the few high volume daytrades that do show up often, because they are too dangerous for the inexperienced and unequipped. For now, but eventually we will be able to daytrade this market, and then trust me, we will dominate!!!