Do day trading patterns work because others are also using them?

To be successful in day trading, you need to be able to identify profitable trading opportunities in the absence of the herd mentality. Day trading is not the only possible application for this. You can apply this rule to any kind of trading or investment.

For numerous reasons, even if you apply the most popular trading strategies and signals, you may still end up losing money in the trading.

First, if everyone is employing the same trading patterns, opportunities typically vanish or are only available for extremely little periods of time.
Second, competition theory comes into play if multiple individuals are pursuing the same signal. That opportunity has passed its prime and is no longer profitable.
Third, the system's performance degrades if a sizable fraction of traders all use the same trading technique.
Fourth, a spike in the cost of goods or services is likely if demand for them suddenly increases as a large number of people take action all at once.

Whatever trading strategies or patterns they employ, 95% of traders end up with a net loss. The majority of other traders are probably employing a technique quite similar to yours if you rely on typical trading patterns. You join the herd and take on the characteristics of the other members.

Let's say a large number of traders who all use the same trading strategy/patterns decide to put money into the same investment. The increased cost is a direct result of the frenzied purchase. Right. In spite of this purchase, prices are likely to fall or, at worst, remain unchanged because of weak demand (People who are interested on that stock are already in the position). Not much justification exists for a price increase. As a result, you have to sell the stock at a price below what you paid for it.

Instead, you should create a Trading System by carefully analyzing existing patterns, signals, and strategies. Once you have a working system, go back and test it.

You can create a one-of-a-kind and incredibly useful trading method by gradually reducing, tweaking, and adding to your initial plan over time.

For reading this, my sincere gratitude. If you have questions, please write them down below. Eventually, I'll get back to you on that question.

Oh that's exactly why I expect the price to start falling sharply. This is a great opportunity to buy cheaper. lol.
Then wait for the next herd and sell at a higher price.

Traders have to pass much time with the market to get rid of this fear. A good understanding of the market helps generate accurate signals.

Trail & error is key. Every trader uses some of the same strategies as the other. But, i guarantee that some perspectives are different. Its just learning to use them in a way that benefits for you & gives you better understanding of market direction and time deviation. As traders some (day traders) only analyze for a short specific time to ensure we make profits. After taking partials anything else is a blessing imo.

There is no perfect trading strategy, each trading strategy has its own pros and cons, making trial and error to find suitable and profitable trading strategy, when we are truly love to certain business hence will struggle to get it.