Lack of full knowledge could lead to lost of Assets in trading

[Sonia_123]

A friend of mine embarked on trading without a proper mentorship and lost all his assets.

So I want to ask? What are the criteria’s to become a good trader?

First we should define who a good trader is. A good trader isn't someone who doesn't record losses, besides there is no trader who record loss. A good trader is one who knows when to pause and re-evaluate trading strategies which brings us back to the question. To become a good trader you need to be;

• Patient enough to wait for a market you understand before you risk it.
• Intelligent enough to know when to avoid the market
• Conscious enough to know when to exit a trade
• Knowledgeable enough to always update what every strategy being used
• Wise enough to always confirm every market setup including that which are gotten from bots

It is adviceable not to go into what you don't have a proper understanding of  what you are going into .

In terms of trading Bitcoin, it is adviceable to learn it properly if not you will be falling into a huge financial loss , because trading is very risky and can't be compared to investment, if you don't know how to trade, ask someone to teach you and know it before going it since any fund lost to trading can't be regained .

To become a good trader, you must be ready to take risk, be patience and tolerate, be very calculative and be ready for whatever the outcome will be.

[adultcrypto]

A friend of mine embarked on trading without a proper mentorship and lost all his assets.

So I want to ask? What are the criteria’s to become a good trader?

If you want to succeed in trading, look for a decent strategy (Youtube can help), then learn it very well by taking notes. The proceed to any broker and create a demo account which you will use to test the strategy you just learnt. Test it until you see that it is working properly then write out all the steps to take when trading with that strategy like the entry criteria, the stop loss, the take profits and the targeted RR. If you have done this, test it again in the demo account and see if it will help your equity to grow, if yes then fund your account with amount you are willing to lose and trade it without fear.

[laijsica]

A friend of mine embarked on trading without a proper mentorship and lost all his assets.

So I want to ask? What are the criteria’s to become a good trader?

If you want to succeed in trading, look for a decent strategy (Youtube can help), then learn it very well by taking notes. The proceed to any broker and create a demo account which you will use to test the strategy you just learnt. Test it until you see that it is working properly then write out all the steps to take when trading with that strategy like the entry criteria, the stop loss, the take profits and the targeted RR. If you have done this, test it again in the demo account and see if it will help your equity to grow, if yes then fund your account with amount you are willing to lose and trade it without fear.

My recommendation for trading without fear is to go ahead with a long term accumulate strategy. A strategy of investing through discretionary means, not with saved money. In crypto investing, you need to combine experience and capital if you don't have thats tools, you won't be successful. And patience is important. You recommended Youtube and demo account to learn trading. Okay, but as a beginner continuing to accumulate small amounts and learning through market analysis can be a great strategy for you.

As you learn more and increase your holdings you can apply both long term investments and short term trading strategies. As you gain experience, diversifying your portfolio and staying calm in any price situation are all important things related to trading/investing.

[Powerjumboo]

A friend of mine embarked on trading without a proper mentorship and lost all his assets.

So I want to ask? What are the criteria’s to become a good trader?

So did your friend do futures trading? If not, then your friend must have started trading with some meme coin or shit coin. However, since your friend started trading without any experience, he should not have done so at all. He should have started trading with a very small amount of money in the first place. If your friend had started trading with a very small amount of money, then maybe your friend would not have lost much or even if he had lost, it would have been with a very small amount of money.

To become a good trader, it is very important to follow some strategies, one of which is that you cannot trade with emotion, you cannot be overly greedy on the trading platform, you have to be patient on the trading platform. And if you are new, you must use a small amount of money so that if you lose that money, you have no regrets, that is, according to the ability to lose. Also, to become a good trader, you have to learn to analyze the market. If you can analyze the market correctly, then it is certainly possible to become a good trader at some point.