Topic: How do I succeed as a trader in 2024 - page 4. (Read 1248 times)

It is going to be a tough road for you as trading sounds simple when you hear success stories and trades from the people who are making a living from this. But when the reality hits you, you're going to have the hardest time of your life and that's why it's important that you have a strong heart when you do so because you'll never know if you might give up on the mid run of your trading journey as a beginner. But no one's going to stop you experiencing all of this and if some strategies will develop you, strive for it because only you are the one to see how you'll work on your own trading activities and potential success in the nearest future.

It's best to experience it on your own while reading some materials about the strategies that you may come up with especially with what everyone is saying about and that's the technical analysis. You will have to take time in learning all of those and also prepare your pockets of it to be full. So, just go ahead and trade and experience how this market is so very quick and volatile and you'll adjust on it eventually.

If you are new to trading then you should not trade as soon as you enter 2024, because if you trade there is a high chance of loss. Because most of the traders who face losses in trading are newbies, they suddenly start trading without doing market research and subsequently face losses. So by measuring the market of 2024 you will accept trading, otherwise you will not accept trading.

What opinion do you expect? because if you have decided that trading will be your focus this year then do it consistently and continue to add trading skills because it is very necessary and also continue to be aware of market conditions because traders will really need the latest developments that occur in the market, and never consider trading as easy if you are already profitable because at other times you are very likely to experience losses, and profits and losses are two things that are difficult for you to ignore.
You can try to reduce the risk of loss by acting carefully every time you want to open a position.

As a veteran trader since 2012, let me tell you about the pitfalls and how to avoid them:

1. Do not flip flop between trades (buying and selling then buying again and selling again and so on...). You will grind your money away with trading fees, even if you do not make any trading losses. And those fees can add up faster than you realize.

2. Do not buy/sell on "feelings" or on short term FUD or FOMO news that you might see on social media or the news.

3. Practice trading on a test server with test Bitcoin/other cryptocurrency. You will likely lose money in your first years of trading before you you learn how to trade on a profit. Better to lose fake money than real money.

4. Do not listen to any influencers/trading signals/insider groups. They are all scams.

5. Buy on lows and do so incrementally. DCA is your friend if you need a simple tactic.

6. Losing Bitcoin is worse than losing the dollar worth. 1 BTC = 1 BTC. Its better to have more Bitcoin, even if the fiat price is dropping.

That is a difficult thing, if you start of course in trading will definitely experience losses and there are still many factors from the cause of the loss, then the success of trading feels a little more difficult but I believe there are people capable of doing that.

Trading requires a strong mentality while investing long-term I call it has little risk especially in bitcoin as long as he does not sell they will not lose, while choosing a coin on a trend then he might get into FOMO.

Choosing financial success with trading is not easy because trading requires many things to pay attention to when doing it.
You can trade, but long term or I call it investment. Buy and hold until a certain time limit. Is it for a year or more or when the selling price has reached a large profit.
Be careful when choosing coins. Avoid coins that follow trends.

Patience is one of the ways we can stay safe in the market and we should not allow greed to make us to over trade or keep trading without plans. We can make money from the market if we know how to plan our trades and don't over trade in the market.
Crypto trading is profitable but not to all because not everybody knows how to find there way and take the right decision in the market to make money for themselves as a trader.

The best way to start a business is to compartmentalize business plans. and to complete those fragmented plans in phases. With Entry 2024 you will never trade in the beginning. Trading requires a lot of knowledge and experience no one can trade easily in one day and one month. It takes a lot of time to understand the movement of the market. Invest in bitcoins from here and learn more about trading.

If you want to become a successful trader by trading, you need to have good experience about trading, besides, you should always keep an eye on the market so that you can get a good idea about the market. If you don't have any idea about trading, it will be very difficult to make money from trading. Everyone does trading.  Can't Succeed Newbies to trading often fail to profit from training because they make wrong decisions.

You read, read, read and read more, you try and try you will fail and fail. But you never give up once you reach your goal and if you not give up you will reach your goal!


Here you got a excellent answer of how you can go.

To be able to understand the trading strategies for beginners, it spends highly recommended to a small amount of capital first, so that you can understand the ups and downs of market prices and can adjust to obtain a small profit above the purchase price.  Don't be too hasty in targeting big profits, so you can get used to minimizing the risk of loss.  Everyone can be successful in crypto trading, the main key is to focus and have experience first

Trading brings a higher risk so you need to give it a long term preparation when it comes to acquisition of knowledge, skills and strategies so that your trading performance will never end up a mess but a successful and profitable one. By learning trading, you also need to be more skilled in reading charts and market patterns so you will be aware when is the best time to trade and when is not.

However, no matter how skillful you are in trading, you cannot expect 100% guarantee that you will end up with massive profits. Trading is unpredictable and could sometimes lead you to unexpected losses, that’s why trading needs to be cautious and be more prudently watchful on your trades.

