7 Things to Know to Become a Successful Crypto Trader

[maydna]

I think you can review your portfolio and trading strategy every 30 days because if you decide to use 60 days, then I guess that is too long. Many coins can move in less than 60 days, but if we are in the long term in a bear market, yes, 60 days will be useful to review your portfolio.

If you want to make money from lend, I think you can do that in the recommended exchanges because you can find this feature in some exchanges, so you can get additional cash from the lending that you give to the traders.

Be careful when you analyze any coin because the losses will be there, and you need to minimize the chance to get lost money.

[perla]

7 Things to Know to Become a Successful Crypto Trader


4) Do not loan funds for investing in crypto
Avoid trading in cryptocurrencies with borrowed funds. It is a popular advice in the crypto industry that you invest only what you are prepared to lose. This means taking loans from sharks or banks is not advisable as you are risking your borrowed capital in a volatile market with no guaranteed returns.

A lot of people must read this one and stay focus with it, i not say some newbies, but a lot of people out there that think they are professional after get a profit from trading. Even real trader wouldn't think about to use people's money to make investment in his trading activity because it is full of risk. But sometime i still see people really confident to make people invest money in him and then promise for a profit. A lot of them end with lose all people's money and they forced to refund their investor's money.

[bitzizzix]

7 Things to Know to Become a Successful Crypto Trader


4) Do not loan funds for investing in crypto
Avoid trading in cryptocurrencies with borrowed funds. It is a popular advice in the crypto industry that you invest only what you are prepared to lose. This means taking loans from sharks or banks is not advisable as you are risking your borrowed capital in a volatile market with no guaranteed returns.

A lot of people must read this one and stay focus with it, i not say some newbies, but a lot of people out there that think they are professional after get a profit from trading. Even real trader wouldn't think about to use people's money to make investment in his trading activity because it is full of risk. But sometime i still see people really confident to make people invest money in him and then promise for a profit. A lot of them end with lose all people's money and they forced to refund their investor's money.

That's right, most of those who dare to borrow capital to invest in crypto majority of beginners because they are only tempted by profits without requiring longer experience and deeper observation about investing in crypto.
they know the risks they face but are blinded by greed, and if their expectations are not what they want, it will be their burden because they have to return the capital they borrowed and I totally agree with number 4.

[Subbir]

The real drawback is that after I do something to learn everything is okay however the matter starts once really place them to figure. ought to observe tons here to trade then you'll be able to expect one thing smart must settle for the gains and losses and nothing sensible can happen you can't simply trade open for profit.

[LouVandetta]

4) Do not loan funds for investing in crypto
Avoid trading in cryptocurrencies with borrowed funds. It is a popular advice in the crypto industry that you invest only what you are prepared to lose. This means taking loans from sharks or banks is not advisable as you are risking your borrowed capital in a volatile market with no guaranteed returns.

It would have been better if you, OP, added your very own advice, not just copied everything from the website.

And about borrowing funds, unfortunately I've seen quite of few cases that newbie traders borrowed money from others. And they believed that they could pay their loans after some trading. If only it's that simple. They thought that with trading (with a side note they have the knowledge of trading) they could doubled their funds in no time. Sadly it's not that easy.

And the other advices seems pretty common for traders to know beforehand.

[CryptopreneurBrainboss]

1) Build a diversified portfolio: Beginners put all their eggs in one basket while a professional would know what to do exactly. The smarter approach is to build a diversified portfolio based on market cap, tech and team behind the project. This decreases the risk of incurring losses.

Irrespective of all this yet when the bear market comes, it affects all the altcoins so what was the need of diversifying in the first place if your investment capital isn't protected from this. Diversifying in cryptocurrency was only favourable when the market is experiencing positive return as the chances of profiting more increases although in the period were market price is declining it because a negative and wrong decision to make.

You're fall better diversifying to other assets outside cryptocurrency since they're not related and your investment capital will be protected from a downward movement in the market.

[DevilSlayer]

For me the best thing in order for us to become a better crypto trader is by journalizing our trades. I keep recording all of my trades history and it consists of when I buy and sell, what price did I buy, what price did I sell, how many coins that I bought, how much money did I allocate in the trade and of course if I win or If I lose. I always reviewing all of my trades for me to know what is wrong and for me to avoid the mistakes that I can do it again.

