I would agree with much of that. Education and experience are both critically important for trading. Though, you can lean on the experience of others if you know where to find mentors and/or a supportive community. I would say though, that one doesn't need to spend enormous amounts of time trading or analyzing. I definitely spend a lot of time doing it, but that's because I'm passionate about it and my day trading strategy has me dipping in and out of coins in minutes/hours.

Education in crypto is absolutely important, and doubly so for crypto traders. One must understand the market, from the coins that are trading to how the markets move. My source for trading education is Voodoo Crypto.

You're absolutely right that you should trade with a plan that fits your risk:reward preferences and makes sense with how the market is behaving.

In my opinion, the three most important things for a trader are:

Mindset - Trade based on logic, not emotion. Set rules for yourself. Build a strategy and stick to it.

Knowledge - If you want to trade, you can do one of two things: Either, stick your nose to the grindstone and research, sifting through all the useless or misleading info out there, or enroll in some kind of trading course. My personal recommendation is Voodoo Crypto, their education made me the trader I am today.

Tools - In crypto, the tools that exist publicly (and I say this lovingly) are built by nerds, for nerds. If you want to be successful trading, you need to use tools that are built by traders, for traders.

There are three factors to consider when selecting an exchange to trade on.

The first is security, always. A Dex verses a centralized exchange is not necessarily safer, even though you own your own keys.

The second is market conditions. Depending on your trading style and volume, you may be absolutely reliant on the liquidity offered by only the largest centralized exchanges. That's an unfortunate position to be in, but in some cases pretty much unavoidable

The third is UX. A good user experience (even if it's just a good API) is necessary to executing trades effectively.

A regular review of one's trading journal is definitely important. Having your trades evaluated by other traders can be beneficial, too.

It sounds like you're looking to throw $10 into an account and see if trading is for you. I get that some people need to have some skin in the game to make it matter, even if it's just $10.

As far as platform, by and large the only publicly available places to trade are through the exchanges themselves. You may find that the exchange that is easiest to send 10 USD to might not be the same one you want to trade on.

I'll second this sentiment here. Spend your time wisely, invest it where you need to and don't waste it. If trading full time makes you more than a salary would, why bother working for someone else?

Lots of folks bringing up great points! Good conversation about how emotions must be managed for trading, including emotions about winning and losing trades.

A few that I'd like to comment on specifically:

Couple things to unpack here. First, good luck starting your journal! Let me know if you have any questions. Your next comment on adjusting your trade plan is an important one. With new information over time, it can make sense to tweak your profit targets. However, until you're absolutely sure that you're not being swayed by FOMO or FUD, you should keep your targets pretty solid. Over time with your journaling you will be able to recognize trends and patters in your own behavior that you can use to improve yourself.

You hit the nail on the head there. Most traders, especially (but not only) new traders, don't have the education, the training, or the tools to consistently profit from trading. Voodoo Crypto doesn't do signals, we teach you to trade for yourself.

That's a valid dissent, but I would ask you this question: is it that the "smarter trader" is better at understanding the other techniques, processing the information, and understanding supporting knowledge, or does the "smarter trader" just know where to find better techniques, more relevant information, and more valuable supporting knowledge?

There's sometimes shady behavior in the marketplace, but if you understand how that behavior works, what the "tells" are, and how to safely navigate the waters when it's happening, you can still swim with the whales as a little minnow and thrive.

Profit is the motivation to play the game, no doubt about that, but you're right that for many traders the game of probability and psychology is a lot of fun!

A couple meta questions too that I want to transparently address.

I am a trading coach with Voodoo Crypto, so it is in my best interest to promote the service. However, my primary motivation for sharing this post and the ones that will follow is to provide value to new and experienced traders. Some may eventually look up Voodoo Crypto and be interested in what they offer, but most probably won't and that's okay too.

Aye, I did post this on Reddit a few days ago. My intention is to continue making posts like this on both because while there is overlap between the audiences, many people only look at one or the other.

What’s the difference between a winning trader and a losing trader? It’s not that one is smarter than the other, or that one is luckier than the other. Sure, maybe having the right tools and the best information helps, but what separates a winning trader from a losing trader is their mindset.

A mindset is how one perceives the world. It’s how a person absorbs the information around them, and chooses to either take action or not.

The most important mindset for a trader, new or experienced, is to consider decisions/trades/positions/investments through the lens of risk versus reward. A winning trader defines their risk and sets a target for their reward. There are lots of ways to do that, worthy of plenty Reddit posts on their own, but the critical learning is that the trader makes a plan based on solid logic, not emotion.

Once a plan is established, with a focus on risk:reward, the next piece of the mindset puzzle is sticking to the plan. This is accomplished through discipline. Only through discipline can you take your plan, and execute it over and over again so that you can measure it.

"If you can’t measure it, you can’t improve it." - Peter Drucker

The best way to measure your trading results is by keeping a trading journal. My personal journaling tool was built for Voodoo Crypto, but there are plenty of free ones if you google it. When looking for a journal or template, make sure to consider journaling both each individual trade as well as each trading session. Break down the numbers for every trade, and reflect on your performance and emotions for each session.

After the data has been analyzed and the journal reviewed, you make tweaks to your plan to attempt to maximize profitability. A winning trader understands that they don’t win every time, that losing trades is a fact of trading. However, they can answer whether they win more than they lose and have the stats to back it up.

If you want more hands on guidance and education check out Voodoo Crypto.

Meh, price of Bitcoin doesn't matter to me. I trade in and out of alt coins with a set strategy to earn 1% to 3% per day, compounding daily.

That way USD value goes up regardless of Bitcoin's price. Plus, when the next bull run hits, I'll have way more BTC to enjoy it with!

