Topic: 7 Things to Know to Become a Successful Crypto Trader (Read 578 times)
Be in control of your emotion: many have been dealt with because of their inability to have full control over their emotions during trade. Traders with such actions usually and up in lost, and they will tag their loose on market volatility. Emotions shouldn't be allow to come into play during trade because of it effect on traders.
Learn to minimize the risk of losing capital by using stop loss functions and avoid trading with bots if you don't have extensive knowledge about how it works.
And avoid trading shitcoins for long term.
And avoid trading shitcoins for long term.
1) Build a diversified portfolio
Beginners put all their eggs in one basket while a professional would know what to do exactly. The smarter approach is to build a diversified portfolio based on market cap, tech and team behind the project. This decreases the risk of incurring losses.
Beginners put all their eggs in one basket while a professional would know what to do exactly. The smarter approach is to build a diversified portfolio based on market cap, tech and team behind the project. This decreases the risk of incurring losses.
I do not consider diversified portfolio invest in bitcoin and altcoins, for me to diversify portfolio would be:
1 - invest in bitcoin
2- Investing in gold
3 - invest in properties in real world
rather than putting or going all in here on crypto space.Im not saying this hadn't the potential but its still risky for you to consider on putting large sums.
Diversifying is good but on things which are more worthy to spend on.
Success cant be achieved if we dont experience losses yet i hardly agree that its always been part of the process.Even how much we do hate it but losing is inevitable.
1) Build a diversified portfolio
Beginners put all their eggs in one basket while a professional would know what to do exactly. The smarter approach is to build a diversified portfolio based on market cap, tech and team behind the project. This decreases the risk of incurring losses.
Beginners put all their eggs in one basket while a professional would know what to do exactly. The smarter approach is to build a diversified portfolio based on market cap, tech and team behind the project. This decreases the risk of incurring losses.
I do not consider diversified portfolio invest in bitcoin and altcoins, for me to diversify portfolio would be:
1 - invest in bitcoin
2- Investing in gold
3 - invest in properties in real world
5) Losses are a part of the process
Traders and investors trading in crypto including the novice traders need to know like in any business ROI in crypto trading doesn’t come easy. It's important to remember that losing helps your learn, make changes in the strategy and improve your chances for better results. There is never enough research for finding the right strategy, you should keep working at it and try working on new strategies regularly to cope up in every market condition
Continue reading full article on:https://www.digitalticks.com/blogs/7-Things-to-Know-to-Become-a-Successful-Crypto-Trader.html
Traders and investors trading in crypto including the novice traders need to know like in any business ROI in crypto trading doesn’t come easy. It's important to remember that losing helps your learn, make changes in the strategy and improve your chances for better results. There is never enough research for finding the right strategy, you should keep working at it and try working on new strategies regularly to cope up in every market condition
Continue reading full article on:https://www.digitalticks.com/blogs/7-Things-to-Know-to-Become-a-Successful-Crypto-Trader.html
it hurts a lot to lose, but as you said, losing is part of the whole process
Even if read 1 year or more i think i'm the worst trader on the world. Always i lose and can't profit from trading, only from holding.
Hello,
Thank you for this very useful post, I really saw myself in this and I'll try to implement all your advice. I also read some interesting mistakes not to do while trading cryptocurrencies on this useful site (https://www.digitalbusiness.fr), I think it is complementary of what you say. I hope it will also help someone
Thank you for this very useful post, I really saw myself in this and I'll try to implement all your advice. I also read some interesting mistakes not to do while trading cryptocurrencies on this useful site (https://www.digitalbusiness.fr), I think it is complementary of what you say. I hope it will also help someone
Your number 4 point is very important if one want to be successful in trading crypto currency. This is because when you loan money you will always be under pressure particularly when the market is moving against your direction and that will make you take desperate trading decision that will end you loosing your money.
1) Build a diversified portfolio
Beginners put all their eggs in one basket while a professional would know what to do exactly. The smarter approach is to build a diversified portfolio based on market cap, tech and team behind the project. This decreases the risk of incurring losses.
I disagree with this point, most coins are just copies of bitcoin with a few changes, they do not really offer any diversification, if you really want to diversify your capital then you need to invest in markets others than this one, the market of precious metals, real estate or stocks are good ways to actually diversify your portfolio, look at the market now, bitcoin is going down and altcoins are going down even faster so there is not really any protection taking place.Beginners put all their eggs in one basket while a professional would know what to do exactly. The smarter approach is to build a diversified portfolio based on market cap, tech and team behind the project. This decreases the risk of incurring losses.
Relevant information shared,Further lot of things traders must know to become successful trader. Education is priority so spend more time to learn Technical analysis and Indicators. Know the indicators which directly or indirectly affect the market because it affect to the trade.
Knowing overbought and oversold helps to take right decision of buying and selling,Must know t overcome the emotions dont let emotions to ruin your trade just calm and relax.If lost a trade just learn and move one to recover your amount.
Knowing overbought and oversold helps to take right decision of buying and selling,Must know t overcome the emotions dont let emotions to ruin your trade just calm and relax.If lost a trade just learn and move one to recover your amount.
I traded a lot, lost some and won some. But then i learned to control myself. it's all a psych game. No retest no entry! patience is a fucking key. April this year i saved up money from my job and deposited it into my trading account. stuck to my same rules and it was the best risk I've taken! I only work 20 hours a week now and by the new year i went quit completely. I figure if i can make 500 USD a week trading I can live frugal and continue to build my capital.
