Trading Bitcoin is changing livest could change yours too.
Tip 1: Learn how to trade.
First off, trading is technical and you will need to learn to read a chart if you ever want to become profitable. I personally learned how to trade via an online course hosted at Skill Incubator which I recommend immensely.
The course is mentored by Crypto Hustle aka Rocky, recently voted one of the most influential crypto traders in the sphere and a self-made trader and entrepreneur. Taking this course was probably one of the best decision I’ve made in my life (I am not kidding) and has helped me develop into a skilled and independent trader able to make his own trading decision and to make his own money. There is no better feeling than learning a trade which you can directly put into practice, it’s intoxicating and, once you start earning money, it will make you feel like a rock-star.
Tip 2: Keep your job.
Trading is not only a technical but also a very emotional affair. Trading is a psychological battle against the market and there is nothing worse for a trader than to be scared of losing money.
As you can probably guess, your fear of losing money is correlated to how much you need that money for everything else in your life. Simply put, don’t go trade with the rent/groceries money. This brings me to the tip itself: keep your job so you don’t rely entirely on trading as a source of income. Also, on the same note
the market can turn bearish at any point and when it does, then you can kiss easy crypo gains goodbye. Having a job will give you something to fall back onto when the crypto winter finally comes;
trading with money you’re afraid to lose will put you at a massive disadvantage against dispassionate traders. Scared money makes mistakes, buy tops, sells bottoms and eventually gets wiped out by the emotionless forces in the market;
Finally, full-time trading is a very lonely and unhealthy affair. Staring at computer screens all day is stressful, bad for your eyes and downright boring so having a job will keep you healthy, social and sane.
Tip 3: Start small.
Survivor bias might give you the impression that everyone in crypto is a success story and a millionaire. Yes some people have made fantastic amounts of money in a very short period of time but how many have failed. Well… a lot. People get wiped out on daily basis in these markets and you probably do not want to be one of them. That’s why you need to start by practicing with small amounts of money before you crank a gear up and go for more substantial trades. Personally it took me about 6 months to go from $150 positions to over $1000 trades. Putting more money into a trade also put more mental pressure on you and you likely to panic sell and lose money if you haven’t yet developed the mindset of a trader which can only be acquired through practice.
Tip 4: Take security seriously.
Crypto is a dangerous place for your money to be. Scams, hackers and even unfortunate bloopers might cause you to lose all your money. So before you start buying crypto, make sure to get a hardware wallet (Trezor or LEDGER) to store your coins.
Leaving your coins on exchanges isn't safe (because exchanges get hacked all the time) and any wallet which sits on your hard-drive or your phone is susceptible to get hacked as well. So, for the love of God, get a hardware wallet.
Well, that’s it for today guys. If you have any questions about the crypto lifestyle please leave them in the comments below and feel free to share your own personal crypto story and to upvote and re-steem if you liked this post.
Cheers,
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STOPNot bad, but you didn't write anything about risk management.
Without strict risk management, you lose your money.
heya @iddqd, you're right I didn't touch on this at all, might keep that for a later post, risk management is a vast topic and today's post wasn't meant to be too technical, stay tuned :)
Read this. I think it be helpful for you: https://medium.com/@bartjellema/why-i-just-bought-90-b2x-bitcoin-segwit2x-futures-f94d0ee13eb9
This is not risk management, this is gambling, gotta feel bad for the guy though
excellent post. Trading is amazing but we have to have a middle point bettwen trading and comun job.
thanks miguel, do you also trade part-time?
Great post, thanks.
And thanks for the link to the course.
I still have nothing to trade with ATM, but slowly building Steem while I build knowledge.
You're welcome @fred777bear :)
Nice post man, as someone who's only started out in crypto the last 3 months this was a good read!
Thanks dude, stay tuned for more, have you made a profit yet?
Not an amazing amount but just trying to strengthen positons in BTC, LTC and ETH before I go larger on some smaller Alts! What are your main holds at the minute?
80% BTC from the low $700 although I sold a bunch at $7220, I am consolidating in ETH and bought some ENG, I also have some long term ETP, wish I had more BCH though :D, now seems like a great time to sell
I enjoyed every bit of this article. You should check the review of this crypto course I did on my blog: https://chesatochi.com/complete-guide-to-trading-altcoins-review/
Hey @chesatochi, I've read your review, I used to follow Ravinder Deol on Youtube, I think he is very smart but I didn't know he had a course on Udemy, the course you reviewed seems solid though, I like the two teachers approach and the Fundamental analysis part, definitely an essential part of the trader/investor tool-set. Is it a paid course though?
Yes is a pay course, normally you can buy the course between 10$ to 15$ USD with a promotion.
Interesting, will check it out in more details, thanks for the heads-up !
Reading it now, will let you know what I think soon :)