1. Know yourself. Define your risk tolerance carefully. Understand your needs.
To profit in trading, you must make recognize the markets. To recognize the markets, you must first know and recognize yourself. The first step of gaining self-awareness is ensuring that your risk tolerance and capital allocation to crypto and trading are not excessive or lacking. This means that you must carefully study and analyze your own financial goals in engaging crypto trading.
2. Plan your goals. Stick to your plan.
Once you know what you want from trading, you must systematically define a timeframe and a working plan for your trading career. What constitutes failure, what would be defined as success? What is the timeframe for the trial and error process that will inevitably be an important part of your learning? How much time can you devote to trading? Do you aim at financial independence, or merely aim to generate extra income? These and similar questions must be answered before you can gain the clear vision necessary for a persistent and patient approach to trading. Also, having clear goals will make it easier to abandon the endeavor entirely in case that the risks/return analysis precludes a profitable outcome.
Hope this could help some newbies in trading crypto
Quite some good tips and I believe they can help a lot. Another thing is that most of us here don’t even care about checking the market cap of the coins they are going for, they just jump in judging by the price of that coin. Let’s not forget that coinmarketcap is a good tool to check informations about any coin and it is very reliable. I don’t really have anything to add apart from what I just said right now, others have already given the needed tips.
I have seen hundreds of tips across this forum but while trading I never recall them to use for my trading. I guess I am not the only one doing like this.
