As the term says, Day Trading involves sending money (Euro) at a specific time of the day (usually in the morning) to a digital currency trading platform - after the money is converted to Bitcoin, in order to invest in one or more digital coins and regardless of the outcome, another hour of the day (usually in the evening) the investments are liquidated and once the Bitcoins are converted into fiat currency (Euro) money is sent back, hoping to be more than it was in the beginning and therefore there will be profit.
A Day Trader can even benefit from a drop in Bitcoin's price, if for example Bitcoins’s price drops 5% but the price of the coin in which he invested, shows an increase of 10%.
Disadvantages of this tactic are:
• Not suitable for small amounts and for low profitability due to conversion and transaction fees.
• Placements in currencies and trading platforms are limited.
• The available trading tools are significantly limited.
Big dependence on Bitcoin's current price.
Long Term Trading
This is the recommended way of action, which assures us:
Large number of placements in both currencies and trading platforms.
Flexibility in selecting tactics.
Getting advantage of all trading tools.
Reduced stress for performance.
Slight dependence on Bitcoin's current price, as Long Term Traders expect their profits to arise over time by a combination of the Bitcoin price and their ability to increase their available Bitcoin amount.
The daily goal of Long Term Traders should not necessarily be to increase their capital in terms of fiat currency (Euro), but the increase of their capital in BTC. The ultimate goal remains the increase of their capital in Euro, but this will be achieved by a combination of successful trades and parity within a reasonable period of time.