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Topic: 7 Things to Know to Become a Successful Crypto Trader - page 3. (Read 585 times)

hero member
Activity: 1708
Merit: 541
You've done well. The tips are on point although I feel #3 and #4 are a little bit out of the context of a trader. It's much more about an investor. Stuffs like lending or loans shouldn't be included. A trader should be more concerned about the market rather than platforms that offers monetary services. Aside from that, other tips are quite helpful especially for beginners. Kudos.
#4 is actually relevant if you read the whole point. Don't use money obtained from loans for trading. It's not talking about lending or anything.

I don't really care about articles like that, I want to know if you have become a successful trader, how many people are good at making nonsense, but in reality they are not like what they say, speak from the results of your own experience so you can provide concrete evidence.
Yes true, easier said than done. These points are the basics principle that people with a little experience in trading will find it meh, nothing new. But it can be valuable for many newbies out there who are looking to try trading for the first time.
legendary
Activity: 1834
Merit: 1036
Im 50/50 on #4 because if we think about it, if a store like Walmart will make an expansion and put up a store in another country, most likely they will not pull out money from their own pockets, it will be via loan from banks. Banks trust them with a loan because of the back ground. I know a guy who maxed out his credit card limit just to buy this token that he believes will make it big in the next coming years.
sr. member
Activity: 1414
Merit: 358
For me the best thing in order for us to become a better crypto trader is by journalizing our trades. I keep recording all of my trades history and it consists of when I buy and sell, what price did I buy, what price did I sell, how many coins that I bought, how much money did I allocate in the trade and of course if I win or If I lose. I always reviewing all of my trades for me to know what is wrong and for me to avoid the mistakes that I can do it again.
legendary
Activity: 2240
Merit: 4133
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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.

Irrespective of all this yet when the bear market comes, it affects all the altcoins so what was the need of diversifying in the first place if your investment capital isn't protected from this. Diversifying in cryptocurrency was only favourable when the market is experiencing positive return as the chances of profiting more increases although in the period were market price is declining it because a negative and wrong decision to make.

You're fall better diversifying to other assets outside cryptocurrency since they're not related and your investment capital will be protected from a downward movement in the market.
sr. member
Activity: 602
Merit: 253
4) Do not loan funds for investing in crypto
Avoid trading in cryptocurrencies with borrowed funds. It is a popular advice in the crypto industry that you invest only what you are prepared to lose. This means taking loans from sharks or banks is not advisable as you are risking your borrowed capital in a volatile market with no guaranteed returns.
It would have been better if you, OP, added your very own advice, not just copied everything from the website.

And about borrowing funds, unfortunately I've seen quite of few cases that newbie traders borrowed money from others. And they believed that they could pay their loans after some trading. If only it's that simple. They thought that with trading (with a side note they have the knowledge of trading) they could doubled their funds in no time. Sadly it's not that easy.

And the other advices seems pretty common for traders to know beforehand.
full member
Activity: 812
Merit: 104
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The real drawback is that after I do something to learn everything is okay however the matter starts once really place them to figure. ought to observe tons here to trade then you'll be able to expect one thing smart must settle for the gains and losses and nothing sensible can happen you can't simply trade open for profit.
sr. member
Activity: 2366
Merit: 448
SOL.BIOKRIPT.COM
7 Things to Know to Become a Successful Crypto Trader


4) Do not loan funds for investing in crypto
Avoid trading in cryptocurrencies with borrowed funds. It is a popular advice in the crypto industry that you invest only what you are prepared to lose. This means taking loans from sharks or banks is not advisable as you are risking your borrowed capital in a volatile market with no guaranteed returns.


A lot of people must read this one and stay focus with it, i not say some newbies, but a lot of people out there that think they are professional after get a profit from trading. Even real trader wouldn't think about to use people's money to make investment in his trading activity because it is full of risk. But sometime i still see people really confident to make people invest money in him and then promise for a profit. A lot of them end with lose all people's money and they forced to refund their investor's money.
That's right, most of those who dare to borrow capital to invest in crypto majority of beginners because they are only tempted by profits without requiring longer experience and deeper observation about investing in crypto.
they know the risks they face but are blinded by greed, and if their expectations are not what they want, it will be their burden because they have to return the capital they borrowed and I totally agree with number 4.
hero member
Activity: 1932
Merit: 504
7 Things to Know to Become a Successful Crypto Trader


4) Do not loan funds for investing in crypto
Avoid trading in cryptocurrencies with borrowed funds. It is a popular advice in the crypto industry that you invest only what you are prepared to lose. This means taking loans from sharks or banks is not advisable as you are risking your borrowed capital in a volatile market with no guaranteed returns.


A lot of people must read this one and stay focus with it, i not say some newbies, but a lot of people out there that think they are professional after get a profit from trading. Even real trader wouldn't think about to use people's money to make investment in his trading activity because it is full of risk. But sometime i still see people really confident to make people invest money in him and then promise for a profit. A lot of them end with lose all people's money and they forced to refund their investor's money.
hero member
Activity: 2912
Merit: 556
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I think you can review your portfolio and trading strategy every 30 days because if you decide to use 60 days, then I guess that is too long. Many coins can move in less than 60 days, but if we are in the long term in a bear market, yes, 60 days will be useful to review your portfolio.

If you want to make money from lend, I think you can do that in the recommended exchanges because you can find this feature in some exchanges, so you can get additional cash from the lending that you give to the traders.