[nydiacaskey01]

Im 50/50 on #4 because if we think about it, if a store like Walmart will make an expansion and put up a store in another country, most likely they will not pull out money from their own pockets, it will be via loan from banks. Banks trust them with a loan because of the back ground. I know a guy who maxed out his credit card limit just to buy this token that he believes will make it big in the next coming years.

[CodyAlfaridzi]

You've done well. The tips are on point although I feel #3 and #4 are a little bit out of the context of a trader. It's much more about an investor. Stuffs like lending or loans shouldn't be included. A trader should be more concerned about the market rather than platforms that offers monetary services. Aside from that, other tips are quite helpful especially for beginners. Kudos.

#4 is actually relevant if you read the whole point. Don't use money obtained from loans for trading. It's not talking about lending or anything.

I don't really care about articles like that, I want to know if you have become a successful trader, how many people are good at making nonsense, but in reality they are not like what they say, speak from the results of your own experience so you can provide concrete evidence.

Yes true, easier said than done. These points are the basics principle that people with a little experience in trading will find it meh, nothing new. But it can be valuable for many newbies out there who are looking to try trading for the first time.

[Murat]

This type of post seems to be seen another thread, whatever the case is, this is really helpful to any newcomer in order to trade in this cryptocurrency platform, I don't think it's too complicated for anyone, I think it's just a matter of study and proper knowledge, I believe when a person enters into this system then he must study properly about the crypto trading, I think if someone could control on emotion then it's enough to get better in this cryptocurrency trading, I like your first suggestion which is diversified portfolio, I think it could be a good method to create a good impact on this system.

[kanayaTabitha]

This type of post seems to be seen another thread, whatever the case is, this is really helpful to any newcomer in order to trade in this cryptocurrency platform, I don't think it's too complicated for anyone, I think it's just a matter of study and proper knowledge, I believe when a person enters into this system then he must study properly about the crypto trading, I think if someone could control on emotion then it's enough to get better in this cryptocurrency trading, I like your first suggestion which is diversified portfolio, I think it could be a good method to create a good impact on this system.

Yeah you're right, similiar posts are every where but it's not bad though. Newbies could be able to read them and found them easily and learn what they haven't did in a trades. It might be hard to implement all the theories at first. But with the experienced of winning and lossing trades, i'm sure everyone could be a good traders if they always learn from their mistakes.

[Baby Dragon]

This type of post seems to be seen another thread, whatever the case is, this is really helpful to any newcomer in order to trade in this cryptocurrency platform, I don't think it's too complicated for anyone, I think it's just a matter of study and proper knowledge, I believe when a person enters into this system then he must study properly about the crypto trading, I think if someone could control on emotion then it's enough to get better in this cryptocurrency trading, I like your first suggestion which is diversified portfolio, I think it could be a good method to create a good impact on this system.

Yeah you're right, similiar posts are every where but it's not bad though. Newbies could be able to read them and found them easily and learn what they haven't did in a trades. It might be hard to implement all the theories at first. But with the experienced of winning and lossing trades, i'm sure everyone could be a good traders if they always learn from their mistakes.

Indeed, because it will serve as guide to them whenever they are making decisions and actions. It will help them to be wiser and a better trader despite of having difficulties in the past, having enough understanding about trading will also give them some idea on the things that they need to do in order to be successful since trading is never easy and it will always be speculative. We will face some problems that will challenge us whether to continue or not. Trading needs effort and time, in order to survive and be successful we should know when to take the risk or not. Losing is part of it and it usually happens to many of us particularly to newcomers because some of them are still confused when it comes to trading, this kind of information can give them some knowledge and a better understanding to become a successful trader. We have to accept that sometimes our decisions will not turn out great but it shouldn't be a reason why we have to stop because we can simply acquire it and use it to build us as trader.

[metenjean]

When you have a lot off money said Losses are a part of the process is not worry but how come if some one borrow their money from his friend or bank and got scam with loss by investing with bitcoin and altcoin, still you can said Losses are a part of the process and how come to get back his profit and return his money borrowing.

[perla]

7 Things to Know to Become a Successful Crypto Trader


4) Do not loan funds for investing in crypto
Avoid trading in cryptocurrencies with borrowed funds. It is a popular advice in the crypto industry that you invest only what you are prepared to lose. This means taking loans from sharks or banks is not advisable as you are risking your borrowed capital in a volatile market with no guaranteed returns.

