Trying to be a successful crypto trader

How can I become a successful crypto trader? And what are the process that I should follow in order to archive those goals?

Your advice is needed pls
:speaking_head::speaking_head:

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Read some manualt on this theme

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Trading is all about making decisions on whether to buy, sell or stay flat on a particular market.

The traders who are successful over a consistent period of time are much more likely to use a trading strategy, or methodology, to aid in their decision-making process.

Trading strategies are used to help streamline the process of information which may include when and when not to trade, what timeframes to focus on, what technical indicators to use, how to enter and exit and so on.

Of course, the tools you use will depend on your chosen style of trading. This is the first thing to establish when learning how to be a crypto trader.

After all, if your goal is to day trade cryptocurrency CFDs from the hourly chart, which involves buying and selling multiples throughout the day for short-term profits and closing out positions at the end of the day, then using the long-term weekly chart for analysis may not prove to be very useful.

Trading styles generally incorporate one or both of the following types of analysis:

Technical Analysis
This type of analysis involves analysing the movement of cryptocurrency prices to identify patterns of repeatable behaviour. Many traders will also use technical indicators on their chosen cryptocurrency to find clues on which price levels the market could turn. You can learn more about technical analysis in Google.

Fundamental Analysis
This involves analysing news announcements related to cryptocurrencies such as new developments and uses in the technology that underpins cryptocurrencies called blockchain. There are also some unique fundamental events directly related to cryptocurrencies such as the ‘halving’ which you can read more in Google

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Trading is not easy

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Trading, in general, involves a certain amount of risk-taking as well as effectively managing that risk. So too does crypto trading. In fact, there are many ways these risks can be reduced and controlled. The most important component here is strategy. Master the art of creating effective strategies with these 6 top tips:

  • Diversification – When you trade, don’t invest everything in one digital asset. Diversify your trades by combining several cryptocurrencies. This will help reduce the potential risk associated with a specific coin.
  • Minimize Your Costs – Choose a trustworthy exchange offering competitive fees. This way when you open multiple positions on a daily basis, it won’t drastically affect your Return On Investment.
  • Know Your Trading Times – Being a trader means you don’t have a fixed 9 to 5 schedule! This also means you should plan out your day and trading times according to the asset of your choice as well as your strategy. Remember, cryptos trade 24 hours a day.
  • Follow the News – Always pay close attention to the news in general and cryptocurrency news in particular. Staying ahead of the market is important when you are preparing your strategy, and making quick decisions on trades. Set up news alerts, subscribe to newsletters, and be aware of how fast-paced the digital currency sphere is.
  • Leverage Technical Analysis – Make use of solid technical indicators to help you justify each of your trades.
  • Use Stop Losses – It should go without saying, make sure to set stop-loss orders on every trade.
Get Some Experience

For any type of trading, when you are a newcomer, the best advice you can get is to avoid jumping in the market straightaway. Instead, it is very helpful to start with practice. Learn everything you can about the digital currency you are interested in trading. And familiarize yourself with the trading platform. This way, you won’t have to face a stressful situation because of a lack of know-how.

Learn Market Analysis

Making fast, efficient, and informed decisions when trading crypto is definitely something you need to master if you want to generate profits. Always aim to make better decisions. That’s why traders should learn how to leverage all the tools and resources available to make a proper market analysis. Stay on top of your crypto game, subscribe to the right news, education, and get the best tools out there, to help you make better price predictions. Once you learn and perfect your market analysis, you will be able to take fast and wise decisions when needed.

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Wow thanks for the idea

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Watch good traders on you tube for at least 3 to 6 months, and when you have a good grasp on t.a , fundamentals, narratives, macro and sentiment, you can then start to deploy a small percentage of your portfolio into low risk trades. Controlling ones emotions is the first and most important rule of trading. If you are emotional, all of the other rules are immediately muted. Trading is quite difficult, but can be done successfully with the right approach and mindset. NEVER USE LEVERAGE!

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all you can is just BUY AND HOLD!
this is only one way to safe your money

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The best easy is buy & hodl

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Thanks for helpful info

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better become crytpo chain tester its peacefull for head

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Great information there. Thank you :slight_smile:

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Thanks for helpful info

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thanks for you post bro :rightwards_hand:

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I think patience is a key factor one needs to pocesss to become a successful trader

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