Be careful when you analyze any coin because the losses will be there, and you need to minimize the chance to get lost money.
sr. member
Activity: 826
Merit: 252
I know you got the point but it's look you also promote your blog, very good strategy. Become successful trader is not easy, need time hard work and fund at the same time. Give you one advice for all trader, you should enjoy the profit, meaning this time many people can get big profit but forget their happiness, don't do that.
legendary
Activity: 2912
Merit: 1068
WOLF.BET - Provably Fair Crypto Casino
And automate your trading according to your strategy. You don't necessarily needs a trading bot but should place enough order to execute your strategy for not to miss a profit while you sleep. The crypto market never sleeps so should your strategy.

I don't believe in automated  trading, without human touch it can't be the same. This is maybe something that could be used occasionaly but it shouldn't be constant practice.
A good trader needs skills and experience and that comes with time, so patience is crucial as well learning on own mistakes.
full member
Activity: 1442
Merit: 153
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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

This part is what makes traders mentality down and in this part our emotions are tested, whether to continue trading until become an experts or stop when it faces lose.
This process is very important to support the continuation of our careers as traders.

Thanks for sharing anyway.

Do you mean FOUNDATION of the experiences that we need to face as a crypto trader? That's what every people should have, foundations about something for them to aim higher and build higher.

As you experience losses, that's the time you will think more of what will you do next in order to prevent those losses next time. As you use your critically thinking skills in crypto trading, you'll keep yourself away from losses which is good.

It means you're learning from something that makes you a better trader. Losses are part of the process that you should adopt and make your own way to overcome it.
legendary
Activity: 2044
Merit: 1268
Life's but a walking shadow!
1) Build a diversified portfolio
This particular tip could lead newbies to making a wrong choice, diversifying your portfolio could be a good idea only if its being diversified amongst good and working projects, but now it's very difficult to get any good project or any valuable altcoin, only very few in the market are actually fulfilling the roles they were meant to.

The best choice for newbies is to invest in bitcoin, and if they want to diversify, they should only go for altcoins that are good and have been in the crypto market for a while now and are doing very well. Diversifying your funds amongst useless shitcoins doesn't reduce risk of losses, it does the actual opposite as it increases it.
sr. member
Activity: 1764
Merit: 280
And automate your trading according to your strategy. You don't necessarily needs a trading bot but should place enough order to execute your strategy for not to miss a profit while you sleep. The crypto market never sleeps so should your strategy.
sr. member
Activity: 910
Merit: 254

4) Do not loan funds for investing in crypto
Avoid trading in cryptocurrencies with borrowed funds. It is a popular advice in the crypto industry that you invest only what you are prepared to lose. This means taking loans from sharks or banks is not advisable as you are risking your borrowed capital in a volatile market with no guaranteed returns.

Okay let's keep the concept of loan funds aside. What do you think about margin trading? They too are form of loan funds and I have seen a lot of people taking up leverage even the good traders. Do you think that is bad for a trader too? Because as far as I know many people don't have enough capital to buy enough quantities to make a living out of trading so it would really make sense if they actually took some leverage or margin for trading but they have to follow a strict stop loss so that they don't just blow up their everything.
sr. member
Activity: 2310
Merit: 332
"4) Do not loan funds for investing in crypto"

I think what I understand about this isn't the way you explained. I think this to me literally means don't over stake or make an order that is too risky for your account or that you can't beat the loss if it goes against your profit plan.

Although, taking loan for trading has been advised against but people also borrow money to invest in some businesses. Are we saying then that crypto trading isn't reliable for profit ?  Grin
hero member
Activity: 1249
Merit: 506
In my opinion these 7 things are not enough to be a successful trader.
A trader needs knowledge and always learn, always learning can help traders capture information as quickly as possible and make timely decisions.
Besides, traders also need confidence to be able to stand firm with their decisions. They need to control their emotions in order to avoid fomo, most of those who are fomo are new and they are not sure about their investment decisions.
hero member
Activity: 2548
Merit: 666
I don't take loans, ask for sig if I ever do.
Number 3 doesn't really seem needed as a crypto trader? It isn't actually to become successful but rather to avoid being scammed instead. Number   4 is a must for every trader, like hell. Trading borrowed funds is the worst thing you could actually do in this line of work. As for number 2, It might actually be better to review your strategies every 10 - 30 days instead of 60. Changes in the market occur almost daily, and leaving 2 months to it may cause quite a bit of loss for you.
But if you're just going to become a long time HODLer of BTC, basic information regarding it is all you'd need. Just leave your btc in a wallet and you'd actually be done with it lmao.
hero member
Activity: 2996
Merit: 609

4) Do not loan funds for investing in crypto
Avoid trading in cryptocurrencies with borrowed funds. It is a popular advice in the crypto industry that you invest only what you are prepared to lose. This means taking loans from sharks or banks is not advisable as you are risking your borrowed capital in a volatile market with no guaranteed returns.
I do consider this to be one of the most important thing not only on trading but on all investment means.Dont ever take a loan just to invest because you cant have an assurance that you would able to repay to that someone who do gave you a loan to the agreed due date.Why? you cant be sure on when you would able to make money yet we know cryptocurrencies are way too volatile.

lots of factors should really be learned up and consider specially on dealing with emotion yet this one do majorly affects you when you are playing with moving prices.
sr. member
Activity: 1120
Merit: 255
I think the most important thing is, learn to control your emotions. It's human nature to get excited when things go up and get depressed when they go down. If you do this you will buy high and sell low. You need to train yourself to get greedy when everybody else is fearful and fearful when everybody else is greedy. Also, collect as much information as you can. success in trading and any business comes from being contrarian and right; managing your emotions helps you be contrarian, but you still need to be right.
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