This nice. I will also advise you to invest and also trade so to balance the equation. One thing in human life is determination and once you determine and put it into action definitely you must achieve it. But before you start your trading, you need to learn and know the basic elements of trading and some of them are. Knowing the entry point and exit point. These are most two important things in trading before others were added into it.

You have to know that there is risk in trading and you have to learn well before starting the trade and you have to start with a small amount like 200 USA dollar.

Don’t follow what people say that they are looking for financial success in 2024 and think of trading because you see other people around you have financial stability by trading and decide to jump into trading when you don’t have the knowledge of trading. That will be a very big mistake in 2024 for you again. However, jumping into trading without knowledge will make you lose more than you expect because you enter trading without the fundamental knowledge and skills that are required before you trade. And again, it takes a year to become a professional trader; therefore, I will advise you to not trade if you don't have any skill about it before it will not favour you.

So I will advise you to learn trading and use the money you have to invest in bitcoin and any other good or potential project that you have knowledge about that will generate you some money later. Perhaps you will.I would like to join the trading community after learning about it.


Exactly. And that is why I told the OP that he should not jump into trading because he sees other people making money from it. Those people may have been in the game for a very long time now, but patience and control over your emotions are another very important thing a trader needs, and it’s compulsory for a trader who wants to be a successful trader because without these two things, there is no way you will be able to make money in the market. Furthermore, there is a lot of risk in the trading business. The OP should understand that trading has a higher degree of losing money than crypto investment.

It is quite difficult to become a successful trader because knowledge alone is not enough, good psychology and good risk management are needed to make trading profitable and with lower risk. To achieve this cannot be done in just a year, it takes years to achieve this, by learning from a lot of experience in the market to be able to find the right position in trading. And dedication and discipline are also needed to become a successful trader, because successful people do not come from people who half-ass, but from those who give it their all.

what makes someone successful in something is persistence, and continuing to learn. However, the tips for becoming a successful trader this year are the same as in previous years. You need to be consistent in the goals you want to achieve, don't get bored quickly, do in-depth research, be patient, don't be greedy, keep adapting, and much more.
However, the most important thing to emphasize in this case is don't be greedy and try to make the best use of the profits you get. Look for potential projects that can increase your assets even higher, and if you feel that the project has stopped growing, you need to look for another project. Remember, don't be greedy when you have made a lot of profits. Many people do not sell some of the assets they own, even when they have made big profits, and after that, they make big losses.

It depends on how determined you are about what you want to do in the crypto trading business. If you can gain various information that can benefit you in the future, I think that will be enough for you to try to start in this field of the cryptocurrency industry.

You probably also know that this industry you entered is not easy, right? You have a lot to consider here. This requires long-term endurance or patience, and you must not be controlled by your emotions either. Your understanding, knowledge, dedication, and passion must be broad and deep so that you can succeed in your desire to enter here.

There is no end to the knowledge of trading for us to learn because we not only learn about trading, but we also have to master the knowledge of the causes of market fluctuations that make prices rise and fall. So make every trade a science and never feel like you have mastered the science of trading because that will make us careless in making decisions. Yes, of course profitable trading is trading in the long term, and owning coins that have bright fundamentals in the future.

What I learned about strategy is that it doesn't have to be technically sound, as long as what you analyze makes sense. You create your most abstract strategies based on lunar cycles and they will work if they align with your goals. Don't forget to organize your risk management. In essence, to enter the world of trading, everyone needs more than just a salary to be financially stable. and I think investing in BTC, and ETH is the smartest and safest choice. But as always, things change every day and all you can do is trade responsibly and monitor the market and re-evaluate your strategy frequently.

When in talks about being successful then it is really that something that cant be known yet we dont know on how our fate would really be ending up whether it would be positive or not on which it would really be that basically be depending on how we do deal with things on which it would really be neither be a fail or would really be that a success. People who do have that shot on getting that success is into those people who do make out some step and actions on which they do simply not making any idle situation into the things that they are currently dealing with. Somewhat it does really need up some sort of luck or mix of those being lucky on the things that you are currently dealing with because there are really things in life on which no matter how hard we do try but still it isnt really that meant for us.

If you do have plans on being that a successful trader in 2024 then you should work hard for it, you wont really be making things possible or you would be able to achieve something
if you wont really be doing something of it. You would really be just basically be all in talks but doesnt have the action that you are taking.
Then how things would be possibly be able to attain in that case?

It's partly true, but also important to realize that trading is not meant for everyone. I am more of an investor rather than a trader because I am better at analyzing the fundamentals of a project rather than the technical aspects.

I mean buying Bitcoins for the 25k is not a bad idea but to think of it, you cannot realistically expect BTC to pump 7x from here to achieve the desired goal of 200k. The only way you do this via BTC is leverage trading or futures because then you can get a 10-20x and hopefully, the price doesn't go down by much so you don't get liquidated.