A lot of people must read this one and stay focus with it, i not say some newbies, but a lot of people out there that think they are professional after get a profit from trading. Even real trader wouldn't think about to use people's money to make investment in his trading activity because it is full of risk. But sometime i still see people really confident to make people invest money in him and then promise for a profit. A lot of them end with lose all people's money and they forced to refund their investor's money.

That's right, most of those who dare to borrow capital to invest in crypto majority of beginners because they are only tempted by profits without requiring longer experience and deeper observation about investing in crypto.
they know the risks they face but are blinded by greed, and if their expectations are not what they want, it will be their burden because they have to return the capital they borrowed and I totally agree with number 4.

Not 1 or 2, but it keep happens to people. Trading and make investment must use our own money. Actually you are right, people know the risk is always hide behind trading, but they are too greedy because aim for bigger profit no matter where money that they use come from.

[Negotiation]

I agree with you very well After trading these posts benefited Also I think in order to be a successful crypto trader there are 7 things you need to do to observe and research different places to trade. If you do not get frustrated that there are both profit and loss trades try again from where you went wrong so you can become a successful businessman.

[AniviaBtc]

7 Things to Know to Become a Successful Crypto Trader


4) Do not loan funds for investing in crypto
Avoid trading in cryptocurrencies with borrowed funds. It is a popular advice in the crypto industry that you invest only what you are prepared to lose. This means taking loans from sharks or banks is not advisable as you are risking your borrowed capital in a volatile market with no guaranteed returns.

A lot of people must read this one and stay focus with it, i not say some newbies, but a lot of people out there that think they are professional after get a profit from trading. Even real trader wouldn't think about to use people's money to make investment in his trading activity because it is full of risk. But sometime i still see people really confident to make people invest money in him and then promise for a profit. A lot of them end with lose all people's money and they forced to refund their investor's money.

That's right, most of those who dare to borrow capital to invest in crypto majority of beginners because they are only tempted by profits without requiring longer experience and deeper observation about investing in crypto.
they know the risks they face but are blinded by greed, and if their expectations are not what they want, it will be their burden because they have to return the capital they borrowed and I totally agree with number 4.

Always use your own money that you will invest in cryptocurrency. Loans can stress you out because what if you loss all your money and then you still have loan to pay. What will you do??? Mental breakdown will become the effect because you don't have enough money to pay the loan.

Always use your own money so that the profit is also all yours. You will not have to pay the loan because the money you invested is the effect of your hardwork.

[bettercrypto]

It seems that you just only copied and pasted it here. You should include your additional thoughts or say something about the article cause It only looks like plagiarism though. This thread may get deleted, it doesn't contribute anything aside from sharing some contents of the article and its source link.

There is no more new to the dish of the OP. It was tackled and stated here in forum over and over again though there are points that he/she did unique. But the thought still out there.
But hey, thanks for sharing OP. We know already how to be a successful trader. We just need capital to start. Maybe it is convincing if we have money to be rolled and follow every tip and techniques that forum users posted.

[jostorres]

All seven things are interesting but I don't really think that diversifying your portfolio is necessary. Have you ever checked the price chart of most coins this year? Altcoins have been falling, though some have been making progress, but it's only a few of them like Chainlink. But, most other altcoins we thought were good ended up as decreasing in price like Zec, BCH, XRP and a lot of them.

Bitcoin was profitable this year, so assuming you invested only in Bitcoin, you're still going to profit a lot from it. Imagine buying at the rate of $3000 or $4000 before April this year and the price went up to ~$13,500, that's a lot of profit, about three to four times. So, diversification is not really necessary within crypto.

You may go for diversifying your portfolio along with some other investments like gold or real estates and in some countries bank deposits are good investments for consistent returns for earning a living for elder people but when comes to cryptos, only bitcoin investments will be more than enough for all age people.

[Asmonist]

Everything are very well said. One that strikes me the most is the topic about loaning funds to but crypto. I guess it really depends but somehow getting a loan to have something uncertain to make profit with is very risky. Even how small the amount, it is still risking of the value. I'm not against loan but as much as possible I say do not make it as an option.

[boris singer]

I review portfolios every week, crypto movement is very fast and requires a different strategy according to the latest conditions. Then portfolio diversification is also an important activity for all traders. Some friends suggested getting a profit from the Poloniex lending program, but I wasn't very interested. The latter is very important, losses can never be avoided, need self-control to always ensure that you can still trade without having to make excessive new deposits, always maintain the existing capital to make a profit first.