Awesome areas you highlighted here. Will personally be putting this tips to use
You have a very good tips that can help to the newbies investors and traders. Not only for newbies but also from all of us here in crypto world that do trading. I agree that having loan for business is not adviceable because you will be dealing with very risky activity. I think you forget something, which is avoid too much greed.
Great work. I will like to write a little more about point 4 & 5
Point 4:Starting any business or investment with Loan is not always adviceable to be safer from the hazard of the risk of failure. Boosting investment with Loan is still okay.
Point 5:Every business person should prepare against/for loss
You may only try to minimize the risk of losing much by business strategies. Loss is part of business experience.
Point 4:Starting any business or investment with Loan is not always adviceable to be safer from the hazard of the risk of failure. Boosting investment with Loan is still okay.
Point 5:Every business person should prepare against/for loss
You may only try to minimize the risk of losing much by business strategies. Loss is part of business experience.
Quote
2) Review your portfolio and trading strategy every 60 days
It is easy to chart your progress and see which way your portfolio is moving. As traders follow their strategy, it is advisable to keep an eye on Bitcoin price and its market capitalization. As Bitcoin’s price increases, its market capitalization increases and this leads to a fall in altcoin prices. This means it's time to hold or exchange for Bitcoin.
It is easy to chart your progress and see which way your portfolio is moving. As traders follow their strategy, it is advisable to keep an eye on Bitcoin price and its market capitalization. As Bitcoin’s price increases, its market capitalization increases and this leads to a fall in altcoin prices. This means it's time to hold or exchange for Bitcoin.
This is a great reminder to me and a timely tip. Since then I started trading, I seldom review my portfolio. I think more than a year now since bearish time, I did not review my holdings. I just sold whenever I need funds, I think I should start reviewing now and every 2 months.
Losses are part of the process.
Yes, learn how to swallow the truth. It does happen.
Not every sweet words of those who create videos in Youtube are real.
New traders tend to look at their winnings only and when they lose they go mad and blame anyone even if it is them who decided the last click to buy or sell.
It seems like someone is following a pump and dump groups? Yes, learn how to swallow the truth. It does happen.
Not every sweet words of those who create videos in Youtube are real.
New traders tend to look at their winnings only and when they lose they go mad and blame anyone even if it is them who decided the last click to buy or sell.
If I were them I wouldn't rely such video tutorials to make a move in the market if I really want to get that profit. It is normal to know when to sell and when to buy. Don't just click buy/sell button if you don't know you are losing already. That should be a trader should have to look at.
Quote
2) Review your portfolio and trading strategy every 60 days
It is easy to chart your progress and see which way your portfolio is moving. As traders follow their strategy, it is advisable to keep an eye on Bitcoin price and its market capitalization. As Bitcoin’s price increases, its market capitalization increases and this leads to a fall in altcoin prices. This means it's time to hold or exchange for Bitcoin.
It is easy to chart your progress and see which way your portfolio is moving. As traders follow their strategy, it is advisable to keep an eye on Bitcoin price and its market capitalization. As Bitcoin’s price increases, its market capitalization increases and this leads to a fall in altcoin prices. This means it's time to hold or exchange for Bitcoin.
This is a great reminder to me and a timely tip. Since then I started trading, I seldom review my portfolio. I think more than a year now since bearish time, I did not review my holdings. I just sold whenever I need funds, I think I should start reviewing now and every 2 months.
Losses are part of the process.
Yes, learn how to swallow the truth. It does happen.
Not every sweet words of those who create videos in Youtube are real.
New traders tend to look at their winnings only and when they lose they go mad and blame anyone even if it is them who decided the last click to buy or sell.
Yes, learn how to swallow the truth. It does happen.
Not every sweet words of those who create videos in Youtube are real.
New traders tend to look at their winnings only and when they lose they go mad and blame anyone even if it is them who decided the last click to buy or sell.
I will just take number 4 to quote with.
This is really important.
Use your own money. If you don't have it then don't start at all
This is really important.
Use your own money. If you don't have it then don't start at all
I think this is not really necessary, no one decides to engage on the exchange if they don't have any money. And nobody thinks about becoming a trader if they have no economic ability (money). Basically, only people with money think about investing in other things, maybe someone will think of margin mechanism on exchanges, but to be able, they need initial capital.
I doubt that, there were still some few people who wanted to become successful by becoming a crypto trader, they started with just limited amount of money, they are those people who were not contented with their life anymore and they wanted to change something, and I've known a lot of people who has nothing and now has everything.
In cryptocurrency trading, we have a different style and different story of how we start trading. Also, for me, one of the most important in cryptocurrency trading is an investment. Make sure you know all the things you needed before you enter into the crypto world it has a lot of path, technique, and skills to be gain before to be a successful trader. If you still doubt some trials support the beginners in trading, grab this opportunity to learn a lot of things by those free pieces of training. Learning is the most powerful thing that you must have that always keeps updated what is happening in the market, so you will know when is the right time to buy and sell your coins.
In my opinion the most important thing to become a good trader is to remember this quote 'never invest more than you cannot afford to lose'. Remember this, all the time. Another important point is to have a reliable trading platform, in the cryptocurrency market you can find a lot of scams! Use only well-known and safe exchanges, for example Kraken or CoinDeal. As far as I know, the second one even has a Swiss VQF which is pretty impressive and it is a kind of a proov that it's a safe place to buy.
Jump to: