7 Things to Know to Become a Successful Crypto Trader

In my opinion, crypto trading is more difficult than forex trading especially for new traders.

At the beginning of the thread, there are rules that are basic and mandatory for any financial markets.
My advice for crypto traders:
don't be scared by volatility and news addiction. This is how the market works and it's absolutely normal. When the moment comes where everyone understands that fluctuation in cryptocurrencies is not a disadvantage, but an advantage that helps to earn money, then the real crypto future will come.

All this advices are good but you can use every single FX rule into crypto too. Like to not risk what you can`t afford to lose and don`t chase the loses. 😉

momo3HC posted:
All this advices are good but you can use every single FX rule into crypto too. Like to not risk what you can`t afford to lose and don`t chase the loses. 😉

I agree completely crypto is becoming more like FX. There are ways to trade it up and down and once you have good money management you're onto a winner :)

CraigMcG2020 posted:

momo3HC posted:
All this advices are good but you can use every single FX rule into crypto too. Like to not risk what you can`t afford to lose and don`t chase the loses. 😉

I agree completely crypto is becoming more like FX. There are ways to trade it up and down and once you have good money management you're onto a winner :)

And with crypto... a bit of luck too. 😉

momo3HC posted:
All this advices are good but you can use every single FX rule into crypto too. Like to not risk what you can`t afford to lose and don`t chase the loses. 😉

Trading is trading after all, even if the assets change the rules remain the same.

At the moment, almost everyone knows that such cryptocurrencies and have a desire to get offended by trading, so you will probably be curious to read the article https://invezz.com/news/2021/03/12/georgia-passes-a-bill-to-teach-high-school-students-about-crypto/ thanks to which I learned that Georgia passed a law on teaching high school students about cryptocurrency and I think it's cool. The local ministry said the inclusion of bitcoin in the curriculum could help students better understand the characteristics of money.

Cryptocurrency especially bitcoin has promising future. But crypto trading is another matter in this crypto space

necolesilvers posted:

momo3HC posted:
All this advices are good but you can use every single FX rule into crypto too. Like to not risk what you can`t afford to lose and don`t chase the loses. 😉

Trading is trading after all, even if the assets change the rules remain the same.

That`s what i mean exactly.

In my opinion, all these tips must be followed by crypto traders. I just wish to add a few more: Be patient, Know your target, Understand your needs, do a lot of research and be adaptable with the crypto market situation. All these will help in making the right decision regarding staying for a longer period of time or pull out the profit.

Learnt a lot over the last few years but still reluctant to fully commit to crypto trading. I often sit out of the market for extended periods of time and also TP far too soon. However I find my portfolio going the right way and as long as that is true I'm not fussed on how long it takes

These are some good tips you have given in this post. I am a crypto investor as well. I hope it is going to help me and it would help many traders like me over here. Keep posting such good posts with trading tips regarding cryptos. Thanks in advance.

Thanks for the tips! I recently started to dabble in crypto and I'm feeling confident that it will be a good investment.

How cool and informative the information is. Thank you for sharing it. I just want to add that self-control and risk management are other two factors that need to be considered in order to become a successful cryptocurrency trader.

These 7 points are very interesting. I believe that another most important thing to consider is 'time your investment'.

Guess that everything you have described in this article is one hudnred percent true. I just want to add that nowadays traders want to start trading crypto because of the high potential in this field. Forex market recedes to the background today, because of this reason. Many traders believe that they can earn lots of money on crypto trading, however they don't understand that the risks are equal, and if you will make unwise moves, you will lose everything you have. In my opinion, if traders really want to start trading crypto, they must dive into this activity as well as they earlir dived into forex trading.

I agree with all the points except the last one. New traders often take such tips as a license to over-trade. Rather than placing multiple trades, you can devote your time on analysing fewer trades properly so that you can earn a good profit from that.