Strategy details are in my profile.

Like I said - trading strategy is everything.

Make the trading math work for you.

Should you want to target 1% profit per trade, with a profit target of 3.5% and a stop loss of 2%, and accounting for fees (Binance, with BNB, no VIP rank) both ways, you would need to have a strategy that is correct 44.79% of the time. If you aim for bigger moves, desiring an average profit of 2% by making trades with a profit target of 9% and a stop loss of 4% you would need a 46.24% success rate.

It's all about the numbers, and trading without emotion. That's why I rely on an algorithm that quantifies short term sentiment as a measure of the depth chart. Happy to share the algo's output with anyone who is curious, shoot me a DM or check out the website listed under my profile.

Sure, there are examples like Google overtaking Yahoo, but there are also examples like Netscape morphing into Firefox and still being relevant years later.

The problem with that line of thought though, is that you miss the nuance that Bitcoin is much, much, more than just a company.

Specifically, Bitcoin is the first of an entirely new type of asset class, defined by its breakthrough concept: The third evolution of accounting.

First, people wrote things down. I have X and you have Y. Civilizations were born on that most basic premise. Then, the second evolution: two people write things down. We both say that I have X and you have Y. Talk about an explosion in human achievement in finance, and through finance all of civilization, from the 11th century onwards that this discovery facilitated! Now you have a three person accounting system where not only do we both write down that I have X and you have Y, but every person on the Blockchain together verifies that truth. Now there is no question of whether I have X and you have Y. Nobody can challenge that, as it is written in stone. The scope of human achievement this unlocks over the next millennia are unfathomable, but it all starts with Bitcoin.

BTC Vivat Rex Bitcoin! BTC

If the idea is a good one, it will survive until either they learn to manage their funds better or someone else comes along and is able to make it a reality with the funds they have available.

I feel no love lost for the coins that are folding, ETC, STEEM, others are coming.


I have no doubt that it happens, but that's worse than breaking the law, that's breaking the law and failing anyway...

I commend your post, QuadsPoker. The strategy of getting just a few percent per day to grow your bankroll to new heights is exactly what I'm doing!

I would like to share a simple online calculator to show the true power of compound interest, linked here: https://cryptocoingrowth.com/calculator/

It's important to have a solid trade strategy to achieve consistent profits, for that I use algorithmic depth chart microanalysis on high volume and deep order book alts on Binance.

The problem trading alts, as you mentioned earlier, is liquidity. The community I trade with has postponed the inevitable liquidity crunch well into the millions by modifying the algorithm to work with the King itself, Bitcoin! Thanks, Bitmex

What strategy do you intend to implement for your challenge?

Trading to accumulate BTC is the way to do it, dip in and out of alt coins as liquidity permits, then jump over to Bitmex when you're ready to make life changing amounts.

That's what we do at Voodoo Crypto, and we're excited at the prospect of another few months or more to trade up our BTC stacks before the next bull season!

If you want to join the fun, you can find them through my profile.

This guy has got it figured out! Small % profits on lots of trades. Get a strategy that works for you (for me it's depth chart micro analysis) and set some trading rules. My most important rule is 2% trailing stop loss. That way I can't lose more than 2% to a bad trade.

I day trade with a community called Voodoo Crypto. They're happy to help folks learn how to day trade if you're interested. My profile has a link to their Discord.

First and foremost, take care of yourself. There's only one you.

That said, there's a certain peace of mind when I trade that comes from knowing that my trading decisions are the result of a thorough analysis of of the coin's order books, how it moves in the market, and the pattern trending.

I set rules for myself to define how I handle a trade once I open it. In most cases, I stick with a trailing stop loss of 2%, though I'll deviate from that based on several specific factors.

The algorithmic depth chart micro analysis is provided to me courtesy of Voodoo Crypto, feel free to check them out via a link in my profile!

My only regret is that I didn't start actively trading crypto sooner.

As the saying goes, the best time to start something is yesterday. The second best time is now.

Now I trade alts every day, and even dabble on Bitmex. I've learned some TA but mostly I've learned how the markets move and how people behave. I learned how to read depth charts when I started trading with Voodoo Crypto , and never looked back.

With the fantastic volatility over the past couple weeks, there tons of trade opportunities every day! Few % profit per day is all it takes to build your own financial independence.

My profile has a link to Voodoo Crypto if you're interested.

Hey folks,

I'm so excited about the volatility in the market the past few weeks. BTC going crazy, alts having their turn in the sun, it's been a great time all around. Overall my fiat worth has probably gone down, but I've long since stopped measuring in anything other than BTC. To that end, I am all about trading up my BTC stack, so when crypto grows into the behemoth you and I both know it will become, I'll be quite set.

My strategy has been to trade alts based on depth chart micro analysis. I study the depth chart of coins, and combined with the algorithmic analysis provided by the fine folks over at Voodoo Crypto (DM me for their Discord, it's a blast) I work every day to snag a few %.

That 1-3% per day average is propelling me to new heights! Thanks to the power of compound interest, a few percent per day is all it takes to be rocking 50% or 100% ROI per month. With those kinds of returns, I could care less if BTC drops below 1k.

What kinds of trading strategies do you all employ?

Safe trading,
Mr_Akbar

Ugly nested quote response, but bear with me.

1) Not being able to short sell effectively sucks, but there are definitely ways to profit without that particular perk.

2) Order book micro analysis can be misleading, on coins with low order books. This discord only trades on coins with greater than 1,000 BTC 24/h volume and at least 100 BTC on the order books. That makes it expensive, and therefore less frequent, that the books are being manipulated.

3) Trading is all about probabilities, right? If you're profit/stop is 2%/1%, you only need to be right 35% of the time to profit.